Davis has vast experience in accounting, auditing, management, and IT Consultancy, and his company is one of the top 10 audit firms in the Sultanate of Oman. A Fellow of the ICAI, he was co-opted to the International Affairs Committee of the ICAI Council, New Delhi (2007–08). He also served as the Founding Chairman of the Muscat Chapter of the Institute from 2008 to 2009 and is a certified member of the Institute of Certified Fraud Examiners.

A regular columnist for The Times of Oman on tax-related affairs, Davis has co-authored a book on taxation of NRIs and has represented his firm at several global conferences. In recognition of his outstanding global contributions, he was bestowed with the Pinnacle Award — the highest recognition from Crowe Horwath, one of the top ten accounting networks in the world.

Among the top 10 chartered accountants in Kerala, the late CA P A Nair’s name appears in the first position, and it was he who signed the membership certificate of Davis in 1986. The other names include the late T Velu Pillai, K Raghavan Nair, Varma & Varma. Venugopal C Govind, Sreejith Kuniyil, P D Vijayrajan, M V Korah, and S Prabhakaran.

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The event was virtually graced by HE GV Srinivas, Ambassador of India to the Sultanate of Oman, and HE Mahboob Issa Alraisi, Consul General of the Sultanate of Oman in Mumbai. The dignitaries underscored the historic Indo-Omani bilateral relationship and sought to explore strategic trade and investment opportunities under the CEPA framework.

Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Foreign Investment Committee, Abdul Latheef Uppala, emphasised the Sultanate’s investor-friendly regulatory environment and expanding opportunities across logistics, manufacturing, healthcare, and infrastructure sectors.

Davis Kallukaran, Deputy Chairman, Foreign Investment Committee, OCCI, moderated the panel discussion on ‘India–Oman Trade and Investment Opportunities under CEPA. The distinguished panelists included Dr P Mohamed Ali, Founder, Galfar Group; Dr MI Sahadulla, Group Chairman & Managing Director, KIMS Health; Dr Siddeek Ahmed, Chairman & Managing Director, Eram Group; Abdul Latheef Uppala; Sheraz Anwar, Director, Abad Group; and Anirudh Sankar, Senior Official, DGFT Kochi.

The panel deliberated on sector-specific collaboration in infrastructure development, healthcare services, industrial partnerships, export facilitation, and regulatory alignment. It also highlighted practical pathways for strengthening private-sector engagement between both countries.

There were presentations by Dr Yousuf Hamad Al-Balushi, Economic Advisor & Research Analyst, Oman, and  Yarub Nasser Al Siyabi, Specialist at OPAZ. They highlighted priority sectors under Vision 2040 and significant investment potential within Duqm and other strategic economic zones. Technical presentations by experts Dr James Nedumpara, Professor and Head CTIL; Ridhish Rajvanshi, Senior Research Fellow; and Tathagata Choudhury from the Centre for Trade and Investment Law (CTIL) of the Ministry of Commerce and Industry, Government of India; provided clarity on tariff concessions, market access for services, digital trade provisions, and export promotion mechanisms that come under the pact.

Dr P Mohamed Ali, Chancellor of the National University of Science and Technology, Oman, in his message, emphasised the need for continuous engagement on CEPA to understand the terminologies to ensure a quantum jump in bilateral trade, services, and investments.

The seminar concluded with an interactive question-and-answer session followed by a business networking engagement.

The programme was jointly organised by the Federation of Indian Chamber of Commerce & Industry (FICCI), Kerala State Council, the Indo Gulf and Middle East Chamber of Commerce (INMECC), The foreign investment committee of Oman Chamber of Commerce and Industry and the Centre for Trade and Investment law (CTIL) of the Ministry of Commerce and Industry, Government of India.

The Oman delegation was headed by Abdul Latheef Uppala, and it included Ahmed Ali Al Akkak, CEO SEZD; Yaqub Nasser Khamis Al Siyabi from OPAZ; Dr Yousuf Hamad Al Balushi; Al Yaqadhan Al Shukaili from Smart Investment Gateway, Davis Kallukaran; and Jim Joseph, Partner, Audit and Corporate Finance from Crowe Oman.

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World’s largest hybrid gold meet at the Armani Hotel, Burj Khalifa attracts 100 plus countries participation.

IBMC International showcased its unique “Industries Integrated International Trade Flow System” for Global Gold Industry Projects and Trades.

DUBAI:

The UAE has emerged as the global hub for sustainable gold and bullion markets, with the 5th Global Gold Convention bringing the global gold industry on a single platform for collaborations, investments, joint ventures, and a novel integrated trade flow system with global best practices.

The 5th edition of the Global Gold Convention 2023, the world’s largest hybrid gold conference, was held in Dubai at Armani Hotel, Burj Khalifa, on December 12, 2023, with the theme “UAE, The Global Hub for Sustainable Gold and Bullion Markets’.

The UNDRR (UN Office for Disaster Risk Reduction) was the Sustainability Partner for the convention.

The Convention, designed as the world’s largest hybrid conference, saw participation by more than 100 countries, ministers, diplomats, regulators, industry leaders, mines, refineries, jewellers, traders, import-export companies, banking, insurance, and logistics companies from across the world, paving the way for collaboration, business promotion, expansion, and diversification.

