Day: May 12, 2023

Business

Dubai’s Emirates announces $2.9bn bonus scheme for employees

head dubai May 12, 2023 No Comments

The move comes after the company recorded its highest ever profit.

Emirates has announced a 24-week bonus for employees of over AED 10.6bn, the move comes following the announcement of the company recording its highest-ever profit of $3bn.

Emirates airline in Dubai has announced a groundbreaking achievement with annual profits reaching $3 billion, marking a remarkable milestone as their most profitable year to date. This record-breaking success was disclosed in the Emirates Group’s Annual Report for the 2022-23 period, signifying a complete transformation from the previous year’s loss position.

Emirates Group revealed an impressive revenue of $32.6 billion (AED 119.8 billion), attributing the substantial 81 percent surge to a resurgent consumer demand following the lifting of travel restrictions by various countries in 2022, thus propelling the airline’s remarkable financial performance.

The Emirates Group concluded the year 2022 with an unprecedented cash balance of $11.6 billion (AED 42.5 billion), marking the highest recorded amount in its history. This substantial cash reserve signifies the Group’s strong financial position.

Both Emirates and dnata, operating under the Group, experienced a remarkable surge in revenues across various travel-related sectors, including air transport, during the financial period.

In the fiscal year ending on March 31, 2023, the Emirates Group achieved a remarkable profit of $3.0 billion (AED 10.9 billion), showcasing a remarkable turnaround from the $1.0 billion (AED 3.8 billion) loss incurred in the previous year.

“I’m proud of the Emirates Group’s performance for 2022-23, and our contribution to the restoration of air transport and tourism across the markets we serve, including Dubai’s astounding 97 percent year-on-year growth in international visitors for 2022,” Emirates airline and Group chairman, Sheikh Ahmed bin Saeed, said in a statement on Thursday.

“The Group is the biggest player in the UAE’s aviation sector, which supports over 770,000 jobs and generates an estimated contribution to GDP of over US$ 47 billion (AED 172.5 billion).”

Business

UAE calls for higher decarbonization investment by GCC countries

head dubai May 12, 2023 No Comments

GCC countries should allocate more capital to their energy transition and decarbonisation strategies to bolster climate action and sustainable development, the UAE’s Minister of Industry and Advanced Technology has said.

Addressing the GCC Industrial Co-operation Committee and GCC Ministerial Committee for Standardisation meetings in Muscat on Thursday, Dr Sultan Al Jaber said these investments would lay the groundwork for more sustainable economic development in vital sectors, including industry.

The UAE has developed a pioneering model to strengthen economic and developmental partnerships and engage the private sector in sustainable growth, he added.

“As the UAE prepares to host Cop28, we stress the importance of fraternal co-operation to bolster climate action,” said Dr Al Jaber, who is also President-designate of the Cop28 summit that will be held in Dubai from November 30 to December 12.

“It is critical that countries in the Gulf work together to increase investments in the energy transition and in decarbonisation.”

Dr Al Jaber led a high-level UAE delegation at the meetings in Muscat, which were attended by GCC ministers of industry and trade.

Members of the delegation included Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, Mohammed Al Dhaheri, UAE ambassador to Oman, Omar Al Suwaidi, undersecretary in the Ministry of Industry and Advanced Technology, and Abdulla Alsaleh, undersecretary in the Ministry of Economy, as well as officials and executives from government and private companies.

The 50th meeting of the Industrial Co-operation Committee and the fifth meeting of the Ministerial Committee for Standardisation addressed topics related to enhancing co-operation in industry, standards and metrology, and plans to boost collaboration among member states.

Oman is currently president of the GCC Council.

Dr Al Jaber underlined the UAE’s commitment to strengthening relations and co-operation with GCC countries to boost investment and promote sustainable economic growth.

The meetings reaffirm the deep relations among the GCC countries, especially in the industrial sector, which plays an important role in sustainable economic growth within the Gulf region, he said.

“The GCC represents a model for multinational co-operation that achieves effective sustainable economic development.”

Dr Sultan Al Jaber has previously called for developing nations to be given access to funding to ensure they are not priced out of pursuing climate goals.

Early this month, speaking at the Petersberg Climate Dialogue in Berlin, he said the Cop28 summit should deliver an action plan that engages the public and private sector to achieve transformational results.

Blog

Elon Musk announces Linda Yaccarino as new Twitter CEO

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Elon Musk on Friday announced that NBCUniversal’s former head of advertising Linda Yaccarino has been named Twitter’s new chief executive.

“I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Mr Musk tweeted on Friday.

Mr Musk said Ms Yaccarino will focus on business operations while he spends more time on product design and new technology.

Ms Yaccarino left her position at NBCUniversal prior to Mr Musk’s announcement.

“It has been an absolute honour to be part of Comcast NBCUniversal and lead the most incredible team,” said Ms Yaccarino, who joined NBCUniversal in 2011.

Her departure follows a tweet from Elon Musk on Thursday in which he said he had found someone to head the social media company.

Several outlets including The Wall Street Journal reported that Ms Yaccarino, previously chairwoman of global advertising and partnerships at NBCUniversal, was in talks for the role.

The announcement comes nearly six months after a Twitter poll ended with a majority of users wanting him to leave the role.

“Excited to announce that I’ve hired a new CEO for X/Twitter,” Mr Musk said in his tweet.

The new chief executive will start in about six weeks, he added.

He did not disclose the identity of the new chief executive but referred to the new job holder as “she”.

Mr Musk also said he would transition to overseeing product, software and systems operations as executive chairman and chief technology officer.

Last month, he announced that Twitter would merge with a new company called X Corp.

After completing his $44 billion takeover of Twitter in October, Mr Musk, who also owns Tesla, made a series of changes in a turbulent time for the company.

Within the first two weeks, he laid off half of the company’s staff and fired former chief executive Parag Agrawal, as well as other senior leaders in the company.

The billionaire businessman had previously complained of working too-long hours as head of Twitter and his other companies.

His ownership of the social media platform has also been criticised over changes including paid subscriptions for verification status, a “For You” newsfeed and the reinstatement of controversial accounts such as that of former US president Donald Trump.

Earlier this week, Mr Musk said Twitter would soon offer voice and video calls that would probably challenge rival platforms WhatsApp and Instagram.