Dubai government considers Emirates Airlines offer to the public

Emirates airline and its subsidiaries may be listed in stock exchange, in the emirate’s plan to offer 10 state-owned companies.

The chairman of the board, Sheikh Ahmed bin Saeed Al Maktoum, said: “Emirates Airlines and its units can be offered on the Dubai stock exchange.” According to Bloomberg Agency, Al reviewed it.

The comments arrive in one moment in which the emirate is stepping up its efforts to reach the Abu Dhabi and Riyadh stock exchanges, which were the hottest IPO markets in Middle East in 2021.

Emirates Airlines faced pressure during the outbreak, with the airline industry affected, as it registered its own prime losses in decades due to the closure of Corona and its impact on international travel, while the government has invested approximately $ 3.7 billion in the last year in the company.

While the tourism sector has recently recovered in the UAE due to high vaccination rates and low infection rates, Dubai has recently attracted thousands of visitors and events.

For his part, Emirates president Tim Clark said last month that the company aims to restore the entire network by mid-2022.

And the chairman of the board revealed that Emirates Airlines might as well take in considering the listing of subsidiaries. This could include dnata, which operates in freight, ground handling, catering, retail and travel services, which saw demand return quickly after pandemic-related restrictions on flights and travel were eased.

Revenue from that unit increased 55% to $ 1 billion in the first half and transformed in a profit of $ 23 million from a loss of $ 396 million in the same period last year.

Meanwhile, the major airline recorded a net loss of $ 1.6 billion during the first half of the year, which is less than half of the losses in the first six months of the previous year, and revenue increased by 81 million. %.

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