More than 200 trade delegates and visitors participated physically apart from virtual participation from 100+ countries, in the most sought-after exclusive Global Gold Conference from the region.

Global Gold Convention was organised by IBMC International, UAE-based Economic, Industry & Corporate Advisors and eMarketplace Service Providers which is connected with 100+ countries and integrated with 30+ Sectors.

The event was inaugurated by HE Humaid Ben Salem, Chairman of International Chamber of Commerce & Industry (ICC UAE) and Secretary General, Federation of UAE Chambers of Commerce & Industry (UAE Chambers).

The Convention was held against the backdrop of high volatility in global gold prices and the UAE becoming the most attractive and most preferred global gold trade hub.

The theme Sustainability has been chosen in line with the UAE hosting the COP28 Conference on Sustainability,” said Mr. Sajith Kumar P.K., Group CEO and Managing Director, IBMC International Group.

In his address, Mr. Sajith Kumar said the “UAE is emerging as the Global Hub for Sustainable Gold and Bullion Markets and IBMC’s “Industries Integrated International Trade Flow System” is set to support the entire Gold Industry stake holders from Gold Mining, Exports, Imports, Refineries, Gold Retail Markets, Jewellery Manufacturing Units and Re-exports”.

Mr. Jeffrey Rhodes, industry expert and Founder & Managing Consultants, Rhodes Precious Metals Consultancy DMCC, who delivered the special industry address on Cop28UAE, said : “The Global Gold Convention 2023 was an excellent event that gave participants the opportunity to express a wide range of views and opinions about the bullion market, including the impact of COP28 on the global gold industry. This included the efforts being made by many companies, including Gold Clean Processing Initiatives to turn the ecological tide and help push the artisanal and small scale gold sector in the right carbon neutral direction with new technology to eliminate the use of toxic chemicals such as mercury in the gold recovery process, while dramatically improving gold yields.”

The Convention offered the participants a comprehensive platform to showcase the entire gamut of gold trade and business and explore potential investment and partnership opportunities through networking, interactive sessions and industry-focused panel discussions.

The high-profile Diplomatic Conclave proved a major draw and beneficial to the participants, with the diplomats presenting the opportunities in the mining, refining, trading, and jewellery manufacturing sectors in their respective countries.

Mr. Anoop P. S., Group CBO and ED, delivered the welcome speech. Mr. Venu V. K., Director, IBMC Trade Flow Ventures, and Ms. Monika Agarwal, Partner of IBMC International, were also present at the convention.

The highlight of this year’s Convention was the recently launched, and first of its kind from the UAE, Industries Integrated International Trade Flow System (IBMC Trade-Flow System) by IBMC International which extended its corporate listing due diligence to all the participating companies in the Convention. Each participant company qualified for corporate listing to get international reach as the first step of due diligence activities out of the five steps in the IBMC Trade-Flow System.  Corporate Listing will help each company attract investment partners, technology partners, and trade partners for expanding their projects and trades to 100+ countries that are connected to the IBMC Trade-Flow System.

UAE-based IBMC International Group is a leading Economic, Industry & Corporate Advisory and eMarketplace Service Provider (IBMC Trade-Flow System) which is connected to 100+ countries and integrated with 30+ sectors. It is an internationally recognized private institution pioneering in professional areas of industry innovations, business, and joint venture strategies.

IBMC International is the recipient of the region’s highest recognitions, such as the Sheikh Khalifa Excellence Award (SKEA) in the Professional Sector, instituted by the Abu Dhabi Chamber of Commerce & Industry, the Corporate Social Responsibility (CSR) Label Award from the Dubai Chamber of Commerce and Industry, and a United Nations (UN)-shortlisted company for Sustainable Development Goals.

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The Industries Integrated International Trade-Flow System, a pioneering private sector initiative in the UAE for Global Economic Empowerment, supporting projects and trade.

International Trade Flow System to bolster non-oil sector diversification for SMEs, corporates and MNCs.

To launch Global Multi-Asset Exchange (Stocks, Commodities, and Currency) project, a new model focusing on increasing trade.

ABU DHABI:

IBMC, the UAE-based financial services consultancy and eMarket Place Trade Flow Service Providers, has launched an innovative Integrated International Trade-Flow System, an innovative platform connecting 100+ countries and 30+ sectors to empower economies, industries and corporates supporting their projects and trades.

The project was launched as part of IBMC Vision 2025 at a ceremony held at Emirates Palace, Abu Dhabi, in the presence of ministers, diplomats, senior representatives of MNCs, large corporate entities, and invited guests from industries.

The system will enable Gulf countries to boost growth in the non-oil sector and empower SMEs, large and medium-sized corporates and MNCs to explore international markets using the best-in-class industry practices.  A streamlined five-step compliance procedure has also been  prescribed to enhance international trust for attracting global partners and investors.

The Industries Integrated International Trade-Flow System has over 15 corporations empaneled from more than 15 industry sectors.

As part of its Vision 2025, IBMC will also launch a global multi-assets exchange (stocks, commodities and currency), a unique model from the UAE, designed to increase exports, imports and re-exports by utilizing highly compliant stock and commodity exchange platform, enabling dual listing and commodity listing.

