Travel/Tourism
Emirates Group Posts 30th Consecutive Year of Profit
By Modupe Gbadeyanka
The Emirates Group this week announced its 30th consecutive year of profit and steady business expansion.
In its 2017-18 Annual Report released on Wednesday, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year’s results, and the Group’s cash balance increased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter holidays at the end of March.
In line with the overall profit, the Group declared a dividend of AED 2.0 billion (US$ 545 million) to the Investment Corporation of Dubai.
His Highness (H.H.) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “Business conditions in 2017-18, while improved, remained tough. We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless competition. On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar.
“We’ve always responded to the challenges of each business cycle with agility, while never losing sight of the future, and this year was no exception. In 2017-18, Emirates and dnata delivered our 30th consecutive year of profit, recorded growth across the business, and continued to invest in initiatives and infrastructure that will secure our future success.”
In 2017-18, the Group collectively invested AED 9.0 billion (US$ 2.5 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives.
Emirates announced two significant commitments for new aircraft during the year: a US$ 15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will be delivered from 2022, and a US$ 16 billion agreement for 36 additional A380 aircraft, including 16 options.
dnata’s key investments during the year included: acquisition of AirLogistix USA, marking its entry in the US cargo market; expansion of cargo handling capabilities with new warehouses and equipment at London Gatwick, Amsterdam-Schiphol, and Adelaide; new catering facilities in Dublin and Melbourne; and new marhaba lounges in Karachi and Melbourne.
Sheikh Ahmed said: “While expanding our business and growing revenues, we also tightened our cost discipline. Across the Group, we progressed various initiatives to rebuild and streamline our back office operations with new technology, systems and processes. In 2017-18, our reduced recruitment activity, coupled with restructured ways of working gave us gains in productivity, and a slowdown in manpower cost increases.”
Across its more than 80 subsidiaries, the Group’s total workforce declined by 2% to 103,363, representing over 160 different nationalities, as part of the overall productivity improvement initiatives in Emirates and dnata.
Sheikh Ahmed concluded: “Looking ahead, Emirates and dnata remain focussed on delivering safe, efficient and high quality services consistently to our customers. Our ongoing investments in our people, technology, and infrastructure will help us maintain our competitive edge, and ensure that we are ready to meet the opportunities and stay on course for sustainable and profitable growth.”
Emirates performance
Emirates’ total passenger and cargo capacity crossed the 61 billion mark, to 61.4 billion ATKMs at the end of 2017-18, cementing its position as the world’s largest international carrier. The airline moderately increased capacity during the year over 2016-17 by 2%, with a focus on yield improvement.
Emirates received 17 new aircraft, after last year’s record number during a financial year, comprising of eight A380s and nine Boeing 777-300ERs. At the same time, eight older aircraft were phased out, bringing its total fleet count to 268 at the end of March. This fleet roll-over involving 25 aircraft was again one of the largest managed in a year, keeping Emirates’ average fleet age at a youthful 5.7 years.
It underscores Emirates’ strategy to operate a young and modern fleet which is better for the environment, better for operations, and better for customers. The airline remains the world’s largest operator of the Boeing 777 and A380 – both aircraft being amongst the most modern and efficient wide-bodied jets in the sky today.
During the year, Emirates launched two new passenger destinations: Phnom Penh (Cambodia) and Zagreb (Croatia). It also added flight capacity to 15 existing destinations, offering customers more choice of flight timings and onward connections.
Emirates also grew its global connectivity and customer proposition through strategic partnerships. During 2017-18, Emirates entered into significant partnerships with flydubai and Cargolux, expanding the choice of air services on offer to passenger and cargo customers respectively. Emirates also received authorisation to extend its partnership with Qantas until 2023.
In spite of political challenges impacting traveller demand and fare adjustments due to a highly competitive business environment, Emirates managed to increase its revenue to AED 92.3 billion (US$ 25.2 billion). The decline of the US dollar against currencies in most of Emirates’ key markets for the first time in a number of years had an AED 661 million (US$ 180 million) positive impact to the airline’s bottom line.
