UPDATE 1-Profit of UAE airlines will likely fall this year: IATA | Reuters:
"The profitability of airlines in the United Arab Emirates, one of the Middle East's two big aviation hubs, is expected to fall this year, the director-general of the International Air Transport Association (IATA) told reporters on Tuesday.
"The UAE carriers will have a year that is probably below 2016," IATA Director General and Chief Executive Alexandre de Juniac told reporters in Abu Dhabi, adding that low-cost, long-haul service could also soon start to take hold in the region.
IATA previously said Middle East airlines are likely to see profits fall to $300 million in 2017 from $900 million last year in part due to high capacity and limited demand growth. It did not elaborate."
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