The Chief Guest, H.E. Humaid Ben Salem, Secretary General of the Federal Chambers of Commerce and Industry and Chairman, International Chamber of Commerce and Industry officially inaugurated IBMC’S Industries International Trade-Flow System in the presence of   H.E. Sheikh Khaled bin Ahmed Al Hamed, Group Chairman of IBMC International; Mr. Sajith Kumar P.K., Group CEO & Managing Director of IBMC; and H.E. Hon. Henry Jons Amuli MP, Minister for Commerce and Industry, Papua New Guinea, and diplomats and special guests.

Papua New Guinea was the first country to launch into the Industries Integrated International Trade-Flow System from the gold industry.

HummingbirdEV USA was the first corporation from the EV Industry, followed by SUSTAINOLOGY UAE for Carbon Credit.

The Industries Integrated International Trade-Flow System will prepare corporates in the Gulf countries to understand international norms and procedures for using the upcoming Exchange, thus enhancing their international business capabilities.

“For the past five years, IBMC has continuously worked towards supporting businesses of all classes, from startups to MNCs and listed companies, through various corporate awareness and empowerment programs and systems. This aligns with the changing economic scenario in the Gulf economies, focusing on non-oil growth in the post-Covid pandemic times to expand their markets internationally,” said Mr. Sajith Kumar, Group CEO & MD, the Strategist, Investment Manager & International Compliance Officer.

“We are proud to introduce yet another innovative system to the global economies, industries, and corporates to empower them in the global open markets,” said HE Sheikh Khalid Bin Ahmed Al Hamed, Group Chairman, industrialist, and influential UAE National in the UAE’s private sector.

Another initiative is the creation of sectoral companies. This initiative supports industries by adhering to the best industry practices and international standards, providing additional assistance to economies in empowering their industries with updated practices and policies.

HE Humaid Ben Salem, Secretary General of UAE Chambers and Chairman of ICC UAE, expressed his support for the initiative.

“Having successfully concluded five years of visionary planning, IBMC is now entering the implementation phase by launching the Industries Integrated International Trade-Flow System, a pioneering system from the private sector in the UAE,” said Mr. Sajith Kumar.

The projects under the IBMC Vision have been started jointly under the leaderships of HE Sheikh Khalid Bin Ahmed Al Hamed, and Mr. Sajith Kumar P.K. The projects have been structured and implemented with a highly professional international team under the leadership of Mr. Sajith Kumar.

The IBMC Vision 2022 Project Structuring Phase, a five-year endeavor, commenced in 2017 and culminated successfully in December 2022. This project was dedicated to bolstering the diversification of the non-oil sector in the Gulf countries, primarily through the UAE. Its overarching aim was to extend significant opportunities from the Gulf region to the global business community, including traders and investors. IBMC adopted a strategic and innovative approach to empower a wide spectrum of businesses, ranging from startups and SMEs to multinational corporations. It sought to provide diverse opportunities for business, trade, and investment diversification. The project was propelled by a series of major and creative steps, including initiatives focused on industry awareness, corporate empowerment, and economic enablement.

IBMC’s Trade Flow emerged as a prominent portal that facilitated connections within the global business class during EXPO 2020 through the pavilions of respective countries. During EXPO 2020, IBMC actively supported participating countries in hosting economic forums, industry events, and industry roundtable discussions, aiming to attract business class, traders, and investors to their respective nations.

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James Mathew

India has splendidly made its way to the moon, and I am one among the 1.4 billion Indians celebrating this giant leap made by India on an unexplored challenging territory on the moon. Amidst this ecstasy, the entrepreneur in me celebrates the fact that Chandrayaan’s journey to the moon started from an intentional crash in 2008. And ISRO had previously faced failures that the world watched minute by minute. Yet today, India sashayed its way into the league of superpowers by flying the Indian tricolor high on the moon’s surface. Till today it was only the United States, Russia and China who had made their way to the moon.

To me, India’s scientific expedition to the moon is a journey that has unraveled some of the most humane, humble, and empowering moments in the history of mankind. Let me share some of my favorites here:

1. In 2008, a small Indian probe crashed into the moon only to make the biggest discovery ever, there were signs of water. Could it ever be imagined that the seed of thought about India’s mission to the moon was born from an intentional crash? Remember, the starting point of every peak of success is always a thought.
2. On July 22nd 2019, Chandrayaan – 2 was sent to space but crashed on the Moon’s surface on September 7 due to a partial failure. This failure led to the witnessing of a humane moment when ace scientist and ISRO Chief K Sivan was emotional and found consolation on the shoulders of India’s Prime Minister Shri Narendra Modi. A humble realisation that the best of us cannot escape the clutches of failure and in moments of failure, those in power can change the game, by simply showing up with empathy, grace and faith in a person’s capabilities and intentions.
3. Nearly 15 years after the intentional crash and almost four years after Chandrayaan 2 was lost , ISRO successfully guided ‘Vikram’ through a tricky dance of gravity and speed to a soft landing on the south polar region of the moon. Sometimes we may get our facts right and processes in place, yet be exposed to risk. The only solution is to face the fight and push one’s boundaries over and above the failures.
4. Think about it. Being a scientist in ISRO requires academic genius, and the team that took on the Chandrayaan-3 project included some of the sharpest minds in India – yet the crowd gathered in ISRO’s Mission Operation Complex waited with bated breath. It was only when the lander was merely 812 metres away from the moon, that the scientists at ISRO erupted in applause for the first time and showed hints of unbridled joy knowing their mission had finally made it to the moon.

