Passengers are again packing up their suitcases and flying through the skies en masse, but airline carriers are struggling to lift profits higher.
Air Arabia, based in Sharjah, announced yesterday it served 4.45 million passengers throughout last year, up 10 per cent over 2009.
The airline's expansion plans from last year helped increase the traffic, with new destinations linking Sharjah to places such as Kabul, Afghanistan, and Sohag in Egypt.
The number of passengers Air Arabia carried as a percentage of the seats it had available also climbed, reaching 83 per cent, and up 3 per cent from 2009.
"What we saw in 2010 at Air Arabia was the continued appeal of our low-cost model, here in the UAE and the region," said Adel Ali, the group chief executive of Air Arabia.
But higher fuel prices and pressure on yields pushed the airline's net profit down 31.5 per cent last year compared with 2009, to Dh309.5 million (US$84.2m).
"While we recognise the sector will continue to face challenges in 2011, including likely sustained high fuel prices, we believe if we ensure our value for money product and operational excellence, our financial performance will reflect that commitment over time," Mr Ali said. Air Arabia is not the only carrier with a boost in passenger traffic but a squeeze in profits.
Globally, passenger air traffic jumped 8.2 per cent last year compared with 2009, according to figures released this month by the International Air Transport Association (Iata).
It was an optimistic sign for the international airline industry after a drop-off in passengers for 2009, which ended up being the worst decline in aviation history.
But overall, profit margin for the industry was a "pathetic" 2.7 per cent, said Giovanni Bisignani, the director general and chief executive of the Iata.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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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.
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
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Damien McElroy: Anti-science attitudes in America are proving lethal
Editorial: What makes the UAE such a good place to test vaccines?
Editorial: The fight against Covid-19 should be guided by science
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KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Crisis in Lebanon
Sunniva Rose: People reminisce about war years during Ramadan
Massoud A Derhally: Central bank governor a saviour or scapegoat?
Bilal Saab: How the US can bypass Hezbollah and help the people
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While you're here
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While you're here
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MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition