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.

Season 3 of the DP World International League T20 will begin from Saturday, 11 January 2025. The 34-match tournament will run for a month with the final to be played on Sunday, 9 February 2025.

The Season 3 window announcement comes at the back of a hugely successful Season 2 (2024) which concluded with the MI Emirates lifting the iconic DP World ILT20 trophy in front of a capacity crowd at the Dubai International Stadium in the final played on 17 February 2024.

The broadcast numbers for Season 2 received a major boost with a total of 348 million unique viewers from around the world via the tournament broadcast rights holders Zee Network’s linear and online platforms and their broadcast syndication partners in different territories.

Season 2 also saw a major increase in crowds across the three tournament venues Abu Dhabi, Dubai and Sharjah. There was a phenomenal increase in crowd numbers across the three venues, with a cumulative increase of nearly 300% in comparison to Season 1.

Season 3 will once again provide the spectators at the three stadiums and fans from around the world – on linear and online Zee Network’s broadcast platforms and partners platforms’ – enthralling cricket action with a line-up of world-class T20 talent and exciting entertainment offerings for fans from all age groups.

DP World ILT20 CEO David White: “We are delighted to confirm the window for DP World International League T20 Season 3. The window has been finalised after discussions with our stakeholders. We have begun our preparations for Season 3 with an aim of making the league even bigger and better.

“Season 2 was a massive success in terms of all relevant metrics’ and helped further strengthen the league’s reputation, making it one of the most sought after T20 leagues for players, fans and broadcasters from around the world. Having considered all aspects, the January-February window for Season 3 has turned out to be the most suitable.

“The DP World ILT20 is also proving to be a successful platform for the development of the UAE players as seen in their recent outstanding performance in the ACC Premier Cup in Oman which helped them qualify for the prestigious Asia Cup (2025, T20 format) for the first time in eight years. Most of the players who excelled in Oman had gained invaluable experience and exposure in Season 2. 

“The cricket fans in the UAE and those who travel to our wonderful destinations Abu Dhabi, Dubai and Sharjah from across the globe will have a lot to look forward to in Season 3. We have a series of exciting announcements lined-up as our six world-class franchises and their coaching staff put their heads together for retention of players while eyeing new local and international talent for Season 3 signings.”

In a landmark agreement unveiled at the Arabian Travel Market (ATM) exhibition held at the Dubai World Trade Centre, the International Basketball Federation (FIBA) Regional Office Asia and Shabab Al Ahli Dubai have officially announced their partnership to host the highly anticipated Basketball Champions League Asia 2024. The ceremonial signing, attended by Mr. Hagop Khajirian, FIBA Executive Director Asia, and Majid Sultan, Executive Director of Shabab Al Ahli Dubai, marks a significant milestone in the world of basketball. Also present was Mr. Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), part of the Dubai Department of Economy and Tourism, emphasizing the strategic importance of this collaboration. This partnership sets the stage for an electrifying championship experience, showcasing the dynamic fusion of sport and culture in Dubai.

Last week, FIBA Regional Office Asia awarded the hosting rights of the inaugural Basketball Champions League Asia to the city of Dubai, underscoring its status as a premier destination for sporting events of international acclaim.

Expressing his enthusiasm for the upcoming tournament, Mr. Khajirian stated, “This club competition in Asia boasts a rich history and tradition, yet this year’s edition holds special significance as it marks the debut of the rebranded Basketball Champions League Asia. It represents another strategic milestone in fulfilling FIBA’s objective of reshaping the landscape of international club competitions.“

I am thrilled and eagerly anticipating the tip-off in Dubai. For this, I want to extend my gratitude to Shabab Al Ahli Dubai and the UAE Basketball Association for their support and facilitation in organizing this inaugural edition in Dubai, he added.

“We at Shabab Al-Ahli Club are delighted to host the inaugural edition of the Basketball Champions League Asia. The trust bestowed upon us by FIBA Regional Office Asia  underscores Dubai’s stature as a premier destination for athletes and sporting events. With our outstanding infrastructure and talented team, we embrace the challenge and pledge to deliver an extraordinary edition.” said Mr. Sultan.

“I want to thank the Dubai Department of Economy and Tourism in Dubai for their invaluable cooperation and support in unveiling the BCL Asia 2024 hosting agreement contract signing at the Arabian Travel Market. This partnership not only captures the spotlight among attendees, exhibitors, and media but also underscores the synergy between event organizers and the host city, amplifying anticipation for the upcoming tournament and nurturing industry bonds. We appreciate the Department’s ongoing assistance in ensuring the success of the event, he added.
Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), said: “Our commitment to bringing world-class international sporting events to Dubai aligns with the strategic goals of the Dubai Economic Agenda, D33, to further consolidate Dubai’s position as a leading global city for business and leisure.  Sport is a central pillar in our tourism and events ecosystem, and the Basketball Champions League Asia 2024, which further strengthens Dubai’s year-round international sports calendar, is set to attract spectators from around the world, as well as appealing to basketball fans among our resident population. As Dubai looks forward to hosting this championship for the first time, we are confident it will be a resounding success, delivering an exceptional experience to players and spectators alike, and further highlighting Dubai’s position as an international events destination.”

Slated to be played from 9 to 15 June, the inaugural edition of Asia’s top-tier club competition will feature 8 champion clubs from 8 Asian countries. Two of these eight teams, Pelita Jaya Basketball (Indonesia) and NS Matrix Deers (Malaysia), have already secured their spots through the recently concluded BCL Asia Qualifiers. Two additional spots will be secured by the finalists of the FIBA West Asia Super League (WASL) Final 8.