LONDON: British authorities are scrambling to bring home 110,000 travelers after Monarch Airlines collapsed Monday, canceling all flights by what had been Britain’s fifth biggest carrier.
The Civil Aviation Authority said it has leased 30 aircraft to transport Monarch customers scattered around holiday destinations ranging from Turkey to Spain and Sweden. Flights will be provided at no additional cost to passengers.
“This is a hugely distressing situation for British holidaymakers abroad, and my first priority is to help them get back to the UK,” Transport Secretary Chris Grayling said in a statement. “That is why I have immediately ordered the country’s biggest ever peacetime repatriation to fly about 110,000 passengers who could otherwise have been left stranded.”
Monarch ceased operations after failing to reach a deal with regulators to extend the company’s license to sell package holidays to overseas destinations. Monarch Chief Executive Andrew Swaffield said the airline’s troubles stemmed from recent terror attacks in Egypt and Tunisia and the “decimation” of the tourist trade in Turkey.
The airline had tried to pivot from short-haul flights to long-haul travel to reduce losses as consumers shied away from Middle Eastern and North African destinations after the June 2015 attack on tourists at a resort in Tunisia, the bombing of a Russian airliner that had taken off from Sharm el-Sheikh, Egypt, a few months later and the attempted coup in Turkey in 2016.
The CAA is advising Monarch customers who are trying to get home from abroad to visit the agency’s website for information about their flights. Passengers who were preparing to leave the UK on Monarch flights should not go to the airport.
The first repatriation flight carrying 165 passengers from the Spanish resort island of Ibiza has already arrived at London’s Gatwick Airport, the aviation authority said.
“The scale and challenge of this operation means that some disruption is inevitable,” agency CEO Andrew Haines said. “We ask customers to bear with us as we work around the clock to bring everyone home.”
Monarch’s collapse represents the biggest ever failure of a British airline.
The Unite union, which represents around 1,800 engineers and cabin crew working for Monarch, claimed that the government rebuffed requests to provide a bridging loan that would have helped the airline keep operating.
The airline said companies affected by its failure include Monarch Airlines, Monarch Holidays, First Aviation, Avro, and Somewhere2stay.
“All future holidays and flights provided by these companies have been canceled and are no longer operating,” the company said.
Greybull Capital, which owns The Monarch Group, issued a statement saying it was “deeply saddened” by the airline’s failure. It said it was working with regulators to minimize disruptions.
— REUTERS
Monarch chief blames collapse on terror attacks
Monarch chief blames collapse on terror attacks
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