Total operating costs increased by 7% over the 2016-17 financial year. The average price of jet fuel increased sharply by 15% during the financial year. Including a 3% higher uplift in line with capacity increase, the airline’s fuel bill increased substantially by 18% over last year to AED 24.7 billion (US$ 6.7 billion). Fuel is now 28% of operating costs, compared to 25% in 2016-17, and it remained the biggest cost component for the airline.
The airline successfully managed strong competitive pressure across all markets and increased its profit to AED 2.8 billion (US$ 762 million), an increase of 124% over last year’s results, and a profit margin of 3.0%.
Overall passenger traffic growth continues to demonstrate the consumer desire to fly on Emirates’ state-of-the-art aircraft, and via efficient routings through its Dubai hub.
Emirates carried a record 58.5 million passengers (up 4%), and achieved a Passenger Seat Factor of 77.5%. The increase in passenger seat factor compared to last year’s 75.1%, is a result of successful capacity management in response to political uncertainty and strong competition in many markets despite a moderate 2% increase in seat capacity.
Supported by the weakening of the USD against most currencies, passenger yield increased to 25.3 fils (6.9 US cents) per Revenue Passenger Kilometre (RPKM).
To fund its fleet growth during the year with high ongoing new aircraft deliveries, Emirates raised AED 17.9 billion (US$ 4.9 billion), using a variety of financing structures, including the successful execution of a US$ 600 million sukuk in March to fund the acquisition of two A380 aircraft to be delivered in 2018.
Emirates continues to tap the Japanese structured finance market in conjunction with debt from a wide-ranging group of institutions in China, France, the United Kingdom, and Japan. The company raised in excess of AED 3.7 billion (US$ 1 billion) during the year from this source. Emirates has also refinanced a commercial bridge facility (due to non-availability of ECA cover) of AED 3.8 billion (US$ 1.0 billion) via an innovative finance lease structure for five A380-800 aircraft, accessing an institutional investor and bank market base from Korea, Germany, the United Kingdom and the Middle East.
These deals align with Emirates’ financing strategy and demonstrate its ability to unlock diverse financing sources through access to global liquidity. It also underscores its sound financials and the strong investor confidence in the airline’s business model.
Emirates closed the financial year with a healthy and increased level of AED 20.4 billion (US$ 5.6 billion) of cash assets.
Revenue generated from across Emirates’ six regions continues to be well balanced, with no region contributing more than 30% of overall revenues. Europe was the highest revenue contributing region with AED 26.7 billion (US$ 7.3 billion), up 12% from 2016-17. East Asia and Australasia follows closely with AED 25.4 billion (US$ 6.9 billion), up 12%. The Americas region recorded revenue growth at AED 13.4 billion (US$ 3.7 billion), up 7%. Gulf and Middle East revenue decreased by 2% to AED 8.5 billion (US$ 2.3 billion) whereas revenue for Africa increased by 8% to AED 9.4 billion (US$ 2.6 billion). West Asia and Indian Ocean revenue increased by 5% to AED 7.8 billion (US$ 2.1 billion).
Through the year, Emirates introduced product and service improvements on board and on the ground.
Key highlights include: the launch of fully-enclosed suites in First Class together with refreshed Business Class and Economy Class cabins on the 777-300ER aircraft; new, wider Business Class seats arranged in a 2-2-2 layout on the 777-200LR aircraft; and a refreshed version of the popular Onboard Lounge on the Emirates A380.
On the ground, Emirates added a new dedicated lounge in Boston for its premium passengers and frequent flyers; refurbished existing lounges in Singapore and Bangkok, and completed a US$ 11 million makeover of its lounges in Dubai airport Concourse B.
Emirates also invested in new channels and technology to offer even better and more personalised customer experiences online, on mobile, as well as via its retail and contact centres.
For 2018-19, Emirates has announced new routes to London Stansted in the UK, Santiago in Chile, Edinburgh in Scotland, and an additional flight between Dubai and Auckland via Bali, aside from capacity upgrades to existing destinations.
