Even the mighty Emirates Airlines may failed due to Covid-19 if it does not get funding from its owner, the government of Dubai. As it is, the owner does not have the means to keep EK afloat. The future is bleak and if Covid does not go away in the next couple of months, SIA's biggest competitor will fade into obscurity.
On the other hand, SIA has almost unlimited financial help from its government which is it majority shareholder.
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