UAE - Sharjah-based Air Arabia controls a 49 per cent stake in the recently-launched Air Arabia Abu Dhabi, the company's second-quarter financial results showed.

A joint venture with the Abu Dhabi-based Etihad Aviation Group, the remaining majority stake of 51 per cent is controlled by Etihad, an Air Arabia spokesperson confirmed to Khaleej Times.

Based in Abu Dhabi, the newly-launched carrier will meet the demand for low-cost travel in the UAE. Air Arabia Abu Dhabi has launched operations with direct flights to Egypt, Bangladesh, and Afghanistan, offering relief to cost-conscious expat workers in the capital.

Air Arabia reported a net loss of Dh169 million for the first-half of 2020, impacted by the cancellation of scheduled flight operations due to Covid-19 in the second-quarter. The carrier has a sound liquidity position and Dh3.07 billion available in funds. The carrier has requested deferral of principal and interest on all existing aircraft loans spread across various banks.

Copyright © 2020 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.