Mustafa Abdul Azim (Dubai) – Sir said Tim Clark, Emirates Airlines President: The company has good levels of liquidity sufficient to continue business for a period of 6 to 8 months, after it succeeded in slowing down the rate of liquidity decline resulting from the repercussions of the Covid-19 pandemic over the past year.
Clark expected the possibility of improving the liquidity situation in September or October next, with the improvement in travel demand, indicating that if the demand for international travel does not recover during the next six months, airlines, including Emirates Airlines, may have to seek additional liquidity, by requesting Pumping property rights from the government or using any other means of financing, indicating the strength of the company’s budget.
During the first half of the year, Emirates Airlines obtained two billion dollars from the Dubai government, its sole shareholder, in an equity form.
Clark expressed his hope that demand would return by summer, so that Emirates Airlines could change the cash situation, expecting that the rate of cargo by air will remain high as long as the Corona virus pandemic continues, pointing out that the company is considering converting more Boeing 777 passenger aircraft to Cargo aircraft, indicating that the company may keep some of the older Boeing 777 aircraft, which are to be decommissioned and converted to cargo planes only, as the demand for freight remains high.
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