Mubasher: The number of Middle East passengers is expected to increase by 7% in 2018, Arabian Travel Market’s recent report said, according to the International Air Transport Association.
This increase is projected “despite a strong headwind of global economic turbulence and fluctuating oil prices, the unpredictability of American President Donald Trump, and continued Brexit negotiations,” Arabian Travel Market added.
Arabian Travel Market (ATM) 2018 will be held from 22 to 25 April at the Dubai World Trade Centre.
The sessions will be moderated by Alan Peaford, a former national newspaper journalist and current president of the UK’s Institute of Internal Communications.
“The Arab air transport market grew by 9.9% in the past year, according to the Arab Air Carriers Organisation (AACO) at its 2017 AGM. Growth figures like these should support lively debate at ATM 2018 and provide an element of cautious optimism,” Peaford said, according to the report.
The International Air Transport Association (IATA) reported figures showing that profits by Middle East airlines will likely double to $600 million in 2018, double what they are estimated to make this year.
“Passenger capacity is also estimated to rise by 6.6% this year and a further 4.9% increase is forecast for 2018,” the report said.
The Emirates Group, one of Arabian Travel Market’s premium partners, had a revenue of AED 49.4 billion ($13.5 billion) for the first six months of fiscal year 2017-18, up 6% from AED 46.5 billion ($12.7 billion) during the same period last year.
Etihad Airways incurred a loss of AED 6.86 billion ($1.87 billion) for 2016, influenced by one-off impairments that included AED 3.67 billion ($1 billion) on aircraft and AED 2.96 billion ($808 million) on exposures to the ailing carriers Alitalia and Air Berlin.
Meanwhile, Air Arabia’s profits increase in this year's second quarter, up 21% to AED 157.93 million ($43 million) from the same period last year, although revenues were flat, rising 1.3% to AED 907.23 million ($247 million).
Flydubai reported a loss of AED 143.24 million ($39 million) on revenues of AED 2.5 billion ($689 million) for the first half of 2017.
