We all need to stay alert to the ancient art of invoice fraud | Financial Times:
We may have just entered the third decade of a new millennium, but 2020 is rapidly becoming a banner year for one of the oldest scams in the book: invoice fraud.
NMC Health has been the London stock market’s most dramatic fall from grace this year. In a few short months, the UAE-based healthcare provider crashed from its lofty perch in the FTSE 100 index into administration.
The latest revelation: Neopharma, a pharmaceuticals company controlled by NMC’s Indian founder BR Shetty, is investigating whether invoices relating to fake medicine sales underpinned borrowing at NMC.
Dubious IOUs have also played a part in many of the spectacular collapses in the commodities trading industry this year, from Agritrade to ZenRock.
Wednesday 12 August 2020
Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters
Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters:
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude LCOc1 settled up 93 cents, or 2.1%, at $45.43 a barrel. West Texas Intermediate CLc1 oil ended $1.06, or 2.6%, higher at $42.67 a barrel, having dropped 0.8% in the previous session.
U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.
U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration showed.
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude LCOc1 settled up 93 cents, or 2.1%, at $45.43 a barrel. West Texas Intermediate CLc1 oil ended $1.06, or 2.6%, higher at $42.67 a barrel, having dropped 0.8% in the previous session.
U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.
U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration showed.
Oil Giant #Saudi Aramco Plans Huge Spending Cut for 2021 - Bloomberg
Oil Giant Saudi Aramco Plans Huge Spending Cut for 2021 - Bloomberg:
Saudi Arabia’s state oil company plans to cut capital expenditure to $25 billion or less next year, about half the amount it was originally planning, according to people familiar with the matter.
Saudi Aramco may keep capex, most of which is spent on exploration and production, at a similar level until at least 2023, the people said, asking not to be named as the matter isn’t public yet.
The Dhahran-based firm is having to slash some spending as it looks to pay shareholders a $75 billion dividend this year, despite coronavirus lockdowns causing the price of oil to crash. The company also wants to keep spending reined in while its gearing ratio, debt as a portion of equity, exceeds its target range of 5% to 15%.
“Aramco has a large component of capex that is geared toward new projects that will just get delayed. They don’t want to put pressure on their balance sheet while commodity prices are low,” said David Havens, managing director of energy equity research at SMBC Nikko Securities America. “Also, a big part of it is to protect the dividend.”
Saudi Arabia’s state oil company plans to cut capital expenditure to $25 billion or less next year, about half the amount it was originally planning, according to people familiar with the matter.
Saudi Aramco may keep capex, most of which is spent on exploration and production, at a similar level until at least 2023, the people said, asking not to be named as the matter isn’t public yet.
The Dhahran-based firm is having to slash some spending as it looks to pay shareholders a $75 billion dividend this year, despite coronavirus lockdowns causing the price of oil to crash. The company also wants to keep spending reined in while its gearing ratio, debt as a portion of equity, exceeds its target range of 5% to 15%.
“Aramco has a large component of capex that is geared toward new projects that will just get delayed. They don’t want to put pressure on their balance sheet while commodity prices are low,” said David Havens, managing director of energy equity research at SMBC Nikko Securities America. “Also, a big part of it is to protect the dividend.”
Sovereign wealth funds reveal COVID-19 impact on global economy | ZAWYA MENA Edition
Sovereign wealth funds reveal COVID-19 impact on global economy | ZAWYA MENA Edition:
A recent study revealed how sovereign wealth funds (SWFs) are looking at the near-term investment environment.
The report published by The International Forum of Sovereign Wealth Funds (IFSWF) and investment manager Invesco surveyed 24 SWFs at the end of June.
According to 61 percent of the survey participants, developed markets are best able to return to pre-COVID trend growth, compared to 26 percent for emerging markets and 13 percent for frontier markets.
For the currency of domination that will offer the most attractive investment destination for equity, 71 percent believe that it will be the US dollar.
SWFs expect the geopolitical and macroeconomic environment to be dominated by tensions between the United States and China, with emerging economies largely aligning with China, but with the European Union being caught in between.
The key event in the next twelve months is believed to be the US presidential election in November.
A recent study revealed how sovereign wealth funds (SWFs) are looking at the near-term investment environment.
