INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

GCC airlines fly into losses amidst Covid-19

Aviation has been one of the worst hit industries amidst the COVID-19 crisis
  • The pandemic has forced airlines to lay off staff and seek government bailouts
  • 2020 was the worst year on record for the struggling sector

Aviation has been one of the industries worst hit by the COVID-19 crisis, forcing airlines to lay off staff and seek government bailouts.

With $126bn in losses, airline industry recently confirmed that 2020 was the worst year on record for the struggling sector.

Abu Dhabi government-owned Etihad, which posted a core operating loss of $800 million in 2019, has also slashed jobs and salaries.

Regionally, Etihad, which grounded most of its fleet between March and June, posted a core operating loss of $1.7 billion for 2020.

Qatar Airways Group recently reported a doubling of annual losses to 14.9 billion riyal ($4.1 billion), hit by the COVID-19 collapse in long-haul travel and aircraft impairment charges.