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☆ Emirates airline chalks record annual profit as travel demand booms
▼ + stars: | 2024-05-13 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

DUBAI, United Arab Emirates — Dubai-based carrier Emirates airline on Monday reported record annual profit of 17.2 billion dirhams ($4.7 billion) for the 2023-2024 financial year, up 63% from the year prior. The flag carrying airline of the UAE's glitzy commercial capital has enjoyed a consistently recovering travel sector, expanding its route network to meet booming demand. The latest figures from world's largest long-haul airline were the best in its history and were "driven by the voracious appetite for travel across customer segments," the Emirates Group said in a statement. Emirates carried 51.9 million passengers in the 2023-24 financial year, a 19% increase from the year prior, with reported seat capacity up by 21%. Revenue for the airline rose 13% to 121.2 billion dirhams and airline capacity increased by 20%, "closing [the] gap to pre-pandemic levels," the statement said.

Organizations: United Arab Emirates, Emirates, Emirates Group, Revenue Locations: DUBAI, United Arab, Dubai

☆ Emirates' chairman has a message for Boeing: 'Get your act together'
▼ + stars: | 2024-05-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

With 245 passenger planes and five 778 freighters on order, Emirates is Boeing's largest customer in terms of wide-body jets. Emirates airlines Boeing 777-31H(ER) takes off from Los Angeles international Airport on January 13, 2021. Al Maktoum, who sits at the helm of the world's largest long-haul airline and helped launch it in 1985, echoed the sentiments of many other airline CEOs when it comes to expectations for Boeing. Asked if he had a message for the plane maker, Al Maktoum said: "I always say, you know, get your act together and just do it. The chairman did not indicate that Emirates would cancel the Boeing orders or move them to its French rival, Airbus .

Persons: We're, it's, Sheikh Ahmed bin Saeed Al Maktoum, CNBC's Dan Murphy, Bauer, Griffin, Al Maktoum Organizations: United Arab Emirates, Dubai's, Emirates, Arabian, Boeing, Los Angeles, Airport, Aaronp, CNBC, Airbus, Alaska Airlines Flight, National Transportation Safety Board, NTSB, Reuters Locations: DUBAI, United Arab, Dubai, Emirates, Los, Alaska, Portland , Oregon, U.S

☆ Dubai's new airport will be five times the size of its current one and aims to be the largest in the world
▼ + stars: | 2024-04-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Digital render of the planned entrance of Dubai's Al Maktoum International Airport, set to be the biggest in the world upon completion. DUBAI, United Arab Emirates — Dubai's leadership approved a 128 billion dirham ($35 billion) plan to build a new passenger terminal at the emirate's Al Maktoum International Airport, which will make it five times bigger than Dubai's main international airport in terms of size — and the biggest in the world. For reference, Dubai International Airport in 2023 serviced 86.9 million passengers, the second-highest in the world after Atlanta's Hartsfield-Jackson International Airport in the U.S.All of the operations at Dubai International Airport, currently the second-busiest in the world by passenger traffic, will be transferred to it in the coming years, the statement said, adding that the new airport will have 400 aircraft gates and five parallel runways. An entirely new city will be built around the airport, which the Dubai ruler said will create demand for housing for a million people. Dubai will be the world's airport, its port, its urban hub, and its new global center."

Persons: Dubai's Al, United Arab Emirates —, Al, Sheikh Mohammed bin Rashid Al Maktoum, Atlanta's, Sheikh Maktoum, Sheikh Ahmed bin Saeed Al Maktoum, Al Maktoum Organizations: Dubai's Al Maktoum International Airport, United Arab Emirates, Al Maktoum International Airport, Al Maktoum International, Dubai International Airport, Atlanta's Hartsfield, Jackson International Airport, U.S, The Dubai Media Office, Dubai's, Emirates Airline, Dubai Locations: Dubai's, Dubai's Al Maktoum, DUBAI, United Arab, Al Maktoum, Dubai, UAE, @emirates

☆ Emirates CEO issues apology after Dubai flood chaos; says airline has 30,000 suitcases to return
▼ + stars: | 2024-04-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

People queue at a flight connection desk after a rainstorm hit Dubai, causing delays at the Dubai International Airport, United Arab Emirates, April 17, 2024. Rula Rouhana | ReutersThe CEO of Emirates airline issued an apology letter to customers over the weekend after historic rains in the United Arab Emirates caused record flooding and mayhem at Dubai's airport. Hundreds of flights were grounded and thousands of customers were stranded as a result. A woman and her daughters eat as they wait for their flight after a rainstorm hit Dubai, causing delays at Dubai International Airport, United Arab Emirates, April 17, 2024. Another traveler told CNBC via social media: "It took me 48 hours to get from London to Baghdad via Dubai.

