Turkish Airlines and new Saudi carrier Riyadh Air have signed a strategic co-operation agreement to enable passengers to travel onwards across their respective networks via their hubs in Istanbul and Riyadh. The memorandum of understanding includes an interline and codeshare agreement, and should also open the door to "further strategic benefits along the value chain, including aviation-related services, cargo and digital development", says Riyadh Air. Signed in Saudi capital Riyadh during an ICAO air services event, the deal is intended to come into force "as soon as possible" following the launch of operations by Riyadh Air in mid-2025. It is the first such major agreement for the airline outside of Saudi Arabia and is subject to regulatory approval. In addition to passenger benefits to which the parties have committed, the agreement also envisions that they will "work together to explore and implement broader synergies and efficiencies across the value chain, touching areas such as aviation-related services, cargo and digital development", says Riyadh Air. Turkish Airlines chief investment and technology officer Levent Konukcu states: "This memorandum of understanding is more than a collaboration; it's a bridge between Turkiye and Saudi Arabia, further strengthening our ties. It's also an opportunity to expand our reach and offer our guests more choices and convenience." Riyadh Air chief executive Tony Douglas sees the agreement as "another very significant step in the evolution of Riyadh Air as we partner with the world's largest global airline by destinations served". He adds: "Our close relationship will open up seamless connectivity via the global-leading hub at Istanbul Airport to some 130 destinations worldwide, especially within Turkiye, Europe and the Americas, and accelerate our network footprint through the market-leading, guest-centric, digitally focused and like-minded global airline brand that is Turkish Airlines." Douglas observes also that the agreement is aligned with Saudi Arabia's ambition of attracting increased numbers of tourists and business and religious travellers to the kingdom. It has stated that this is a key aim of its national policy for the coming decade, as part of its strategy of economic diversification.

Cathay Pacific Group has redeemed 50% of the HK$19.5 billion ($2.49 billion) preference shares that were issued to the Hong Kong SAR government as part of the group's recapitalization financing in 2020. The group says it plans to buy back the remaining HK$9.75 billion worth of shares by the end of July 2024. Cathay adds that it will continue to pay dividends on the remaining preference shares as they fall due. To date, it has disbursed HK$1.97 billion in preference share dividends to the Hong Kong government. "The investment by the government was essential in supporting the Cathay Group and upholding Hong Kong's status as an international aviation hub through the Covid-19 crisis," chief executive Ronald Lam states. "That we have been able to redeem half of the preference shares is testament to the hard work of our people and the encouraging progress we have made in our journey to rebuild."

Italy's government and Lufthansa Group have formally notified the European Commission of the German airline group's bid to take a stake in ITA Airways. In accordance with an agreement, signed in May, Lufthansa intends to purchase a 41% share in the Italian national carrier, with the possibility of eventually acquiring a majority stake later on. The Italian ministry of economy and finance says in a 30 November statement that "the concentration operation which provides for the entry of Deutsche Lufthansa into the capital of ITA Airways was formally notified this afternoon to the Directorate General for Competition of the European Commission". Lufthansa has said that by taking control of ITA it will be able to develop Rome Fiumicino into a new long-haul hub for the airline group, joining existing ones in Frankfurt, Munich, Vienna and Zurich. It also believes that ITA can play a role in feeding traffic into Lufthansa's existing network, as well as cementing the group's presence in Italy – already its third most important market after its home countries and the USA.