Low-cost carrier Wizz Air to stop Abu Dhabi operations - Markets & Companies
The airline will exit its Abu Dhabi hub starting from September.
The seventh biggest European airline in terms of daily flights operated around 30 routes in the Middle East, which has been hit by repeated airspace closures since 2023, when the Israeli war on Gaza began.
"Wizz Air will suspend all locally based flight operations effective 1 September 2025 and intends to exit from the joint venture going forward," the company said in a statement on X.
Wizz Air Abu Dhabi, a joint venture with the Emirati state-owned Abu Dhabi Developmental Holding Company, was established in 2020.
The airline said it had been impacted by "engine reliability constraints, particularly in hot and harsh environments", "geopolitical volatility," which caused disruptions and falling consumer demand, and "regulatory barriers."
Wizz Air -- which has had to ground some of its Airbus planes because of problems with its Pratt & Whitney engines -- said it will focus on its core central and eastern European markets and selected western European countries.
"This strategic realignment will enable the company to redeploy resources to regions with greater long-term potential for sustainable growth and profitability," it added.
Wizz Air was founded in 2003 and has lost almost four-fifths of its value on the London Stock Exchange since peaking in March 2021.
Some experts say the airline has deeper problems.
"Overambitious growth has been accompanied by weak fundamentals, with financially strong competitors constantly putting pressure on the indebted Wizz Air with typically very competitive ticket prices," Gabor Bukta, lead analyst at Concorde Securities, Hungary's largest non-bank broker, wrote in a recent report.
The airline, which has 231 aircraft and more than 8,000 employees, operates flights in 55 countries and carries 63.4 million passengers a year on 833 routes, according to its latest financial report.
Follow us on:
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
34 minutes ago
- See - Sada Elbalad
Grand Egyptian Museum Launches Summer Jewelry-Making Program for Adults
Waleed Farouk The Education Department at the Grand Egyptian Museum in Cairo has announced the launch of a new and unique summer educational program tailored for adults. This initiative is part of the museum's ongoing efforts to raise awareness of ancient Egyptian heritage and provide distinctive learning opportunities to the public. Titled "Jewelry Making in Ancient Egypt", the program aims to introduce participants to the craftsmanship and artistry of the ancients, with a strong focus on practical and hands-on experiences. A central goal of the program is to teach participants how to work with copper sheets, a primary material in ancient jewelry-making. Attendees will learn the basic principles of artistic jewelry design, alongside essential metal-forming and assembly techniques. The program will also explore how to incorporate the aesthetic and symbolic value of gemstones into the designs, reflecting the refined artistic sensibilities that characterized ancient Egyptian civilization. Targeting adults aged 18 and above, the workshop offers a rich and engaging educational experience. It will be held weekly on Mondays at 10:00 AM at the museum's Education Department, allowing for greater flexibility and optimal benefit for participants. Importantly, this course is offered free of charge, underscoring the Grand Egyptian Museum's commitment to making knowledge accessible to all, regardless of financial barriers. Required materials for personal use will be determined in coordination with the instructor, ensuring that each participant has the appropriate tools and resources for high-quality work. This program represents a valuable addition to the museum's educational offerings, highlighting its dedication to its cultural and educational mission. It presents a harmonious blend of tradition and modern learning, while helping to revive and sustain Egypt's ancient traditional crafts. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily News Egypt
2 hours ago
- Daily News Egypt
The Complicity of Major US Corporations in Sustaining the War on Gaza
As the war on Gaza rages on, leaving in its wake a trail of unspeakable devastation, shattered families, and erased futures, it is no longer possible—nor ethically tolerable—to speak only of military strategies and political calculations. A far more unsettling dimension of this protracted tragedy is now emerging: the role of powerful multinational corporations in not merely profiting from the conflict, but actively sustaining and enabling it. In a world where the language of human rights is too often weaponized and selectively invoked, the recent report presented by Francesca Albanese, the United Nations Special Rapporteur on the situation of human rights in the occupied Palestinian territories, demands our collective attention. Her findings, meticulously documented and courageously articulated before the UN Human Rights Council on 3 July 2025, lay bare an economic machinery behind the violence—one in which major American tech and defense companies play a central, deeply troubling role. Albanese's report, aptly titled 'From the Economy of Occupation to the Economy of Genocide,' moves beyond the well-worn diplomatic euphemisms and legal technicalities. It asserts, with formidable evidence, that the systematic targeting of Gaza's civilian population—through relentless aerial bombardments, mass displacement, and the destruction of vital infrastructure—constitutes not just a military campaign but a profitable enterprise. Among the entities named in the report are Microsoft, Amazon, Google's parent company Alphabet, IBM, and Palantir Technologies. These corporations are accused of providing advanced surveillance technologies, cloud computing services, AI-driven military systems, and digital infrastructure that facilitate Israel's military operations and the maintenance of its illegal settlements in the occupied West Bank and East Jerusalem. For example, Palantir—a data analytics firm with longstanding contracts with US intelligence agencies—is alleged to supply the Israeli military with predictive policing tools and battlefield analytics. Microsoft and Amazon Web Services reportedly host vast data centers and cloud services for Israeli security institutions, enabling real-time intelligence sharing and operational coordination. Alphabet's AI and mapping technologies have similarly been implicated in aiding precision targeting systems—a deeply sinister irony given their public declarations of ethical AI commitments. Albanese argues