In late June Qatar Airways revealed intentions to buy a stake in American Airlines, one of the US carriers it is battling in a row over transatlantic flying rights, stating it planned to take an initial investment of “up to 4.75%” in the US carrier. It said this would not be increased “without prior consent of the American Airlines board”.

But today (Wednesday) Qatar Airways said in a statement: “Further review of the proposed financial investment, taking into account the latest public disclosure of American Airlines, has demonstrated that the investment no longer meets our objectives.

“Qatar Airways will continue to investigate alternative investment opportunities in the US and elsewhere that do meet our objectives.

“Qatar Airways will continue to seek opportunities to invest in global aviation to support the airline’s goal to offer the best possible travel experience for its customers.”