UAE’s RAK Airways announced Tuesday the suspension of all its operations starting January 1 and until further notice.

In a statement, the airline said: “The decision for suspending operations was taken following increased pressure on the carrier’s performance due to continuous market conditions, increased operating costs and the impact of the regional political instability on the overall aviation industry.”

‘‘The Board of Directors took the decision today to suspend the operations until further notice. We believe this decision is in the best interest of the airline and its shareholders. We will take this time to re-evaluate the best options available for RAK Airways’ future as well as those that fit the industry requirements of the emirate of Ras Al Khaimah,” the statement added.

RAK Airways’ network included flights from RAK International Airport to Doha, Peshawar, Islamabad, Lahore, Jeddah, Riyadh, Calcutta and Katmandu.

“RAK Airways regrets the inconvenience caused to its customers as a result of this decision. All passengers who have made bookings with RAK Airways will be re-booked on alternative airline or receive full refund for any payments made,” the statement concluded.