It is in sharp contrast to other airlines, which face more bankruptcies in the coming year, warned British Airways and Iberia boss Willie Walsh.

The chief executive of International Airlines Group joined other industry leaders in predicting further retrenchment, as weaker airlines struggle to generate the cash needed to ride out high oil prices, Reuters reported.

Although some airlines like IAG itself are expected to gobble up smaller rivals, Walsh said the shakeup would also include “probably the cheapest form of consolidation for the industry and that is where we see airlines fail.”

Walsh has led a charge among European airlines against what the industry regards as over-regulation and excess costs, while heavyweight Gulf carriers like Emirates, Abu Dhabi’s Etihad and Qatar Airways mop up traffic for fast-growing East-West hubs.

Walsh defended the record of Gulf carriers from charges of unfair competition leveled by rivals such as Air France. “I am actually somewhat different from my counterparts around Europe. I have no problem with what Middle East carriers are doing.

Rather than be critical I think we should look to them as an example of what can be done.”

“I personally believe the industry has matured to a point where we’ll see Middle East carriers joining the alliances this year. I’d be amazed if this doesn’t happen. To my mind they are the key players.”