UAE-based LCC Air Arabia has recorded its first annual deficit for many years, slumping to a 2018 net loss of AED307 million ($83.6 million), reversed from a profit of $180 million in 2017. The loss came as the result of a proposed impairment by the company’s board following the Air Arabia Group’s exposure to a Dubai-based private equity firm Abraaj, which collapsed in September 2018. Air Arabia Group announced in June 2018 that as part of its investment portfolio, it had ...

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