Kuwaiti luxury carrier Wataniya Airways announced it was stopping its operations due to its financial situation and regional unrest.

"Given the current financial situation of the company as well as the difficult political and security situation in the region, the Board has decided to cease all Wataniya Airways operations," a company statement said earlier this week.

The statement also blamed a "lack of fair trade requirements in the local market" for its decision, without elaborating.     

The small airline which started operations in 2009, catering for wealthy citizens of the Gulf oil producers, said in November it was cutting its fleet and the number of its Middle East destinations as its financial performance had fallen short of expectations.

"The Board has decided to call a meeting of the company's shareholders as soon as possible to discuss the future course of the company," the statement said.

The company's stock has lost over 35% this year after dropping 29.8% in 2020.

 

Source: Reuters