All industries experienced disruption in 2020 due to the Covid-19 pandemic, but for the aviation industry it was an unprecedented crisis.
“Heartbreaking” is how the group chief executive of Etihad Airways, Tony Douglas, described the moment the airline’s entire fleet was completey grounded on March 23, in an effort to stop the spread of coronavirus.
However, “it was absolutely the right thing to do”, said Mr Douglas, who has more than three decades of experience in the aviation industry.
Covid-19 has "eclipsed" all other crises faced by the sector because of the impact that it has had, he said.
In the last of the seven-part series of conversations for the My 2020 podcast, with leaders on the impact of Covid-19, Mr Douglas spoke of how the aviation industry has changed – and will have to continue to change.
He said there are so many negatives in 2020 but “you can learn an awful lot from negatives”.
He said that for Etihad, lockdown “gave us an opportunity to do a number of things that would have taken a lot longer and perhaps would have been more difficult”, including “Project Cabin ... surgical cleansing of every one of our aircraft and the biggest maintenance programme in Etihad’s history”.
As Covid-19 developed into a global health crisis, Mr Douglas said it became increasingly clear that leaders had to handle a "certain degree of ambiguity".
He added "the one thing you can't create is what I would describe as false certainty”.
Mr Douglas addressed the “hardest decision” he had to make in this difficult year, and that was “having to make some downsizing decisions within the [Etihad] family”.
He added “There have been announcements almost on a daily basis, from airlines all around the world, in regard to a fight for survival, and the need, therefore, to adjust size and posture. And of course, we're not immune to that [and] we've had to take responsible decisions”.
As Etihad reassessed its overall strategy, it has adjusted to become “a mid-sized carrier”.
Mr Douglas explained that means “we'll concentrate on the high performing new aircraft fleet that we've got, and making sure basically, we play the long game now.
"The byproduct of that is we have had to let many members of the Etihad family leave us ... and these people have been [making] outstanding contributions to our business.
"This was not of their making. And quite frankly, they didn't deserve it. But in order to preserve the business, in order to preserve the position where we can come out of this stronger through the other side, it was a necessary thing to do.”
Mr Douglas made clear the difficulty of this decision “because every one of these people that put their heart and their soul in supporting Etihad. These people all have families and personal tragedies were impacting many people at the same time”.
Looking to 2021, Mr Douglas said airlines had to continue to be agile and able to deal with the inevitable uncertainty facing the world. However, he said that he hoped “2021 will allow us to give a little bit more positive direction of how we're going to recover during next year”.
My 2020 is a seven-part series, hosted by Mina Al-Oraibi, The National's Editor-in-Chief, who speaks to leaders on how their lives and industries have been altered by Covid-19.
Wonka
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.