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Emirates Airline announced on Monday that its profits for the past financial year hit a record high of 17.2 billion dirhams ($4.7 billion).
This represents a 63% increase in profits for the Dubai-based airline compared to the previous year.
And it’s not just executives who can rejoice at this news.Outlets based in UAE The National Eligible staff will be paid a bonus equal to 20 weeks of their salary and reported to be included in this month’s payroll.
It is not clear exactly who will be eligible for the bonus, but The National newspaper said more than 50,000 Emirates employees received 24 weeks of extra pay last year.
But this hefty bonus is not as much as the extra eight months Singapore Airlines paid out last year due to union agreements and pay cuts during the pandemic.
Sheikh Ahmed bin Saeed Al Maktoum, CEO of Emirates Airline, said in a press release: “We are committed to our long-standing commitment to our products and services, building strong partnerships and the capabilities of our talented people. “We are reaping the benefits of an investment that was not made.”
He also said the company was leveraging “Dubai’s unique advantages”. The city is known as a popular tourist destination and business center, and there is no personal income tax for individuals.
Emirates’ business class service is frequently praised by experts. In 2023, Skytrax ranked it third in the world after Qatar Airways and Singapore Airlines.
The record profits highlight how Dubai is emerging as an important global city and powerhouse in the Middle East.
Emirates’ announcement comes less than a week after Al Maktoum criticized Boeing over delivery delays and told the plane maker to “get its act together.”
The company curtailed production operations to ensure safety following the Alaska Airlines explosion in January. But Al Maktoum was keen for Boeing to speed up to meet deadlines and signaled Emirates’ commitment to growth plans.