DUBAI: The Dubai government-owned budget carrier FlyDubai said on Wednesday that its revenues increased to $1.7 billion in 2018, though the airline ended the year with a loss of $43.5 million.
The airline that flies out of both Dubai International Airport and Dubai World Central’s Al Maktoum International Airport blamed fuel costs, rising interest rates and “unfavorable currency exchange movements” for the loss. It had made $1.5 billion in revenue in 2017, earning a narrow profit of $10 million that year. “In line with expectations, 2018 was a challenging year, however we have continued to invest in our capacity and increased revenue,” FlyDubai CEO Ghaith Al-Ghaith said.
FlyDubai, which now has a code-share deal and tighter relationship with Dubai’s long-haul carrier Emirates, offers bargain flights to locations both served and not by its well-known elder sibling. FlyDubai began operations nearly 10 years ago and its 4,000 staff now serve over 90 destinations.
The carrier flew 11 million passengers last year, slightly up from the 10.9 million it flew in 2017.
FlyDubai ends 2018 with $43.5m loss
FlyDubai ends 2018 with $43.5m loss
- FlyDubai CEO Ghaith Al-Ghaith: In line with expectations, 2018 was a challenging year, however we have continued to invest in our capacity and increased revenue
- The carrier flew 11 million passengers last year, slightly up from the 10.9 million it flew in 2017
Kuwait forecasts 54.7% rise in fiscal deficit as oil revenues weaken
JEDDAH: Kuwait expects its fiscal deficit to widen sharply in the 2026–2027 budget year as lower oil income weighs on public finances, with the shortfall projected to rise 54.7 percent to 9.8 billion dinars ($31.9 billion).
Announcing the draft budget, Finance Minister Yaqoub Al-Refaei estimated total expected revenues at 16.3 billion dinars, marking a 10.5 percent decline compared with the previous fiscal year.
Kuwait is pushing Vision 2035 reforms to diversify its economy and boost non-oil growth but remains exposed to oil price volatility despite moderate inflation and strong non-oil expansion.
“The minister disclosed that oil revenues were budgeted at 12.8 billion dinars, a 16.3 percent contraction compared to the current budget ending March 31, 2026,” the Kuwait News Agency, known as KUNA, reported.
Highlighting a positive trend for fiscal diversification, non-oil revenues are projected to rise 19.6 percent to 3.5 billion dinars.
He noted that total expenditure is expected to reach 26.1 billion dinars, with salaries and subsidies accounting for 76 percent, capital spending 11.8 percent, and other expenditures 12.2 percent. The FY 2026–2027 budget is based on a conservative oil price estimate of $57 per barrel.
The minister, however, stressed that Kuwait’s fiscal break-even price — the price needed to balance the budget — is significantly higher, at $90.5 per barrel.
The draft budget, covering April 1, 2026, to March 31, 2027, includes capital spending of 3.1 billion dinars, with significant allocations for infrastructure and strategic projects, according to a release by the Ministry of Finance.
Of this, 318 million dinars will fund the Ministry of Public Works for developments such as Mubarak Al-Kabeer Port, the Umm Al-Hayman plant expansion, the North Kabd station, and the expansion of Kuwait International Airport’s Terminal 2.
Additional allocations support the health ministry’s cancer control center, as well as the Defense and Interior ministries for military equipment.
Higher spending is also driven by a 741.2 million-dinar increase in the public treasury’s contribution to social insurance to cover pension fund deficits.
Conversely, support for fuel used in power generation and refined products declined by 449.2 million dinars due to falling global oil prices.
The ministry highlighted that the budget would create 14,518 new positions, reflecting efforts to boost employment while continuing to diversify revenue sources.