Persons: Rula Rouhana, Tim Clark, Clark, Giuseppe Cacace Organizations: Dubai International Airport, United, United Arab Emirates, Emirates, Dubai Airport, Reuters, CNBC, Dubai ., Afp, Getty Locations: Dubai, United Arab, Emirates, London, Baghdad, gridlocked

☆ Who can fix Boeing? Here are some potential CEO candidates
▼ + stars: | 2024-03-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Since its founding by William Boeing more than a century ago, the Boeing Company has had 12 CEOs. What Boeing wants in its new CEOWhen picking a new CEO, the company likely has two pools of choices. Or it can once again pick a leader like outgoing CEO Calhoun, who has a financial background and an undergraduate degree in accounting. Spirit was the only one to comment, but it did not address the possibility of Shanahan becoming Boeing CEO. Culp has an undergraduate degree in economics and an MBA from Harvard, a business background more than an engineering background.

Persons: William Boeing, Dave Calhoun, Calhoun, “, ”, Sir Tim Clark, ” Calhoun, “ It’s, Richard Aboulafia, Pat Shanahan Pat Shanahan, Donald Trump, Shanahan, “ Mr, Joe Buccino, Larry Culp Larry Culp, Jack Welch, Culp, Aboulafia, Kathy Warden Kathy Warden, Northrop Grumman, Northrop, Warden, ” Aboulafia, Mary Barra, Greg Smith Greg Smith, Smith, Alan Mulally Aboulafia, Alan Mulally, Ford, Mulally, It’s, Ron Epstein, ’, Stephanie Pope, Brian West, Pope, West, Elizabeth Lund Organizations: New, New York CNN, Boeing Company, Boeing, Alaska Airlines, Emirates Airlines, CNBC, US Department of Defense, CNN, General Electric, GE Aerospace, GE, Danaher Corp, Harvard, Northrop, General Motors, Barra, American Airlines, Ford, Detroit, GM, DaimlerChrysler, Chrysler, of America, Airplanes, GE Aviation, Services, Boeing Commercial Airplanes Locations: New York, American, Calhoun

☆ Boeing needs to be led by engineers, time is not on its side, Emirates Airline president says
▼ + stars: | 2024-03-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Boeing needs to be led by engineers if it wants to pull itself out of its current crisis, Tim Clark, the president of Emirates Airline, said in comments Wednesday. "To fix Boeing's issues the company needs a strong engineering lead as its head coupled to a governance model which prioritizes safety and quality," said Clark, who leads Dubai's flag carrier Emirates. Aviation analysts and former Boeing employees have criticized the company's reported sidelining of engineers in its senior management ranks. Boeing CEO Dave Calhoun will also step down at the end of 2024. "Whether, yet again, this changing of the guard will resolve Boeing's issues only time will tell, but time, unfortunately, is not on their side," Clark said.

Persons: Tim Clark, Max, Clark, Stan Deal, shakeup, Stephanie Pope, Dave Calhoun Organizations: Boeing, Emirates Airline, Alaska Airlines, Federal Aviation Administration, Justice Department, FAA, Max, Emirates, Machinists, Aviation, CNBC

☆ Exclusive: Emirates tells Rolls-Royce: Go back to basics, put products first
▼ + stars: | 2023-11-29 | by ( Tim Hepher | ) www.reuters.com time to read: +5 min

Signs for Emirates airlines are stacked to the side at Logan Airport in Boston, Massachusetts, U.S., January 19, 2022. "If you have an engine ... not performing as it should do, your costs are going to rise. Get your product right, design it to what the client wants, give it that high level of reliability. And yes, paradoxically, you can extract more value for your money for your buck in terms of your investment." He brushed aside the idea of renegotiating existing engine contracts to raise hourly pricing, saying "don't go there".

