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FINANCIAL NEWS
Profits of ME airlines to hit USD1b next year: IATA CEO
17 Oct 2012
(MENAFN) The International Air Transport Association’s (IATA) CEO, Tony Tyler, stated that profits of Middle Eastern carriers are expected to hit USD1 billion next year, reported Gulf News.
Tyler said that in 2012, carriers in the region are estimated to post profits of USD700 million, compared with USD1 billion in 2011.
He added that since 2005, investments in the airline industry in the region has exceeded USD200 billion in over 1,000 aircrafts, with Middle Eastern airlines expected to invest another USD200 billion over the coming 10 years.
He noted that recent strategic alliances and partnerships between carriers make sense due to the growth and capacity offered by the region, adding that several codeshare and alliance agreements were inked in 2012.
It is worth noting that during the current year, Etihad airways has signed a codeshare deal with Air France-KLM, whereas Qatar Airways has plans to join the Oneworld global marketing alliance.
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