El Al and Israir shares rise after flydubai flight incident — Jerusalem Post

In Israel, shares of airlines El Al and Israir rose on Wednesday after an incident on a flydubai flight from Dubai to Tel Aviv that was diverted to Saudi Arabia due to a conflict in the cockpit. As the Jerusalem Post reports, Israir shares climbed by 8.8%, while El Al shares rose by 7.9%.

Airline share performance

Israir shares began trading at 1.45 shekels and reached 1.58 shekels. Before that, the company's shares had fallen from 1.60 shekels on September 9 to 1.44 shekels on Tuesday.

El Al shares rose from 1.74 to 1.85 shekels. According to the Tel Aviv Stock Exchange, following the latest increase, the carrier's market capitalization was estimated at 10 billion shekels, while the company's current valuation reached a historic high. Over the past month, El Al shares had been gradually gaining after a significant decline between March and August, when their price fell to 1.2 shekels per share.

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Incident aboard flydubai flight

A flydubai aircraft flying from Dubai to Tel Aviv landed in Saudi Arabia on Wednesday morning. An Israeli official told the publication that one of the pilots allegedly tried to hijack the aircraft and steer it into the ground. According to him, other crew members, with the help of Israelis on board, restrained the pilot; during the altercation, the aircraft descended by approximately 4,000 meters.

A flydubai representative confirmed that the crew secured the aircraft after a conflict in the cockpit. The causes and motives of the incident, according to the company's statement, remain unknown and are to be established as part of an official investigation. Flydubai is a state-owned company and is not publicly traded.