Dubai propping up Emirates airline with fresh capital

Dubai said on Tuesday it would help its state-run Emirates airline overcome the damaging impact of the coronavirus outbreak and enforced a full lockdown on a district famous for its gold and spice markets.

With the global airline industry reeling from plunging demand due to coronavirus-related travel restrictions, the United Arab Emirates (UAE) announced March 31 it will inject much-needed equity into its state-owned airline, Emirates.

The United Arab Emirates, the region's tourism and business hub which includes Dubai, has taken drastic measures to combat the spread of the virus including temporarily halting passenger flights and launching a nationwide disinfection drive.

Dubai's Crown Prince Sheikh Hamdan bin Mohammed Rashid Al Maktoum said on Twitter the government would be providing the region’s largest carrier with financial aid due to its “great strategic value as one of the main pillars of Dubai's economy.”

Dubai’s deputy ruler didn’t specify how much emergency funding would be supplied but added that further details and new measures would be announced soon.