Two years ago, almost to the day, we told you that there was a huge movement towards point-to-point, with transiting via home city hubs starting to lose its appeal. We suggested that an acceleration of this trend would create a snowball effect as Middle East majors would have to cut frequency which in turn increases the stop-over and makes the transits far more unattractive. We also stated that this was compounded by the air travel restrictions over Ukraine and other war zones, which increased travel time down to the Gulf States by hours. We stated then that this would lead

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