Not just any part of the moon — Chandrayaan-3 landed on unexplored territory of the moon peppered with thousands of craters and hundreds of obstacles rising out of the ground—one of the most challenging to land on when it comes to interplanetary locations.

A magical mission to the moon indeed! India has done us so proud and how.

The author is Chief Executive Officer and Managing Partner at UHY James Chartered Accountants, Dubai, UAE; ARISE UAE Board Member, Independent Non-Executive Director of GCC Healthcare Group; former Chairman, ICAI-Dubai Chapter; and former Secretary- General of IBPC Dubai.

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The new HDFC Bank entity will have around 120 million customers — that’s greater than the population of Germany. It’ll also increase its branch network to over 8,300 and boast of a total headcount of more than 1,77,000 employees. The tie-up of HDFC Bank Ltd. and Housing Development Finance Corp. creates a lender that ranks fourth in equity market capitalisation, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., and Bank of America Corp., according to data compiled by Bloomberg. It’s valued at about $172 billion.

The total business of the merged entity stood at ₹ 41 lakh crore at the end of March 2023. With the merger, the net worth of the entity would be over ₹ 4.14 lakh crore. The combined profit of both entities was to the tune of about ₹ 60,000 crore at the end of March 2023. It will have combined asset of over ₹ 18 lakh crore. The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight Reliance Industries with a 10.4 per cent weightage.

HDFC surges ahead of banks including HSBC Holdings Plc and Citigroup Inc. The bank will also leave behind its Indian peers State Bank of India and ICICI Bank, with market capitalisations of about $62 billion and $79 billion, respectively, as of June 22.

India’s No. 1 Private Sector Bank & India’s No. 1 Home Loans Company have merged to join the ranks of the world’s leading financial institutions.

On this momentous occasion, we rededicate ourselves to serve those who made this milestone possible – You, our Customer.#HDFCBank… pic.twitter.com/0IUzP9L2Oc

— HDFC Bank (@HDFC_Bank) July 1, 2023

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Shrugging off the weak global market trend, benchmark indices have risen for three consecutive sessions, with the BSE Sensex gaining close to 1500 points and moving past the 64,400 mark for the first time ever.

On Friday, both Sensex and Nifty 50 clocked 0.8% gains and scaled lifetime highs of 64,475.72 points and 19,123.20 points, respectively. The rally from the March lows has helped benchmark indices gain nearly 13%, and money managers see this momentum sustaining in the near term.

A comeback of FII faith in the Indian market is one of the key driving forces of the current market rally. Inflows from foreign portfolio investors into equities crossed $10 billion in the current financial year. French asset management firm Amundi recommends foreign investors consider a dedicated allocation to Asian assets, particularly India and China due to the growth advantage.

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WASHINGTON

Internet giant Google is investing $10 billion in India’s digitisation fund, its CEO Sundar Pichai has told Prime Minister Narendra Modi, a step that will recognise India’s leadership on fintech and will support small and large businesses in India, the US and around the world. Pichai met Prime Minister Modi here on Friday and also announced the opening of Google’s global fintech operation centre in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

“It was an honour to meet Prime Minister Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India’s digitisation fund,” Pichai said.

Pichai and Modi have shared a rapport ever since the IIT-Kharagpur graduate took the reins at Google, with the pair meeting once before in New Delhi, last year. During that visit, Mr. Pichai said he looked forward to continuing strong partnerships and supporting India’s G20 presidency to advance open internet that works for all.

The Alphabet boss added that he was looking forward to the progress India will make with the additional $10 billion, adding a few ideas of his own.

“That includes our efforts to build a single, unified AI model that will be capable of handling over 100 Indian languages across speech and text – part of our global effort to bring the world’s 1,000 most-spoken languages online and to help people access knowledge and information in their preferred language. We’re also supporting a new, multidisciplinary centre for responsible AI with IIT Madras,” he said.

Prime Minister Modi also met Amazon CEO Andrew Jassy and Boeing’s David L Calhoun in Washington, on the third and final day of his visit. He left the States for Egypt at the end of the day, concluding a groundbreaking trip.

“The most important takeaway is the PM’s passion for India’s development. He does have a specific interest in aviation, in aerospace. It is a big vision,” Boeing’s CEO Calhoun told ANI in an interview. He emphasized the importance of India playing a significant role not only for the country but also for the broader region broadly in aviation and aerospace.

Amazon CEO Jassy expressed his commitment to generating additional employment opportunities in India after his meeting with Modi. “[We’re] very interested in helping create more jobs, helping digitise more small and medium size businesses and helping more Indian companies and products be able to be exported all around the world,” said Jassy.

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DUBAI:

Mukesh “Micky” Jagtiani, the Founder and Chairman of The Landmark Group, has passed away on May 26, according to the company. It said in an emailed statement that the businessman passed aay peacefully, surrounded by his loving family.

