Emirates airline has received 7.3 billion dirhams ($2 billion) from the government of Dubai as it faces a cash crunch caused by the COVID-19 pandemic, according to a bond prospectus seen by Reuters.
Aviation has been one of the worst-hit industries during the pandemic and Emirates has cut thousands of jobs as it tries to manage the crisis, sources have said.
The government provided 7.3 billion dirhams to the airline after Dubai's crown prince in March promised equity to Emirates to see it through the crisis, the prospectus shows.
In May, Emirates said it planned to raise debt to manage the impact of the pandemic. It raised 4.4 billion dirhams in the first quarter.
This month it asked cabin crew to take voluntarily unpaid leave, and sources have said a redundancy process that began in July is continuing, with more staff laid off this month.
