Released today in the Group’s 2012-13 Annual Report, the company posted an AED 3.1 billion (US$ 845 million) net profit, up 34 per cent from last year. The Group’s revenue reached AED 77.5 billion (US$ 21.1 billion) an increase of 17 per cent over last year’s results. The Group’s cash balance grew by 53 per cent reaching a solid AED 27.0 billion (US$ 7.3 billion).

“Achieving our 25th consecutive year of profit in a financial year with our largest ever increase in capacity across the network is an achievement that speaks to the strength of our brands and our leadership,” said His Highness (H.H) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.

Despite a difficult operating environment, the Group continued to invest in and expand on its employee base, increasing its overall staff count by 12 per cent to 68,000.

Emirates continued with its growth plan and during the financial year saw the largest increase in capacity in the airline’s history receiving a staggering 34 new aircraft, the highest in any single year and an unprecedented achievement. These aircraft were funded by raising more than US$ 7.8 billion, also a first, through a variety of financing structures. Overall capacity measured in Available Tonne Kilometres (ATKMs) increased by 5.5 billion tonne-kilometres. Other significant capacity increases include launching 10 new destinations across six continents, shipping more than 2 million tonnes of cargo for the first time and carrying an additional 5.4 million passengers over last year, the highest increase in a financial year.

In the 2012-13 financial year Emirates’ fuel bill increased by 15 per cent over last year to reach AED 27.9 billion (US$ 7.6 billion). With total operating costs increasing by 16 per cent compared to a revenue increase of 17 per cent over last year.

Highlighting its sound financials and investor confidence, Emirates raised more than AED 28.6 billion (US$ 7.8 billion) in new funding mainly to secure its on-going fleet expansion, a record amount for the airline. This impressive total included US$ 587.5 million financing for additional A380’s with a bond that used the debt capital market in the U.S., a first for a non-U.S. airline in years. Emirates also issued a 10-year amortised Sukuk for US$ 1 billion and raised US$ 750 million with a 12-year amortised bond matched to the payment cycle for the aircraft. It further includes more than AED 20 billion (US$5.4 billion) raised through finance and operating leases.

“We move into the new financial year with confidence and a clear vision of where we are headed. We understand that succeeding in this industry requires determination and we are unapologetic about our drive to be the best,” added Sheikh Ahmed.

Emirates revenue reached a record high of AED 73.1 billion (US$ 19.9 billion) growing by 17 per cent when compared to the 2011-12 financial year. Although the average price of jet fuel did not increase over last year, it remains high and has impacted Emirates’ bottom line with the airline’s profit at AED 2.3 billion (US$ 622 million) representing an increase of 52 per cent over last year’s results.

Carrying a record 39.4 million passengers, an increase of 16 per cent, Emirates logged a robust Passenger Seat Factor, at 80 per cent, remaining consistent with last year’s results. With an increase in seat capacity-Available Seat Kilometres (ASKMs) of 18 per cent the result highlights a strong consumer desire to fly on Emirates’ state-of-the-art aircraft.

Passenger yield remained steady with 30.5 fils (8.3 US cents) per Revenue Passenger Kilometre (RPKM)

Revenue generated from across Emirates’ six regions continues to be well balanced, with no region contributing more than 30 per cent of overall revenues. East Asia and Australasia remained the highest revenue contributing region with AED 20.9 billion (US$ 5.7 billion) up 15 per cent from 2011-12. Europe, up 18 per cent to AED 20.1billion (US$ 5.5 billion) and the Americas up 24 per cent to AED 8.3 billion (US$ 2.3 billion) saw the most significant growth, reflecting new destinations as well as increased frequency and capacity to these regions.

Across the rest of the globe Emirates saw strong revenue increases from West Asia and the Indian Ocean up 13 per cent to AED 8.0 billion (US$ 2.2 billion), Gulf/Middle East up 13 per cent to AED 7.1 billion (US$ 1.9 billion) and Africa with AED 6.7 billion (US$1.8 billion) in revenue, up 10 per cent.