Persons: Brian Snyder, Tufan Erginbilgic, Tim Clark, Clark, I've, Royce, Erginbilgic, we're, Tim Hepher, Sharon Singleton, Mark Potter Organizations: Emirates, Logan Airport, REUTERS, Rights, Dubai's, Royce, Reuters, Airbus, Boeing, Airlines, Raytheon Technologies, Thomson Locations: Boston , Massachusetts, U.S, Dubai's Emirates, British, Dubai

☆ UN conference adopts 2030 goal on cleaner aviation fuels
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

A fuel truck fills up the Emirates Airlines Boeing 777-300ER with Sustainable Aviation Fuel (SAF), during a milestone demonstration flight while running one of its engines on 100% (SAF) at Dubai airport, in Dubai, United Arab Emirates, January 30, 2023. REUTERS/Rula Rouhana/ File photo Acquire Licensing RightsNov 24 (Reuters) - Nations at U.N.-led talks agreed on Friday an interim 2030 goal for reducing emissions from international aviation through the use of sustainable aviation fuel, but China, Russia and some others voiced reservations about the impact on their economies. Details of the agreement were not immediately made public, but a senior delegate said it called for 5% lower emissions through the use of sustainable aviation fuel (SAF) or other clean energy by 2030, compared with an earlier draft of 5-8%. The agreement, monitored by webcast, came after five days of talks hosted by the International Civil Aviation Organization in Dubai, days before a wider COP28 summit on climate change. Reporting by Allison Lampert, Tim Hepher; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Rula, Allison Lampert, Tim Hepher, Alex Richardson Organizations: Emirates Airlines Boeing, Sustainable Aviation Fuel, United Arab Emirates, REUTERS, International Civil Aviation Organization, Thomson Locations: Dubai, United Arab, U.N, China, Russia

☆ Private jet version of Boeing’s 777X gets CelestialSTAR luxury cabin concept
▼ + stars: | 2023-11-17 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +7 min

That’s the centerpiece of Lufthansa Technik’s new cabin design for the upcoming BBJ 777-9 — the private jet version of Boeing’s new widebody aircraft, the 777X. “It’s a combination between a Middle Eastern touch and a very modern, sleek design,” says Hassan Gasim, a sales director at Lufthansa Technik. A Boeing 777-X performing a flight demonstration at the Dubai Airshow. They also come with high environmental costs, as private jets emit 10 times more pollutants than commercial planes per passenger. The Boeing 777X was one of the stars of the Dubai Airshow, where it performed a flight demonstration.

Persons: ”, Hassan Gasim, Gasim, it’s, we’ve, Giuseppe Cacace, Clemens Schrettl, Schrettl, Gary Crichlow, “, Syed Zaidi, Zaidi Organizations: CNN, Lufthansa, Boeing, Lufthansa Technik, Dubai Airshow, Technik, Getty, United, United Arab Emirates, Boeing Business Jet, Emirates airline, Airbus Locations: AFP, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab, Dubai

☆ Rolls-Royce shares at one-year high despite 'defective' engine jibes from Emirates boss
▼ + stars: | 2023-11-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

A Rolls Royce jet engine on display at the Rolls-Royce aircraft jet engine production and repair facility in Blankenfelde on February 28, 2023 near Berlin, Germany. The British aerospace and defense company's financial performance has been transformed, thanks to a turnaround plan led by its CEO Tufan Erginbilgic, who took the job in January. Its soaring stock price suggests that the markets have dismissed criticism of its jet engines by Emirates Airline President Tim Clark at the Dubai Airshow this week. The comments were directed at Rolls-Royce's Trent XWB-84 engines used on the Airbus A350-900 passenger jet. Rolls-Royce later pushed back against the criticism, saying in a statement that the A350-900′s XWB-84 engine "is the best engine out there when you look at efficiency, durability and reliability."

Persons: Royce, Tufan Erginbilgic, Tim Clark, Trent XWB, Clark, Ewen McDonald, Erginbilgic Organizations: Rolls Royce, Royce, Emirates, Airbus, Boeing, Deutsche Bank, Reuters Locations: Blankenfelde, Berlin, Germany, British, Dubai, Emirates

☆ Economics and nature square off in Dubai Airshow jet engine rift
▼ + stars: | 2023-11-17 | by ( Tim Hepher | ) www.reuters.com time to read: +5 min

The head of the world's largest international carrier was speaking in the midst of negotiations to buy dozens of Airbus A350-1000 jets powered by Rolls-Royce's XWB-97 engine, which have foundered for now over maintenance and pricing issues. I happen to be a service," Emirates President Tim Clark told reporters this week. INSURANCE-TYPE DEALSWhile the visible face of engine makers is technology, the way they generate much of their income resembles insurance. Rather than charge for repairs as they arise, engine makers increasingly strike long-term deals priced by the flight hour, agreeing to swallow the cost of planned and unexpected outages. To engine makers it means generating cash as soon as the engine enters service rather than waiting for shop visits.

