Search Site

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

Middle East airlines traffic up by 84.6 percent in Nov 2022: IATA

Middle East airlines' traffic grew by more than 84 percent in Nov 2022. (AFP)
  • Globally, traffic is now at 75.3 percent of November 2019 levels, according to the report. Total traffic in November 2022 rose 41.3 percent compared to November 2021.
  • The Asia-Pacific continued to report the strongest year-over-year results with all regions showing improvement compared to the prior year, media reports said.

Geneva, Switzerland– Middle Eastern airlines had an 84.6 percent growth in traffic in November compared to the same month in 2021, according to a recent report by the International Air Transport Association (IATA), which also noted that global air travel recovery continued throughout the month.

Globally, traffic is now at 75.3 percent of November 2019 levels, according to the report. Total traffic in November 2022 rose 41.3 percent compared to November 2021.

International traffic rose 85.2 percent versus November 2021. The Asia-Pacific continued to report the strongest year-over-year results with all regions showing improvement compared to the prior year, media reports said.

“Traffic results in November reinforce that consumers are thoroughly enjoying the freedom to travel. Unfortunately, the reactions to China’s reopening of international travel in January reminds us that many governments are still playing science politics when it comes to Covid-19 and travel,” said Willie Walsh, IATA’s Director General.

Warning

In September last year, aviation industry leaders had warned that travelers must brace for even higher ticket prices as the sector battles fallout from the Covid pandemic, high oil prices and conflict fears.

International Air Transport Association director general Willie Walsh also said that airlines’ recovery would be delayed if China maintains its coronavirus travel clampdown into 2023.

Walsh had said that “the bottom line” is that if jet fuel prices keep going up “the only choice for companies is to have that reflected in ticket prices”.

Saudi big plans

In May 2022, Saudi Arabia pitched aviation industry leaders on its plans to become a global travel hub, drawing skepticism from analysts who questioned how it could compete against regional heavyweights.

The kingdom’s aviation goals, part of Crown Prince Mohammed bin Salman’s wide-ranging “Vision 2030” reforms, include more than tripling annual traffic to 330 million passengers by the end of the decade.

Read full story here: Saudi fights to lead ‘saturated’ MidEast aviation market