One of the Middle East's biggest carriers, Qatar Airways, has announced an agreement to purchase a 49-percent stake in Italy's second largest carrier, Meridiana.

The airline made the announcement Thursday at the Farnborough Airshow after signing an agreement with Alisarda, the parent of company of Meridiana.

Earlier in the week, Qatar Airways said it seeks to acquire an up to 10-percent stake of LATAM Airline's total shares through a capital increase of $613 million through the issuance of new shares at $10 per share.

Qatar Airways, based out of Doha, has a fleet of nearly 190 aircraft and flies to more than 150 cities worldwide.

It posted net profits on Monday of $445 million for the 2016 fiscal year ending March 31, with revenue peaking to $9.6 billion.