Emirates Airlines President: The pandemic continues to cause huge losses to economies and the travel industry

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Dubai – Mubasher: Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airlines, said: The Covid-19 pandemic continues to cause huge losses in human lives, societies, economies, the aviation and travel industry.

He continued, “Emirates and dnata have been hit hard in 2020/2021 by the drop in demand for international travel, as countries around the world closed their borders and imposed strict travel restrictions,” according to a press release.

He added, “Our main priorities throughout the year were to ensure the health, welfare and safety of our employees and customers, maintain our cash reserves and control costs, and restore our operations safely and sustainably.”

He confirmed that Emirates Airlines has received a support amount of 11.3 billion dirhams ($ 3.1 billion) from the Dubai government, explaining that the group’s dnata company has benefited from many industry support programs and exemptions of about 800 million dirhams in 2020/2021.

He pointed out that this helped them to continue their operations and retain the vast majority of workers, pointing out that this unfortunately did not prevent the difficult decision to be made to adjust the size of the workforce to suit the low employment requirements.

For the first time since its inception, the Emirates Group was forced to lay off workers. As a result, the group’s total workforce decreased by 31% to 75,145 employees representing more than 160 different nationalities.

The Emirates Group restructured its financial obligations, negotiated contracts, audited and standardized operations, while maintaining strict cost control. The various cost-cutting initiatives contributed to achieving savings estimated at 7.7 billion dirhams during the year.

Sheikh Ahmed bin Saeed Al Maktoum said: “No one knows when the world will overcome the pandemic, but we know that the recovery will be erratic. The economies and companies that maintained their strength at the time of the pandemic will be in a better position to recover.”

He explained that Emirates Airlines and dnata until 2020/2021 enjoyed a proven track record of growth and profitability based on strong business models, continuous investments in capabilities and infrastructure, a strong drive for innovation, and highly qualified human resources under the supervision of a stable leadership team.

And he indicated that these basic components of our success remain unchanged, stressing his full confidence in the recovery of Emirates Airlines and dnata and their emergence stronger than before, in conjunction with Dubai’s constant ambitions to develop economic activity and build the city of the future.

Sheikh Ahmed bin Saeed Al Maktoum concluded his remarks by saying: “This year, we will continue to adopt a flexible approach in response to changing market dynamics. We aim to restore our full operational capacity as soon as possible to serve our customers, and continue to contribute to the rebuilding of economies and societies affected by the pandemic.”

During the fiscal year 2020/2021, the Emirates Group invested 4.7 billion dirhams ($1.3 billion) in purchasing new aircraft and equipment, acquiring companies, facilities and the latest technologies to put business back on the path of recovery and future growth.

It has also continued to invest resources in environmental initiatives, in addition to supporting communities and incubator programs that nurture talent and innovation to drive future industry growth.

And Emirates Airlines announced today, Tuesday, that it incurred… Losses of 22.1 billion dirhams ($6 billion) for the fiscal year ending March 31, 2020/2021 due to the decline in revenues caused by the impact of restrictions on flights and travel as a result of the “Covid-19” pandemic.

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