Qatar Airways reports $1.92 billion loss amid coronavirus crisis

Qatar Airways disclosed it had received a $2 billion advance from its owner, the Doha government, after March that has since been converted into new shares. (AFP file photo)
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Updated 27 September 2020

Qatar Airways reports $1.92 billion loss amid coronavirus crisis

  • Airline also disclosed it had received a $2 billion advance from its owner, the Qatari government

DUBAI: Qatar Airways reported a loss of $1.92 billion on Sunday for the year ending March 31, as the coronavirus crisis hurt the aviation industry around the world.
The airline also disclosed it had received a $2 billion advance from its owner, the government of Qatar, after March that has since been converted into new shares.

Qatar Airways said it had been one of its most difficult years ever, with losses widening from a restated $1.2 billion loss in the previous year.
Air Italy, in which Qatar Airways held a minority stake, went into liquidation in February.
The true impact of the pandemic on Qatar Airways is unclear as global lockdowns continued after its financial year ended in March.


Saudi Industrial Center mulls $10.66bn worth of projects

Updated 23 min 29 sec ago

Saudi Industrial Center mulls $10.66bn worth of projects

The National Industrial Development Center (NIDC), in cooperation with the the Ministry of Industry and Mineral Resources, is studying the development of more than SAR 40 billion ($10.66 billion) worth of industrial projects in target business divisions, Al Eqtisadiah newspaper reported, citing Chief Executive Officer Nizar Y. Al-Hariri.

These investment opportunities include the development of a combined zinc-lead-copper smelting facility, alumina refinery, phosphorus production facility, local tuna processing facility, in addition to manufacturing dialysis machines, vial injectors, as well as vaccines.

The Kingdom’s industrial strategy aimed at enhancing the target business segments, and attracting top-notch industrial investments over the coming years, which will boost the sources of the non-oil income and provide job opportunities, the CEO said.

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