“Micky Jagtiani leaves behind a formidable legacy of a leading family-owned business conglomerate in the GCC region and beyond, that he founded and managed for several decades. Renowned for his exceptional leadership, unwavering customer-centric approach, and deep market understanding, his visionary spirit and strategic foresight helped the Landmark Group and its brands become a household name in the community,” the statement read.

His colleagues and peers remember him as a warm and friendly man who genuinely cared for people. In its statement, the Landmark Group reiterated this. “He will always be known for his inspiring leadership and even more so, for his humility and genuine concern towards all the lives he touched,” the statement added.

The statement further delved on Jagtiani’s visionary leadership. “From its humble beginnings with a single store in Bahrain in 1973, Micky Jagtiani was the driving force in shaping the conglomerate’s extraordinary journey. His acumen enabled the Landmark Group to emerge as the region’s foremost retail and hospitality conglomerate, with over 2,200 stores in 21 countries across the Middle East and Africa, as well as the Indian Subcontinent, and Southeast Asia.”

Jagtiani is survived by his wife Renuka; his children Aarti and Savitar, Nisha and Kabir, and Rahul; his grandchildren Samar, Nikhil, Yohan and Aliya. The statement said he will be loved and missed by his beloved Landmark Group community.

“He leaves behind enduring friendships, partnerships, and bonds with the Group’s senior management, the industry and wider community, whose lives he touched profoundly.”

The company also added that they remain “committed to carrying forward his spirit and ensuring the continuing success of his ambitions and dreams.”

It has been announced that a public condolence gathering is scheduled to take place on May 29, 2023.

Jagtiani started his business in Bahrain before moving to Dubai in 1990 during the Gulf war. Starting with a children’s brand and footwear shop, the group then branched into retail, hospitality, entertainment, medical and beauty.

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Sohan Roy, founder chairman and CEO of Aries Group, speaking at the company’s silver jubilee celebrations.

DUBAI:

Non-Resident Indian businessman Sohan Roy, founder chairman and CEO of Aries Group, announced the “silver jubilee gift” for employees and their families. As a marine engineer-turned-businessman and filmmaker, Roy has emphasised the invaluable contribution of the employees and their supportive families to the company’s growth and success.

Headquartered in Sharjah, Aries Group of Companies is marking its 25th anniversary with a Dh13.4million reward for its employees and their families. In addition, the parents of 25 employees were flown into the UAE for the grand silver jubilee celebrations. “As we reflect on the past 25 years, we are grateful for the commitment and efficiency of our employees and their families who have supported them,” said Dr. Roy.

Dr. Roy said the company has devised a mechanism to give away the reward to families of employees who have completed a minimum of five years with the group over a prescribed time period.

The invitation to the parents to attend the silver jubilee celebrations in Dubai and to tour the emirate was a token of appreciation for the dedication and hard work of the employees who have been with the company for three or more years.

The parents of 25 employees of Aries Group were specially flown in to the UAE for the silver jubilee celebrations.

“We believe the success of any business is linked to its employees’ happiness. Initiatives such as inviting parents to the event and offering financial rewards to the whole family are a testament to this commitment. We are sure such initiatives will strengthen the bond between the employees and their families and foster a sense of pride in being part of the Aries Group family,” Dr. Roy said.

Founded on 28th March 1998, Aries Group was started with its flagship unit, Aries Marine, and then eventually grew to become one of the largest multinational conglomerates in the Middle East with 59 companies operating in 25 countries across the world.

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NEW DELHI:

The Supreme Court-appointed panel of experts examining India’s regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group and has said it appears there was no regulatory failure on the part of market regulator SEBI.

The experts’ committee comprising domain experts has also said there was no price manipulation on the part of the Adani Group and that the conglomerate had taken necessary steps to comfort retail investors. The mitigating measures taken by the group had helped in building confidence in the stock and the stocks are stable now, the panel said.

“At this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the panel said in the report submitted to the Supreme Court.

It also said there is a need for an effective enforcement policy that is “coherent and consistent” with the legislative position adopted by SEBI or Securities and Exchange Board of India.

The Supreme Court had appointed the committee of domain experts alongside the investigation that SEBI was conducting into Hindenburg’s allegations against the Adani Group.

The committee, which recently submitted its findings to the Supreme Court, said SEBI had found out some entities had taken a short position before the Hindenburg report and had profited after the price crashed following the report.

The committee found no pattern of artificial trading or wash trades among the same parties multiple times.

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With such an ingenious reference guide, Indians in the UAE will get great acclamation for their initiatives. Data entry forms are provided .Database collected is totally free of cost. With 25 years of experience behind us, unlike magazines and newspapers, this reference guide will be an exclusive information provider with a shelf-life of a lifetime.

For further details please contact :

Sajith Kumar PK (Chief Coordinator)
Mobile no.- +971 529222203

Nirmala (Executive Editor)
Mobile no. – +971 542744942

Official Mail id – info@globalindians.directory
Chief Editor & Publisher P.Sukumaran & Chief Advisor Adv.Binoy Sasi have informed.

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MUMBAI: Emirates made the bold decision to install TV screens in all seats across all cabin classes throughout its fleet, a revolutionary move that shaped traveller expectations and the inflight entertainment industry in the decades to come.