Persons: Denis Balibouse, Tim Clark, Royce's, Larry Culp, Tufan Erginbilgic, Royce, Clark, Rolls, Nick Cunningham, Tim Hepher, Alexander Cornwell, Pesha Magid, Sarah Young, Rajesh Kumar Singh, David Evans Organizations: Boeing, Emirates, Cointrin Airport, REUTERS, Rights, Airlines, Royce, Airbus, GE Aerospace, Reuters, GE, Agency Partners, Thomson Locations: Cointrin, Geneva, Switzerland, Rights DUBAI, Dubai, India, Gulf

☆ Airbus nears compromise deal after Emirates jet order row
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Airbus A350-1000 seen in the aerial display during the media preview of the Singapore Airshow in Singapore, February 13, 2022. Industry sources said the two sides were trying to secure a compromise deal involving a switch from the A350-1000, Airbus' largest twin-engined jet which has fallen under the spotlight over the amount of downtime needed in Gulf conditions. Rolls-Royce acknowledged its engine for the A350-1000 would need more servicing than Emirates would like, but denied Clark's suggestion that the engine was "defective". However, it would still leave questions over its ability to compete with Boeing's 777X in the busy Gulf wide-body market, they added. Reporting by Tim Hepher, Alexander Cornwell and Pesha Magid; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Chia, planemaker, Tim Clark, Tim Hepher, Alexander Cornwell, Pesha, Jan Harvey Organizations: Airbus, Singapore, REUTERS, Rights, Emirates, Royce, Dubai Airshow, Dubai, Boeing, Thomson Locations: Singapore, Rights DUBAI, Dubai, U.S

☆ Boeing bonanza leaves rival Airbus in the dust at 2023 Dubai Airshow with three times more aircraft orders
▼ + stars: | 2023-11-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Aermacchi MB-339 trainer aircraft of the Fursan al-Emarat (UAE Knights) aerobatics team release smoke as they fly over with an Emirates Airbus A380-861 jetliner aircraft during the 2023 Dubai Airshow at Dubai World Central - Al-Maktoum International Airport in Dubai on November 13, 2023. A Boeing 777-X aircraft flies during the 2023 Dubai Airshow at Dubai World Central - Al-Maktoum International Airport in Dubai on November 13, 2023. Boeing orders 'exceeded investor expectations'Boeing's orders are already nearly three times as high as its total orders from the Dubai Airshow in 2021, and approaching the 356 orders in clinched at the 2023 Paris Airshow in June. Airbus's order figure of 86 aircraft is meanwhile significantly behind its 2023 Paris Airshow haul of 846 orders and 2021 Dubai Airshow total of 408. Prior to this week, the iconic American manufacturer hadn't enjoyed a winning performance at a Dubai Airshow since 2017.

Persons: Giuseppe Cacace, Giuseppe CACACE, GIUSEPPE CACACE, Cowen, SunExpress, EgyptAir, Tim Clark, Clark, Royce, hadn't Organizations: UAE Knights, Emirates Airbus, Maktoum International Airport, Afp, Getty Images, United Arab Emirates —, Boeing, Airbus, Royce, Emirates, Dubai, Getty, Ethiopian Airlines, Royal Jordanian, Royal Air Maroc, Air Baltic, Industry, Turkish Airlines, Turkish, Dubai Airshow, Max, RBC Capital Markets, RBC, Saudi Arabia's, Saudi Locations: Emarat, Dubai, Al, Maktoum, Getty Images DUBAI, United Arab, Emirates, East, West, Turkey, India, Saudi Arabia, AFP, widebodies, Istanbul, Paris, Riyadh Air

☆ Emirates, Ethiopian edge towards Airbus deals after Dubai talks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

[1/2] Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. Picture taken through a window. REUTERS/Abdel Hadi Ramahi/File Photo Acquire Licensing RightsDUBAI, Nov 15 (Reuters) - Emirates moved closer on Wednesday towards a potential agreement to buy dozens of Airbus (AIR.PA) A350-1000 jets after narrowing differences over performance and guarantees in talks with engine maker Rolls-Royce (RR.L), industry sources said. Ethiopian Airlines was set to announce an order for around 10 of the smaller A350-900 after talks with Rolls-Royce at the Dubai Airshow that focused on service pricing, they said. Reporting by Alexander Cornwell, Pesha Magid, Editing by Tim HepherOur Standards: The Thomson Reuters Trust Principles.

