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, a bond prospectus seen by Reuters shows.
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 the 7.3 billion dirhams to the airline it owns after Dubai’s crown prince in March promised equity to Emirates to see it through the crisis, the prospectus shows.
No such injection has been publicly announced by the government or airline.
The details were disclosed in a prospectus for a potential bond issuance by the Dubai government.
