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Etihad Airways reports Dh526 million record profit in first quarter

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 Etihad Airways today announced its Q1 2024 results, recording a profit after tax of AED 526 million (U.S.$ 143 million), a significant improvement over Q1 2023, marking a solid start for the 2024 financial year.

Total revenue increased by AED 987 million (U.S.$ 269 million), from AED 4,752 million (U.S.$ 1,294 million) in Q1 2023 to AED 5,739 million (U.S.$ 1,563 million) in Q1 2024, reflecting an increase in network capacity and passenger numbers.

The airline carried 4.2 million passengers over the quarter, up 41 per cent year-on-year. The average passenger load factor stands at 86 per cent for Q1 2024 and remains unchanged compared to the first quarter of last year. Revenue from cargo and other sources remained broadly stable over the same period.

The airline continues to improve its operational efficiency with decreasing unit cost from the same quarter last year (CASK and CASK ex-fuel reduced by 9 per cent and 11 per cent, respectively).

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “We are pleased to report a strong start to the financial year 2024, with our first quarter earnings equivalent to our total net income for the entire financial year 2023 as we continue our margin expansion journey. We have maintained our resilience and our focus on customer service and growth while continuing to improve our commitment to efficiency.

“This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business.

“Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi. I would like to extend my deepest thanks to all our employees whose hard work and dedication have been crucial in achieving these results.”

During this period, Etihad optimised its network by enhancing routes and increasing frequencies to key destinations. The airline also launched new flights to Thiruvananthapuram, Kozhikode, and Boston, and announced additional routes to Antalya and Jaipur. The additional capacity has led to a 34 per cent increase in Etihad’s total weekly flights for the upcoming peak summer period, growing from 642 last year to 858 in 2024.

The airline has continued to play a pivotal role in supporting Abu Dhabi’s tourism sector, driving a 43 per cent increase in inbound point-to-point traffic compared to the first quarter of 2023.

In its first quarter operating from its new terminal at Zayed International Airport, the airline has seen significant improvements in customer satisfaction, driven by enhanced efficiencies across all passenger touchpoints. Upgraded lounge facilities now offer more comfort and exclusive services, enhancing the overall travel experience. Additionally, streamlined check-in processes and smoother transfers have contributed positively to customer feedback.

Announcements

How to get an industrial licence in Sharjah for just Dh1,000

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Sharjah offers a Dh1,000 industrial licence at the ‘Make it in the Emirates’ forum

New Sharjah initiative cuts the cost of starting industrial businesses

UAE entrepreneurs can launch factories in Sharjah for Dh1,000

Sharjah boosts manufacturing sector with new investor incentives

‘Make it in the Emirates’: Sharjah unveils low-cost industrial licence

Sharjah targets investors with fast-track industrial setup offer

Big opportunity for entrepreneurs as Sharjah lowers licence costs

Sharjah strengthens position as industrial hub with new initiatives

Sharjah is stepping up efforts to attract industrial investment, as the Sharjah Economic Development Department (SEDD) and Sharjah Foundation for Supporting Entrepreneurship take part in the latest edition of the Make it in the Emirates forum.

For entrepreneurs and expats looking to start or expand industrial ventures, one of the standout announcements is a special initiative offering instant industrial licences for just Dh1,000, covering all permitted industrial activities in the emirate.

Officials say the move is part of a broader strategy to simplify business setup, reduce costs, and accelerate project launches, making it easier for investors to enter the market.

Speaking at the forum, Hamad Ali Abdulla Al Mahmoud said the initiative reflects Sharjah’s commitment to building a diversified, knowledge-based economy, while supporting innovation and long-term growth in the industrial sector.

Beyond licensing, SEDD is also using the platform to connect with global manufacturers and industry leaders, aiming to build partnerships that support technology transfer and enhance the quality and global reach of Made in Sharjah products.

For business owners and aspiring founders, the initiative offers lower entry barriers, faster setup processes, and access to funding and support services.

How to apply for an industrial licence

Setting up an industrial business in Sharjah is becoming faster and more accessible. Here’s a simple breakdown of how to apply through the Sharjah Economic Development Department (SEDD):

1. Choose your activity
Select the industrial activity you want to operate. This licence covers a wide range of permitted manufacturing activities in Sharjah.

