The 2009 Airlines Financial Monitor for July and August from the international trade body found that airlines in the region recorded $20m in net profits during the second quarter, up from $7m during the first three months.

This is in comparison with a $2bn loss across the industry globally from April to the end of June. IATA has predicted that industry losses for the year will hit $9bn.

The announcement backs up previous IATA figures that show the Middle East is the only region worldwide to record an increase in passenger growth during summer. Regional passenger traffic was up 13.2 per cent in July (MEED 27:8:09).