The report published by The International Forum of Sovereign Wealth Funds (IFSWF) and investment manager Invesco surveyed 24 SWFs at the end of June.
According to 61 percent of the survey participants, developed markets are best able to return to pre-COVID trend growth, compared to 26 percent for emerging markets and 13 percent for frontier markets.
For the currency of domination that will offer the most attractive investment destination for equity, 71 percent believe that it will be the US dollar.
SWFs expect the geopolitical and macroeconomic environment to be dominated by tensions between the United States and China, with emerging economies largely aligning with China, but with the European Union being caught in between.
The key event in the next twelve months is believed to be the US presidential election in November.
#Oman secures $2 billion bridge loan: sources - Reuters
Oman secures $2 billion bridge loan: sources - Reuters:
The government of Oman has signed a one-year $2 billion bridge loan with a group of international and regional banks, two sources with knowledge of the matter said on Wednesday.
The loan, which will be repaid with money raised from an international bond issuance, will bolster state coffers hit by low oil prices and the economic downturn caused by the coronavirus crisis.
The Omani finance ministry did not immediately respond to a Reuters request for comment.
Sources had previously told Reuters, Oman chose First Abu Dhabi Bank and Bank Muscat to coordinate the loan.
Oman could issue a bond in the next six months to repay the loan “as long as the market is there,” one of those sources said.
The government of Oman has signed a one-year $2 billion bridge loan with a group of international and regional banks, two sources with knowledge of the matter said on Wednesday.
The loan, which will be repaid with money raised from an international bond issuance, will bolster state coffers hit by low oil prices and the economic downturn caused by the coronavirus crisis.
The Omani finance ministry did not immediately respond to a Reuters request for comment.
Sources had previously told Reuters, Oman chose First Abu Dhabi Bank and Bank Muscat to coordinate the loan.
Oman could issue a bond in the next six months to repay the loan “as long as the market is there,” one of those sources said.
RPT-NMC Health $275 mln rescue financing faces creditor opposition - sources - Reuters
RPT-NMC Health $275 mln rescue financing faces creditor opposition - sources - Reuters:
NMC Health has secured loan commitments worth $275 million in a deal which would allow the lenders to improve their prospects of recovering money already owed by the United Arab Emirates troubled hospital operator, two sources said.
But the financing, which offers beneficial terms to the debt providers, has created heated discussions among NMC lenders in recent days, with some creditors asking to be more involved in the process, said the sources, who are familiar with the matter.
NMC Health Plc, the London-listed holding company for the hospital group, went into administration in April amid allegations of fraud and the disclosure of more than $4 billion in hidden debts, leaving both UAE banks and overseas lenders with heavy losses and prompting legal battles.
The company’s administrators, Alvarez & Marsal, said last week the firm had secured a $250 million financing facility.
NMC Health has secured loan commitments worth $275 million in a deal which would allow the lenders to improve their prospects of recovering money already owed by the United Arab Emirates troubled hospital operator, two sources said.
But the financing, which offers beneficial terms to the debt providers, has created heated discussions among NMC lenders in recent days, with some creditors asking to be more involved in the process, said the sources, who are familiar with the matter.
NMC Health Plc, the London-listed holding company for the hospital group, went into administration in April amid allegations of fraud and the disclosure of more than $4 billion in hidden debts, leaving both UAE banks and overseas lenders with heavy losses and prompting legal battles.
The company’s administrators, Alvarez & Marsal, said last week the firm had secured a $250 million financing facility.
#Saudi Aramco plans deeper spending cuts to pay for dividend | Financial Times
Saudi Aramco plans deeper spending cuts to pay for dividend | Financial Times:
Saudi Aramco plans to make even deeper cuts to its capital spending to help pay for the $75bn in dividends the state energy group promised investors at its initial public offering last year.
As the company wrestles with the hit to its finances from the coronavirus crisis, Saudi Aramco is now targeting capex of $20bn to $25bn this year, according to three people familiar with the matter. In March it had earmarked $25bn to $30bn, down from last year’s $32.8bn.
The new level of capex, which is largely dedicated to the group’s exploration and production business, is expected to hold for 2021, 2022 and 2023 if oil prices remain at current levels, the people said.
The retrenchment by Saudi Aramco comes after the group on Sunday laid bare the damage the pandemic has inflicted on its profits, which fell 73 per cent in the second quarter.
