meed-logo

line1 line2 line3
SIGN IN / REGISTER

Emirates Group posts $5.1bn profit

14 May 2024

Emirates Group, comprising Emirates Airline and Dnata, has posted a record profit of AED18.7bn ($5.1bn) in its latest fiscal year ending 31 March, up 71% compared to a AED10.9bn profit for last year.

The group’s revenue stood at AED137.3bn, an increase of 15% over last year’s results.

Its cash balance was AED47.1bn, the highest ever reported and an 11% increase from last year.

According to its annual report, the group's profits for the last two years reached AED29.6bn, which has surpassed pandemic losses of AED25.9bn in 2020-22.

The group has declared a dividend of AED4bn to its owner, the Investment Corporation of Dubai.

Emirates Group chairman and CEO, Sheikh Ahmed Bin Saeed Al Maktoum, attributed the company's record performance to Dubai’s progressive policies.

He added that profits enable further investments in new aircraft, facilities and equipment, technology, products and services, and staff.

Business performance

Emirates reported a new record profit of AED17.2bn, up 63% from AED10.6bn last year.

The airline's revenue rose 13% to AED121.2bn while capacity increased by 20% to 57.7 billion available tonne-kilometres.

The group's cargo and logistics arm, Dnata, reported a profit of AED1.4bn, up more than four-fold compared to its AED331m profit last year.

Revenue increased 29% to hit a new record high of AED19.2bn, reflecting increased customer flight activity and travel demand across its UAE and worldwide business divisions. 

Investments and outlook

In 2023-24, the group collectively invested AED8.8bn in new aircraft, facilities, equipment, companies and the latest technologies to support its growth plans.   

In line with this, Emirates expects to receive delivery of 10 new A350 aircraft in 2024-25.

The group’s total workforce grew by 10% to 112,406 employees, its largest ever.

In terms of environment, social and governance (ESG) initiatives, in 2023-24, Emirates signed new supply agreements to uplift sustainable aviation fuel (SAF) at its Dubai hub for the 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.

The business outlook is positive and the group expects 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," said Sheikh Ahmed.

"Our business model has been tested before, and I am confident in our resilience and ability to respond quickly to opportunities and challenges.”

Sheikh Ahmed affirmed the Dubai government's plan 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 AED128bn investment will significantly expand and enhance Dubai’s aviation and logistics infrastructure, supporting the city’s growth, and Emirates’ and Dnata’s growth," he added.

MEED's April 2024 special report on the UAE includes:

> COMMENT: UAE rides high on non-oil boom
> GVT & ECONOMY: Non-oil activity underpins UAE economy
> BANKING: UAE banks seize the moment
> UPSTREAM: Adnoc oil and gas project spending sees steep uptick
> DOWNSTREAM: UAE builds its downstream and chemical sectors
> POWER: UAE marks successful power project deliveries
> WATER: Dubai tunnels project dominates UAE pipeline
> DUBAI CONSTRUCTION: Dubai real estate boosts construction sector
> ABU DHABI CONSTRUCTION: Abu Dhabi makes major construction investments

https://image.digitalinsightresearch.in/uploads/NewsArticle/11766365/main13521409.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Regional rail industry emerges

    8 December 2025

    Commentary
    Colin Foreman
    Editor

    Read the December issue of MEED Business Review

    The GCC is experiencing a fundamental shift in its approach to rail infrastructure, as it moves from standalone projects to a self-sustaining regional industry. The transition is evident as local, national and regional projects advance across the region.

    The first wave of metro systems, in Dubai, Doha, and most recently, Riyadh, have reported stronger-than-expected ridership and demonstrated the viability of mass transit in the Gulf.

    Extensions to those networks are planned or under way, including Dubai’s Blue and Gold lines and Riyadh’s Line 2, alongside planned metros elsewhere such as Muscat and Bahrain.

    Projects are also planned and already being delivered at the national level. The UAE’s Etihad Rail and Saudi Arabian Railways are leading most of these efforts. The region’s first cross-border project is also progressing with the Hafeet Rail scheme linking the UAE and Oman.