Emirates SkyCargo recorded a strong performance in a resurgent market, and continues to play an integral role in the company’s expanding operations, contributing 14% of the airline’s total transport revenue.
In an airfreight market with fast-changing demand patterns, Emirates’ cargo division reported a revenue of AED 12.4 billion (US$ 3.4 billion), an impressive increase of 17% over last year, while tonnage carried slightly increased by 2% to reach 2.6 million tonnes.
This year, freight yield per Freight Tonne Kilometre (FTKM) increased by 14%, reflecting a very positive market environment for the industry, and the weakening of the USD against major currencies.
Emirates’ SkyCargo’s total freighter fleet stood at 13 Boeing 777Fs. In addition to belly-hold capacity to Emirates’ new passenger destinations, Emirates SkyCargo launched new freighter services to Maastricht (Netherlands), Luxembourg, and Aguadilla (Puerto Rico).
Emirates SkyCargo continued to develop innovative, bespoke products tailored to key industry sectors. In November, it signed an MoU with Dubai CommerCity to develop new solutions for the e-commerce sector using Dubai as a hub.
During the year, Emirates SkyCargo launched Emirates Fresh for perishable commodities such as fresh cut flowers, fruits and vegetables. For temperature-sensitive Pharma products, Emirates SkyCargo rolled out a pharma corridors programme to offer enhanced origin-to-destination protection, and it also partnered with DuPont to introduce White Cover Xtreme, a next generation thermal blanket to protect sensitive cargo.
Emirates’ hotels recorded revenue of AED 746 million (US$ 203 million), a moderate increase of 1% over last year in a highly competitive market mainly in the UAE.
dnata performance
In its 59 years of operation, 2017-18 has been dnata’s most profitable year, crossing AED 1.3 billion (US$ 359 million) profit for the first time. Building on its strong results in the previous year, dnata’s revenue grew to AED 13.1 billion (US$ 3.6 billion), up 7%. dnata’s international business now accounts for 68% of its revenue.
The strong performance was achieved through organic growth with key contract wins coupled with solid customer retention across its four business divisions, as well as the impact of acquisitions from previous year.
dnata continued to lay the foundations for future growth by investing AED 600 million in new facilities and equipment, acquisitions, leading-edge technologies and people development.
One of its key initiatives in 2017-18 was to embark on the journey to implement a new Enterprise Resource Planning (ERP) solution that will transform its business support functions, and provide real time information to enable better decision making, governance, efficiency and scalability for continued growth and expansion.
In 2017-18, dnata’s operating costs increased accordingly by 8% to AED 11.9 billion (US$ 3.2 billion), reflecting the impact of organic growth across all lines of business coupled with integrating the newly acquired companies mainly across its international airport operations.
dnata’s cash balance reached AED 4.9 billion (US$ 1.3 billion), a new record high. The business delivered an AED 1.9 billion (US$ 506 million) cash flow from operating activities in 2017-18, which is also a new record in line with the enhanced cash balance.
Revenue from dnata’s UAE Airport Operations, including ground and cargo handling increased by 4% to reach AED 3.2 billion (US$ 859 million).
The number of aircraft movements handled by dnata in the UAE declined by 2% to 211,000 impacted by the geopolitical situation in the region, whereas Cargo handling increased by 2% to 731,000 tonnes, supported by the strong overall air cargo market.
In addition to the steady delivery of initiatives started in 2014 to optimise its operations, covering facility improvements, process changes, infrastructure upgrades and IT development, dnata also successfully tested the use of blockchain technology to further streamline and simplify its cargo delivery processes from origin to final destination.
dnata’s International Airport Operations division grew revenue by 14% to AED 3.8 billion (US$ 1.0 billion), on account of increasing business volumes, opening of new locations and winning new contracts.
International airport operations continue to represent the largest business segment in dnata by revenue contribution. The number of aircraft handled by the division further increased substantially by 10% to 449,000, and Cargo noted a substantial growth of 10% to 2.4 million tonnes of handled goods.
dnata continued to win over customers with its high quality standards, inking over 90 contracts with new and existing customers during the year.
