Qatar Airways announced on Wednesday that it had launched an international arbitration against Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt for losses incurred due to the quartet’s ongoing blockade against Qatar. The carrier said it is seeking at least $5 billion in compensation for damages to investments and global operations.
The ongoing two-year airspace blockade against Qatar by four of its neighbors has resulted in direct losses of hundreds of millions of dollars for its flag-carrier. Furthermore, it has made the carrier’s investments into the adjacent markets redundant. Now, it is seeking compensation.
On Wednesday, Qatar Airways announced that it had launched four international investment arbitrations against the United Arab Emirates, Saudi Arabia, Bahrain, and Egypt. The carrier is seeking $5 billion-plus in reimbursement for actions it deems “unlawful.”
“The decision by the blockading states to prevent Qatar Airways from operating in their countries and flying over their airspace is a clear breach of civil aviation conventions and several binding agreements they are signatories to,” Mr Akbar Al Baker, chief executive officer of Qatar Airways said in a statement.
Qatar Airways said the blockade had explicitly targeted the carrier with the aim of destroying its operations and investments into the markets of the blockading quartet, as well as causing widespread damage to its global operations.