Emirates is to be given a capital injection by the Dubai government, to support the Middle Eastern airline in the aftermath of the coronavirus outbreak.
The operator – which has a fleet of Airbus A380s and Boeing 777s – has suspended passenger flights in line with United Arab Emirates restrictions, although it is maintaining cargo services with 777 freighters.
Dubai’s crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum says the government is “committed to providing full support” to the airline during the crisis.
He says that, as part of this support, it will “inject new capital” into the carrier, affirming the airline’s “great strategic value” to the emirate.
Al Maktoum has not yet detailed the extent of the financial assistance to be provided, stating only that this will be “announced later”.
“Our business is taking a hit, but what matters in the long run is that we do the right thing for our customers, our employees, and the communities we serve,” said Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum on 22 March, as he disclosed measures being implemented by the company.
Emirates Group has not indicated the impact of the crisis on its financial performance for the 2019-20 fiscal year, which ends on 31 March.
Over the half-year to 30 September 2019 the group generated an improved net profit of Dhs1.2 billion ($320 million) on Dhs53.3 billion in revenues.