Kuwait’s Wataniya Airways said on Wednesday 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.
The statement also blamed a “lack of fair trade requirements in the local market” for its decision, without elaborating.
A message on its website read: “We would like to inform you that…Wataniya Airways has ceased all its operations and will now enter a process to determine the future of the company.
“In the meantime, no flights will operate. Unfortunately, the company is not in a position to offer alternative flights to you. We regret that matters have reached this juncture and deeply apologise for the inconvenience it has caused.”
“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,” Wednesday’s statement said .
The company’s stock, which closed 1.9 percent lower earlier on Wednesday, has lost 35 percent this year after dropping 29.8 percent in 2020.
In November, the airline announced it was to cancel flights to four cities and cut back on staff numbers due to market saturation.
“Large capacity is flooding the Kuwaiti market from state subsidised carriers and driving prices down,” Jassim al Qames, Wataniya’s public relations, said.
Wataniya stopped flying to Damascus, Amman, Manama, and the Saudi city of Jeddah from December 5 and reduced services to Dubai.