During the year, dnata made significant investments which expanded its capability and global presence. In May, dnata entered the US cargo market with its acquisition of AirLogistix USA. The investment includes state-of-the-art cargo handling facilities in Houston and Dallas Fort-Worth. dnata also expanded its cargo handling capabilities at Gatwick, opened an additional cargo warehouse in Schiphol, and a new airside cargo facility in Adelaide.
In the US, it received a new licence to provide ground handling services at John F. Kennedy International Airport’s (JFK) Terminal 4; and it commenced operations at JFK’s Terminal 8. In Singapore, dnata began operations at Singapore Changi Airport’s new Terminal 4; and opened a new maintenance base for ground service equipment.
dnata’s Catering business accounted for AED 2.1 billion (US$ 585 million) of its total revenue, up 7%. The inflight catering business uplifted more than 55 million meals to airline customers.
During the year, dnata opened a state-of-the-art catering hub at Melbourne airport, the largest such facility in the southern hemisphere, and a second catering facility in Ireland at Dublin airport. It also entered the Canadian market when it was awarded a licence to provide flight catering services to airlines departing Vancouver International Airport, and has commenced plans to build a dedicated catering facility there.
dnata strengthened its presence in the North American market with the acquisition of 121 in-flight catering, a New York-based in-flight and VIP caterer in March. This is pending approval from the Committee of Foreign Investments in the United States (CFIUS). In April 2018, dnata announced the acquisition of Qantas’ catering business, subject to the approval of the Australian Competition and Consumer Commission.
Revenue from dnata’s Travel Services division has seen a turnaround after last year’s decline with an increase of 8% to AED 3.4 billion (US$ 922 million). The underlying total transaction value (TTV) of travel services sold increased by 6% to AED 11.3 billion (US$ 3.1 billion).
This solid performance was supported by dnata’s ability to tap on the upswing in both inbound and outbound tourism demand in the Middle East, and a healthy increase in long-haul travel and cruise bookings in Europe and Australia.
In 2017-18, dnata completed its acquisition of a stake in Destination Asia, a leading destination management company with operations across 11 Asian countries, making its entry into South East Asia’s inbound travel market. Its UK-based Imagine Cruising business, completed a successful first year of trading in Australia, and acquired Holiday Planet, a leading travel company in Perth to boost growth in this market.
During the year, dnata invested in technology to provide enhanced functionality and a better service experience for its partners and customers. This included the creation of two travel reservation systems for Emirates Holidays and dnata Travel’s B2B business, to replace existing ones.
By Aduragbemi Omiyale
To help travellers move from trip intent to search, comparison and planning through natural conversation, Radisson Hotel Group has partnered with Accenture to introduce an AI-powered hotel discovery app in ChatGPT.
The launch marks an important step in Radisson Hotel Group’s move toward agentic commerce, a shift from traditional, channel-based booking journeys to AI-led experiences where discovery, comparison, and decision-making happen through conversation.
As travellers increasingly turn to AI to ask questions, narrow down options, and plan trips, hospitality brands need to be visible, accurate, and actionable at the moment of intent.
Available as @RadissonHotels in ChatGPT, the app enables users to search for Radisson Hotels properties across over 100 countries and more than 1,000 hotels through natural conversation.
By starting a new ChatGPT conversation with @RadissonHotels at the start of the prompt, travellers can ask for advice to plan a family-friendly weekend stay in Amsterdam, or a hotel in Paris with a gym and spa near the Eiffel Tower.
The app will respond with relevant Radisson Hotels properties with live inventory and rates, location context, amenities, hotel details, and interactive map-based results. When ready, travellers are directed to complete the reservation through the Radisson Hotels website.
Commenting on the development, the chief commercial officer of Radisson Hotel Group, Gianni Di Fede, said, “AI is radically transforming how people search for and book hotel stays, and we are committed to being at the forefront of this shift.
“With Accenture, we are reimagining hotel discovery for the next generation of travellers—meeting guests in the planning moment with a branded experience that makes it easier to find, compare, and book Radisson Hotels properties.”
