Emirates Airlines on its way to bankruptcy .. called for help from banks to borrow and an official statement shocked Ibn Rashid and revealed the disaster

0
30


Emirates Airlines seems to be one of the largest long-haul airlines in the world, on the way to bankruptcy due to the great damage in its financial affairs due to the stoppage of air traffic and travel completely since the outbreak of the Corona virus (Covid 19) and its transformation into a global epidemic that has paralyzed the planet.

In this context, the government-owned company announced that it will borrow to overcome the Corona virus epidemic and that it may be forced to take more severe measures to face months that will be the most difficult in its history.
It is indicated that “Fly Emirates” Regular passenger flights were suspended last March due to the Corona virus pandemic, which has swept global travel demand.

The Emirati company stressed that the recovery of demand will not take place at least 18 months, adding that it will knock on the doors of banks to obtain loans during the first quarter to reduce the impact of the spread of the virus on cash flows.

Also read: In the first quarter of this year … Abu Dhabi Bank is subjected to a major blow
For his part, Chairman of the Board Sheikh Ahmed bin Saeed said in a statement, “The Covid-19 epidemic will have a tremendous impact on our performance in 2020-2021. We continue to take strong cost management measures and other steps necessary to protect our work while planning to resume activities.”

According to “Reuters”, which viewed an internal e-mail sent from the company to workers, on Sunday, Sheikh Ahmed said that the coming months will be the most difficult in the history of the company, adding in his message: “At some point, if our situation does not improve, we will have to take more difficult measures” .

The Emirates Group, which includes Emirates Airlines assets, said it would not pay annual dividends to the Dubai Government’s fund, to which it is a shareholder. She explained that her cash assets amounted to 25.6 billion dirhams (seven billion dollars).

Dubai’s ruler, Sheikh Mohammed bin Rashid, who was shocked in the group’s annual report issued on Sunday, said he was confident that Emirates would emerge from the crisis a strong and a leading global airline in the air.

A Emirates Airlines spokeswoman said that Dubai’s commitment to the company’s “capital injection” operations would allow it to “maintain its skilled workforce.” She added that this would also allow her to be ready to resume flights when this becomes possible and to continue operating cargo flights and provide other services.

In March, Emirates Airlines temporarily reduced its workers’ wages due to the Corona pandemic, and it was not clear when it would resume its regular flights. Its rival, Qatar Airways, said it would start rebuilding its network this month, while Etihad Airways, owned by the Abu Dhabi government, plans to resume regular passenger flights from June.

To receive the news first-hand, join our Telegram channel through the following link: https://t.me/watanserb



LEAVE A REPLY

Please enter your comment!
Please enter your name here