The pair want to extend their strategic alliance for another five years...and let the good times roll.
Background: Qantas is Australia's largest airline (which actually stands for Queensland and Northern Territory Aerial Service)...and Emirates is the world's largest airline.
What happened: In 2012, Qantas and Emirates announced a strategic alliance, which saw Qantas re-route passengers going to Europe through Dubai, rather than Singapore. Beyond that, the crew coordinated their pricing, sales and schedules.
What else: The pair had already extended their partnership through to 2023, but are now seeking to extend it a further 5 years to 2028.
💡In the business world, companies can come together in a couple of different ways. The two most common being a joint venture, or a strategic alliance.
💡A joint venture is when two or more companies join together to form a whole new business, to carry out a particular task. Like how Mazda and Toyota created the Mazda Toyota Manufacturing company in the US, with the goal being to increase production.
💡A strategic alliance is an agreement between two or more companies to pool their resources together and work towards a common goal. And, it's delivered a huge upside ($80 million per year) for Qantas and Emirates.
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