that these corporations, far from being neutral service providers, are complicit in what she terms an 'economy of genocide'—a structure where violence against civilians not only occurs with impunity but generates financial dividends for global stakeholders. Unsurprisingly, the report provoked immediate outrage from both the Israeli government and its allies, particularly the United States. On 9 July 2025, the US government imposed unprecedented sanctions on Francesca Albanese, accusing her of antisemitism and alleged support for terrorism—a familiar tactic employed against those who challenge entrenched power structures. The move was widely condemned by human rights organizations and legal experts as a blatant assault on the independence of UN mandate holders. The UN High Commissioner for Human Rights, Volker Türk, denounced the sanctions as 'politically motivated and legally baseless,' while organizations like Amnesty International and Human Rights Watch characterized them as a dangerous precedent for silencing international accountability mechanisms. But perhaps the most revealing aspect of this episode lies in the very ferocity of the backlash. If Albanese's claims were groundless—if her report lacked substance—it would have been easily discredited through facts and legal argument. Instead, her detractors resorted to personal vilification and punitive sanctions—a response that, in its very excess, affirms the threat her report poses to vested interests. History teaches us that those who dare to unmask the nexus between profit and atrocity often pay a steep price. Francesca Albanese now joins a long lineage of whistleblowers, dissidents, and principled international figures targeted for refusing to remain silent in the face of state violence. The sanctions imposed upon her are not merely punitive; they are a tacit admission of the uncomfortable truths her report exposes. The involvement of Microsoft, Amazon, Alphabet, IBM, and Palantir in sustaining a brutal war against an occupied people demands urgent scrutiny—not only within the walls of international courts but in the court of global public opinion. The real question is whether we, as a global community, will have the moral clarity and political will to confront these corporate enablers, or whether we will allow the machinery of war to continue enriching the few at the catastrophic expense of the many. For in the end, the silence of the world will echo far longer than the sound of the bombs. Dr. Hatem Sadek – Professor at Helwan University
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Stock markets dip as US inflation puts focus on Trump's tariffs - Economy
Most US and European share indices slid on Tuesday, as US inflation data indicated President Donald Trump's tariffs could be feeding into the American economy. In New York, the Nasdaq traded higher, propelled by buoyant news from tech darling Nvidia. But the blue-chip Dow and broader S&P 500 both struggled. The dollar gained ground as prospects of a US interest rate cut dimmed, while oil prices slipped. The US consumer price index for June showed inflation rose 2.7 percent compared with a year earlier. Though in line with economists' forecasts, the rate was above the Federal Reserve's two-percent target. Jochen Stanzl, an analyst at CMC Markets, said detail in the CPI report "points to a trend toward stagflation -- an unwelcome topic for investors in an increasingly overvalued market". Stephen Innes, managing partner at SPI Asset Management, said that "the CPI release showed some early signs of tariff pass-through but underlying inflation remains muted". Analysts said US inflation could pick up further in coming months, as businesses exhaust pre-tariff stockpiles and pass on their higher import costs to consumers. "Rising prices will make it harder for the Federal Reserve to cut interest rates and tougher for families living paycheck to paycheck," said Heather Long, chief economist at the Navy Federal Credit Union. Since April, the United States has imposed a baseline 10-percent tariff on goods imported from main trading partners, with steeper levies on steel, aluminium and cars. Trump has threatened 30-percent tariffs on European Union and Mexican goods from August 1 if they do not cut trade deals with Washington. Tariff threat to Russia Most Asian indices closed higher before the US inflation report came out, except for those in Shanghai and Mumbai. China and India are both big trading partners of Russia, which Trump said would be hit with tariffs of up to 100 percent within 50 days if President Vladimir Putin did not end his war on Ukraine. China, which has negotiated a US tariff truce, had on Tuesday issued economic growth data that met expectations, largely thanks to an April-June export surge to get ahead of Trump's levies. Even though Russia is a major crude producer, oil traders bid prices lower, not higher, following Trump's announcement. "The fact that oil prices fell suggests investors are relieved that Trump has allowed sufficiently enough time for Putin to agree to a ceasefire," said Fawad Razaqzada, analyst at "They are also getting used to Trump threating tariffs, only to change his mind in the last minute and extend deadlines," he said. OPEC said in its latest monthly market report it was holding firm on its production forecasts for oil demand to rise by 1.3 million barrels in 2025 and again in 2026. "Continued robust global economic growth is expected... despite ongoing US-centred trade challenges and geopolitical uncertainties," it said. In corporate news, US banks JPMorgan Chase, Wells Fargo and Citi posted strong second-quarter results. And Nvidia's share price jumped after it said US export restrictions will be eased to allow it to sell its H20 artificial intelligence chips to China. Key figures at around 1545 GMT New York - Dow: DOWN 0.6 percent at 44,190.75 points New York - S&P 500: FLAT at 6,267.11 New York - Nasdaq Composite: UP 0.6 percent at 20,771.85 London - FTSE 100: DOWN 0.7 percent at 8,938.32 (close) Paris - CAC 40: DOWN 0.5 percent at 7,766.21 (close) Frankfurt - DAX: DOWN 0.4 percent at 24,060.29 (close) Tokyo - Nikkei 225: UP 0.6 percent at 39,678.02 (close) Hong Kong - Hang Seng Index: UP 1.6 percent at 24,590.12 (close) Shanghai - Composite: DOWN 0.4 percent at 3,505.00 (close) Euro/dollar: DOWN at $1.1615 from $1.1670 Pound/dollar: DOWN at $1.3393 from $1.3428 Dollar/yen: UP at 148.87 yen from 147.77 yen Euro/pound: DOWN at 86.73 pence from 86.88 pence Brent North Sea Crude: DOWN 0.4 percent at $68.97 per barrel West Texas Intermediate: DOWN 0.5 percent at $66.66 per barrel Follow us on: Facebook Instagram Whatsapp Short link:
