By Benadeta Mwaura - Reporter
Kenya, August 26, 2026 - Kenya Airways is preparing to disclose details of potential new investors within weeks as the national carrier seeks fresh capital to ease its debt burden, restore grounded aircraft and finance its turnaround plan.
KQ chairman Kiprono Kittony said the airline had received interest from both local and international investors willing to inject capital and other resources into the carrier.
“We have received interests from local and international investors who will inject both capital and other resources into KQ,” Kittony said.
The move comes as Kenya Airways faces a worsening financial position. The airline reported a pre-tax loss of KSh15.92 billion for the first half of 2026, up from KSh12.17 billion during the same period last year.
The carrier's difficulties have been driven largely by soaring operating costs, particularly fuel. Kenya Airways said fuel costs increased by 72% during the first half of the year, with the Middle East conflict contributing to higher fuel prices and disrupting the supply of aircraft spare parts and maintenance services.
The higher costs have come even as passenger demand remains strong, leaving the airline looking for additional capital to ensure that demand can translate into sustainable earnings.
Kittony said potential investors had expressed interest from the United States, China, South Africa and Singapore, although the airline intends to conduct a transparent process because it is listed on the Nairobi Securities Exchange.
“We are confident that we shall achieve both a capital-raise partner and a strategic partner from the aviation industry,” Kittony said.
The proposed investment is expected to form part of a broader restructuring of the airline's finances.
One option under consideration is converting some of the debt owed to the Kenyan government and a consortium of local banks into equity, potentially strengthening KQ's balance sheet while reducing the pressure created by its debt obligations.
The government remains Kenya Airways' largest shareholder.
However, the search for private capital comes with a condition: maintaining Kenya's significant ownership of the carrier.
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Kittony said retaining substantial national ownership was important to preserving Kenya Airways' status as the country's national carrier.
“It is also a strategic imperative that Kenya does not lose significant equity control of the carrier in order for us not to lose the national carrier status,” he said.
The investor search therefore represents more than an attempt to raise money. It is also a test of whether KQ can attract a strategic partner capable of helping it overcome the operational challenges that have weighed on the airline for years.
Aircraft availability remains one of the immediate challenges, with maintenance delays and shortages of spare parts constraining the fleet. Grounded aircraft mean the airline cannot fully take advantage of passenger demand while continuing to carry many of the costs associated with maintaining its fleet.
At the same time, fuel has become a major pressure point. Business Daily reported that KQ's total costs rose to a record KSh97.7 billion in the first half of the year, with fuel costs reaching about KSh29 billion.
The latest figures highlight the difficult equation facing the national carrier: KQ needs more aircraft available for service to capture demand, but getting those aircraft flying requires money at a time when the airline is already recording billions of shillings in losses.
The planned investor announcement could therefore become a crucial milestone in Kenya Airways' turnaround.
For the airline, the objective is not simply to find someone willing to put money into KQ, but to secure a partner capable of providing the capital, strategic expertise and resources needed to restore the fleet, reduce financial pressure and move the carrier towards sustainable profitability.
The coming weeks will reveal whether the investor interest translates into a concrete deal — and how much control Kenya will retain over its national airline.