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The
overall Emirates Group, owned by Dubai’s sovereign wealth fund
known as the Investment Corporation of Dubai, saw annual profits
of $5.6 billion, compared to $5.1 billion the year before.
“Our excellent financial standing enables us to continue
building on and scaling up from our successful business models,”
said Sheikh Ahmed bin Saeed Al Maktom, Emirates' chairman and
chief executive.
“While some markets are jittery about trade and travel
restrictions, volatility is not new in our industry," he said.
"We simply adapt and navigate around these challenges.”
Emirates' financial year runs from April 1 to March 31,
including revenue from both 2024 and 2025. The carrier reported
to have 260 aircraft and that it's flying to 148 locations
around the world, long relying on the Boeing 777 and the
double-decker Airbus A380.
However, Emirates has begun introducing the Airbus A350 as well
to its schedule.
Emirates serves as a crucial link in East-West travel and is the
crown jewel of what experts and diplomats refer to as “Dubai
Inc.” — a series of interconnected companies overseen by the
sheikhdom’s ruling Al Maktoum family.
The Emirates’ results track with those for its base, Dubai
International Airport. The world’s busiest airport for
international travelers had a record 92.3 million passengers
pass through its terminals in 2024.
The airport now plans to move to the city-state’s second,
sprawling airfield in its southern desert reaches in the next 10
years in a project worth nearly $35 billion.
A real-estate boom and the city’s highest-ever tourism numbers
have made Dubai a destination as well as a layover. However, the
city is now grappling with increasing traffic and costs
pressuring both its Emirati citizens and the foreign residents
who power its economy.
As one of seven hereditarily ruled, autocratic sheikhdoms that
make up the United Arab Emirates, Dubai provided Emirates over
$4 billion in a bailout at the height of the pandemic.
In its report on Thursday, Emirates said it had repaid $3.6
billion of that loan.
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