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Ryanair lowers summer fares despite record profit

Ryanair forecast a mid-single-digit percentage fall in average fares year on year in the April-June quarter and broadly flat for July to September

Reuters
Reuters

18 May, 2026

Ryanair lowers summer fares despite record profit
Image: Getty Images/Image for illustrative purpose

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Ryanair is cutting summer air fares to woo wary consumers, it said after posting record annual profit, adding that the risk of jet fuel shortages has all but disappeared.

Europe’s largest airline by passenger numbers reported a slightly better than expected 40 per cent jump in full-year profit on Monday but downgraded its forecasts on fare income owing to consumer concerns over the broader impact of the Iran war.

“There is a little bit of customer nervousness out there,” chief executive Michael O’Leary told analysts on a conference call. “We’re having to do a little bit of price discounting to keep the volumes going.”

Ryanair forecast a mid-single-digit percentage fall in average fares year on year in the April-June quarter and broadly flat for July to September.

But that forecast is conservative, O’Leary said, adding that he expects a “reasonable surge” once the war ends.

O’Leary said that the risk of a jet fuel shortage forcing cancellation of flights in Europe this summer had dropped to “almost zero” thanks to production increases by refiners after securing alternatives to Gulf crude.

If the war does drag on, however, Ryanair would be squeezed by both weaker demand and higher costs, potentially leading to a dip in profitability.

The airline has hedged 80 per cent of its jet-fuel requirements for the year to the end of next March at $67 a barrel, less than half the current spot price. However, costs per passenger could still rise by a mid-single-digit percentage if fuel prices remain at current elevated levels.

Ryanair shares fell by 3 per cent after the results were released, but they recovered to a gain of 5.5 per cent by 1318 GMT after slightly more optimistic commentary on the analyst call.

The budget carrier has almost concluded negotiations on an extension to O’Leary’s contract to 2032, including a 10 million share-option agreement, subject to performance targets. A previous share option scheme is set to earn O’Leary as much as 100 million euros ($116.5m).

O’Leary, 65, did not directly answer an analyst who asked if the extension would be his last.

Ryanair’s full-year post-tax profit of 2.26 billion euros was slightly better than a forecast of EUR2.2bn in a company poll of analysts.

That excluded an 85 million euro provision related to a fine from the Italian competition authority, which Ryanair expects to be overturned on appeal.

How the UAE is building AI leaders beyond traditional education

Unlike standard AI programmes focused primarily on technical instruction, NEP-AI is structured around Emirati professionals already operating within priority sectors across the UAE economy, says Eman Al Mughairy, expert at the National Experts Program in the Culture and Identity sector

Rajiv Pillai
Rajiv Pillai

18 May, 2026

How the UAE is building AI leaders beyond traditional education
Eman Al Mughairy, expert at the National Experts Program in the Culture and Identity sector and head of Outreach at Mohamed bin Zayed University of Artificial Intelligence/Image: Supplied

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As the UAE accelerates its push to become a global artificial intelligence hub, the focus is increasingly shifting from infrastructure and investment to talent capability. While universities and training programmes continue to expand AI education, the country is also experimenting with a different model — one built around execution, institutional impact, and sector integration.

For Eman Al Mughairy, expert at the National Experts Program in the Culture and Identity sector and head of Outreach at Mohamed bin Zayed University of Artificial Intelligence, the UAE’s National Experts Program AI track (NEP-AI) represents a deliberate departure from conventional learning pathways.

“What makes NEP-AI different is simple: it doesn’t behave like a traditional programme,” she says. “Most education pathways are designed to transfer knowledge. NEP-AI is designed to shape perspective and create impact.”

Moving beyond traditional AI education

Unlike standard AI programmes focused primarily on technical instruction, NEP-AI is structured around Emirati professionals already operating within priority sectors across the UAE economy.

“NEP-AI is designed for Emirati professionals already embedded across priority sectors,” Al Mughairy explains. “This means AI is applied within real institutional contexts, shaped by sector-specific knowledge and national priorities.”