Forging ahead with its intricately planned expansion, Emirates received 34 new wide-body aircraft during the year including 20 Boeing 777-300ERs, 10 Airbus A380s and 4 Boeing 777LRFs compared with last year’s 22 aircraft. With an increased fleet, Emirates launched 10 new destinations in 2012-13 including Ho Chi Minh City, Barcelona, Lisbon, Erbil, Washington, DC, Adelaide, Lyon, Phuket, Warsaw and Algiers.

According to an announcement, the partnership marks a new era for Qantas and Emirates, and for global aviation, as the two carriers collaborate to deliver the best network, lounges, frequent flyer benefits and travel experiences.

“The strength of this partnership stems from the fact the Emirates and Qantas brands are an excellent match. Emirates customers using a Qantas lounge or taking a Qantas flight will experience a level of service that is on par with what they expect from Emirates,” said Tim Clark, President Emirates Airline.

“Our two airlines offer the largest joint fleet of Airbus A380s and passengers will be welcomed through Concourse A, the world’s first, purpose built A380 concourse, at Dubai International Airport, which is the geographical centrepiece of the partnership,” Clark added.

“A major benefit is the range of products we are offering frequent flyers. Customers of either airline can leverage many of their privileges when they fly on the joint network, including earning points, redeeming flights and accessing lounges,” Clark concluded.

Chief Executive Officer of Qantas, Alan Joyce, said the partnership would make long haul travel more seamless – and faster – for millions of Australians. “Our customers from Adelaide, Brisbane, Perth, Melbourne and Sydney have one-stop access to 65 destinations in the Middle East, North Africa, the UK and Europe via the joint Qantas and Emirates network. “By travelling through Dubai, Qantas customers can connect to the extensive Emirates network into Europe and the UK and fly directly to their destination,” Joyce said. “The new network will cut average journey times by more than two hours from Melbourne and Sydney to the top 10 destinations in Europe,” he added.

Combined the two airlines will offer 98 flights a week between Australia and Dubai.

“We will try to evaluate the cooperation of the public but have not decided on how to reward them yet, but it will be something good,” said Colonel Mohammed Rashid Al Muhairi, Director of Tourist Police Department and director of the campaign.

Speaking at a press conference, Col Al Muhairi explained that the aim of the campaign is to prevent people from begging and even though the campaign is carried out throughout the year, it is intensified during Ramadan.

In the first six months of 2012, 201 men and 63 women were arrested for begging.

“Beggars take advantage of Ramadan and go to mosques and markets to ask people for money. We will concentrate on these areas, as well as residential areas, where police patrols will make their rounds especially during peak times,” said Col Al Muhairi.

The campaign runs until the end of the Eid Al Fitr holiday, and over 60 police patrols will take part in the campaign, which covers residential areas all over Dubai, as well as mosques, shopping malls, markets, petrol stations and parking lots.

He pointed out that each area is divided into three types of alerts: red, yellow and green. When a neighborhood is classified as yellow where a number of beggars have been reported, more police patrols will be then dispatched to prevent further beggars accumulating in the area.

Begging is against the law and is punishable as such.

According to Dubai Police, beggars will be arrested and deported within two days and the company responsible for providing a visa will also face penalties.

Brigadier Khalil Ebrahim Al Mansouri, Head of the Criminal Investigation Department (CID) at Dubai Police also encouraged residents not to give money to children who beg as it saves them from exploitation.

“People who have limited resources or face difficult situations in the UAE can contact any of the authorized charity and humanitarian organizations, who will study their individual cases and offer them help in a legal and safe manner,” he noted.

The campaign against begging is carried out in cooperation with Dubai Municipality, General Directorate of Residency and Foreign Affairs in addition to the Department of Islamic Affairs and Charitable Activities.

