The CEO of Middle East Airlines, Mohammed Al Hoot, announced that the profits of the company might reach $70 million by the end of year 2008. During his participation in the 41st Annual General Meeting of the Arab Air Carriers Organization in Tunis, Al Hoot said that the international financial crisis will affect the possibilities of receiving funds to buynew aircraft.

During his participation in the 41st Annual General Meeting of the Arab Air Carriers Organization in Tunis, Al Hoot said that the international financial crisis will affect the possibilities of receiving funds to buy new aircraft.

“Under orders by Riyad Salameh, the governor of Banque du Liban, we started last March to secure funds from Lebanese banks to buy aircraft with very competitive prices,” said Al Hoot

Al Hoot added that this long-sighted vision can be very beneficial since the Lebanese banks are in an excellent state and do not get affected by the financial crisis as they are able to uphold it’s promises by funding these airplanes.

In addition, Al Hoot said that ever since year 2001, MEA is no longer receiving any funds from the main shareholder, Banque du Liban, to pay its employees.

Source: various local press reports