    Other cross-border schemes are planned, including high speed links connecting Riyadh with Doha and Kuwait City, and rail links for Bahrain across causeways to Saudi Arabia and Qatar. The ultimate ambition is a GCC Rail network – a project that was reinvigorated by the Al-Ula accords in 2021.

    Sustained, simultaneous activity across the GCC is fostering the development of an indigenous regional rail industry. Rather than being executed as isolated endeavours, projects are creating ongoing demand for expertise, personnel and resources within the region.

    Project delivery capability will be complemented by the establishment of crucial ancillary services, including fabrication and servicing facilities.

    These operations will shift the GCC from a lucrative market for international contractors to a regional hub for the rail industry, capable of servicing and sustaining its growing network.

    READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

    Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes:

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15213797/main.gif
    Colin Foreman
  • Aldar and Mubadala plan $16bn financial district expansion

    8 December 2025

    Register for MEED’s 14-day trial access 

    Abu Dhabi's sovereign wealth fund, Mubadala Investment Company, and local developer Aldar have established a joint venture to deliver an expansion of the financial district on Al-Maryah Island with a gross development value of AED60bn-plus ($16bn-plus).

    The development will be built on the undeveloped land bank on the north side of Al-Maryah Island, covering about 500,000 square metres (sq m), and will support the next phase of growth for Abu Dhabi Global Market (ADGM).

    The masterplan encompasses 1.5 million sq m of new office, residential, retail and hospitality floor space.

    In an official statement, the firms said that the core objective of the project is to support the continued expansion of ADGM, Abu Dhabi’s international financial centre. ADGM now has more than 11,000 active licences registered in the free zone and is among the fastest-growing financial hubs globally.

    "Nearly 40,000 people are already based within the district, and demand for space remains strong," the statement added.

    The Al-Maryah Island expansion will add over 450,000 sq m of Grade A office space, doubling the island’s current office inventory.

    The expansion will add over 3,000 residences on the waterfront.

    The next phase will also add a further 40,000 sq m of retail and dining spaces.

    A central feature of the expansion is the Al-Maryah Waterfront enhancement project. This will include a bay fountain capable of water displays up to 75 metres high, forming the focal point of a reconfigured waterfront with additional dining, leisure and event spaces designed to complement existing assets on the island.

    Three new bridges are proposed to link the north side of Al-Maryah Island with Reem Island and the Abu Dhabi mainland, reducing travel time to Saadiyat Island to under 10 minutes.

    The enabling works on these projects are due to begin in 2026.

    The new joint venture is owned 60% by Aldar and 40% by Mubadala.

    "The two organisations are close to completing the legal work on a retail joint venture that will own and operate several of Abu Dhabi’s leading retail destinations, including The Galleria Al-Maryah Island, Yas Mall and the planned Saadiyat Grove Mall," the statement added.

    READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

    Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes:

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15213568/main.jpg
    Yasir Iqbal
  • Visa agrees to support digital payments in Syria

    5 December 2025

    Visa and the Central Bank of Syria have agreed on a strategic roadmap that will allow the US-based card and digital payments company to begin operations in Syria and support the development of a modern digital payments system.

    Under the agreement, Visa will work with licensed Syrian financial institutions under a phased plan to establish a secure foundation for digital payments.

    The early stages will involve Visa supporting the central bank in issuing Europay, Mastercard and Visa (EMV)-compliant payment cards and enabling tokenised digital wallets – bringing the country in line with internationally interoperable standards.

    Visa will also provide access to its platforms, including near-field communication (NFC) and QR-based payments, invest in local capacity building and support local entrepreneurs seeking to develop solutions leveraging Visa’s global platform.

    “A reliable and transparent payment system is the bedrock of economic recovery and a catalyst that builds the confidence required for broader investment to flow into the country,” noted Visa’s senior VP for the Levant, Leila Serhan. “This partnership is about choosing a path where Syria can leapfrog decades of legacy infrastructure development and immediately adopt the secure, open platforms that power modern commerce.”

    The move marks one of the most significant steps yet in Syria’s slow and uneven return to the formal global financial system and carries implications that reach beyond just payments technology.

    It lays the groundwork for overturning more than a decade of financial isolation in which Syria has operated largely outside global banking and settlement networks.

