Qatar Airways expects to keep Airbus A380s parked for years

Qatar Airways plans to start retiring its A380s from 2024 when its oldest superjumbo reaches ten years of service. (Reuters)
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Updated 19 October 2020

Qatar Airways expects to keep Airbus A380s parked for years

  • State-owned airline parked its 10 A380s due to the devastating impact of the coronavirus crisis on travel demand
  • Qatar Airways boss Akbar Al-Baker criticizes rivals operating the A380 as ‘foolish’

DUBAI: Qatar Airways does not expect to use its Airbus A380s for at least the next two years, its chief executive said on Monday, longer than a previous projection for the superjumbos to possibly return to service in 2021.
The state-owned airline has parked its 10 A380s due to the devastating impact of the coronavirus crisis on travel demand.
“We don’t think we are going to operate our A380s for at least the next couple of years,” Akbar Al-Baker told an online conference.
He had said in June the jets would remain parked until at least the middle of next year. The Gulf carrier plans to start retiring its A380s from 2024 when its oldest superjumbo reaches ten years of service.
The A380s would return once the airline saw the growth rate of 2019, before the pandemic struck, Baker said.
The 100 destinations to which the airline is currently flying is 25 fewer than planned due to a new wave of infections in Europe and travel restrictions, he said.
Baker criticized rivals operating the A380 as “foolish,” saying there was insufficient demand and so prices would be driven down.
Air France retired its A380s this year, while British Airways and Qantas retired their Boeing 747s as the crisis sent air travel into free fall.
Gulf carrier Etihad Airways is mulling whether its parked A380 fleet will ever return, while Emirates, the largest superjumbo operator, has resumed some services with the jet.


Saudi central bank governor expects more competition, growth in fintech

Updated 01 December 2020

Saudi central bank governor expects more competition, growth in fintech

  • SAMA issued several regulations and systems related to fintech, as part of its efforts to promote the sector

DUBAI: The Saudi Central Bank (SAMA) expects more competition and growth in the new sectors such as financial technology (fintech), as well as the conventional industries of the capital market, including banks, said Governor Ahmed Alkholeify.

Speaking during the opening session of “Fintech Tour 2020”, the SAMA governor stated that the central bank took a key step towards activating the Sandbox experimental environment, which resulted in the establishment of 32 fintech firms.

In addition, SAMA issued several regulations and systems related to fintech, as part of its efforts to promote the sector and achieve the targets of the financial sector development program, he added.

Meanwhile, Mohammed El-Kuwaiz, chairman, Capital Market Authority (CMA) highlighted the importance of innovation in fintech-related solutions in the capital market, adding that fintech enables the capital market to capitalize and reach out to more segments of companies and investors who previously had no access to the capital market.

"This technology has successfully delivered services to the largest possible number of people. We are excited about what fintech can provide for the capital market in terms of broadening its base of participants and beneficiaries."

El-Kuwaiz also indicated that fintech solutions are innovative by nature, and hence require tailored regulatory frameworks.

The CMA continues to motivate and enable entrepreneurs, with three rounds of licensing fintech companies completed, resulting in licensing of 15 firms in various domains, the chairman stated.

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