Persons: Abdel Hadi Ramahi, Royce, Alexander Cornwell, Pesha, Tim Hepher Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Airbus, Royce, Ethiopian Airlines, Dubai Airshow, Thomson Locations: Dubai, United Arab, Rights DUBAI

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. He told reporters Emirates would be prepared to order between 35 and 50 of the jets if Rolls-Royce improved both the durability and maintenance costs. Reuters reported on Monday that an order from Emirates for the largest version of the A350 appeared to be on hold over terms of engine guarantees with Rolls-Royce. With plans for an Emirates A350 order off the table for now, Airbus also saw a second major order from Turkish Airlines (THY) (THYAO.IS) slip off the show's agenda, industry sources said. Airbus said on Monday it had reached agreement "in principle" on a significant THY order.

Persons: Abdel Hadi Ramahi, Royce, Tim Clark, Christian Scherer, Trent XWB, Tim Hepher, Alexander Cornwell, Tom Hogue, Jason Neely Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Airbus, Dubai, Boeing 777X, Royce, Reuters, GE, Boeing, Turkish Airlines, Thomson Locations: Dubai, United Arab, Rights DUBAI, Emirates, Egyptair, East, India

[1/2] Boeing Commercial Airplanes CEO Stanley Deal poses with Emirates airline COO Adel Al Redha and flyDubai CEO Ghaith Al Ghaith after Emirates airline and flyDubai placed orders at the Dubai Airshow for new aircraft from Boeing, in Dubai, United Arab Emirates, November 13, 2023. "Together these orders represent significant investments that reflect Dubai's commitment to the future of aviation," said Emirates and flyDubai Chairman Sheikh Ahmed bin Saeed Al Maktoum. In New York, Boeing shares rose 4.4% after the orders, which also included 45 narrow-body 737 MAX for German-Turkish airline SunExpress. LOWER BOOKINGSOther significant orders appeared to be in the works without being played out in public in Dubai. Saudi Arabia's newest airline Riyadh Air said it is still in talks with planemakers to place an order for narrow-body jets.

Persons: Stanley Deal, Adel Al Redha, Ghaith Al, Alexander, flyDubai, Sheikh Ahmed bin Saeed Al Maktoum, Joe Biden, Xi Jinping, Steven F, planemakers, Asharq, there's, Daniel Silke, Rafael, Tim Hepher, Alexander Cornwell, Pesha Magid, Valerie Insinna, Hugh Lawson, Lisa Shumaker, Navaratnam, Sharon Singleton Organizations: Boeing Commercial, Emirates, Dubai Airshow, Boeing, United Arab Emirates, REUTERS, Companies, Airbus, Turkish Airlines Airbus, Dubai, Aviation, SunExpress, Bloomberg, Industry, Air Lease Corp, Reuters, Turkish Airlines, Anadolu, Dubai . Saudi Arabia's, Riyadh Air, Saudia Airlines Group, Saudia Airline, Royal, Cape, Consultancy, rearm, Russia, Israel Aerospace Industries, IAI, Rafael Advanced Defense Systems, Thomson Locations: Ghaith Al Ghaith, Dubai, United Arab, DUBAI, Government, Emirates, New York, Turkish, UAE, Qatar, Saudi Arabia, Turkey, India, Gulf, Dubai . Saudi, Riyadh, Israel, Gaza, Cape Town, United States, rearm Ukraine

☆ Emirates announces $52 billion order for 95 Boeing aircraft
▼ + stars: | 2023-11-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

DUBAI, United Arab Emirates — Emirates Airline on Monday announced an order for 95 Boeing aircraft at a value of $52 billion, kicking off the first major deal of the 2023 Dubai Airshow. It is also updating its order of Boeing 787 Dreamliners from 30 to 35, comprised of 15 787-10s and 20 787-8s. The announcement brings Emirates' total GE9X engine order to 460. Emirates already operates the largest number of Boeing 777 aircraft of any airline in the world. The continued appetite for widebody jets highlights the importance of the Middle East market to the aircraft model's demand.