Saudi Aramco plans to make even deeper cuts to its capital spending to help pay for the $75bn in dividends the state energy group promised investors at its initial public offering last year.
As the company wrestles with the hit to its finances from the coronavirus crisis, Saudi Aramco is now targeting capex of $20bn to $25bn this year, according to three people familiar with the matter. In March it had earmarked $25bn to $30bn, down from last year’s $32.8bn.
The new level of capex, which is largely dedicated to the group’s exploration and production business, is expected to hold for 2021, 2022 and 2023 if oil prices remain at current levels, the people said.
The retrenchment by Saudi Aramco comes after the group on Sunday laid bare the damage the pandemic has inflicted on its profits, which fell 73 per cent in the second quarter.
OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout - Reuters
OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout - Reuters:
World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market.
World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 8.95 million bpd decline expected a month ago.
Oil prices have collapsed as the coronavirus curtailed travel and economic activity. While some countries have eased lockdowns, allowing demand to recover, fear of new outbreaks has kept a lid on prices and OPEC expects this to persist.
“Crude and product price developments in the second half of 2020 will continue to be impacted by concerns over a second wave of infections and higher global stocks,” OPEC said in the report.
World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market.
World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 8.95 million bpd decline expected a month ago.
Oil prices have collapsed as the coronavirus curtailed travel and economic activity. While some countries have eased lockdowns, allowing demand to recover, fear of new outbreaks has kept a lid on prices and OPEC expects this to persist.
“Crude and product price developments in the second half of 2020 will continue to be impacted by concerns over a second wave of infections and higher global stocks,” OPEC said in the report.
Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters
Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters:
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. EDT (1502 GMT), after falling around 1% on Tuesday.
West Texas Intermediate CLc1 oil was up $1.00, or 2.5%, at $42.61 a barrel, having dropped 0.8% in the previous session.
U.S. crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production, the Energy Information Administration said on Wednesday.
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. EDT (1502 GMT), after falling around 1% on Tuesday.
West Texas Intermediate CLc1 oil was up $1.00, or 2.5%, at $42.61 a barrel, having dropped 0.8% in the previous session.
U.S. crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production, the Energy Information Administration said on Wednesday.
MIDEAST STOCKS- #Dubai leads most major Gulf markets higher; Egypt quiet - Reuters
MIDEAST STOCKS-Dubai leads most major Gulf markets higher; Egypt quiet - Reuters:
Most major Gulf bourses ended higher on
Wednesday, with the Dubai's index buoyed by gains in Emirates
NBD Bank after its digital banking services were restored.
Saudi Arabia's benchmark index added 0.3%, led by a
1% gain in Al Rajhi Bank and a 3.1% leap in Banque
Saudi Fransi.
Dubai's main share index gained 0.9%, boosted by a
2.6% jump in Emirates NBD Bank.
Abdulla Qassem, Emirates NBD's group chief operating
officer, said the issues had been resolved and digital banking
services have been restored across all channels.
Air Arabia added 1.8%. On Tuesday, the United Arab
Emirates' only listed airline retreated 1.8% after it swung to a
second-quarter loss of 239 million dirhams ($65.07 million)
following a collapse in passenger traffic because of the
COVID-19 pandemic.
In Abu Dhabi, the index slipped 0.2%, weighed down by
a 0.7% fall in the country's largest lender First Abu Dhabi Bank
and a 1.7% retreat in Aldar Properties
ahead of its earnings announcement.
Most major Gulf bourses ended higher on
Wednesday, with the Dubai's index buoyed by gains in Emirates
NBD Bank after its digital banking services were restored.
Saudi Arabia's benchmark index added 0.3%, led by a
1% gain in Al Rajhi Bank and a 3.1% leap in Banque
Saudi Fransi.
Dubai's main share index gained 0.9%, boosted by a
2.6% jump in Emirates NBD Bank.
Abdulla Qassem, Emirates NBD's group chief operating
officer, said the issues had been resolved and digital banking
services have been restored across all channels.
Air Arabia added 1.8%. On Tuesday, the United Arab
Emirates' only listed airline retreated 1.8% after it swung to a
second-quarter loss of 239 million dirhams ($65.07 million)
following a collapse in passenger traffic because of the
COVID-19 pandemic.
