ATM 2025: Emirates expects record annual results and is IPO-ready, Sheikh Ahmed says

Emirates expects a "record" annual financial result, said Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group, adding that if the Dubai government asked the company to list, then he would proceed with it.

"We are very satisfied when it comes to our cash reserves on the airline side," he said at a press conference on Monday on the sidelines of the Arabian Travel Market in Dubai.

"If they [the Dubai government] say do it [an initial public offering] tomorrow, I have to do it."

The airline, which is retrofitting about 90 per cent of its total fleet and has more than 300 aircraft on its orderbook, has an appetite for additional new jets and hinted at a possible plane order at the Dubai Airshow in November.

"We're also thinking about the Dubai Airshow and maybe there will be some new announcement," Sheikh Ahmed said, declining to specify the size of a potential plane order or the aircraft models.

Emirates airline president Tim Clark in March told Bloomberg TV that the carrier is “in the market” for more Airbus A350s and Boeing 777Xs.

Asked if the larger A350-1000 model is an option for a possible order, despite issues that Emirates has with the performance of the Rolls Royce engines powering the plane, Sheikh Ahmed said: "We look at it, but no decision has been made."

He said Emirates expects to receive deliveries of its long-delayed Boeing 777X aircraft in the second half of 2026, and is scheduled to get 12 to 15 Airbus A350-900s this year. Emirates will spend about $5 billion to retrofit its older Boeing 777 and discontinued Airbus A380s to keep older aircraft flying for longer, amid delays in deliveries of new models.

While airlines receive compensation from plane makers for delayed aircraft deliveries, it does not match the revenue earned from receiving and flying those jets, Sheikh Ahmed said.

Compensation "is not to the extent that I want to see the aircraft flying. I will be able to make more money than the compensation. That's it", he said. Emirates was supposed to get 90 Boeing 777Xs today if the aircraft debuted on time.

Asked if Emirates would be ready to buy Boeing aircraft destined for Chinese airlines if they are not delivered due to the escalating US-China trade war, Sheikh Ahmed said: "Maybe yes, but also it's not as simple as that."

An aircraft destined for a Chinese airline will be fitted out in that carrier's cabin interiors, seats and design. However, Emirates would not simply load passengers on an aircraft that is not up to its own standards and specs.

"If you think about those aircraft, they were going to China, so we expect that they will be in whatever airline's fit-out, seats, looks, you name it," he said.

"But for me, if I will operate any aircraft as Emirates, it's got to be Emirates-themed."

The additional cost for stripping out the aircraft interiors and retrofitting them would be more expensive.

"I'm sure that Boeing will not sell it at half the price ... Taking this aircraft, stripping this aircraft, retrofitting, it will be a bit expensive to deal with that."

No tariffs impact

Emirates does not see an impact on its business from US President Donald Trump's imposed tariffs regime.

"It's a bit early for me to pre-judge as we speak today but I always remain very optimistic in terms of seeing any issue that we can deal with that will really affect the business. Businesses are used to seeing an increase in costs," Sheikh Ahmed said.

"We are doing very well in terms of traffic and seat factor, on every point on the whole network ... I didn’t see any shift in terms of decline in the number of people traveling to the US."

The airline chairman said he remains "very optimistic" that 2025 will be another good year.

DWC contracts awarded

Dubai has awarded contracts for its $35 billion new terminal at Al Maktoum International Airport (DWC), marking progress in the mega-project, according to Sheikh Ahmed.

Work has started on the airport since Dubai's ruler gave the go-ahead on the project a year ago, he said.

Emirates is expected to move its operations to the new passenger terminal at Al Maktoum International Airport (DWC) within the decade.

"When we talk about an airport of that size, we have to think how complex it can be," he said.

Stakeholders including home carriers Emirates, Flydubai, Dubai Airports, Dnata and others are engaged in preparing a plan to "make it perfect at the day of the opening", he said. This will require an extensive Operational Readiness and Airport Transfer (ORAT) programme ahead of the opening.

"Just because of the size (of the airport), just on the training side on opening for that day, maybe we need about 12 months,” he said, adding that the existing airport terminals in Dubai took about three to four months of preparations for opening day.