Qatar Airways to report second consecutive full year loss, says CEO

Qatar Airways says it will report a second consecutive annual lost this year, blaming higher fuel costs and unfavorable currency exchange rates. (Reuters/File Photo)
Updated 06 March 2019

Qatar Airways to report second consecutive full year loss, says CEO

  • The carrier reported a $69 million loss last year,
  • Last year, Baker said the airline’s owners might have to put in additional equity

BERLIN: Qatar Airways will report a second consecutive annual lost this year, its chief executive said on Wednesday, blaming higher fuel costs and unfavorable currency exchange rates.
The state-owned airline has rapidly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic rift between Qatar and some other Arab states.
“We announced a loss last year and we will announce another loss this year but it doesn’t mean that Qatar Airways is not going to expand or invest,” Akbar Al-Baker told reporters at the ITB travel fair in Berlin.
“We have a very strong balance sheet — regardless if we are temporarily making losses because of our additional operating costs, and the rising fuel price and the loss of (foreign) exchange.”
The airline’s financial year ends on March 31.
Qatar Airways lost access to cities in Saudi Arabia, the UAE, Egypt and Bahrain in June 2017 when those four countries cut ties with Qatar after accusing it of supporting terrorism. Qatar denies the charges.
The airline has also been banned from their airspace, meaning its flights to the west and south of the Gulf have to fly longer routes around the four countries, increasing its fuel costs.
The carrier reported a $69 million loss last year, which it blamed on the higher operating costs caused by the dispute.
Last year, Baker said the airline’s owners might have to put in additional equity if the dispute continued over the long term.


Hungry Davos attendees to sample Saudi delicacies at Misk cafe

Updated 20 January 2020

Hungry Davos attendees to sample Saudi delicacies at Misk cafe

  • The Saudi Café – operated by a Saudi chef, will introduce a piece of Saudi culture to the WEF
  • Misk also plans to release research at Davos

LONDON: Davos delegates will get to sample a taste of Saudi Arabia at a cafe in the event venue in Switzerland this week.
It is one of a series of initiatives organized by the Misk Foundation, a non-profit philanthropic foundation established by Saudi Crown Prince Mohammed bin Salman. It aims to empower Saudi youth to become active participants in the Kingdom’s future economy.
“The Saudi Café – operated by a Saudi chef, will introduce a piece of Saudi culture to the WEF,” the Misk Global Foundation said in a statement on the eve of the gathering.
Some 3,000 leaders from the worlds of business, public policy, culture and technology are due to arrive in the Alpine town of Davos for the annual meeting of the World Economic Forum (WEF), which begins on Tuesday.
Positioned at Promenade 80 and open daily to all, the Saudi Café will also offer networking and working spaces alongside coffee and traditional Saudi delicacies.
Misk also plans to release research at Davos highlighting how some of the biggest challenges facing attendees can be addressed by youth-led solutions.