Also commenting, the chief executive of Accenture, Ndidi Oteh, said, “Agentic commerce is fundamentally changing how people discover and choose brands. As journeys become more conversational and intent-driven, companies have to rethink how they show up — not just to be found, but to be chosen, and to deliver value in that moment.
“Radisson Hotel Group is taking a step in that direction, creating a more direct and meaningful way to connect with travellers when decisions are being made.”
The senior managing director and global Travel lead for Accenture, Emily Weiss, said, “With travel, planning is becoming easier for consumers, but more competitive for brands.
“Travellers want to compare options quickly, narrow down choices and book with confidence, often in a single journey. That puts pressure on brands to show up with accurate, up-to-date, and easy-to-navigate information at every step.
“With Radisson Hotel Group, the focus was on making hotel content more accessible, so travellers can find what they need, explore options, and move to booking more seamlessly.”
As traditional travel and second-residency destinations like London and Paris become increasingly restrictive and expensive, forward-thinking African investors are shifting their gaze, with Greece quietly emerging as the most strategic, high-value decision a Nigerian traveller or wealth-builder can make.
There is a version of Europe that Nigerians have been selling for decades, which is London, Paris and maybe Amsterdam. They are familiar, expensive and are becoming increasingly difficult to get into. Greece is the counter-argument. Older than all of them, more beautiful than most and, right now, quietly becoming one of the smartest moves an African traveller or investor, can make.
Greece: The Country
Greece is one of the few places in the world that earns every photograph taken of it. The Aegean in full summer light is genuinely that colour. The ruins are genuinely that old. The food is genuinely good. What makes Greece remarkable as a destination, however, is not a single thing, but a range of things.
Athens is a capital city carrying the full weight of Western civilisation on its back, and somehow still functioning as a modern, energetic place to actually live. The Acropolis sits above a neighbourhood of rooftop bars, vinyl record shops and restaurants where you eat well for a fraction of what you would spend in Rome. Santorini delivers on every expectation; Mykonos runs at a different frequency entirely. It is unapologetically cosmopolitan, built for people who want the Mediterranean and the party in the same week. Crete, the largest island, holds its own world: ancient Minoan ruins, dramatic gorges, a food culture distinct from the rest of Greece and enough coastline to spend a fortnight without repeating a beach.
Beyond the names, there are another two hundred inhabited islands. Some of the best experiences in Greece happen on the ones nobody has heard of.
Why It Works for Nigerians Specifically
Greek food is generous and deeply flavoured: grilled seafood, slow-cooked lamb, and wine that costs almost nothing. For a Nigerian palate, it lands. The country is safe, the English penetration in tourist areas is high, and the culture has genuine warmth toward visitors rather than a transactional tolerance of them.
Practically, Greece is also better value than the European destinations Nigerians typically default to. A week in Athens and one of the islands costs significantly less than an equivalent week in London or Paris, with a better climate and more to actually see.
Getting There and Getting In
There are no direct flights from Lagos or Abuja to Athens. Connections run through Istanbul on Turkish Airlines, Dubai on Emirates, or Addis Ababa on Ethiopian, with total journey times from around ten hours. Turkish Airlines tends to offer the most competitive fares on this corridor. Nigerian passport holders require a Schengen visa, which covers up to 90 days across the entire Schengen zone, implying that a Greece trip can roll into Italy or France on the same document.
The Bigger Play: Residency Through Property
For Nigerians who have spent years watching London prices climb past £500,000 and US investor visas demand upwards of $800,000 in complex, job-creating commitments, Greece quietly offers something the others have stopped offering: a clear, property-linked path to EU residency that actually works.
The Golden Visa programme is the mechanism. With a minimum real estate investment starting from €250,000, the Greek Golden Visa provides the lowest entry point, compared to other European residency schemes. Invest in qualifying Greek real estate, and you receive a five-year renewable EU residence permit for yourself, your spouse, your children and both sets of parents. No minimum stay or points system or lottery. It is simply ownership. And after seven years of continuous residency, a Greek and, therefore, EU passport becomes a genuine possibility.
