Emirates Group, which completed 20 years of operations yesterday, has contributed 18 per cent to Dubai's Dh97.98 billion ($26.7 billion) GDP last year and is one of the emirate's most important corporate success stories.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, said the group's contribution to Dubai's economy is Dh17.61 billion (4.8 billion), including a direct expenditure of Dh10.64 billion ($2.9 billion).
Despite the high cost of jet fuel, the airline is expected to declare double-digit profits when it announces half yearly results next month.
"We will declare our half-yearly results on November 12," said Mike Simon, Emirates senior vice-president for corporate communications.
He declined to make any comment on the profitability or performance level, however.
"I do not want to make any forecast. The high oil price has its impact, but we are a strong and growing company and our performance remains strong," he said.
Last month Emirates increased its fuel surcharge by a third. The airline, which also hedges fuel, spent Dh3.27 billion last year, or 21.4 per cent of its operating cost, for fuel and oil.
Financially self-sustained and unprotected, Emirates has consistently bucked industry trends to post record profits for 17 years.
For its last financial year ending March 31, Emirates reported a 49 per cent rise in net profits, on Dh19.1 billion revenue.
It carried 12.52 million passengers and 838,000 tonnes of cargo.
Emirates is the world's second most profitable airline and one of the 20 largest international carriers. It has also contributed Dh91 billion to the local economy over the past 20 years.
