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Air Arabia shares dive as Gulf markets remain nervous over Egypt

Shares in Air Arabia fell 6.7% on Monday as markets in the Gulf remain nervous over the affect of the ongoing crisis in Egypt. The carrier launched a new hub in Alexandria late last year, operated through a JV with local Travco Group, the Middle East’s largest travel and hospitality group. The Dubai stock exchange closed down 4.3% on Monday.

Other Gulf region listed carriers also saw share falls, with Royal Jordanian down 5.8% and Kuwait National Airways, parent of Wataniya Airways, down 2.9%. In contrast, Jazeera Airways had a positive day of trading, up 1.7%.

Selected African and Middle Eastern airlines’ share price movements: (% change): 31-Jan-2011

MEAAD