Take a trip down the memory lane and watch Emirates’ ad when the airline introduced personal inseat video systems in all seats back in 1992.

Emirates has not looked back since, constantly introducing new innovations that drove advancements in entertainment and connectivity at 40,000 feet. Large, ultra-high definition 4k screens, with faster and improved Wi-Fi connectivity, are among the exciting developments Emirates has planned for its new generation IFE systems that will be delivered with its future fleet on order, as the airline continues to improve its inflight offering. Not only that, Emirates is constantly updating its extensive library of content on ice, with over 100 movies and 200 episodes of TV being added each month.

Patrick Brannelly, Emirates’ Senior Vice President Retail, IFE & Connectivity said: “When Emirates introduced personal screens on every seat back in 1992, it was considered a massive industry innovation. Other airlines questioned the sense of this huge investment, estimated at about $15,000 per seat at that time.

“But we quickly realised that our customers loved being entertained throughout the flight. It made their journeys feel shorter and fostered customer satisfaction and loyalty. Within a year, we were working to expand the content choice to 20 channels on Emirates’ Boeing 777s which were to join our fleet in 1996.

“We’ve never stopped improving our product. Emirates is constantly adding the best content from over 40 world regions to ice, our IFE system, and making sure that amazing content is experienced on the largest personal screens in the industry and through quality headphones and audio systems.

Emirates has led in the inflight connectivity space too, from the introduction of satellite phones in 1993 to becoming the first to install systems that enabled mobile phones to be used on aircraft. Today, every Emirates aircraft has connectivity – and we have already placed orders for the next generation of connectivity.”

Emirates’ award-winning ice inflight entertainment system, originally launched in 2003 with 500 channels, today offers every passenger over 5,000 channels of on-demand movies, music, TV shows, box sets and documentaries, in over 40 languages. The total accumulated hours of entertainment include over 3,900 hours of movies and TV, and over 3,300 hours of music and podcasts. An Emirates passenger would have to fly over 500 times from Dubai to Sydney in order to consume the entire library.

The success of Emirates’ IFE investments and strategy is demonstrated by the loyalty and positive feedback from its customers across all cabin classes, as well as through the numerous industry awards including ‘Best Inflight Entertainment’ at the 2022 APEX Passenger Choice Awards®, and ‘Skytrax World’s Best Inflight Entertainment’ every year since 2005.

In addition to entertainment, Emirates ice offers a range of other practical features, such as: the ability to check the status of your flight while en route; a real-time view of the sky during take-off and landing.

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DUBAI: Expo 2020 Dubai’s closing ceremony on Thursday will run throughout the night and feature fireworks and pop concerts that organisers believe will attract the event’s biggest crowds yet.

The world’s fair will remain open for firework displays at midnight and 3am.

Metro trains will run around the clock on Thursday and Friday to handle crowds, with tens of thousands of people expected to visit Expo.

The celebrations are included in the price of a ticket that has allowed people to visit the event several times over the past month.

Among the headline acts are singers Christina Aguilera and Norah Jones and cellist Yo-Yo Ma, with more than 20 giant screens to be set up across the Expo site to display the shows.

Screens will be set up in areas such as the main stages, Festival Garden and various country pavilions.

Organisers said the screens would “enable everyone to experience the magic”.

The celebrations will continue into the night, with concerts held at the Jubilee Stage and Dubai Millennium Amphitheatre.

The evening’s festivities will begin at 7pm with Mira Singh, the girl who starred in the opening ceremony, taking the audience on another compelling journey.

“For 182 days, she has grown, learnt and connected with people from around the world – what remains is the final step before she awakens to her full potential,” Expo said.

The ancient golden ring found in the desert by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, will be part of the story that will also capture standout moments from the six-month world’s fair.

The one-hour ceremony will have an Emirati soul that will touch on a global experience, organisers said.

A 10-minute section called the “garden of memories” will show highlights from Expo.

“The opening ceremony was iconic, our closing ceremony will be as iconic,” said Tareq Ghosheh, chief events and entertainment officer at Expo.

At the end of the ceremony the Expo flag will be handed over to the organisers of the next world’s fair, in Osaka, Japan.

In addition to the headline acts, there will be street performances throughout the night.

A world string ensemble will perform as part of a pre-show at 6pm.

Amna Abulhoul, executive creative director of Expo’s events and entertainment, promised an evening of beautiful choreography and spectacular fireworks.

“For the closing, the sunset is not the end it is just the beginning of something new where we will see beauty in the darkness.”

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MUMBAI: India’s stock market closed third straight day and four out of five sessions in the red, primarily concerns arising out of Russia-Ukraine war and surge in crude prices along with Fed rhetoric.

Benchmarks Nifty50 and the S&P BSE Sensex closed 0.40 and 0.41% lower respectively, under pressure from IT, Pharma, consumer durables and FMCG stocks. The benchmarks found some support from Realty, PSU Bank, Oil & gas stocks as Nifty closed above 17,150 and Sensex settled at 57,362.20.

Meanwhile, Nifty50 and Sensex declined 0.8% and 0.9% respectively for the week ending March 25. Media, metal and energy sectors witnessed buying interest this week as they provided much-needed resilience allowing barometer indices to trade above crucial support levels.

