Worst is over, but Middle East airlines' losses to top $4.8bln in 2020 | ZAWYA MENA Edition:
The worst of the collapse in air travel could be over, but airlines in the UAE and the rest of the Middle East region are expected to end the year with a serious cash burn, according to the International Air Transport Association (IATA).
The region’s carriers, which are now attempting to kick start passenger services, will lose $4.8 billion this year, the air transport body said. The recovery for long-haul operators will also be delayed, while lower oil prices will exacerbate the downturn in the region.
“This year, we’re expecting to see widespread losses across all regions,” Brian Pearce, chief economist at IATA, said during a media briefing.
IATA’s latest forecast is based on the assumption that there will be no second wave of coronavirus and that the pandemic will be steadily contained.
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