Emirates gets $2-billion injection from Dubai govt

Reuters Dubai | Updated on August 31, 2020

The government of Dubai has injected 7.3 billion dirhams ($2 billion) in new equity into Emirates airline since March, according to a bond prospectus seen by Reuters.

Dubai Crown Prince Sheikh Hamdan bin Mohammed al-Maktoum said in March the government would inject new equity into Emirates to help it survive the coronavirus pandemic, though no such injection has since been announced.

No such injection has been publicly announced by the government or airline. The details were disclosed in a prospectus for a potential bond issuance by the Dubai government.

The department of finance, state media office and airline did not immediately respond to Reuters requests for comment.

Emirates in May said it planned to raise debt to manage the pandemic. It raised 4.4 billion dirhams in the first quarter.

This month it asked cabin crew to take voluntarily unpaid leave and sources have said a redundancy process that began in July continues with more staff laid off this month.

Published on August 31, 2020

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