16-Mar-2010 12:46 PM

Emirates will be central to Dubai's recovery, no plans for an IPO

Emirates Chairman and Dubai Civil Aviation President, Sheikh Ahmed bin Saeed Al Maktoum, stated the airline would be central to Dubai’s recovery and confirmed the airline or Dubai’s other strategic units did not form part of recent financial negotiations with Abu Dhabi (Gulf News, 16-Mar-2010). Sheikh Al Maktoum added Emirates indirectly contributes USD10.9 billion to Dubai’s economy p/a. Sheikh Al Maktoum also ruled out plans for an initial public offering (IPO).

We never really talked about any of our strategic companies with Abu Dhabi. I know it's always been the rumour. When you think about what Emirates has achieved I think anyone would want to have equity in it. It's a very successful business for Dubai. The airline put Dubai on the world map. We've put a lot into the Dubai economy. The number of units we rent within the local market, the expenditure of the staff and how much it brings people to Dubai. If it wasn't for Emirates, this market wouldn't have been able to grow as it has. It's one of the core businesses of Dubai. If Emirates decided to IPO I'm sure it will be good, especially if it's placed within the UAE stock markets. It will see a lot of people trading in it. I will look at it as a positive thing. But as we speak today I don't have any direction from the government to do this,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman. Source: Gulf News, 16-Mar-2010.

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