Emirates, one of the largest long-haul airlines in the world, announced Sunday it will temporarily suspend all passenger flights by Wednesday due to the coronavirus pandemic.
The big picture: Airlines have been reducing flights at unprecedented rates in order to stop the spread of the virus and as a result of low demand. The Dubai government-owned Emirates, which is the largest airline in the Middle East, said its employees will receive up to 50% salary reduction for three months, but that it will not cut jobs.
What they're saying:
"The world has literally gone into quarantine due to the COVID-19 outbreak. This is an unprecedented crisis situation in terms of breadth and scale: geographically, as well as from a health, social, and economic standpoint. Until January 2020, the Emirates Group was doing well against our current financial year targets. But COVID-19 has brought all that to a sudden and painful halt over the past 6 weeks."
"Emirates Group has a strong balance sheet, and substantial cash liquidity, and we can, and will, with appropriate and timely action, survive through a prolonged period of reduced flight schedules, so that we are adequately prepared for the return to normality.”
Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates Group
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