Middle East airlines start to feel pressure from weakening global economy

The boom times are fading for the Middle East carriers whose rapid expansion has sparked a nasty war of words with European and US rivals in their battle for customers. Abu Dhabi’s Etihad Airways said late Sunday it will slash an unspecified number of jobs as part of a companywide restructuring triggered by slowing growth amid a weakening global economy. The Persian Gulf state-owned airlines have flourished in recent years, luring passengers from rivals by offering lavish amenities on their quickly-growing fleets of new planes. But a prolonged slump in the price of oil and a more muted global growth outlook has hit corporate bookings in many of the emerging markets served by the Mideast carriers, forcing them to reassess growth plans. <br/>