Carrier says it has also been hit by blockade of airspace and Air Italy collapse >>
by: Harvey Chipkin
Qatar Airways has received around $2 billion in state aid as the carrier deals with the fallout from the Covid-19 pandemic. Calling 2019-20 one of its “most difficult years,” the airline noted it had also been hit by the ongoing blockade of Qatari airspace due to a boycott by other Middle Eastern countries and the collapse of Air Italy in recent months. Qatar Airways had a large stake in Air Italy. Qatar joined a list of governments that have stepped in to support their national carriers through the coronavirus shutdown. As the Covid-19 pandemic continues to decimate the aviation sector, Qatar Airways said it would issue 730 million shares to the government after annual losses exceeded 50% of share capital. Dubai-based rival Emirates announced similar measures earlier this year. Akbar al-Baker, CEO of Qatar, pointed out a series of metrics were headed in a positive direction. “If not for the exceptional circumstances of fiscal year 2020, our results would have been better than the year before,” he said.
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