Dubai to inject equity into Emirates airline: Sheikh Hamdan
Starting March 25, Emirates suspended most of its passenger operations due to the Covid-19 coronavirus outbreak.
The Dubai government is fully committed to support Emirates in these tough times and will inject equity into the airline, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
"The Government of Dubai is fully committed to supporting Emirates in the current critical period. As a shareholder of Emirates, the Government of Dubai will inject equity into the company, considering its strategic importance to the Dubai and UAE economy and the airline's key role in positioning Dubai as a major international aviation hub," said Sheikh Hamdan.
Further details in this regard will be announced at a later stage, the Crown Prince said.
As per the UAE government's directive, Emirates temporarily suspended all passenger services from March 25, 2020, but it continues to operate cargo flights.
"We are very sorry for any inconvenience caused to our customers and travellers. These measures are in place to contain the spread of Covid-19. We hope to resume services as soon as feasible," the airline said in a statement earlier.
Airlines around the world are facing tough times with over 90 per cent of fleet grounded due to travel restrictions imposed by the governments following the outbreak of coronavirus.
"As a global network airline, we find ourselves in a situation where we cannot viably operate passenger services until countries re-open their borders, and travel confidence returns... We continue to watch the situation closely, and as soon as things allow, we will reinstate our services," Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Group, said earlier.
Emirates and its subsidiaries are wholly owned by the Investment Corporation of Dubai, an investment arm of Government of Dubai. Emirates commenced commercial operations on October 25, 1985, and has grown to become world's largest international carrier.
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