Day: November 10, 2021

DUBAI, The Emirates Group today announced its half-year results for its 2021/2022 financial year.

Group revenue was AED24.7 billion (US$6.7 billion) for the first six months of this year, up 81 percent from AED13.7 billion ($3.7 billion) during the same period last year.

This strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their COVID-19 vaccination programmes.

The Group also reported an EBITDA of AED5.6 billion ($1.5 billion), illustrating its strong return to operating profitability.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, said, “As we began our 2021-22 financial year, COVID-19 vaccination programmes were being rolled out at unprecedented scale around the world. Across the Group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond.

“Our cargo transport and handling businesses continued to perform strongly, providing the bedrock upon which we were able to quickly reinstate passenger services. While there’s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021-22.”

Sheikh Ahmed also thanked the customers for their continued support, as well as all the aviation and travel industry stakeholders and partners for their efforts that have made it possible for international air travel to resume safely and smoothly.

“Our ability to pivot and pull through the toughest period in our history to date, can be attributed to Emirates’ and dnata’s strong brands, high quality products and services, digital and innovation capabilities, and our amazing people. We intend to continue investing in these core areas to take our business into the future, together with the leaner processes and new technology capabilities that we’ve implemented in the past months,” Sheikh Ahmed added.

Source: Emirates News Agency

DUBAI, The United Arab Emirates, represented by the Ministry of Finance (MoF), signed an agreement to promote and protect mutual investments with Jersey, as part of the country’s endeavours to strengthen and activate means of economic and investment cooperation with various countries of the world.

The agreement, which was signed at the ministry’s headquarters in Dubai, aims to encourage foreign investment, protect both nations’ investments from all non-commercial risks, and secure a comprehensive balance between rights and obligations between investors and the host country, thereby stimulating business initiatives for sustainable economic development.

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, signed the agreement on behalf of the Government of the UAE, while Jersey’s Minister for External Relations and Financial Services, Senator Ian Gorst, signed it on behalf of the Government of Jersey, in the presence of senior officials from both parties.

Al Hussaini reaffirmed the UAE’s keenness to bolster its relations with various countries of the world by signing such agreements, which contribute to echoing the country’s global financial and investment presence.

He said, “Signing the agreement on mutual promotion and protection of investments between the UAE and Jersey reaffirms ambition of both countries’ leaderships to strengthen economic and investment cooperation in various economic and financial fields. It also reiterates their commitment to providing the appropriate environment to attract foreign investments in accordance with a legal and legislative system that is in line with best international practices.”

Senator Gorst welcomed the signing of the agreement, saying, “I am delighted to conclude this important treaty, which will serve to further improve the business environment and enhance investment flows between Jersey and the UAE. This is Jersey’s first Bilateral Investment Treaty, and it is symbolic of our deep friendship that this should be signed between our respective jurisdictions.

“As Jersey celebrates its 60th anniversary as an International Finance Centre, and as the UAE looks forward to the occasion of its 50th national day, this new treaty reflects the strength of the relationship between us and will encourage greater economic for mutual benefit.”

The agreement creates a conducive environment for mutual investments and licensing, and covers the transfer of profits and revenues in convertible currency. It also grants national and most-favoured-nation (MFN) treatment in the management, maintenance and expansion of investments, with emphasis on non-interference in all investment-related subjects.

Additionally, it provides investors with a just and immediate compensation for their investments in case of their appropriation for the public interest – in accordance with the approved law and provided that the compensation value is in accordance with the market value of the investment prior to its seizure.

The UAE, represented by the Ministry of Finance, has signed 104 bilateral agreements to protect and encourage investment with different countries around the world.

Source: Emirates News Agency