{"id":570526,"date":"2020-04-05T04:26:04","date_gmt":"2020-04-05T04:26:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/"},"modified":"2020-04-05T04:26:04","modified_gmt":"2020-04-05T04:26:04","slug":"egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/","title":{"rendered":"Egypt\u2019s airlines stand to forego USD 1.6 bn this year from covid-19 traffic suspension"},"content":{"rendered":"

<\/a> Egypt\u2019s airlines will see their revenues contract USD 1.6 bn and passenger volumes dip by 9.5 mn in<\/strong> 2020<\/strong>, which could result in lost GDP of USD 2.4 bn \u2014 equivalent to around 0.85% of GDP, according to a statement by the International Air Transport Association (IATA)<\/a>. The association, which warned the contraction threatens more than 205k direct and indirect jobs in Egypt, called on MENA governments to provide financial relief to their carriers, largely grounded amid the global covid-19 outbreak, and said the region will likely lose USD 23 bn in potential revenues this year, a 39% drop compared to last year.<\/p>\n

Egyptian airlines would get off fairly lightly compared to other countries in the region:<\/strong> Saudi Arabia could forgo some USD 5.61 bn in revenues and the UAE USD 5.36 bn, according to the IATA\u2019s findings.<\/p>\n

Background:<\/strong> Egypt\u2019s private-sector airlines appealed to the civil aviation minister<\/a> last Tuesday to help \u201cstop the bleeding\u201d from the suspension of Egypt\u2019s air traffic, soon after it was extended for another two weeks from 1 April. IATA has been repeatedly warning of revenue losses to the global air transport industry this year amid the covid-19 pandemic, estimating<\/a> near the end of last month that it could lose up to USD 252 bn, or 44% below 2019\u2019s figure. The association recommends that governments financially support their carriers directly with loans or through tax relief, as well as exempting flight crews from 14-day quarantines, fast-tracking permits, and speedily publishing flight data.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s airlines will see their revenues contract USD 1.6 bn and passenger volumes dip by 9.5 mn in 2020, which could result in lost GDP of USD 2.4 bn \u2014 equivalent to around 0.85% of GDP, according to a statement by the International Air Transport Association (IATA). The association, which warned the contraction threatens more […]<\/p>\n","protected":false},"author":1,"featured_media":570527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[528,4306,72,4906,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-aviation","tag-economic-stimulus-package","tag-enterpriseam","tag-manar-enabah","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b1908f8f-e7ba-4339-8ff5-c97f6aca0fd2","is_powered_by":true,"section_story_id":"c85cd3ca-0f37-4939-b45f-222026e8ef7f","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/29.jpg","photo_position":"above","related_issue":[570517],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s airlines stand to forego USD 1.6 bn this year from covid-19 traffic suspension - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s airlines stand to forego USD 1.6 bn this year from covid-19 traffic suspension\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s airlines will see their revenues contract USD 1.6 bn and passenger volumes dip by 9.5 mn in 2020, which could result in lost GDP of USD 2.4 bn \u2014 equivalent to around 0.85% of GDP, according to a statement by the International Air Transport Association (IATA). The association, which warned the contraction threatens more […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-05T04:26:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/29.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s airlines stand to forego USD 1.6 bn this year from covid-19 traffic suspension\",\"datePublished\":\"2020-04-05T04:26:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\"},\"wordCount\":252,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/29.jpg?fit=%2C&ssl=1\",\"keywords\":[\"aviation\",\"economic stimulus package\",\"EnterpriseAM\",\"Manar Enabah\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/egypts-airlines-stand-to-forego-usd-1-6-bn-this-year-from-covid-19-traffic-suspension\/\",\"name\":\"Egypt\u2019s airlines stand to forego USD 1.6 bn this year from covid-19 traffic suspension - 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This is a slightly ambitious target, as around 500k tourists visited Egypt in the first two months of 2021, generating USD 600-800\u2026","rel":"","context":"In "SPEED ROUND: TOURISM"","block_context":{"text":"SPEED ROUND: TOURISM","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/finmin-leaves-fy2020-2021-gdp-growth-figures-unchanged-from-pre-covid-expectations\/","url_meta":{"origin":570526,"position":1},"title":"FinMin leaves FY2020-2021 GDP growth figures unchanged from pre-covid expectations","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"BUDGET WATCH- In a climate of global uncertainty, the Finance Ministry is leaving its projection for FY2020-2021 GDP growth unchanged for the moment, suggesting the figure will come in at 4.5%, according to the draft budget (pdf) released yesterday. The document makes explicit that the ministry will revisit its growth\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570418,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/iif-downgrades-egypts-2020-growth-forecast-to-2-7\/","url_meta":{"origin":570526,"position":2},"title":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%: The Institute of International Finance (IIF) has revised downward its projection for Egypt\u2019s GDP growth this year to 2.7% from 5.4% due to headwinds caused by the covid-19 outbreak.Behind the dip: Lower economic growth will come on the back of a drop\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563839,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/fdi-to-grow-in-egypt-over-coming-four-years-imf\/","url_meta":{"origin":570526,"position":3},"title":"FDI to grow in Egypt over coming four years - IMF","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"The IMF sees FDI in Egypt climbing in each of the next four years. Egypt could see foreign direct investment jump as much as 60% this fiscal year compared to last year, the International Monetary Fund said in a report (pdf) released following its second review of Egypt\u2019s USD 5.2\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559683,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery\/","url_meta":{"origin":570526,"position":4},"title":"Egypt\u2019s current account deficit widens to USD 2.8 bn + tourism revenues mount slow recovery","author":"enterpriseam admin","date":"1 February 2021","format":false,"excerpt":"Egypt\u2019s current account deficit doubled y-o-y in the first quarter of FY2020-2021 to USD 2.8 bn, from the USD 1.4 bn recorded in 1Q2019-2020, the central bank said in a statement (pdf). On a quarterly basis, the account deficit shrank 27.2% from USD 3.8 bn in 4Q2019-2020.Tourism revenues still plunged,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/20.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":570526,"position":5},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570526"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570526\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570527"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570526"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570526"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}