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Article: Airline Finance News - Africa / Middle East.
- Article from:
- AirGuide Business
- Article date:
- November 17, 2008
CopyrightCOPYRIGHT 2008 Pyramid Media Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nov 17, 2008
Airlines across the world have been hard hit by oil prices that had risen more than six-fold since 2002, with some of the biggest carriers posting steep falls in profits or losses. Dubai government-owned rival Emirates saw profits tumble 88 percent in the first half of the year, due to record fuel prices. Gulf Arab budget carriers, however, have mitigated surging oil prices as they benefit from a regional economic boom and increased passenger traffic in the world's top oil-exporting region. Demand in the Middle East and North Africa region is likely to continue growing, and the planes would partly be used to serve Air Arabia's Moroccan hub, which is ...