On the BSE, S&P BSE Metal, S&P BSE Energy, S&P BSE oil & gas, S&P BSE Momentum Index and S&P BSE Basic Material were top 5 gainers on the exchange. They ended the week with gains of 5.5%, 3.6%, 2.7%, 2.2 and 1.7% respectively.

Nifty media with 7% gain was the leading index on the NSE. Nifty Metal (5.1%), Nifty Oil & Gas (3%), Nifty Commodities (2.3%) and Nifty Energy (2.1%) were other leading gainers.

Meanwhile, FIIs returning on buying side was some respite for the market.

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The Sensex was down 283 points or 0.49% at 57705.61, and the Nifty was down 78.2 points or 0.45% at 17237.3. Of the 3,476 stocks traded on the BSE, there were 1,834 declines; 1,508 advances and 134 stocks were unchanged.

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Aligned closely with Oman’s Vision 2040 Strategy, which aims to develop a diversified and sustainable economy through opportunities that strengthen the country’s global competitiveness, Oman Air Holidays is redoubling efforts to broaden its integrated offering of flights, hotels, excursions and travel experiences which caters to growing local and international demand.

Also unveiled were Oman Air Holidays’ refocused vision and mission statements, which champion ambitions to become one of the top tourism operators in the Middle East by leveraging Oman Air’s flight frequencies into the Sultanate from international source markets, and position Oman as a uniquely different holiday experience to travel trade globally.

“The timing is right for Oman Air Holidays to foster closer ties with local and international travel trade,” said Mundher Al Shaikhani​, Senior Manager Oman Air Holidays. “As vaccine roll-out ramps up, we’re seeing renewed interest for package holidays and custom stays from locals inquiring about quick getaway options, as well as international guests in the early stages of planning their next overseas holiday. Our refreshed brand, vision and mission statement, and booking platform encapsulate our strategy to develop and offer exclusive ‘Fly & Stay’ packages here in Oman and everywhere Oman Air flies, with promotions and offers tailored to each traveller.”

Oman Air Holidays proudly displays the Safe Travels Stamp from the World Travel and Tourism Council (WTTC). In June this year, it partnered with WebBeds to enhance its digital booking experience to provide greater choice, flexibility and convenience for guests in search of innovative custom holiday packages in Oman and international markets. Oman Air received the Skytrax 5-Star COVID-19 Airline Safety Rating and the Skytrax 5-Star COVID-19 Lounge Safety Rating at Muscat International Airport.

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“Emirates is deeply connected and committed to India. The Emirates India Humanitarian Airbridge was our contribution to assist the Indian community fight the second wave of the deadly COVID-19 pandemic. We are heartened that India is overcoming the virus and we are honoured to have supported the efforts of partners by donating much needed air cargo capacity for moving essential goods quickly and reliably into nine Indian cities,” said Nabil Sultan, Emirates Divisional Senior Vice President, Cargo.

“The Emirates India humanitarian airbridge confirms the important role that is being played by the private sector worldwide, for providing assistance to millions of people affected by the COVID-19 pandemic. This airbridge done with Emirates, confirms the strong partnership and commitment of the two Dubai entities in facilitating the humanitarian action of the international organizations and United Nations agencies operating within IHC. Together we fulfill the mandate of the IHC and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai’s vision to support humanitarian needs all around the world. IHC has embraced the Sustainable Development Goal “Partnership” and is very proud to have partnered with Emirates SkyCargo and the International humanitarian community for the extraordinary efforts done for responding to the requirements due to the pandemic in addition to other emergencies,” said Giuseppe Saba, CEO of the IHC.

“Tackling the COVID-19 pandemic is a race against time. It is also a complex logistics operation that works around to clock to provide frontline health workers with the equipment they need and ensure equitable access to vaccines for all. From our warehousing hub in the United Arab Emirates, UNICEF can rapidly deploy supplies across continents. That capability couldn’t be possible without our partners’ support. Thanks to Emirates SkyCargo’s solutions, and as demonstrated with the India airbridge, we are able to quickly and efficiently deliver life-saving supplies,” said Eltayeb Adam, UNICEF Representative to the Gulf Area.

Emirates set up the India Humanitarian Airbridge in early May 2021 to boost the transportation of urgent medical and relief items to India by offering cargo capacity free of charge on its flights from Dubai to India. The first shipment under the Airbridge initiative flew from Dubai to Delhi on 13 May and comprised 12 tonnes of multi-purpose tent equipment for field hospitals sent by the World Health Organisation through the IHC.

Emirates SkyCargo and the IHC have joined hands in the past to deliver relief materials around the world to communities impacted by humanitarian crises. Most recently, the IHC helped channel relief efforts for the India Humanitarian Airbridge, drawing upon their extensive expertise in working with humanitarian agencies and relief logistics.

Through its cargo flights to more than 135 destinations across six continents, Emirates SkyCargo continues to play an important role globally in the transportation of pharmaceuticals, medical equipment, PPE, food and other essential goods as well as maintaining continuity of supply chains for international trade.

