Flydubai posted a Dh841 million ($229m) profit in 2021 compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic. Randi Sokoloff / The National
Flydubai posted a Dh841 million ($229m) profit in 2021 compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic. Randi Sokoloff / The National
Flydubai posted a Dh841 million ($229m) profit in 2021 compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic. Randi Sokoloff / The National
Flydubai posted a Dh841 million ($229m) profit in 2021 compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic. Randi Sokoloff / The National

Flydubai is recovering ‘strongly’ and expects better financial results than last year


Fareed Rahman
  • English
  • Arabic

Flydubai is recovering strongly from the coronavirus pandemic and expects 2022's financial results to be better than last year as it expands operations with more routes.

The low-cost airline recorded a Dh841 million ($229m) profit in 2021, compared with a Dh712.6m loss in 2020, when the travel industry was hit hard by the pandemic. Annual revenue rose 86 per cent to Dh5.3 billion last year, as passenger numbers rose 76 per cent to 5.6 million.

“We are recovering extremely very well,” Ghaith Al Ghaith, chief executive of flydubai, told The National on the sidelines of the Arab Air Carriers Organisation's annual general meeting in Abu Dhabi on Tuesday.

“The main reason we have recovered so well is because of the successful implementation of [policies] by our government … opening up of our market … standards for health and safety that we have created. It attracted people to travel faster and sooner than any other part of the world.”

UAE, the Arab world’s second-largest economy, is recovering strongly from the pandemic on the back of government measures as well as higher oil prices and a rebound in the tourism sector.

The UAE expects to see a “strong tourism recovery” this winter, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said last month.

The total number of hotel guests in the UAE in the first half of the year increased by 42 per cent to reach 12 million. The tourism sector’s revenue exceeded Dh19bn during the first six months of 2022.

“We get a lot of passengers in the UAE,” as the country has dealt “strongly” with the pandemic, Mr Al Ghaith said.

“There are more people now who want to visit the UAE and want to set up a business and this is adding a lot of demand for our services.”

In the first half of the year, the airline carried 4.3 million passengers, up 105 per cent compared to the first six months of 2021, Mr Al Ghaith said.

The airline has “not yet seen any impact” on passenger demand given higher inflation globally, he added.

“Probably next year will be challenging considering the pressure that inflation will have on people’s ability to buy.”

Flydubai's chief executive Ghaith Al Ghaith. Photo: Antonie Robertson/The National
Flydubai's chief executive Ghaith Al Ghaith. Photo: Antonie Robertson/The National

However, the “UAE will see more growth because of the fact that there is more demand and the recovery started earlier and there is a genuine interest in the country from outside.”

The airline will also continue to expand its operations and this year it “opened and reopened new 27 destinations,” Mr Al Ghaith said.

Flydubai, this month, announced it has signed an agreement with the Czech Republic’s Smartwings to lease four next-generation Boeing 737-800 aircraft that will help it manage increased demand during the winter season.

The all-economy-class aircraft will operate on select routes including Chattogram, Colombo, Dhaka, Karachi, Multan, Muscat and Sialkot.

While you're here
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

UAE currency: the story behind the money in your pockets
Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

MATCH INFO

Day 2 at Mount Maunganui

England 353

Stokes 91, Denly 74, Southee 4-88

New Zealand 144-4

Williamson 51, S Curran 2-28

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

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%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.1%22%20Super%20Retina%20XDR%20OLED%2C%202778%20x%201284%2C%20458ppi%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%201200%20nits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A15%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20main%20(f%2F1.5)%20%2B%2012MP%20ultra-wide%20(f%2F2.4)%3B%202x%20optical%2C%205x%20digital%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%3B%20HD%20slo-mo%20%40%20120%2F240fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%3B%20Animoji%2C%20Memoji%3B%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20slo-mo%20%40%20120fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323%20mAh%2C%20up%20to%2026h%20video%2C%2020h%20streaming%20video%2C%20100h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030m%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20SIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Blue%2C%20midnight%2C%20purple%2C%20starlight%2C%20Product%20Red%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C799%20%2F%20Dh4%2C199%20%2F%20Dh5%2C049%3C%2Fp%3E%0A
The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

Updated: October 25, 2022, 7:21 PM`