Kenya Airways gains on opening of European airspace; Jazeera up; Lonrho down


The majority of Middle East and African carriers' shares were up on Wednesday (21-Apr-2010) as markets were boosted by the reopening of European airspace.

  • Middle East and African carriers' shares were up following the reopening of European airspace.
  • Kenya Airways resumed Nairobi-London Heathrow service but the extent of their losses is unknown.
  • Air Zimbabwe incurred nearly USD1 million in revenue losses and canceled three services, leaving 800 passengers stranded.
  • Emirates suffered an overall loss of USD65 million, including income depletion and spending on accommodation for stranded passengers. They canceled 250 flights, affecting 100,000 passengers.
  • Qatar Airways faced a daily loss of USD5.5 million and canceled 135 flights, while Etihad's losses exceeded USD25 million.
  • Jazeera Airways experienced the largest gain in share price (+4.6%), while Lonrho saw the biggest fall (-3.6%).

Kenya Airways (+1.8%) has also been forced to cancel flights over the period. The carrier's shares gained after being able to resume Nairobi-London Heathrow service on 21-Apr-2010. Details on how much the carrier has been affected by the Ash Attack are yet to be released. Effects on other carriers in Africa and the Middle East are as follows:

Ash Attack: Africa and Middle East airline losses and cancellations


Revenues losses



Air Zimbabwe

Nearly USD1 million overall

  • Three services cancelled;
  • 800 passenger stranded

South African Airways

USD1.9 million overall - may be recovered from passengers who still plan to take their flight at a later date


Middle East


USD65 million overall - includes approximately USD60 million in income depletion and USD5-6 million in spending on accommodation for stranded passengers

  • 250 flights cancelled;
  • 100,000 passengers effected

Emirates SkyCargo

Up to USD2 million per day

  • 4,000 tonnes of cargo delayed


In excess of USD25 million overall


Qatar Airways

USD5.5 million per day - including payments of USD250-300 per day to accommodate each of its passengers stranded in Doha

  • 135 flights cancelled

Royal Air Maroc


  • 12 services cancelled on 20-Apr-2010

Royal Jordanian


  • seven flights cancelled on 18-Apr-2010

Saudi Arabian Airlines

Approximately USD33 million overall


Elsewhere, Jazeera Airways (+4.6%) made the biggest gain on the day, despite the Kuwait Stock Exchange remaining flat. Lonrho (-3.6%) took the biggest fall.

Selected African and Middle Eastern airlines share price movements (% change): 21-Apr-2010

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