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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 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

☆ 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

London/Abu Dhabi CNN —Dubai has scrapped a 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and visitors in the face of growing regional competition. Two major retailers in the city, located in the United Arab Emirates (UAE), said they had slashed their prices to reflect the tax cut. MMI, one of Dubai’s biggest alcohol retailers and a subsidiary of the state-owned Emirates group, has 21 stores across the city, according to its website. Muslims are prohibited from acquiring licenses for purchase of alcohol in Dubai. The sale of alcohol in the UAE is already more liberalized compared to neighboring Gulf countries.

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