Dubai’s state-owned airline, Emirates, has received a government bailout to enable it to remain afloat during this COVID-19 pandemic. The airline has seen its passenger fleet grounded since 24th March 2020.
Dubai’s deputy ruler, Sheikh Hamdan bin Rashid Al Maktoum, said that the government is committed to providing full support by injecting fresh capital into the airline.
Already, the airline has implemented survival measures, including reducing staff salaries by between 25% and 50% for the next three months. Tim Clark, the outgoing president of the airline, will go without pay for the same duration.
The International Air Transport Association (IATA) says that airlines worldwide might need close to $200 billion (KSh20.8 trillion) capital injection for them to remain afloat in this COVID-19 pandemic.
Emirates is a state-owned airline based in Garhoud, Dubai, United Arab Emirates. It is a subsidiary of The Emirates Group. It is also the largest airline in the Middle East, and the world’s fourth-largest airline by scheduled revenue passenger-kilometers flown.