In Abu Dhabi, the index slipped 0.2%, weighed down by
a 0.7% fall in the country's largest lender First Abu Dhabi Bank
and a 1.7% retreat in Aldar Properties
ahead of its earnings announcement.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Oil Rises Toward Five-Month High on Shrinking U.S. Stockpiles - Bloomberg
Oil Rises Toward Five-Month High on Shrinking U.S. Stockpiles - Bloomberg:
Oil climbed to near a five-month high after an industry report pointed to a third straight weekly drop in American crude stockpiles.
Futures in New York rose past $42 a barrel after losing 0.8% Tuesday. The American Petroleum Institute reported inventories fell by 4.01 million barrels last week, according to people familiar with the data.
The improving picture in the U.S. overshadowed anxiety over the still-surging coronavirus. India’s oil product consumption was still down 12% compared to a year earlier in July, as the nation continues to grapple with the virus, while New Zealand’s largest city went back into lockdown.
Oil climbed to near a five-month high after an industry report pointed to a third straight weekly drop in American crude stockpiles.
Futures in New York rose past $42 a barrel after losing 0.8% Tuesday. The American Petroleum Institute reported inventories fell by 4.01 million barrels last week, according to people familiar with the data.
The improving picture in the U.S. overshadowed anxiety over the still-surging coronavirus. India’s oil product consumption was still down 12% compared to a year earlier in July, as the nation continues to grapple with the virus, while New Zealand’s largest city went back into lockdown.
Coronavirus Pandemic: Airports Are Finding New Ways to Make Money - Bloomberg
Coronavirus Pandemic: Airports Are Finding New Ways to Make Money - Bloomberg:
In surveys of the world’s best airports, Singapore’s Changi regularly ranks near the top. A leader among utilitarian transportation hubs that have been transformed into upscale shopping destinations, Changi Airport in 2019 added Jewel, a futuristic play land with 1.5 million square feet of stores and attractions including a rainforest, hedge maze, and the world’s highest indoor waterfall. And the government had planned this year to begin selecting contractors to work on a huge fifth terminal to boost annual capacity 55%, to 140 million passengers.
Then came Covid-19. Traffic at the airport—long a preferred hub for globe-girdling business travelers—fell more than 99% in April, May, and June vs. a year earlier. Changi is hunkering down, mothballing two of its four terminals and delaying plans to build the additional one.
At airports the world over, the pandemic has wrecked a business model that relies on a steady influx of airlines and their free-spending passengers. So operators stuck with lifeless buildings are trying to dream up fresh ways to generate income. Changi is encouraging Singaporeans who aren’t traveling to shop tax-free at the airport’s struggling retailers. It’s also selling three-month admission packages to Jewel’s activity area. For other airports, new ways to make money include turning parking lots into drive-in movie theaters or unused land into renewable energy farms. “What Covid-19 has taught airports is they need to diversify their revenue sources,” says Max Hirsh, research fellow at the University of Hong Kong and managing director of Airport City Academy, which offers airport-related executive training courses. “Airports are going to have to figure out different ways to make money.”
In surveys of the world’s best airports, Singapore’s Changi regularly ranks near the top. A leader among utilitarian transportation hubs that have been transformed into upscale shopping destinations, Changi Airport in 2019 added Jewel, a futuristic play land with 1.5 million square feet of stores and attractions including a rainforest, hedge maze, and the world’s highest indoor waterfall. And the government had planned this year to begin selecting contractors to work on a huge fifth terminal to boost annual capacity 55%, to 140 million passengers.
Then came Covid-19. Traffic at the airport—long a preferred hub for globe-girdling business travelers—fell more than 99% in April, May, and June vs. a year earlier. Changi is hunkering down, mothballing two of its four terminals and delaying plans to build the additional one.
At airports the world over, the pandemic has wrecked a business model that relies on a steady influx of airlines and their free-spending passengers. So operators stuck with lifeless buildings are trying to dream up fresh ways to generate income. Changi is encouraging Singaporeans who aren’t traveling to shop tax-free at the airport’s struggling retailers. It’s also selling three-month admission packages to Jewel’s activity area. For other airports, new ways to make money include turning parking lots into drive-in movie theaters or unused land into renewable energy farms. “What Covid-19 has taught airports is they need to diversify their revenue sources,” says Max Hirsh, research fellow at the University of Hong Kong and managing director of Airport City Academy, which offers airport-related executive training courses. “Airports are going to have to figure out different ways to make money.”
