Hong Kong ( CNN ) -- Qantas has agreed a 10-year partnership with Emirates , as it seeks to revitalize its ailing international business . As part of the deal , the Australian carrier will transfer its hub for European flights from Singapore to Dubai from April next year -- subject to regulatory approval . Qantas said its daily Airbus A380 services to London from Melbourne and Sydney will transit via Dubai 's Terminal 3 , the world 's only purpose-built A380 terminal . More : 10 of the world 's top airport lounges . `` This is a partnership of independent peers , based on shared standards and aspirations , '' said Qantas CEO Alan Joyce at a joint press conference with Emirates President , Tim Clark , in Sydney Thursday . `` We have agreed to join forces to give our customers the most comprehensive premium travel experience on the planet . `` We will be poised to deliver the best in networks , frequencies , lounges , loyalty programs and customer experience . '' He added that the deal would not involve equity investment on either side . Joyce said the new partnership would benefit its frequent flyers in particular , with the airlines offering reciprocal access to tier status benefits , including end-to-end recognition of customers , lounge access and priority check-in and boarding . The deal comes at a time when the Australian carrier 's international business continues to hemorrhage money . Earlier this month Qantas announced its first annual loss since being privatized in 1995 -- $ 256 million for the year to June 30 . It also scrapped an order worth $ 8.5 billion for 35 Boeing 787 `` Dreamliner '' jets , as it battles the effects of soaring fuel prices and industrial action . Emirates , which has itself experienced the crippling effects of rising fuel costs , also welcomed the deal . `` The time was right for developing a long term , future forward partnership with Qantas , the iconic Australian airline , '' Clark said . `` Since our first flights began in 1996 , Australia has long been a popular destination for Emirates leisure and business travelers , making it one of the top three destinations in our network . `` By establishing this partnership we are providing our passengers with additional connectivity in Australia and the region and the ability to utilize enhanced frequent flyer benefits , and have access to premium lounges for an exceptional travel experience , '' he added . Shares in Qantas rose by almost 5 % on news of the alliance .
Australian carrier will transfer its hub for European flights from Singapore to Dubai . Qantas CEO Alan Joyce says the new partnership will benefit frequent flyers . Emirates : Deal provides passengers with additional connectivity in Australia . Qantas ' international arm is struggling with losses amid soaring costs .