In April 2020, Emirates was processing approximately half a million refunds on flights. It was three years ago and the beginning of the Covid-19 pandemic, which had only just been officially deemed as such by global health authorities.
At the time, the airline group’s chief executive and chairman, Sheikh Ahmed bin Saeed, cited “a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions”. According to Sheikh Ahmed, the company would “take aggressive cost management measures, and other necessary steps to safeguard our business, while planning for business resumption”.
While many organisations and businesses, both in the UAE and around the world, were also making similar decisions, it is the latter part of Sheikh Ahmed’s statement that is most instructive for us all today.
“Planning for business resumption” was not a throwaway remark designed to provide a silver lining to the cloud we were all living under. The airline’s management was highly conscious about not over-doing the cost cutting, diminishing capacity to such an extent that they would miss the opportunities that would be on offer once the rebound began. Of course, everyone was concerned about survival – economic and literal – and the pandemic proved to be deadly. There was so much we did not know in the spring of 2020, but Emirates knew that at some point the crisis would pass and normal business would resume.
The seeds of the future are always sown in the decisions taken in the present
This stance came to mind following the news this month that staff at Emirates airlines will enjoy a share of a Dh10.6 billion ($2.9 billion) bonus pot after the company recorded its highest annual profit yet.
Documentation seen by The National shows that more than 50,000 of its employees will receive 24 weeks of pay with their May salary. The flagship airline in Dubai posted a $2.9 billion profit in the fiscal year that ended on March 31. "For our outstanding performance in 2022-2023, you deserve every bit of the 24-week profit share," the document read.
Revenue jumped 81 per cent to about $29 billion, as the airline more than doubled the number of passengers carried, restored most of its global network and reinstated more passenger flights after the lifting of Covid-19 travel restrictions. The airline carried 43.6 million passengers, up 123 per cent from last year, it said.
“We had anticipated the strong return of travel, and as the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly and safely to serve our customers,” Sheikh Ahmed said on Thursday. “As a result, we have delivered a record financial performance and cash balance for our financial year 2022-2023.
“This reflects the strength of our proven business model, our careful forward planning, the hard work of all our employees, and our solid partnerships across the aviation and travel ecosystem.”
This is understated and humble. Yet the achievement is remarkable. Many other airlines are still struggling to get back to profit, even if the International Air Transport Association forecasts an overall net profit for the industry this year. It is expected to be $4.7 billion compared to a pre-pandemic $26.4 billion in 2019.
The prognosis will improve of course. In the meantime, Emirates staff will share in the success they helped achieve.
Their reported bonuses remind me of another business concept – what is known as the "PayPal effect”. After the US digital payment platform was sold to eBay in 2002, former employees went on to start a number of successful technology companies. The PayPal alumni includes Tesla’s Elon Musk, LinkedIn’s Reid Hoffman and YouTube co-founders Steve Chen, Chad Hurley and Jawed Karim.
Something similar happened when hundreds of new millionaires were created among the staff of Careem after its sale to Uber, with 275 of the Dubai ride-hailing technology company’s employees receiving Dh1 million or more for their shares. Two hundred employees became dirham millionaires and about 75 became dollar millionaires.
Some of the Emirates employees enjoying a windfall and looking back at the most difficult period of their professional lives may decide that it is time for a new challenge or a fresh venture. What will their experience, expertise and knowledge create for the UAE economy in the years to come?
Whatever that ends up being, the seeds of the future are always sown in the decisions taken in the present.
Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
Zayed Sustainability Prize
The years Ramadan fell in May
Turning%20waste%20into%20fuel
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Mohammed bin Zayed Majlis
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
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16 years, 68 days old
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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