Organizations: United Arab Emirates — Emirates, Boeing, Dubai, Emirates Group, Emirates, General Electric, Airbus Locations: DUBAI, United Arab, Dubai, East

☆ Lagos positions itself as global financial center after historic appearance at London’s Lord Mayor’s Show
▼ + stars: | 2023-11-13 | by ( Stephanie Busari | Nimi Princewill | ) edition.cnn.com time to read: +4 min

Lagos, Nigeria CNN —Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. Among the Lagos contingent were the traditional Eyo masquerades who take part in the famed Yoruba Eyo festival in the state. However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria. Aigboje Aig-Imoukhuede, co-chair of the newly inaugurated Lagos International Financial Centre Council (LIFC) told CNN Lagos was now ready to position itself with global players. “A low stable inflation rate automatically signals a stable currency … and that’s the job half done,” he told CNN.

Persons: Mayor’s, Lord Mayor’s Show, Lagos, ”, Babajide Sanwo, ” “ Organizations: Nigeria CNN —, CNN, Lagos State, ” “ Lagos isn’t, Aig, Lagos International Financial Centre Council, CNN Lagos, ”, of, US Department of Commerce, United Arab, Dubai’s Emirates, GSK, Imoukhuede, Nigerian Central Bank Locations: Lagos, Nigeria, London, ” Lagos, ” “ Lagos, West, ” Nigeria, of London, United Arab Emirates, British

☆ Stocks making the biggest moves premarket: Tyson Foods, Boeing, Monday.com and more
▼ + stars: | 2023-11-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: Monday.com — Shares of the project management company jumped 10% after Monday.com reported a strong quarter and issued a rosy forecast. Monday.com reported third-quarter earnings and revenue of 64 cents per share on revenue of $189.2 million. Tyson Foods — The food products company fell 3.3% in premarket trading after Tyson's fiscal fourth-quarter revenue came in weaker than expected. Boeing — Shares rose 3.25% after Emirates Airlines announced the purchase of 95 Boeing aircraft for a total of $52 billion. TripAdvisor — Shares of the online booking company added 2.3% after Bernstein upgraded TripAdvisor to outperform from market perform.

Persons: Monday.com, FactSet, Matt Gline, Roche, Bernstein, GitLab, Henry Schein, — CNBC's Michelle Fox, Alex Harring, Jesse Pound, Pia Singh Organizations: Tyson, Boeing, Emirates Airlines, Sciences, Roivant Sciences, Revenue, HP Inc, Citi

☆ Emirates and flyDubai place Dubai Airshow jet orders
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

A Boeing 777-9, a variant of the 777X, performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsDUBAI, Nov 13 (Reuters) - Dubai's Emirates placed an order for 90 more Boeing (BA.N) 777X jets at the opening of the Dubai Airshow on Monday, including both variants of the future long-haul jet. The world's largest international carrier also added five more Boeing 787s to an existing order, saying the total package of new widebody jets was worth over $50 billion at list prices. The 777X order includes 55 of the 400-seat 777-9 variant and 35 of the smaller 777-8, he told a news conference. Sister airline flyDubai also weighed in at the start of the biennial event with an order for 30 Boeing 787-9 in its first order for wide-body jets.

Persons: Benoit Tessier, Sheikh Ahmed bin Saeed Al Maktoum, flyDubai, Alexander Cornwell, Tim Hepher Organizations: Boeing, Paris, REUTERS, Rights, Dubai's Emirates, Emirates, Thomson Locations: Le Bourget, Paris, France, Rights DUBAI, Dubai

☆ Emirates Group posts record half-year profit of $2.7 billion
▼ + stars: | 2023-11-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

DUBAI, United Arab Emirates — Emirates Group posted its highest-ever half-year earnings, reporting net profit of 10.1 billion dirhams ($2.75 billion) for 2023-24 on rebounding demand. The figure eclipsed its half-year profit of the previous year — 4.2 billion dirhams — by 138%. Group revenue was 67.3 billion dirhams, up 20% from the previous year's six-month revenue figure. Emirates Group, the state-owned Dubai-based holding company of which Emirates Airline is a subsidiary, also reported a figure for earnings before interest, taxes, depreciation, and amortization (EBITDA) of 20.6 billion dirhams, up from 15.3 billion dirhams the same period last year. It reported its cash position at 42.7 billion dirhams.

