NEW DELHI/ABU DHABI: Etihad Airways has appointed turnaround specialist Alvarez & Marsal to conduct due diligence on Jet Airways as it weighs bailing out the cash-strapped Indian carrier, three sources familiar with the matter told Reuters.
Executives from Alvarez & Marsal are camped in Jet Airways’ offices in Mumbai and are taking stock of the airline’s operations and looking into its financial health and records, one of the sources said.
An Etihad spokeswoman declined to comment. Alvarez & Marsal and Jet Airways did not immediately respond to an email seeking comment.
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Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout
Abu Dhabi carrier Etihad hires turnaround expert on possible Jet Airways bailout
- Abu Dhabi airline weighs bailing out the cash-strapped Indian carrier
Closing Bell: Saudi main index closes in red at 10,906
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 77.62 points, or 0.71 percent, to close at 10,906.44.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 36 of the listed stocks advanced, while 226 retreated.
The MSCI Tadawul Index decreased, down 8.78 points or 0.59 percent, to close at 1,480.07.
The Kingdom’s parallel market Nomu lost 223.18 points, or 0.96 percent, to close at 23,095.58. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was National Medical Care Co., with its share price up by 3.88 percent to SR128.40.
Other top performers included SHL Finance Co., which saw its share price rise by 3.09 percent to SR16.70, and Saudi Steel Pipe Co., which saw a 2.72 percent increase to SR38.56.
On the downside, the worst performer of the day was Saudi Enaya Cooperative Insurance Co., whose share price fell by 9.98 percent to SR7.22.
Saudi Fisheries Co. and Arabian Contracting Services Co. also saw declines, with their shares dropping by 9.33 percent and 6.88 percent to SR48.60 and SR107, respectively.
On the announcement front, Alkhorayef Water and Power Technologies Co. has announced it has been awarded a significant contract by the Jeddah Amana Municipality to carry out the operation and cleaning of stormwater and surface water networks.
The contract, valued at SR108.46 million, pertains to work in the sub-municipalities of South and Al-Malisa under project number 19979.
The scope of work will be carried out over a duration of 60 calendar months. According to a bourse filing, the financial impact of this award is expected to be recognized starting in the third quarter of 2026, with further updates to be provided following the finalization of the signed agreement.
The AWPT’s share price reached SR116, marking a 1.94 percent decrease on the main market.
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