Petrostates Glimpse Their Peak-Oil Future With Summer of Strife - Bloomberg
Petrostates Glimpse Their Peak-Oil Future With Summer of Strife - Bloomberg:
From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future.
Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while Venezuela’s oil production has sunk to a 75-year low. In Algeria’s capital, tension is simmering as the hardship of virus lockdowns brings the risk of renewed demonstrations and riots.
OPEC has revived oil from its historic drop but prices near $40 are still far too low for most members as they grapple with weak economies, unstable governments, restless young populations, and the ravages of climate change. As the legacy of the pandemic and the switch to cleaner energy threatens to keep crude prices lower for longer, there are profound consequences for the way oil-rich countries are run.
“The shaky six of OPEC -- Algeria, Iran, Iraq, Libya, Nigeria, Venezuela -- are facing a very precarious political and economic outlook,” said Helima Croft, head of commodity strategy at RBC Capital Markets LLC.
From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future.
Iraq has seen fatal protests as its electricity grid buckles amid searing heat, while Venezuela’s oil production has sunk to a 75-year low. In Algeria’s capital, tension is simmering as the hardship of virus lockdowns brings the risk of renewed demonstrations and riots.
OPEC has revived oil from its historic drop but prices near $40 are still far too low for most members as they grapple with weak economies, unstable governments, restless young populations, and the ravages of climate change. As the legacy of the pandemic and the switch to cleaner energy threatens to keep crude prices lower for longer, there are profound consequences for the way oil-rich countries are run.
“The shaky six of OPEC -- Algeria, Iran, Iraq, Libya, Nigeria, Venezuela -- are facing a very precarious political and economic outlook,” said Helima Croft, head of commodity strategy at RBC Capital Markets LLC.
Oil rises after bigger-than-expected drop in inventories - Reuters
Oil rises after bigger-than-expected drop in inventories - Reuters:
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic.
Brent crude LCOc1 was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday.
West Texas Intermediate CLc1 oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
The American Petroleum Institute [API] said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of draw of 2.9 million barrels. Official government data is due later on Wednesday.
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic.
Brent crude LCOc1 was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday.
West Texas Intermediate CLc1 oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
The American Petroleum Institute [API] said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of draw of 2.9 million barrels. Official government data is due later on Wednesday.
MIDEAST STOCKS-Most major Gulf markets up but #AbuDhabi eases - Reuters
MIDEAST STOCKS-Most major Gulf markets up but Abu Dhabi eases - Reuters:
Most major Gulf indexes were firm in early trade on Wednesday, but the Abu Dhabi index was hurt by a fall in the country’s largest lender.
Saudi Arabia’s benchmark index was up 0.1%, with Al Rajhi Bank rising 1.1%, while Jarir Marketing increased 1.2%, extending gains from the previous session.
On Tuesday, the Saudi retailer proposed a dividend of 1.70 riyal per share for the second quarter, versus 1.40 riyal a year earlier.
Dubai’s main share index edged up 0.2%, with Emirates NBD Bank gaining 1.3% and DAMAC Properties was up 1.9%.
Air Arabia added 0.9%.
The United Arab Emirates’ only listed airline retreated 1.8% on Tuesday after it swung to a second-quarter loss of 239 million dirhams ($65.07 million) following a collapse in passenger traffic because of the COVID-19 pandemic.
Most major Gulf indexes were firm in early trade on Wednesday, but the Abu Dhabi index was hurt by a fall in the country’s largest lender.
Saudi Arabia’s benchmark index was up 0.1%, with Al Rajhi Bank rising 1.1%, while Jarir Marketing increased 1.2%, extending gains from the previous session.
On Tuesday, the Saudi retailer proposed a dividend of 1.70 riyal per share for the second quarter, versus 1.40 riyal a year earlier.
Dubai’s main share index edged up 0.2%, with Emirates NBD Bank gaining 1.3% and DAMAC Properties was up 1.9%.
Air Arabia added 0.9%.
The United Arab Emirates’ only listed airline retreated 1.8% on Tuesday after it swung to a second-quarter loss of 239 million dirhams ($65.07 million) following a collapse in passenger traffic because of the COVID-19 pandemic.
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