DUBAI, From our Correspondent

Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Public Works, said that UAE’s generous and carefully planned spending on infrastructure projects has led to advancing its global ranking in WEF’s Global Enabling Trade Report 2012, and now the world can see the fruits of this approach.

“Upon instructions from His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of UAE, and His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, the Ministry of Public Works continues to build road networks connecting the country’s cities to further boost the economy. Public spending on infrastructure by the UAE is the highest regionally. The accessibility and quality of infrastructure in the UAE contributes to the national economy and furthers our commitment to develop in the country,” he added.

UAE was among the 17 economies who have 100% of their road network paved. It also globally ranks fourth in terms of the quality of air transport infrastructure, sixth in terms of the quality of seaport infrastructure, and seventh in transshipment connectivity.

The WEF report emphasizes other strong areas of performance reflecting the UAE’s ongoing commitment to trade, including Border Administration (11th globally), Transport and Communications Infrastructure (18th globally), and Business Environment (12th internationally). The UAE tops the region in all these areas.

The Enabling Trade Index, published within the framework of the Global Competitiveness Network and the Supply Chain and Transportation Industry Partnership, was developed in consultation with key industry leaders, academics, and international organizations in the trade arena and measures the extent to which economies have developed institutions, policies, and services facilitating the free flow of goods over borders and to destinations. It assesses four key areas of performance, namely market access, border administration, transport, and telecommunications infrastructure and the business environment, and sub-indices within these broad areas. The index provides a yardstick of countries’ performance in creating enabling trade environments and pinpointing where improvements are most needed.

Sources: Ministry of Public Works, World Economic Forum, Gulf News

As 400 titans of shipping and government from 50 countries assemble today for a two-day international counter-piracy conference in Dubai, experts are urging multilateral action to stem escalating torture of seafarers kidnapped at gunpoint.

Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan said the “threat posed by maritime piracy to global trade, and to the region’s security and economic well-being, continues to be grave. Much progress has been made since the last time leaders from government, the global maritime industry, and experts and policymakers joined together in Dubai, in April 2011. However, the persistence of pirate activity off the coast of Somalia reaffirms the UAE’s belief that more work towards a comprehensive international counter-piracy response is required.”

To date, an estimated 235 hostages remain in the hands of heavily armed high-seas marauders awaiting ransom payment by vessel owners. An estimated 35 mariners did not survive their encounters with plundering pirates in 2011.

Dr. Theodore Karasik, director of Research and Development at Institute for Near East & Gulf Military Analysis in Dubai said all indicators point to a piracy crisis that has gone from bad to worse for shipping crews caught in the crossfire.

Karasik lauded UAE senior officials for hosting the piracy conference to push for real solutions that will help curtail nightmarish hostage-taking episodes for the long term.

In 2011, 3,863 seafarers were assaulted by pirates during initial raids and 1,206 people were held captive by pirate gangs. 645 hostages captured in 2010 remained in pirate hands in 2011, whilst 35 hostages captured by Somali pirates died and 8 were killed by pirates during attacks; 19 died during rescue efforts or while trying to escape.

Sources: International Maritime Bureau, Gulf News

Secretary of economic and trade in the Greek Embassy in Dubai said that the first quarter of this year witnessed  from 60% in trade exchanges between both countries, with total Greek exports to the UAE during this period, 398 million dirhams (85 million euro) growth of 61.4% from the previous year and imported from United Arab Emirates worth 93 million dirhams ( 20 million euros) growth of 18.3% compared with the same period last year.

At a news conference to announce the forum Dr. Iitimad, President of the Organizing Committee said that the event is a great opportunity to build and strengthen commercia and navy ties between the Arab and gReek side, which revived the hopes of the market by creating a balanced trade to ensure investment opportunities and effective development.

UAE now hosts many international companies, including more than 135 Greek shipping companies mostly, according to Emirates news agency.