The programme’s positioning at mid- to senior-management level is intentional. By targeting professionals already involved in decision-making environments, AI capability is integrated directly into institutions where policy, strategy, and operational execution intersect.

“It also operates at a different level of seniority,” she says. “Participants are mid- to senior-level professionals, which ensures that capability is integrated directly into the environments where policies are shaped and decisions are made.”

This approach reflects the UAE’s broader strategy of embedding AI across government, industry, and public services, rather than treating it as a standalone technology sector.

Beyond individual capability-building, Al Mughairy sees the programme as part of a larger national objective: strengthening technological sovereignty and long-term resilience.

“By distributing expertise across sectors, it strengthens a national backbone of AI capability,” she says.

The emphasis is not simply on technical literacy, but on creating leaders who can translate AI into institutional outcomes aligned with national priorities. Most significantly, programme success is measured not by academic achievement but by implementation.

“Success is not measured by what participants know, but by what they deliver,” Al Mughairy says.

This execution-focused approach is reinforced through capstone projects, where participants work on real-world sector challenges under structured mentorship. “Every stage of learning is tied to execution, addressing real challenges and translating AI from concept into institutional application.”

Selecting future AI leaders

The programme’s rigorous selection process reflects its strategic ambition.

“NEP-AI looks for Emirati professionals who are already operating within sectors where AI matters,” Al Mughairy says.

Technical skills remain important, but the programme evaluates a much broader set of capabilities — including decision-making, systems thinking, and the ability to connect AI to policy and societal outcomes.

“There is also a strong focus on responsibility,” she explains. “Candidates are expected to demonstrate how AI impacts institutions, policy, and society, not just systems.”

The process itself combines technical assessments, AI-based interviews, and in-person evaluation by a multidisciplinary panel. At each stage, the central question remains consistent.

“Can this individual translate AI into meaningful, real-world outcomes?” Al Mughairy asks.

NEP-AI’s eight-month structure is designed as a progression from technical understanding to applied delivery.

“It begins by establishing a strong technical foundation,” Al Mughairy says. “Participants develop a clear, practical understanding of how AI systems work, including infrastructure, data, and deployment realities.”

From there, the focus shifts toward value creation and implementation strategy. Participants are expected to identify sector-specific AI opportunities, assess feasibility, and understand the economics of deployment.

“As the programme advances, the emphasis moves to strategy and leadership,” she explains.

International study visits also form a core component of the experience, exposing participants to global AI ecosystems, governance frameworks, and operational models.

“These are structured engagements with leading AI ecosystems, focused on applied models, governance approaches, and implementation at scale.”

Throughout the programme, capstone projects run in parallel, ensuring that learning remains directly connected to real institutional problems.

“By the end of the programme, the expectation is that participants can apply AI in ways that are relevant, responsible, and aligned with national priorities.”

One of the programme’s defining characteristics is its sector-based structure. “Participants are selected from across 25 priority sectors,” Al Mughairy says. This creates a model where participants gain deep expertise within their own fields while simultaneously developing visibility into AI applications across multiple industries.

“Depth comes from the participant’s own sector. Breadth comes from the programme.” The result is a cohort capable not only of driving AI within their own institutions, but also understanding how AI capability connects across the broader national ecosystem. “That combination ensures participants do not operate in isolation,” she says.

Why global collaboration matters

For Al Mughairy, international exposure is not an optional enhancement — it is essential.

“AI is not a local industry. It’s a global system where convergence matters — technically, economically, and politically,” she says.

This perspective shapes NEP-AI’s approach to partnerships and study visits, which are designed to expose participants to how other nations deploy, govern, and regulate AI at scale.

“Participants are exposed to how other countries deploy AI, how institutions manage risk, and how systems are built and governed in practice.” This global benchmarking process serves two purposes: aligning participants with international standards while strengthening their ability to adapt those insights to the UAE context.

