Dubai propping up Emirates airline with fresh capital amid coronavirus travel slump
With nearly all of its flights grounded, Dubai’s Crown Prince Sheikh Hamdan bin Mohammed Rashid Al Maktoum plans to inject equity into Emirates airline to keep it afloat during the COVID-19 pandemic.
With the global airline industry reeling from plunging demand due to coronavirus-related travel restrictions, the United Arab Emirates (UAE) announced March 31 it will inject much-needed equity into its state-owned airline, Emirates.
Crown Prince Sheikh Hamdan bin Mohammed Rashid Al Maktoum said on Twitter the government would be providing the region’s largest carrier with financial aid due to its “great strategic value as one of the main pillars of Dubai's economy.”
“Today, we renew our commitment to support a success story that started in the mid-1980s to reach its goal of sitting on the throne of global aviation,” he wrote.
Dubai’s deputy ruler didn’t specify how much emergency funding would be supplied but added that further details and new measures would be announced soon.