The investment returns are real too. Athens property prices rose 8.5% in 2024 alone. Rental yields average 4–5% annually in the city, with stronger returns during peak tourism periods. New-build properties currently carry an exemption from the standard 24% VAT, reducing upfront costs considerably. For Nigerians looking to move wealth out of naira exposure and into a hard currency, income-generating asset in a stable EU market, the numbers are not incidental; they are the point.
But here is where most people get stuck: the fear of getting it wrong. Stories of fraudulent intermediaries, unclear property titles, and lost investments have made many Nigerians hesitant about putting serious money into foreign real estate. That hesitation is legitimate.
It is also exactly what MIBS Group was built to resolve. With over 50 years of experience as a real estate developer in Greece and deep expertise in the Golden Visa process, MIBS Group handles the full journey for African investors, from identifying and acquiring the right property through the visa application itself to rental management once the investment is in place. They understand both the Greek market and the specific concerns of Nigerian and African buyers. With the recent opening of their Lagos office, MIBS Group has strengthened its presence in Nigeria, offering face-to-face support and serving as a reliable local partner for Nigerian investors throughout their investment journey. That combination- high-end properties and end-to-end trusted guidance- is what turns a complicated cross-border investment into a straightforward, protected transaction.
Where other destinations keep raising the bar, Greece keeps the door open. And with MIBS Group, Nigerians can walk through it with confidence.
The Case Closed
Greece earns the attention it is getting. It is beautiful in a way that requires no filter and no curation. It is historically significant in a way that makes everywhere else feel recent. And right now, it is one of the few European countries offering Africans a genuinely accessible path, not just to visit, but to belong.
By Adedapo Adesanya
The presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has called for a comprehensive investigation into the runway excursion of an Enugu Air aircraft during landing at the Benin Airport on Thursday.
He also expressed relief, describing the safe evacuation of all passengers and crew as a cause for gratitude in a statement on X on Friday.
Mr Obi said he received the news of the incident “with profound relief,” noting that all 68 passengers and crew members on board disembarked safely without injuries or fatalities.
Business Post reports that Flight 4264 (registration 5N-ENR) from Lagos (LOS) to Benin (BNI) got involved in the runway excursion after overrunning the end of Runway 05 during landing.
Also, the Nigerian Safety Investigation Bureau (NSIB) has commenced an investigation into the incident involving the Embraer E170 aircraft at the Benin Airport.
“I join all Nigerians in thanking God Almighty that all 68 passengers and crew members on board disembarked safely, with no injuries or fatalities recorded. The preservation of human life must always remain our highest priority,” he said.
Mr Obi commended the pilot, cabin crew, and airport emergency response teams for their swift and professional response, saying their actions helped prevent a more serious outcome.
“I commend the pilot, the flight crew, and the airport emergency response teams at Benin Airport for their swift, professional, and coordinated handling of the situation, which helped avert what could have been a far more serious incident. Their composure and decisiveness under pressure deserve the highest commendation,” he stated.
While expressing gratitude for the safe outcome, Mr Obi described the incident as a reminder of the need to strengthen aviation safety measures across the country.
“The incident serves as a sobering reminder of the importance of unwavering adherence to aviation safety protocols, rigorous aircraft maintenance, and sustained investment in airport infrastructure and operational standards across the country,” he said.
The former Anambra State governor also called on the Nigerian Civil Aviation Authority and the Nigerian Safety Investigation Bureau to carry out a thorough, transparent, and timely investigation into the circumstances surrounding the runway excursion.
“I urge the relevant regulatory and investigative authorities, particularly the NCAA and the NSIBo, to conduct a thorough, transparent, and timely investigation into the circumstances surrounding this incident and to make their findings and recommendations public,” Mr Obi said.
He added that every aviation incident should be treated as an opportunity to improve safety standards and reinforce public confidence in Nigeria’s aviation sector.
“Every aviation occurrence presents an opportunity to strengthen our safety systems. Learning from this incident will further reinforce public confidence in Nigeria’s aviation sector and help ensure that our skies remain among the safest possible,” he added.