“Global collaboration… challenges assumptions and expands what they consider possible.”

The programme’s capstone projects are positioned as the clearest demonstration of its execution-led philosophy.

“Capstone Projects are where the programme makes a difference,” Al Mughairy says.

Each participant develops an AI initiative tied to a real sector challenge, with a focus on measurable outcomes and implementation viability.

“These are not academic exercises; they are designed to be practical, measurable, and aligned with institutional needs.” Participants must not only design solutions, but also present operational models and deployment strategies to senior stakeholders. “This is what shifts the programme from learning to delivery.”

For the UAE, AI capability-building is increasingly tied to economic diversification and long-term competitiveness.

“NEP-AI contributes by embedding capability across the system,” Al Mughairy says.

She points to the growing importance of technology convergence, where competitive advantage increasingly depends on the ability to combine and scale multiple technologies effectively.

“An AI-enabled economy is not built by engineers alone, but by people who can translate, align, and activate across systems.”

This is where NEP-AI positions itself differently — not only developing technical experts, but also connectors capable of bridging policy, technology, and execution.

“The programme also connects multiple layers — government, industry, academia, and international partners — through applied learning and project delivery.”

Defining success for the UAE AI model

Ultimately, Al Mughairy believes the UAE’s success in AI capability-building will not be measured by announcements or investment totals, but by practical deployment.

“Success will be reflected in how AI is used, not how it is described,” she says.

For her, the UAE’s differentiator lies in alignment — where education, leadership development, research, and implementation operate within a coordinated national framework.

“What stands out in the UAE is alignment,” she explains. “There is a clear national direction, supported by education, leadership development, research, and sector deployment — all working toward the same objective.”

Within that system, NEP-AI serves a highly specific role: translating strategy into institutional execution through people.

“It focuses on people, and on building the capability required to translate strategy into execution.”

As countries globally race to build AI ecosystems, the UAE’s model suggests that long-term competitiveness may depend less on isolated technical expertise and more on the ability to integrate AI capability directly into the structures where decisions are made.

New salary rule in UAE: Unified wage deadline set for private sector employers

Under the updated framework, all establishments registered with MOHRE must ensure wages are paid on the designated due date via the WPS

Nida Sohail
Nida Sohail

18 May, 2026

New salary rule in UAE: Unified wage deadline set for private sector employers

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The Ministry of Human Resources and Emiratisation (MOHRE) in the UAE has introduced a new rule requiring private sector companies to pay employee salaries by the first day of every month starting June 1, 2026, as part of broader efforts to strengthen wage protection and improve labour compliance across the country.

According to media reports, the rule has been issued under Ministerial Resolution No. 340 of 2026. It stipulates that salaries for the previous month must be transferred through the approved Wage Protection System (WPS) or other payment systems authorised by the ministry. Any salary payment made after the due date will be classified as delayed.

Clear timeline for wage payments

Under the updated framework, all establishments registered with MOHRE must ensure wages are paid on the designated due date via the WPS. The employee’s salary becomes due from the first day of the month following the end of the wage period specified in the employment contract.

Read more-Salary cuts amid regional tensions? What UAE employees need to know

If the employment contract does not define a specific payment cycle, employers are required to pay wages at least once every month.

The regulation also clarifies that an employer will be considered late in paying wages if the payment is not made within the first 15 days after the due date, unless a shorter deadline is stated in the employment contract.

Payment system and compliance

The Wage Protection System (WPS) requires salaries of private sector employees to be transferred through banks, exchange houses, or financial institutions approved by the Central Bank of the UAE. The system was developed to enable MOHRE to maintain a comprehensive database of wage payments and monitor employer compliance with timely and full salary disbursement.

Salaries may be paid in UAE dirhams, or in another currency if both employer and employee agree within the employment contract.

While there is no legally stipulated minimum salary under UAE Labour Law, the legislation includes general provisions requiring that wages be sufficient to meet employees’ basic needs.

