Potential plans to take Emirates public have hit the headlines, but group chairman and CEO of the aviation giant, Sheikh Ahmed bin Saeed Al Maktoum (above), said he was unable to comment during a media round table event on Monday.
However, Bloomberg has reported that shares may be sold, not only the government-owned airline, but also its units, according to an interview given by Sheikh Ahmed to Asharq TV.
Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system – described by one analyst as a cash machine.
Emirates, however, is one of the city’s most well-known assets. The airline was hit hard by the pandemic, and a collapse in its main business of long-haul travel led to its first loss in decades. The government ploughed in about $3.7 billion over the past year to keep it going.
Emirates may also consider listing units, Sheikh Ahmed said on Monday. This may include Dnata, whose businesses in cargo and ground handling, catering and retail, and travel services which saw demand return quickly wherever pandemic-related flight and travel restrictions were eased.
Revenue at that unit surged 55 percent to $1bn in the first half and it swung to a profit of $23 million from a $396m loss in the same period last year. The main airline business, meanwhile, reported a net loss of $1.6bn, less than half it lost a year earlier, and revenue rose 81 percent.
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