Qatar Airways is likely to post an annual loss after a Saudi-led boycott of its home nation forced the airline to cancel some routes and divert others, chief executive Akbar Al Baker said.
The carrier is working on substituting the 20 or so lost flights for roughly the same number of viable new routes and should then return to profitability, Mr Al Baker said in an interview on Tuesday, adding it’s too early to predict how big the loss will be.
Net income at the Doha-based group rose 22 per cent to 1.97 billion riyals (Dh1.88bn) in the year through March.
“It is painful because there are many routes that slide as much as 2 and a half hours longer, and there are routes that are narrow-body routes where we had to convert to wide-body in order to carry enough fuel to go the longer distance,” the chief executive said in Singapore.
All told, Qatar Airways has lost almost 11 per cent of its network and 20 per cent of revenue, he added.
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Read more:
Qatar's economic growth will slow to 1.9% this year, BMI says
Qatar draws on sovereign wealth fund to support struggling economy
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On June 5 the UAE, Saudi Arabia, Bahrain and Egypt broke diplomatic ties with Qatar and cut off air, sea and land access to the country over Doha’s support for “terrorist groups aiming to destabilise the region”. The dispute is the most serious between GCC members since the organisation’s creation in 1981.
The boycott has led to the scrapping of several short-haul flights, while many intercontinental services have been rerouted because of airspace closures, making flying times less competitive and increasing fuel burn.
Mr Al Baker has previously insisted that the measures against Qatar have had a minimal impact on his company.
Isolated in the Middle East and snubbed by American Airlines Group after bidding for a stake in the US giant earlier this year, Qatar Airways on Monday revealed a surprise investment in Cathay Pacific Airways, extending a policy of taking minority holdings in blue-chip global carriers and giving it a first foothold in East Asia.
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
Killing of Qassem Suleimani
Reputation
Taylor Swift
(Big Machine Records)
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures