Speakers from Touchstone Exploration, Shanta Gold, Savannah Resources and Kavango Resources feature in our Natural Resources webinar on May 25th. Please register here.

Less Ads, More Data, More Tools Register for FREE

UPDATE 2-Emirates airline got $2 bln injection from Dubai govt -document

Mon, 31st Aug 2020 07:21

(Adds department of finance declining comment)

DUBAI, Aug 31 (Reuters) - Emirates airline has received 7.3
billion dirhams ($2 billion) from the government of Dubai as it
faces a cash crunch caused by the COVID-19 pandemic, a bond
prospectus seen by Reuters shows.

Aviation has been one of the worst-hit industries during the
pandemic and Emirates has cut thousands of jobs as it tries to
manage the crisis, sources have said.

The government provided 7.3 billion dirhams to the airline
it owns after Dubai's crown prince in March promised equity to
Emirates to see it through the crisis, the prospectus shows.

No such injection has been publicly announced by the
government or the airline.

The details were disclosed in a prospectus for a potential
bond issuance by the Dubai government.

The department of finance declined to comment. Dubai's state
media office and airline did not immediately respond to Reuters
requests for comment.

Emirates in May said it planned to raise debt to manage the
impact of the pandemic. It raised 4.4 billion dirhams in the
first quarter.

This month it asked cabin crew to take voluntarily unpaid
leave, and sources have said a redundancy process that began in
July is continuing, with more staff laid off this month.
(Reporting by Yousef Saba and Davide Barbuscia, writing by
Alexander Cornwell; editing by Kim Coghill, Jason Neely and Hugh
Lawson)

More News

UK firms seek staff after lockdown but foreign workers missing - survey

LONDON, May 17 (Reuters) - British businesses ramped up their search for new staff as pubs, restaurants and other hospitality and travel firms got ready for Monday's lifting of coronavirus restrictions in England, a survey showed.But an exodus of ...

Today 00:01

UK house prices boom outside of London - Rightmove

LONDON, May 17 (Reuters) - British house prices have risen further over the past month as sellers seek to take advantage of an extended tax break on property sales, figures from property website Rightmove showed on Monday.Asking prices for propert...

Today 00:01

Nearly half of small UK manufacturers see recovery soon

LONDON, May 17 (Reuters) - Nearly half of smaller British manufacturers expect to recover to their pre-pandemic health in the coming months, with investment and hiring plans on the rise, a survey showed on Monday.Business support groups South West...

Today 00:01

Boxing-Fury promises to smash Joshua in Saudi heavyweight bout

LONDON, May 16 (Reuters) - British heavyweight champion Tyson Fury has promised to smash compatriot Anthony Joshua in a video published on Twitter on Sunday that confirms their world title unification fight in Saudi Arabia on Aug. 14.Fury and Joshua ...

16 May 21 21:00

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.