    Visa’s entry will not erase all existing barriers – as many restrictions remain in force and will continue to shape what is practically possible – but its support signals a reopening of channels that could smooth Syria’s reintegration into financial networks.

    The involvement of the US-based payments provider is also a further tacit sign of the US government’s enthusiastic bear hug of the new post-Assad Syrian government under President Ahmed Al-Sharaa.

    For investors assessing long-term opportunities, the presence of a globally recognised payments operator will provide reassurance that Syria’s financial system is returning to international norms, and the security and transparency that comes with it.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15207198/main3225.gif
    MEED Editorial
  • Meraas announces next phase of Nad Al-Sheba Gardens

    5 December 2025

    Dubai-based real estate developer Meraas Holding, which is part of Dubai Holding, has announced the eleventh and final phase of its Nad Al-Sheba Gardens residential community in Dubai.

    It includes the development of 210 new villas and townhouses and a school, which will be located at the northwest corner of the development.

    The latest announcement follows Meraas awarding a AED690m ($188m) contract for the construction of the fourth phase of the Nad Al-Sheba Gardens community in May, as MEED reported.

    The contract was awarded to local firm Bhatia General Contracting.

    The scope of the contract covers the construction of 92 townhouses, 96 villas and two pool houses.

    The contract award came after Dubai-based investment company Shamal Holding awarded an estimated AED80m ($21m) contract to UK-based McLaren Construction last year for the Nad Al-Sheba Gardens mall.

    The project covers the construction and interior fit-out of a two-storey mall, covering an area of approximately 12,600 square metres.

    The UAE’s heightened real estate activity is in line with UK analytics firm GlobalData’s forecast that the construction industry in the country will register annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects. 

    The residential construction sector is expected to record an annual average growth rate of 2.7% in 2025-28, supported by private investments in the residential housing sector, along with government initiatives to meet rising housing demand.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15206904/main.jpg
    Yasir Iqbal
  • Frontrunner emerges for Riyadh-Qassim IWTP

    5 December 2025

     

    Saudi Arabia’s Vision Invest has emerged as frontrunner for the contract to develop the Riyadh-Qassim independent water transmission pipeline (IWTP) project, according to sources.

    State water offtaker Saudi Water Partnership Company (SWPC) is preparing to award the contract for the IWTP "in the coming weeks", the sources told MEED.

    The project, valued at about $2bn, will have a transmission capacity of 685,000 cubic metres a day. It will include a pipeline length of 859 kilometres (km) and a total storage capacity of 1.59 million cubic metres.

    In September, MEED reported that bids had been submitted by two consortiums and one individual company.

    The first consortium comprises Saudi firms Al-Jomaih Energy & Water, Al-Khorayef Water & Power Technologies, AlBawani Capital and Buhur for Investment Company.

    The second consortium comprises Bahrain/Saudi Arabia-based Lamar Holding, the UAE's Etihad Water & Electricity (Ewec) and China’s Shaanxi Construction Installation Group.

    The third bid was submitted by Saudi Arabia's Vision Invest.

    It is understood that financial and technical bids have now been opened and Vision Invest is likely to be awarded the deal.

    The Riyadh-based investment and development company made a "very aggressive" offer, one source told MEED.

    In November, the firm announced it had sold a 10% stake in Saudi Arabia-based Miahona as part of a strategy to reallocate capital "towards new and diversified investments".

    The company did not disclose which projects the capital might be reallocated towards.

    As MEED recently reported, Vision Invest is also bidding for two major packages under Dubai's $22bn tunnels programme in a consortium with France's Suez Water Company.

    The Riyadh-Qassim transmission project is the third IWTP contract to be tendered by SWPC since 2022.   

    The first two are the 150km Rayis-Rabigh IWTP, which is under construction, and the 603km Jubail-Buraydah IWTP, the contract for which was awarded to a team of Riyadh-based companies comprising Al-Jomaih Energy & Water, Nesma Group and Buhur for Investment Company.

    Like the first two IWTPs, the Riyadh-Qassim IWTP project will be developed using a 35-year build-own-operate-transfer contracting model.

    Commercial operations are expected to commence in the first quarter of 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15206609/main.jpg
    Mark Dowdall