Over 800,000 jobs in airline industry at risk in MENA region

Thursday, 19 March 2020 16:53

The International Air Traffic Association is urging governments to provide state aid to their airlines.

Globally, airlines are facing a liquidity crisis and hundreds of thousands of jobs are at risk because of the coronavirus outbreak.

IATA Middle East Vice President Muhammad Ali Albakri says that even the most drastic cost cuts were being outstripped by falling revenue.

He said more than 800,000 jobs were directly at risk across 10 Middle East and North Africa countries including the United Arab Emirates, Saudi Arabia and Morocco.

The epidemic, which has killed more than 8,000 globally, has seen many airlines warn they may not survive the crisis.

IATA estimates the epidemic has cost Middle East airlines $7.2 billion in revenue as of March 11 with 16,000 flights cancelled since January.

The industry body is proposing direct state financial support, loans and loan guarantees and tax relief.

More from Business News

Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).
China to impose tariffs of 34% on all US goods

China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.
Shares bruised, dollar crumbles as Trump tariffs stir recession fears

Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.