A mix of falling revenues, high fuel-hedging positions and overcapacity will see Middle East airlines lose US$900 million (Dh3.3 billion) this year, according to a revised forecast by the International Air Transport Association (IATA).
Travel agents in the UAE, meanwhile, are expressing cautious optimism that travellers are slowly returning.
The speed and ferocity of the economic downturn in the final months of last year persuaded IATA to dramatically revise its forecasting yesterday. This year’s $900m loss is more than four times IATA’s prediction three months ago when it said its Middle East members would lose $200m.
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