2. Submit your application
Apply through SEDD’s official website, service centres, or via initiatives promoted at the Make it in the Emirates forum.

3. Provide required documents
Typically includes:

  • Passport/Emirates ID copy
  • Business details
  • Initial approvals (if required for specific activities)

4. Get instant approval
The initiative offers fast-track processing, allowing many applications to be approved quickly.

5. Pay the fee
Pay the Dh1,000 licence fee, which covers all permitted industrial activities under this offer.

6. Start operations
Once approved, you can begin setting up your industrial project and access additional support services.

Entrepreneurs can also tap into funding, advisory, and training support through Sharjah Foundation for Supporting Entrepreneurship to help grow their business.

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New ‘Shop Local’ initiative helps UAE consumers discover homegrown brands

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‘Shop Local’, a new initiative aimed at helping consumers across the UAE discover and support homegrown businesses, while giving small and medium enterprises (SMEs) greater visibility, has been launched by a local platform Quiqup.

It will bring together UAE-based brands in one place, allowing users to easily browse, discover and purchase from local businesses that often face challenges standing out in crowded digital spaces.

Open to small and local businesses nationwide, ‘Shop Local’ is designed to address one of the most common hurdles SMEs encounter, reaching the right audience. By offering a dedicated channel, the initiative aims to help businesses build awareness, drive sales and support long-term growth.

The launch coincides with the announcement of the establishment of the Dh1 billion National Industrial Resilience Fund to boost localisation within key industries by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Strengthening local businesses

Fatima Yousif Alnaqbi, Acting Assistant Under-Secretary for the Support Services Sector at the Ministry of Finance and representative at the Mohammed Bin Rashid Innovation Fund, highlighted the importance of enabling high-potential businesses to scale.

She noted that supporting companies at the right stage allows them to contribute more effectively to the economy, particularly in the UAE, where innovation and entrepreneurship play a key role in driving growth and creating new opportunities.

Bassel El Koussa, CEO of Quiqup, said the initiative reflects the company’s belief in strengthening connections between businesses and communities.

He added that ‘Shop Local’ is intended to create opportunities for local brands to grow, deepen customer engagement and build a stronger market presence, while encouraging consumers to play a more active role in supporting the local economy.

The platform has already received 190 brand submissions, with Quiqup aiming to onboard at least 250 businesses in the coming weeks.

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DIFC to become world’s first AI-native financial centre in Dubai

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Dubai International Financial Centre (DIFC) has announced plans to transform into the world’s first AI-native financial centre, embedding artificial intelligence across every layer of its operations as part of Dubai’s broader push to lead in advanced technologies.

The initiative will integrate AI into legal and regulatory systems, business operations, talent development, and even physical infrastructure, marking a shift from limited pilot projects to a fully AI-driven ecosystem.

AI at the core of DIFC’s strategy

While many global financial hubs are experimenting with AI, DIFC said its approach is different, placing AI at the core of how the centre functions, rather than using it selectively.

The groundwork for this transformation was laid in 2023 with the launch of a five-year AI strategy, alongside new data governance policies and regulations that formally incorporate AI into its legal framework.

Economic growth and job creation

Officials estimate the initiative could generate up to $3.5 billion (Dh12.9 billion) in economic benefits and create around 25,000 jobs, further strengthening Dubai’s position as a global financial and technology hub.

Building an AI-powered ecosystem

DIFC plans to provide companies with access to advanced AI tools, while also exporting governance models and trained talent to emerging markets.

By 2030, the centre aims to develop a fully integrated AI ecosystem, including robotics, autonomous mobility, and digital infrastructure, effectively creating a smart, AI-powered city within a city.

Supporting Dubai’s AI vision

The move aligns with Dubai’s wider economic agenda to lead in artificial intelligence and innovation.

The vision will also be highlighted during the Dubai AI Festival, taking place at Dubai World Trade Centre on October 26–27, where more than 20,000 participants from over 100 countries are expected to attend.

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