Mubadala Investment Company’s assets under management jumped 9.1 per cent last year to Dh1.2tn($326.74bn), it said on Thursday, as it stepped up investments into sectors such as technology, manufacturing, and private credit.

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Mubadala is the second largest state investment fund in Abu Dhabi, behind the Abu Dhabi Investment Authority (ADIA). Together with smaller peer ADQ, the three funds manage around $1.7tn in assets.

Deployed capital growth

Mubadala’s deployed capital grew by 33.7 per cent in 2024 from the previous year to Dh119bn, it said in a statement. Its portfolio delivered a five-year rate of return of 10.1 per cent.

“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors,” Managing Director and Group CEO Khaldoon Khalifa Al Mubarak was quoted as saying in the statement.

Diversification of economy

Abu Dhabi has accelerated efforts to diversify its economy into sectors such as tourism, manufacturing, and advanced technology, utilising vehicles like its investment funds to deploy its vast oil wealth.

Mubarak said that Mubadala’s portfolio included assets in sectors such as AI, clean energy, semiconductors and advanced manufacturing which all align with the UAE’s national priorities.

It has also emerged as a key UAE partner for US tech companies. Its MGX vehicle, focused on AI investments and set up last year, has invested in OpenAI and Elon Musk’s xAI.

Proceeds, including monetisations, grew 10 per cent from a year earlier to 109 billion dirhams in 2024, Mubadala said in its statement.

Its portfolio mix remained broadly consistent year-on-year, with 40 per cent investment in private equity, 23 per cent in public markets, and 17 per cent in infrastructure and real estate.

In a breathtaking global spectacle, Abu Dhabi’s Yas Island celebrated the announcement of Disney Theme Park Resort with an epic live show, featuring record breaking 9,000 drones, a symphony of fireworks and star-studded live performance lineup that left the crowd speechless.

In a night that redefined grandeur, The Walt Disney Company and Miral, Abu Dhabi’s leading creator of immersive destinations, officially announced plans to bring Disney’s most advanced theme park resort to Yas Island, Abu Dhabi. This historic global milestone marks Disney’s seventh theme park destination worldwide, and its first ever in the Middle East.

But it wasn’t just the announcement that made history. It was how it was announced.

Under a sky illuminated by over 7,000 choreographed drones and breathtaking fireworks, Yas Island transformed into the stage for what is now being hailed as the most spectacular announcement show the region has ever witnessed. The waterfront came alive with a once-in-a-lifetime performance featuring a world-class lineup: piano virtuoso Lang Lang, West End powerhouse Kerry Ellis, rising classical star Sonya Balsara, and beloved Emirati icon Rashed Alnuaimi.

This glittering celebration attracted global celebrities including Tyrese Gibson, Naomi Campbell, Nancy Ajram, Chiara Ferragni, and Ed Westwick, dignitaries, and media powerhouses, all converging to witness the unveiling of what promises to be a game-changing chapter in Disney’s legacy, and in the evolution of Yas Island as a global destination for entertainment.

Slated to blend the timeless magic of Disney with cutting-edge technology and contemporary architecture, the new resort is a bold step into the future, where storytelling meets state-of-the-art innovation.

This is not just an announcement. This is a global entertainment moment that will be remembered for decades.

UAE-based Etihad Airways and Emirates, along with Qatar-based Qatar Airways, have temporarily suspended flights to Pakistan due to the closure of Pakistani airspace.

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Etihad Airways announced the suspension on its website, while Qatar Airways shared the update via its official X account.

Due to the continued closure of Pakistani airspace, Etihad Airways has canceled selected flights to and from Pakistan on 8 May.

The following Etihad flights will not operate on 8 May:

• EY300 / EY301: Abu Dhabi Zayed International Airport ↔ Islamabad International Airport
• EY288 / EY289: Abu Dhabi Zayed International Airport ↔ Lahore Allama Iqbal International Airport
• EY294 / EY295: Abu Dhabi Zayed International Airport ↔ Karachi Jinnah International Airport
• EY302 / EY303: Abu Dhabi Zayed International Airport ↔ Islamabad International Airport
• EY284 / EY285: Abu Dhabi Zayed International Airport ↔ Lahore Allama Iqbal International Airport

Flights EY296 and EY297 between Abu Dhabi and Karachi are currently planned to operate as scheduled, subject to airspace availability.

