The International Air Transport Association (IATA) has expressed optimism about the "resilience" of Gulf airlines, which have been severely affected by the war in the Middle East.
Kamil Al Awadhi, IATA's Regional Director for Africa and the Middle East, told journalists at the organisation's general assembly in Rio that "the Middle East is a story of resilience."
He added that Gulf carriers possess the means to weather the crisis, noting that "some airlines are resorting to borrowing," particularly as a number of them benefit from low interest rates.
The IATA official, who is the former chief executive of Kuwait Airways, estimated that their cash reserves would allow them to overcome the crisis without necessarily requiring government assistance to offset losses.
Al Awadhi continued: "In general, these are commercial companies that operate as such and have a profit and loss statement that is published regularly. You can look at their loans and their operating costs."
The official declined to estimate how long Gulf airlines could withstand the high cost of soaring fuel prices.
Oil prices have risen significantly as a result of the war in the Middle East and the effective closure of the Strait of Hormuz, climbing from around $70 per barrel for Brent crude at the end of February to $93 at Friday's close.
Jet fuel prices have more than doubled since the start of the war.
Al Awadhi praised the efficiency of air traffic controllers in Saudi Arabia and Egypt, two countries that have seen an increase in air traffic as airlines avoid Iranian and Gulf airspace.
He explained that "Egypt saw a 480% increase in air traffic in approximately three hours, and was able to ensure efficiency and safety. The same applies to Saudi Arabia."