Emirates, the largest customer of the Airbus A380, plans to reinstate more of its double-deckers by the end of 2021 and expects continued growth in the second half of its fiscal year, the airline's chairman said.
The airline will return more than 60 of its A380s to the skies, up from 47 superjumbos currently in operation, Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group, said at a media briefing at the Dubai Airshow on Monday.
Emirates has gradually been restoring its fleet of 118 superjumbos that was grounded last year by the Covid-19 pandemic.
The airline recorded operating profit in October for the first time since the onset of the pandemic amid a rebound in passenger travel demand and a strong performance from its freight business.
October was a “positive month for Emirates, it was better than expected and I see that is going to continue”, Sheikh Ahmed said.
Emirates has been engaged in “positive” talks with Boeing regarding the delivery time and supply chain for the 777X programme, Sheikh Ahmed said.
“It is positive, it is good, maybe there are certain things I cannot really say at the moment because still we are in that process,” he said. “But I can say it is positive. We [will] focus on the programme delivery.”
Asked whether the airline would also consider a proposed freighter version of the 777X, Sheikh Ahmed declined to comment as discussions with the US plane manufacturer are ongoing.
Emirates also has Airbus A350s on order and Sheikh Ahmed did not rule out potential interest in Airbus's new A350 freighter version.
“Why not? We are looking at all options for the airline,” he said.
Dubai AirShow 2021 Day 2 — in pictures
Cargo constitutes about 30 per cent of Emirates' total revenue and the airline has a large capacity in the belly hold of its all-wide-body fleet.
When asked whether the airline would consider expediting its A350 deliveries if uncertainty persists around the 777X delivery dates, Sheikh Ahmed said Emirates has been in discussions with Airbus regarding its A350 order.
“We've been in good, positive meetings with Boeing on the 777X programme and to be sure on the delivery date and also on the Airbus today with A350. So, we would be talking about what we can expedite. We have many scenarios [to look at]," he said, without elaborating.
Upon being asked if state-owned Emirates could be among the 10 government entities that Dubai plans to list on its bourse, Sheikh Ahmed said: “We have successful businesses within the group that can be [listed].
“We are one of the companies that are owned by the government of Dubai, which announced Dewa and Salik will be the first in the programme. I am sure that the committee headed by Sheikh Maktoum [bin Mohammed, Deputy Prime Minister and Minister of Finance] would be announcing that in the [coming] days and weeks, so they would be the right people to answer which company.”
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Switching%20sides
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Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2