Etihad is assisting impacted guests with alternative travel arrangements. Passengers are advised to check the status of their flight at etihad.com, on the Etihad mobile app, or by contacting the Etihad Airways Contact Centre at +971 600 555 666 (UAE).

This remains an evolving situation, and further changes or disruptions may occur. Etihad continues to monitor developments closely in coordination with the relevant authorities. The safety of passengers and crew remains the airline’s highest priority.

Emirates has also suspended all flight operations to Pakistan until 10 May, due to ongoing uncertainty regarding access to the country’s airspace and airports.

“We apologise for any inconvenience caused to our customers,” the airline stated. “We are monitoring the situation closely and will post any operational updates on our website.” Customers can check flight status updates at the Emirates travel updates page.

The following Emirates flights have been canceled:

Dubai – Lahore – Dubai

• EK623: 08 May
• EK622 / EK623: 09 May
• EK624 / EK625: 09–10 May

Dubai – Islamabad – Dubai

• EK612 / EK613: 08–10 May
• EK614 / EK615: 09–10 May

Dubai – Sialkot – Dubai

• EK620 / EK621: 08–10 May
• EK618 / EK619: 08–09 May

Dubai – Peshawar – Dubai

• EK636 / EK637: 08–10 May

Dubai – Karachi – Dubai

• EK600 / EK601: 08–10 May
• EK602 / EK603: 08–09 May
• EK606 / EK607: 08–10 May

Customers booked on connecting flights to Pakistan will not be accepted for travel until further notice. Those impacted by cancellations are advised not to proceed to the airport. Passengers should contact their booking agents or Emirates directly to explore alternative travel options.

The Federal Tax Authority (FTA) of the UAE announced on May 7 that it has begun exempting certain corporate taxpayers from administrative penalties incurred due to the late submission of registration applications.

This exemption follows a decision issued by the UAE Cabinet.

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How to qualify for the waiver

To be eligible for the penalty waiver, the taxable person (or exempted category) must submit their Tax Return (or Annual Declaration) within seven (7) months from the end of their first Tax Period (or first Financial Year)—a reduction from the previously allowed nine months, a WAM report said.

Clarification from the FTA

The FTA clarified that this exemption applies only to the first tax period of the taxable person (or exempt person required to register), regardless of whether the original due date falls before or after the Cabinet Decision’s implementation.

Additionally, if a taxable person has already paid a penalty for late registration and meets the exemption criteria, the penalty amount will be refunded and credited to the taxpayer’s account with the Authority.

Similarly, registered taxpayers who filed returns before the exemption decision but were penalized for late submission will also receive a refund of the paid penalties.

FTA’s appeal to taxpayers

Khalid Ali Al Bustani, Director-General of the FTA, urged all unregistered corporate taxpayers to promptly submit their corporate tax registration applications and tax returns through the EmaraTax platform. He emphasized the importance of meeting the deadlines specified in the Cabinet Decision to benefit from the exemption.

Aligned with the Cabinet’s decision, the FTA’s strategy focuses on expediting tax procedures and encouraging voluntary compliance across all business sectors.

“Widespread compliance is a key contributor to economic growth, and the FTA remains committed to full transparency and maintaining a flexible, evolving tax framework,” said Al Bustani.

High registration turnout

Praising the strong registration response in Q1 2025, Al Bustani revealed that over 543,000 corporate tax registrations had been recorded—indicating growing awareness and compliance among businesses.

“The FTA continues to engage with businesses through various awareness channels to guide them through compliance procedures, gather feedback, and identify solutions to potential challenges,” he added.

Eligibility and conditions for exemption

The FTA explained that the exemption applies to all persons subject to corporate tax registration, whether or not they have applied for registration or were penalized for delays.

Conditions for exemption:

1. If registered and a penalty was imposed but not paid, the return (or annual declaration) must be submitted within seven (7) months of the end of the first Tax Period (or Financial Year) to qualify for the exemption.
2. If registered and the penalty was already paid, the return must also be submitted within seven (7) months of the end of the first Tax Period to receive a refund of the penalty.
3. If not yet registered, the taxpayer (or exempt person) must submit the registration application and then file the return within seven (7) months of the end of the first Tax Period to benefit from the exemption.

The Emirates Group today released its 2024-25 Annual Report, achieving new record profit, EBITDA (earnings before interest, taxes, depreciation, and amortisation), revenue, and cash balance levels.

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This outstanding performance places the Emirates Group as the most profitable aviation group globally in the 2024-25 reporting period, with Emirates reporting the best result in its history to become the world’s most profitable airline.

