BUSINESS Dubai gov't to inject equity into Emirates airline amid COVID-19 crisis

BUSINESS

Dubai gov't to inject equity into Emirates airline amid COVID-19 crisis

Xinhua

21:00, March 31, 2020

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DUBAI, March 31 (Xinhua) -- The crown prince of Dubai said on Tuesday that the government will inject new equity into Emirates as a gesture of full support for the state-owned airline amid the COVID-19 pandemic.

"As a shareholder of Emirates, the Government of Dubai will inject equity into the company, considering its strategic importance to the Dubai and the UAE economy, and its key role in positioning the emirate as a major international aviation hub," said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, also chairman of Dubai Executive Council, in a statement.

Further details about the equity injection and more measures will be announced soon, he added.

Emirates airline, a Dubai-based international airline, has grounded nearly all its flights because of the COVID-19 restrictions on travel.

The United Arab Emirates, which consists of seven sheikhdoms including Dubai, has so far reported 611 coronavirus cases in the country.

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