Jazeera Airways Board agrees new measures to safeguard company

posted on 23rd March 2020 by Eddie Saunders
Jazeera Airways Board agrees new measures to safeguard company

The Board of Directors of Jazeera Airways met virtually on March 19, 2020 to discuss the suspension of flights and present conditions in light of the Coronavirus COVID-19 pandemic.

The airline’s Board agreed to suspend its previous recommendation to distribute dividends to shareholders for the financial year ending December 31, 2019. The suspension comes as part of measures taken by the airline to enable it to weather through current challenges and protect the business in the long-term.

Commenting on the decision taken by the Board of Directors, Chairman Marwan Boodai, said: “On behalf of everyone at Jazeera Airways, I take this opportunity to first extend our deepest gratitude to Kuwait’s Government, and in particularly the Ministry of Health, for the immediate measures taken to limit a spread of the virus in the State of Kuwait. We are honored to support their efforts in every way possible.

As a private sector company, we are taking full responsibility to ensure our business continuity. Therefore, we have implemented decisive measures to safeguard our financial position caused by the Covid-19 pandemic, including the suspension of the 2019 dividend payment and activating the drawdown of bank facilities, that were not previously tapped, to support Jazeera’s ongoing liquidity through the coming months.

We have always taken prudent and pivotal actions in difficult circumstances. In such times, placing our employees and customers first is our priority by ensuring they are not affected in the long-run. We are committed to our role as a Kuwaiti national carrier and will continue to perform our part to ensure we can support the economy and uphold our national duty.”