Strong performance from Emirates and dnata

Both Emirates and dnata contributed record revenues in 2024-25, as the Group expanded its operations around the world to meet voracious customer demand for its high-quality products and services.

The Group declares a dividend of Dhs 6.0 bn to its owner, the Investment Corporation of Dubai (ICD).

UAE corporate tax introduced

This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group’s profit after tax is Dhs 20.5 bn.

Visionary leadership and resilience

“It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata… [speech continues],” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.

Major investments to support growth

In 2024-25, the Group collectively invested Dhs 14.0 bn in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

Workforce expansion

The Group’s total workforce grew by 9 per cent to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment activity worldwide.

Outlook for 2025-26

Commenting on the outlook for 2025-26, Sheikh Ahmed said: “We enter the year ahead with excitement and optimism… [speech continues].”

Emirates Airline: Performance highlights

Emirates’ total passenger and cargo capacity grew 4 per cent to 60.0 bn ATKMs. The airline launched new routes, added aircraft, and increased frequencies across its network.

By 31 March, Emirates had 4 A350s in its fleet. Its retrofit programme will now cover 219 aircraft with a total investment of Dhs 18.4 bn.

Revenue increased 6 per cent to Dhs127.9bn. Currency fluctuations reduced profitability by Dhs71m.

Operating cash flow hit Dhs40.8bn. Operating costs rose 4 per cent. Fuel costs dropped to Dhs32.6bn, accounting for 31 per cent of costs.

Emirates’ record profit after tax was Dhs19.1bn, up from Dhs17.2bn in 2023-24.

Passenger numbers rose 3 per cent to 53.7 m, with a seat factor of 78.9 per cent. Passenger yield remained at 36.6 fils per RPKM.

Emirates SkyCargo delivers strong results

Emirates SkyCargo carried 2.3 m tonnes of goods, up 7 per cent. Revenue grew to Dhs 16.1 bn, contributing 13 per cent of total airline revenue.

Orders for 10 new Boeing 777Fs were placed, with a projected freighter fleet of 21 by December 2026.

Subsidiary highlights

Emirates Flight Catering grew external revenue by 11 per cent to Dhs 1.1 bn. MMI/ELR saw revenue rise 6 per cent to Dhs3.1bn.

Cash reserves reached Dhs49.7bn. Emirates repaid its Dhs 2.75 bn Corporate Bond issued in 2013.

Risk Management and hedging

The Group saved Dhs 1.1 bn through hedging strategies, including forward contracts for oil and currency options.

dnata delivers solid performance

dnata increased its profit before tax by 2 per cent to Dhs 1.6 bn. Revenue rose 10 per cent to a record Dhs 21.1 bn.

Investments totalled Dhs 579 m, including new equipment and facilities.

Operating costs increased 10 per cent to Dhs 19.7 bn. Cash balance declined to Dhs 3.7 bn.

dnata’s airport and cargo operations

dnata handled 794,091 aircraft turns and 3.1 m tonnes of cargo.

New operations began at Rome Fiumicino. The company also secured licenses in Zürich and Brussels.

Catering and travel services

Catering & Retail revenue hit Dhs 7.1 bn, despite a 2 per cent decline in meals uplifted. Investments in Sydney and Melbourne are underway.

Travel revenue rose 11 per cent to Dhs 3.9 bn. TTV increased by 9 per cent to Dhs 9.7 bn.

Sustainability initiatives

Emirates introduced SAF at Heathrow and Singapore and supported marine conservation and education efforts. “Aircrafted Kids” launched to support underprivileged children.

dnata expanded its electric GSE fleet and transitioned to alternative fuels across several markets.

Employee engagement

The Group expanded employee initiatives including Wejhaty HR hub, salary enhancements, and scholarships.

Full-year financial summary

Emirates Group
• Record profit before tax: Dhs22.7bn (up 18 per cent)
• Record revenue: Dhs145.4bn (up 6 per cent)
• Cash assets: Dhs53.4bn (up 13 per cent)
• Record EBITDA: Dhs42.2bn (up 6 per cent)

Emirates Airline
• Record profit before tax: Dhs21.2bn (up 20 per cent)
• Record revenue: Dhs127.9bn (up 6 per cent)
• Cash assets: Dhs49.7bn (up 16 per cent)

dnata
• Record profit before tax: Dhs1.6bn (up 2 per cent)
• Record revenue: Dhs21.1bn (up 10 per cent)
• Cash assets: Dhs3.7bn