Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates Group attended the launch of GE's On-Wing engine repair facility at Dubai South Aviation District. Chris Whiteoak / The National
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates Group attended the launch of GE's On-Wing engine repair facility at Dubai South Aviation District. Chris Whiteoak / The National

Sheikh Ahmed: Emirates set for stronger annual earnings



Emirates airline, the world's biggest long-haul carrier, expects a stronger performance in its current fiscal year than the last, as it benefits from a reversal in US President Donald Trump's electronics ban and closer ties with low-cost sister service flydubai.

Emirates is also seeking to raise $1.1 billion in an Islamic bond sale, with the proceeds to be used partially for aircraft financing, chairman of Emirates Group Sheikh Ahmed bin Saeed said on the sidelines of a GE Aviation event in Dubai on Tuesday. The airline expects an increase in annual earnings for the fiscal year ending March 31 compared with the previous year.

“It’s going to be better than last year in general,” Sheikh Ahmed said, declining to provide details of the growth.

The projected increase comes after Emirates, which operates the world's largest fleet of wide body aircraft, saw profits plunge 82 percent in the 2016-17 fiscal year. The carrier's performance for the first six months of 2017-18 financial year was a marked improvement with profits soaring 111 per cent to Dh1.7bn.

The rise in profitability came as the airline implemented a number of measures which included a reduction in its payroll and charging for advance seat selection to boost revenues. 

Factors that have weighed on earnings in the last financial year have begun to ease with the lifting of a ban on electronics on US flights and travel restrictions on passengers from certain Middle East countries to the US. The airline is working to ramp up some of the routes it had scaled back following the restrictions.

Demand on US routes is “much better now,” Sheikh Ahmed said.

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Emirates’ move to forge closer links with discount carrier flydubai last year, in the first stirrings of regional airline consolidation in response to economic headwinds, will also help improve its bottom line, analysts said.

"The new network structure between Emirates and flydubai has the potential to improve yields," said Mark Martin, head of aviation company Martin Consulting in Dubai. Flydubai's regional flights will help fill Emirates' jets, particularly as African, CIS and South East Asian markets have a need for long-haul connectivity, he said.
"I am very pleased with the cooperation between the two," Sheikh Ahmed said. "It's beyond our expectations and we'll see it very much closer to the summer schedule."

Next year, both airlines will have to contend with repairs on one of the two runways at their home base in Dubai International Airport for 45 days. The southern runway will be closed from April 16 to May 30 in 2019, resulting in reduced capacity and airlines scaling back their operations.

"The biggest cut will be on Emirates and flydubai," Sheikh Ahmed told reporters at the official opening of US conglomerate GE's aircraft engine repair facility close to Dubai's second hub at Al Maktoum International Airport. All operators at Dubai International are being informed in advance in order for schedules to be adjusted, he added.

GE Aviation is expanding its regional presence with a second engine repair and maintenance operations facility in the UAE, where it will support all local carriers including Emirates, flydubai, Air Arabia and Etihad Airways. It did not disclose the value of the investment. The On-Wing Support Centre at Dubai South Aviation District spans 1,500 square metres and is entirely owned and run by GE. Emirates has been operating the other facility in conjunction with GE since 2013.

Around 1,000 GE-manufactured engines power 400 aircraft in the Middle East, the company's global chief executive John Flannery said on Monday. The firm's regional expansion comes as the UAE is ramping up efforts to grow its aviation manufacturing and maintenance, repair and operations (MRO) industries, centred within the Dubai South free zone.

GE is using new manufacturing technologies including 3D-printing to develop a new turbo propeller aircraft engine over the next two years, Mr Flannery said. The 3D-printing mechanism is expected to help GE – which is undergoing a hefty restructuring after suffering its worst financial slump in 125 years – trim costs by around 5 per cent.

The new engine will give airline customers a 20 per cent improvement in fuel burn and 10 per cent more power output, Mr Flannery said.

US-listed GE's stock fell 12 per cent in February, marking the 12th consecutive monthly decline and representing the group's biggest losing streak on record, according to Bloomberg. Shareholder losses amounted to $138bn as the group battles falling demand for industrial equipment and other factors.

Mr Flannery was appointed as chief executive in mid-2017 to cut costs and reshape the portfolio to help the company recover.

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Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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  5. Full hormone production regained within 4-6 months
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Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

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Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

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Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Saturday's results

Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4