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Emirates Group reports best-ever financial performance with record profit of AED 18.7 billion 

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 The Emirates Group today released its 2023-24 Annual Report, hitting new record profit, revenue, and cash balance levels.

Both Emirates and dnata saw significant profit and revenue increases in 2023-24, as the Group expanded its operations around the world to meet strong customer demand for its high-quality products and services.

For the financial year ended 31 March 2024, the Emirates Group posted a record profit of AED 18.7 billion (US$ 5.1 billion), up 71% compared with an AED 10.9 billion (US$ 3.0 billion) profit for last year. The Group’s revenue was AED 137.3 billion (US$ 37.4 billion), an increase of 15% over last year’s results. The Group’s cash balance was AED 47.1 billion (US$ 12.8 billion), the highest ever reported, up 11% from last year.  

Combined Group profits for the last 2 years, at AED 29.6 billion, surpass pandemic losses of AED 25.9 billion during 2020-2022.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “The Emirates Group has once again raised the bar to deliver a new record performance. Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results. We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.

“Huge credit is also due to the UAE’s visionary leaders, especially HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is thanks to their leadership and the nation’s progressive policies that the Emirates Group is able to flourish. Both Emirates and dnata have forged successful business models leveraging Dubai’s unique advantages, in turn generating enormous value for Dubai and the communities they serve around the world.” 

HH Sheikh Ahmed added: “The Group’s excellent financial standing today places us in a strong position for future growth and success. It enables us to invest to deliver even better products, services, and more value to our customers and stakeholders.” 

Many major projects are already underway, including: a multibillion-dollar aircraft fleet and cabin renewal programme; new catering, cargo, and ground handling capabilities; advanced technologies to support the Group’s operations; expanded training and people development programmes; and initiatives to progress the Group’s sustainability agenda.

In 2023-24, the Group collectively invested AED 8.8 billion (US$ 2.4 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 10% to 112,406 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and bolster its future capabilities.

The Group took significant strides in its sustainability journey during 2023-24, putting into action numerous initiatives focussed on the environment, its people, customers, and communities.

Environmental topics were high on the agenda during the year, as the UAE hosted the world’s biggest conference for climate action, COP28, in Dubai.

In 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the very first time, and also in Amsterdam and Singapore. The airline operated the first A380 demonstration flight using 100% SAF in one engine, collecting data to support industry efforts to enable a future of 100% SAF flying.

Recognising that airlines today have the limited viable solutions to meaningfully reduce carbon emissions, Emirates established a US$ 200 million fund to support R&D projects that focus on reducing the impact of fossil fuels in commercial aviation. It also became a founding entity of Air-CRAFT, a UAE-based research consortium for renewable and advanced aviation fuels; and joined The Solent Cluster, a UK initiative focused on producing low-carbon fuels for a variety of sectors, including aviation.

dnata continued to invest and induct more electric and hybrid vehicles to its global fleet of ground support equipment (GSE), adding new baggage tractors, cargo loaders, and pushback tractors to its USA operations. It also converted and refurbished diesel-powered GSEs in Italy to run on Hydrogenated Vegetable Oil and electric power. dnata’s UAE businesses including dnata logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing Worldwide, transitioned to biofuel for its landside fleet of vehicles.

During the year, dnata became the first combined air services provider to receive the International Air Transport Association’s environmental management (IEnvA) certification for its commitment to sustainability across its UAE businesses; and Emirates achieved IEnvA Stage One and the IEnvA Illegal Wildlife Trade module certifications, for its efforts in environmental stewardship and anti-wildlife trafficking.

The Group ramped up investments in people development, rolling out a comprehensive programme of learning and training options for its workforce in partnership with top universities and key industry partners. A Gender Balance Council was established to champion and promote gender equality within the Group.

The Emirates Group has expanded its ESG reporting in its latest 2023-24 report and are adopting aspects of the GRI standards. It plans to evolve its reporting to meet ISSB and CSRD requirements in the coming years[1].

Sheikh Ahmed said: “We enter our 2024-25 financial year on strong foundations for continued growth. Emirates will receive delivery of 10 new A350 aircraft in 2024-25, adding to our fleet mix and supporting the next phase of its network growth. dnata will continue to leverage synergies and scale across its business divisions to grow its footprint and capabilities. In tandem, we are investing resources to minimise our environmental impact, develop our people, look after our customers and the communities we serve.”

“The business outlook is positive, and we expect customer demand for air transport and travel to remain strong in the coming months. As always, we will keep a close watch on costs and external factors such as oil prices, currency fluctuations, and volatile environments caused by socio-political changes. Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.”

He added: “Looking further ahead, the Dubai government has announced plans to start the next phase of expansion at Al Maktoum International Airport, which will eventually be the new hub for Emirates and dnata’s operations. This AED 128 billion (US$ 35 billion) investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and dnata’s growth.

Announcements

Abu Dhabi bans single-use styrofoam products from June 1

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Single-use styrofoam products will be banned in Abu Dhabi from June 1, the Environment Agency – Abu Dhabi and Abu Dhabi Department of Economic Development announced on X.

As part of the ban, Abu Dhabi is targeting avoidable, single-use consumer products. Specifically, the banned products comprise cups, lids, plates and beverage containers (including their caps and lids) made of expanded polystyrene. In addition, food container receptacles for products that are intended for immediate consumption, either on the spot or for takeaway, or containers that have a product that is typically consumed from the receptacle and is ready to be consumed without any further preparation such as cooking, boiling or heating, will also be prohibited.

