Emirates to receive capital injection from Dubai government
The airline has a fleet of Airbus A380s and Boeing 777s and has suspended passenger flights in line with UAE restrictions
Emirates to receive capital injection from Dubai government
Emirates, one of the largest airlines in the world, is set to receive capital injection from the Dubai government, to support the Middle Eastern airline in the aftermath of the coronavirus outbreak.
The operator, which has a fleet of Airbus A380s and Boeing 777s, has suspended passenger flights in line with United Arab Emirates (UAE) restrictions, although it has maintained cargo services with 777 freighters.
Dubai’s crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said the government is “committed to providing full support” to the airline during the crisis.
He added that, as part of this support, it will “inject new capital” into the carrier, affirming the airline’s “great strategic value” to the emirate.
Al Maktoum didn’t detail the extent of the financial assistance to be provided, stating only that this will be “announced later”.
“Our business is taking a hit, but what matters in the long run is that we do the right thing for our customers, our employees, and the communities we serve,” said Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum on 22 March, as he disclosed measures being implemented by the company.
Emirates Group has not indicated the impact of the crisis on its financial performance for the 2019-20 fiscal year, which ended on 31 March.