The ministry has also outlined penalties for companies that fail to pay salaries on time or do not comply with wage payment regulations. These measures are intended to reinforce timely payment practices and ensure stronger protection for workers across the private sector. However, specific penalty details were not included in the report.

Relief for expats: Kuwait rolls out online work permits, cuts drug prices

The newly launched feature enables workers classified as partners to complete their work permit renewal procedures directly online

Nida Sohail
Nida Sohail

18 May, 2026

Relief for expats: Kuwait rolls out online work permits, cuts drug prices

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The Public Authority for Manpower has introduced a new digital service allowing partners to renew their work permits independently through its “Ashal Services” portal.

The newly launched feature enables workers classified as partners to complete their work permit renewal procedures directly online, eliminating the need for intermediaries or lengthy administrative steps, an Arab Times report said.

Read more-Saudi Arabia removes fee for expat industrial workforce

Officials said the move is aimed at enhancing efficiency, reducing processing time, and improving user experience through a secure and streamlined digital platform. The initiative is part of wider efforts to expand e-government services and improve accessibility for residents and businesses.

According to the authority, the update is expected to significantly streamline labour procedures, reduce waiting times, and provide greater flexibility in managing renewals through the official portal at http://labour.manpower.gov.kw.

The development reflects Kuwait’s continued push toward digitising government services and reducing bureaucratic bottlenecks in labour-related processes.

Updated Wafid programme tightens medical checks

In a parallel regulatory update, the Ministry of Health on Sunday published a resolution implementing updated regulations for the “Wafid” programme, which mandates comprehensive medical examinations for expatriates intending to work or reside in the six-nation Gulf Cooperation Council (GCC).

The resolution, which includes the eighth version of the Wafid programme approved by GCC health ministers last October, was published in the official gazette Kuwait Al-Youm and came into effect immediately, a Kuwait Times report conveyed.

Under the revised framework, oversight of medical examinations conducted in expatriates’ home countries will be tightened before they travel to GCC states. The programme accredits medical facilities in around 30 labour-exporting countries, primarily in Asia and Africa, which collectively host hundreds of authorised testing centres.

Over the past three decades, the system has expanded from a small number of centres to about 880 facilities today. These centres are required to conduct nearly 50 medical tests covering both infectious and non-infectious diseases. Additional screening is carried out upon arrival in GCC countries, with a focus on infectious conditions.

The new resolution also details stricter operational controls, including surprise inspections of medical facilities, updated fee structures, attestation procedures by GCC missions abroad, and penalties for non-compliance.

Medicine prices reduced for hundreds of treatments

In a separate announcement, the Ministry of Health said it has reduced the prices of around 268 medicines and food supplements, further expanding its ongoing cost-cutting initiative in the pharmaceutical sector.

With the latest revision, the total number of medicines and supplements that have seen price reductions in recent periods has risen to 1,922.

The newly included list features treatments for chronic conditions such as hypertension and diabetes, as well as medications for heart disease and cancer. Officials said the measure helps make essential treatments more affordable and reinforces Kuwait’s position as one of the GCC countries with the lowest drug prices.

DWTC Free Zone records 41% growth in new licences in 2025

Major international companies establishing a presence within the free zone during the year included Louis Vuitton, KPMG, Baker Tilly, Deutsche Messe and Sport Integrity Global Alliance

Rajiv Pillai
Rajiv Pillai

18 May, 2026

DWTC Free Zone records 41% growth in new licences in 2025

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Dubai World Trade Centre Free Zone has reported strong full-year growth for 2025, driven by rising new business registrations, high licence renewal rates and an increasingly international tenant base, reinforcing its position as one of the UAE’s leading free zones.

The free zone issued 850 new licences during 2025, marking a 41 per cent year-on-year increase, while licence renewals reached 1,822 with a renewal rate of 96 per cent, highlighting sustained confidence among existing businesses. The total number of active companies operating within the free zone surpassed 2,500 by the end of December 2025.