Items exempt from this ban include:

-Reusable storage boxes

-Coolers

-Items intended for medical use

The initiative to ban single-use Styrofoam is an extension of the Abu Dhabi Single-Use Plastic Policy, and supports the aims of the Year of Sustainability.

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World League of Fighters announces grand launch in Bangkok: Winners to secure golden tickets to UAE’s inaugural season

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The World League of Fighters (WLF), the first-of-its-kind franchise based league-styled Muay Thai tournament, announced the grand launch ceremony for the inaugural season on June 1st at the prestigious Lumpinee Stadium in Bangkok. Sticking to the league’s ideology of sportainment, the mega launch event will offer the audiences mesmerising live musical performances from some of the renowned artists along with an action-packed fight night comprising of five intense bouts to mesmerise the local Muay Thai fans.

To further capture the imagination of the audiences all around the world, the launch ceremony will be held at the highly popular the New Lumpinee Boxing Stadium, in Bangkok, Thailand. Currently owned and run by the Royal Thai Army, the Stadium is regarded as the symbol of modern Muay Thai, and is frequented by the fans who pack the stadium in large numbers each week to witness thrilling fights.

The grand event will be attended by Mr. Rajesh Banga, Chairman World League of Fighters, Mr. Rahul Saxena, President World League of Fighters, Mr. Sunil Mathew, Co-Founder World League of Fighters, Mr. Nilesh Pundir, Co-Founder of World League of Fighters, along with President WBC Muay Thai, Colonel Thanapol Bhakdibhumi. Mr. Samer Al Suojhayer, Co-Founder and Head of Operations WLF Asia, Mr. Kevin P. Noone, Secretary General WBC Muay Thai, and Mr. Fouad Darwish Ceo & Managing Director of Palms Sports will also be present to witness the spectacle.

To kick start the exciting Muay Thai action, USA’s Matt baker will face off against Azerbaijan’s Rauf Gerayzade in the Cruiserweight bout, while Thailand’s own Satanfah Sitsongpeenong will take on Iran’s Mohammad Sirasani in the Middleweight fight. India’s Surya Sagar will vie for a win when he takes on Lithuania’s Deividas Danyla in Welterweight match, and Russia’s Dana Begzhanova will also be in action against Spain’s Alba Morral in the Women’s Featherweight bout. The winners of the four bouts will get a Golden Ticket to the inaugural season of the World League of Fighters which will take place in Abu Dhabi later this year. The Muay Thai action will close with the Headline Contest between Kazakhstan’s Ali Kabdulla and Armenia’s Martun Mezhlumyan in a 170 Pound Catchweight contest.

To further add to the spectacle, the fans will get a chance to groove along with the biggest Thai pop sensation Kratae Rsiam, who recently opened Bruno Mars’ concert in Bangkok, and will be performing live at the launch ceremony. The renowned local musical artist Tong Twopee, who has garnered a cult-like following on social media, will also be performing live for the audience in attendance.

Speaking on the upcoming Launch event, Mr. Rajesh Banga, Chairman World League of Fighters said, “The Launch event in Bangkok is a tiny teaser of the extravaganza that we will be presenting to the world with the inaugural season of World League of Fighters. We are bringing a revolution to the world of combat sports, and we are confident our vision will resonate with the global masses. The Launch event will not only give the fans a chance to enjoy live Muay Thai fights, but also allow them to engage with live musical performances. We are grateful to WBC Muay Thai for their constant support and for the Thailand and Bangkok government authorities for allowing us to showcase our vision at the Mecca of Muay Thai – the New Lumpinee Boxing Stadium.”

WLF partnered with World Boxing Council Muay Thai last year to revolutionise the sport of Muay Thai and spread its reach across the globe. This is the first time in the Combat Sport World, a franchise-based league-style tournament is being organised featuring 20 of the world’s best male and female Muay Thai fighters. The renowned international combat sports stars will be divided into 4 franchises that will compete against each other in a round-robin format, to claim the Coveted WLF * WBC Title Belt.

President WBC Muay Thai, Colonel Thanapol Bhakdibhumi, added: “It is about time the adrenaline-pumping sport of Muay Thai gets a revamp. A league-styled competition of such magnitude is a celebration will boost the popularity of the sport and expand its reach beyond horizon. The upcoming Launch event is a moment of celebration for all Muay Thai fans, aficionados, trainers, and fighters not only in Thailand, but all around the globe, and we want to give them a show that they will never ever forget. The mingling of Muay Thai with entertainment is an unprecedented chapter in the history of combat sports and we cannot wait to present a glimpse of what is in store for the fans.”

The event is slated to take place in UAE in September.

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UAE announces 10 year Blue Residency Visa

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The UAE has announced a long-term residency for environment advocates. Called ‘Blue Residency’, the 10-year visa will be granted to individuals who have made “exceptional contributions and efforts in the field of protecting the environment”.

Applicable fields include boosting the air quality and green technology. “The sustainability of our economy has become linked to the sustainability of our environment,” said Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, as he chaired a Cabinet meeting on Wednesday.


Blue Residency: Who is eligible

The Blue Residency will specifically be granted to supporters of environmental action. This includes members of international organizations, international companies, members of associations and non-governmental organizations and global award winners. It also includes distinguished activists and researchers in environmental work. Those are interested in the residency are invited to submit their applications through the Federal Authority for Identity, Citizenship, Customs, and Port Security, or through nominations by competent authorities.

The UAE already grants 10-year residency visas, called golden visas, to eligible investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes.

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