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SriLankan Airlines CEO says ‘it’s the best time to visit island of serendipity’

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3 years ago

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SriLankan Airlines

SriLankan Airlines Chief Executive Officer Richard Nuttall said that it is the best time to visit Sri Lanka.  

“There has never been a better time to visit (the country) as  the hotels have low occupancy and the Sri Lankan currency is devalued. The government, SriLankan Airlines and all participants in the tourism industry are aligned and doing everything possible to support the return of tourism in the coming months,” he said, in an exclusive interview with the Times of Oman.
He also welcomed the government’s plans to privatise the airline. “I believe that it will offer greater opportunities for the organisation in terms of a much-needed capital infusion and the streamlining of decision-making,” he said.
Excerpts from the interview:

Q: I have heard that SriLankan Airlines made a profit this year. Is this true? How come this was possible?
A: SriLankan Airlines was profitable for the last four months of the year ending March 2021. We were also operationally profitable for the first six months of the current financial year starting April. However, given the high interest rates in Sri Lanka and the extra costs of operating for two months without jet fuel in our home base, we could not quite cover financing costs. These results are based on unaudited management accounts which are USD based. We went to great lengths to contain costs by restructuring aircraft leases, supplier contracts and other operating expenses during the pandemic. Consequently, we now have a relatively efficient cost base. Further, as traffic has restarted since the pandemic, we have been very agile in adjusting the network based on passenger demand and by distributing any spare capacity based on route profitability.

Q: What new routes are you planning?
A: Our priority right now is to restore capacity to match pre-COVID-19 levels in markets where we have a competitive edge. In the last year or so, we have restarted Paris and Frankfurt, and we launched Incheon and Sydney. We are always on the lookout for new market opportunities as the demand for commercial air travel steadily grows. However, our current priority is to increase frequencies on our current network which includes a number of countries where traffic levels are still recovering after COVID-19.

Q: Any plans to increase flights from Muscat? What is the load factor on this route?
A: We will most likely maintain the same flight frequency to Muscat through the winter of 2022 and into 2023. SriLankan’s passenger load factor on the Muscat route is just over 70 per cent this financial year, and we will not hesitate to increase capacity if the demand for the route increases.

Q: How are you handling the fuel shortage situation?
A: We faced some challenges as jet fuel was largely unavailable in Sri Lanka during July and August. However, the airline’s operational departments and suppliers came together and we were able to maintain most of our network by fuel tankering and tech stops to pick up fuel. Thus, maintaining Sri Lanka’s air links during the summer peak was an extraordinary achievement. Unfortunately, this came at a considerable cost at a time when we need funds to maintain and grow our fleet to meet the needs of the Sri Lankan economy. The good news is that the situation has eased since then, and the Ceylon Petroleum Corporation has assured us a steady supply of jet fuel. We are now able to operate our long-haul flights without any technical stops for refuelling.

Q: What are your thoughts on privatisation of SriLankan Airlines?
A: We welcome the Government’s plans to privatise the airline and believe that it will offer greater opportunities for the organisation in terms of a much-needed capital infusion and the streamlining of decision-making.

Q: How did the economic crisis hit SriLankan Airlines this year? And how is it planning to come out of it?
A: Sri Lanka is undergoing a severe financial crisis at the moment, but its impact on SriLankan Airlines has been minimal since the airline generates a vast majority of its sales in foreign currency from overseas territories. As the national airline, SriLankan is duty-bound to support Sri Lanka in this hour of need and we help by facilitating tourism and exports.

Q: Is the island of serendipity ready to welcome tourists despite what is happening inside Sri Lanka?
A: We believe that the country’s situation was overplayed in foreign media. There was a period for a few weeks when fuel shortages created uncertainty for travel, but otherwise the country has been completely safe for tourism. Now, whilst hotels still have low occupancy and the Sri Lankan currency has devalued, there has never been a better time to visit it. The Government, SriLankan Airlines and all participants in the Tourism industry are aligned and doing everything possible to support the return of tourism in the coming months.

Q: Did the airline restore all its pre- COVID routes?
A: We have resumed flights to almost all the destinations that we flew to pre-pandemic, and will be able to restore our capacity to 90 per cent of our pre-COVID-19 capacity levels in the next financial year.

Q: Flights to Indian cities are very important for Muscat-based passengers. Any plans to increase connectivity with Indian cities?
A: India is a key market for us with regard to inbound tourism to Sri Lanka and transit traffic via Colombo. We are planning to increase capacity to India as a priority in line with the growth in demand. Current demand is well below pre-pandemic levels, but we expect this to rebound in the coming months, with a considerable growth in the number of flights.

Q: Are you going ahead with new fleet procurement?
A: SriLankan Airlines needs to replace some of the older aircraft in its fleet that have imminent lease expirations. We are currently in discussions with our main stakeholder, the Government of Sri Lanka, which understands the need to agree on plans in this regard.

Source: Times of Oman

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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2 days ago

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February 6, 2026

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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