Persons: Sheikh Ahmed bin Saeed al Maktoum, Al Maktoum Organizations: United Arab Emirates — Emirates Group, Emirates Group, Emirates, Emirates Airline, Group Locations: DUBAI, United Arab, Dubai

☆ Dubai ruler approves 246.6 billion dirham budget for 2024-2026
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Horse Racing - Dubai World Cup - Meydan Racecourse, Dubai, United Arab Emirates - March 30, 2019 Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates gestures from the podium during the trophy presentation for the Dubai World Cup Sponsored By Emirates Airline ... Acquire Licensing Rights Read moreDUBAI, Nov 6 (Reuters) - Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday. Expenditure for the fiscal year 2024 alone is estimated at 79.1 billion dirham, and public revenues at 90.6 billion dirham, the media office added. Of the estimated revenues, 85.1 billion dirham would be allocated to the budget, and the remaining 5.5 billion dirham would go to the general reserve, it said. Dubai, one of the seven emirates that constitute the oil-rich United Arab Emirates, is widely regarded as the trade and tourism hub of the Gulf region. ($1 = 3.6729 UAE dirham)Reporting by Nayera Abdallah; editing by Mark Heinrich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Rashid al, Maktoum, Saleh Al Saleh, Al Saleh, Nayera Abdallah, Mark Heinrich, Barbara Lewis Organizations: Racing, Dubai, United Arab Emirates, United, Emirates Airline, Department, Finance, Thomson Locations: Dubai, United Arab, United Arab Emirates, DUBAI, Gulf, UAE

☆ UAE lifts visa restrictions for Nigerians
▼ + stars: | 2023-09-11 | by ( Nimi Princewill | ) edition.cnn.com time to read: +1 min

Abuja, Nigeria CNN —The United Arab Emirates has lifted a year-long visa ban imposed on Nigerian travelers, authorities in the West African country said Monday. The restriction placed by the UAE last October was lifted following negotiations between Nigeria’s new President Bola Tinubu and UAE leader Mohamed bin Zayed Al Nahyan. “Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay,” the statement added. Flights between both countries were stopped last year after Dubai’s Emirates airline suspended its operations in Nigeria citing trapped revenues. The UAE’s Dubai emirate has been a popular destination for Nigerian travelers for many years but visas to the West Africans and nationals of 19 other African states were halted last year for undisclosed reasons.

Persons: Bola Tinubu, Mohamed bin Zayed Al Nahyan, Bola Ahmed Tinubu, Ajuri Ngelale Organizations: Nigeria CNN —, United Arab, UAE, Etihad Airlines, Emirates Airlines, Dubai’s Emirates, West Locations: Abuja, Nigeria, United Arab Emirates, West, UAE, Abu Dhabi, Dubai

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. REUTERS/Abdel Hadi Ramah/File Photo Acquire Licensing RightsABUJA, Sept 11 (Reuters) - Emirates Airlines will resume immediate flight schedules to Nigeria and lift a visa ban on Nigerian travellers, following a meeting between the leaders of the two countries, the Nigerian presidency said on Monday. Tinubu stopped in Abu Dhabi on his way from G20 summit in India, where he wooed investors to Nigeria. Last month Tinubu said he wanted an immediate resolution to the disagreements with Emirates Airlines and visa issues by the Arab country. The UAE stopped issuing visas to Nigerians last year after Dubai's Emirates suspended flights due to an inability to repatriate funds from Nigeria.

Persons: Abdel Hadi Ramah, Bola Ahmed Tinubu, Emirates Mohamed bin Zayed Al Nahyan, Tinubu, Ajuri Ngelale, Ngelale, Chijioke Ohuocha, Felix Onuah, David Evans, Peter Graff, Richard Chang Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Emirates Airlines, United, UAE, Dubai's Emirates, Etihad Airlines, Thomson Locations: Dubai, United Arab, Rights ABUJA, Nigeria, Emirates, Abu Dhabi, India, State, Nigerian

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

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