The workforce within the free zone also continued to grow, with active employee visas rising 20 per cent year-on-year to exceed 8,000. The business ecosystem became significantly more diverse during the year, with represented nationalities increasing from 107 to 148, reflecting growing interest from internationally focused companies looking to establish and scale operations from Dubai’s central business district.

Abdalla Al Banna, VP of Free Zone Regulatory Operations at DWTC, said: “The 2025 results reflect the continued growth and diversity of the business community choosing DWTC Free Zone as its base in Dubai. From global brands to emerging technology and virtual assets companies, the breadth of businesses operating within the Free Zone highlight the strength of our ecosystem. Supported by Dubai’s resilient and forward-looking business environment, we remain focused on enabling companies to establish and scale within a globally connected and future-focused destination.”

The free zone said growth in 2025 was primarily driven by the sports and entertainment, virtual assets and artificial intelligence-focused professional services sectors, underlining Dubai’s continued evolution as a technology and innovation hub.

The sports and entertainment segment gained momentum following the establishment of the International Sports and Entertainment Free Zone cluster (ISEZA) within DWTC Free Zone, alongside the presence of the Sport Integrity Global Alliance (SIGA).

Major international companies establishing a presence within the free zone during the year included Louis Vuitton, KPMG, Baker Tilly, Deutsche Messe and Sport Integrity Global Alliance.

DWTC Free Zone also expanded its flexible workspace ecosystem with the addition of Sentinel Business Centre and BizElite, complementing its existing commercial offerings across One Central, Sheikh Rashid Tower, Convention Tower and One Za’abeel.

The free zone currently offers more than 1,200 licensed business activities and provides benefits including 100 per cent foreign ownership, zero personal income tax, full capital and profit repatriation, and dual licensing options. During the year, it also introduced a Multiple Share Class Framework aimed at supporting next-generation enterprises and enhancing corporate structuring flexibility.

DWTC Free Zone said its performance aligns with the objectives of Dubai’s Economic Agenda D33, which aims to further strengthen the emirate’s position as a leading global destination for business, trade and investment.

du Pay appoints new CEO amid UAE fintech expansion

The company currently offers services including peer-to-peer transfers, merchant payments, remittances, IBAN accounts, debit cards and cash-in and cash-out solutions

Rajiv Pillai
Rajiv Pillai

18 May, 2026

du Pay appoints new CEO amid UAE fintech expansion
Roberto Mancone/Image: Supplied

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du Pay has appointed Roberto Mancone as chief executive officer, as the digital financial services platform moves into its next phase of growth and expansion in the UAE fintech market.

Mancone brings more than 25 years of experience across fintech and digital banking in the United States, Europe, the United Kingdom and the GCC region. His appointment comes as du Pay looks to broaden its suite of financial services under the regulatory framework of the Central Bank of the UAE.

The company currently offers services including peer-to-peer transfers, merchant payments, remittances, IBAN accounts, debit cards and cash-in and cash-out solutions, while planning future expansion into lending, insurance and investment products through strategic partnerships and in-house development.

Fahad Al Hassawi, chairman of du Pay said: “We are excited to welcome Roberto Mancone to the du Pay team as we enter the next chapter of our fintech journey. His expertise positions him to strengthen our partnerships across the ecosystem while advancing our mission to transform digital payments in the UAE market.”

Prior to joining du Pay, Mancone served as chief executive officer of BEYON Money, where he led the launch and scaling of a sovereign fund-backed digital finance platform across Bahrain and the UAE.

At du Pay, his responsibilities will include overseeing strategic direction, commercial growth, operational leadership and regulatory compliance as the company seeks to position itself as a broader digital financial ecosystem.

The platform said it has surpassed 1.4 million unique downloads and processed more than Dhs4bn in transactions since launch. In 2025, it introduced its ‘Salary in the Digital Wallet’ service, enabling salary disbursement directly into digital wallets for workers without traditional bank accounts.

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