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The airline will resume services to seven cities in July including: Venice on 1 July; Phuket, Nice, Orlando and Mexico City on 2 July; Lyon on 9 July and Malta on 14 July. Emirates will also launch flights to Florida’s second largest city and one of the world’s most popular holiday spots, Miami, starting 22 July.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman and Chief Executive said: “Emirates is committed to keeping Dubai, businesses and communities around the world connected and we are working hard to rebuild our network and secure access to more destinations in partnership with various authorities and stakeholders. We are encouraged by the latest developments as many countries have begun to turn the page and reopen for international visitors, and we are seeing strong signs of pent-up demand wherever restrictions have eased. Emirates is nimbly matching up flight services and identifying opportunities to grow our footprint, and provide customers more opportunities to safely get where they want to go this summer, offering best-in-class service, greater convenience and more choice.”

More flights to top destinations

Across its network, the airline will boost capacity and expand its schedules by layering on frequencies for the summer, connecting more customers with popular destinations and adding more choice and convenience as they plan their long-awaited holidays.

Emirates will be adding frequencies to 12 cities across Europe, Africa and North America as more destinations re-open for international visitors, and offer quarantine free travel. Emirates destinations with enhanced schedules for July and August include: German cities Munich, Dusseldorf and Hamburg; Zurich; Vienna; Prague; Madrid; Stockholm; Brussels; Lisbon; Chicago and Tunis. In Europe, the airline currently flies to more than 30 cities in 20 countries including popular holiday destinations Greece, Spain, Italy, France and Malta, which offer quarantine free arrivals.

In the United States, with rapid vaccine rollouts and the reopening of air travel at a rate outpacing the world, Emirates will continue to build its presence. With the addition of Miami to its network in July, Emirates will operate over 70 weekly flights to the US, offering over 26,000 seats across 12 gateways including Boston, Chicago, New York (JFK and Newark), Houston, Dallas, Los Angeles, San Francisco, Seattle, Washington DC and Orlando. The airline is also ramping up its trans-Atlantic operations Milan-New York and Athens-Newark to meet large passenger volumes and high demand across its premium cabins.

An expanded A380 summer network

Emirates will also boost its A380 network this summer, bringing its flagship experience to 15 cities on 129 weekly services. During the summer, the airline plans to activate over 30 of its A380s to augment its 151 strong fleet of Boeing 777s. The Emirates A380 experience continues to be sought after by customers, with many going out of their way to book their travel on an Emirates A380 for its signature products, spaciousness, quietness and unmatched levels of comfort.

Emirates will be deploying the A380 to the following cities during the summer period: Cairo, Jeddah, Amman, Guangzhou, London Heathrow, Manchester, Frankfurt, Vienna, Paris, Munich, Moscow, New York JFK, Los Angeles, Washington D.C. and Toronto. Stepping up of deployment of the A380 demonstrates the importance of the aircraft to Emirates’ recovery and growth strategy. The A380 ensures the efficient use of capacity on high demand routes, and enables Emirates to deliver its sought-after A380 experience to more customers, helping the airline to maintain its leadership position in key cities across its network.

Emirates customers can rest assured this summer while travelling that their health and safety continued to be a top priority with the latest health and safety measures in place. When flying out of Dubai, customers can take advantage of contactless technology at nearly every step of their journey for an added layer of safety. The airline will also be boosting its digital verification capabilities, providing its customers even more opportunities to utilise the IATA Travel Pass this summer, and customers flying out of Dubai can also enjoy a paperless experience when verifying their Covid-19 related medical records as part of the airline’s tie-up with the Dubai Health Authority.

Emirates leads the industry with customer centric solutions that make travel planning stress free with even more generous and flexible booking policies, an extension of its multi-risk insurance cover, and helping loyal customers retain their miles and tier status.

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The Emirates Group today announced its first year of loss in over 30 years caused by a significant drop in revenue, fully attributed to the impact of COVID-19 related flight and travel restrictions throughout its entire financial year 2020-21.

Released today in its 2020-21 Annual Report, the Emirates Group posted a loss of AED 22.1 billion (US$ 6.0 billion) for the financial year ended 31 March 2021 compared with an AED 1.7 billion (US$ 456 million) profit for last year. The Group’s revenue was AED 35.6 billion (US$ 9.7 billion), a decline of 66% over last year’s results. The Group’s cash balance was AED 19.8 billion (US$ 5.4 billion), down 23% from last year mainly due to weak demand caused by the various pandemic related business and travel restrictions across all of the Group’s core business divisions and markets.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “The COVID-19 pandemic continues to take a tremendous toll on human lives, communities, economies, and on the aviation and travel industry. In 2020-21, Emirates and dnata were hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions.

“Our top priorities throughout the year were: the health and wellbeing of our people and customers, preserving cash and controlling costs, and restoring our operations safely and sustainably. Emirates received a capital injection of AED 11.3 billion (US$ 3.1 billion) from our ultimate shareholder, the Government of Dubai, and dnata tapped on various industry support programmes and availed a total relief of nearly AED 800 million in 2020-21. These helped us sustain operations and retain the vast majority of our talent pool. Unfortunately, we still had to make the difficult decision to resize our workforce in line with reduced operational requirements.”

For the first time in the Group’s history, redundancies were implemented across all parts of the business. As a result, the Group’s total workforce reduced by 31% to 75,145 employees, representing over 160 different nationalities.

Keeping a tight control on costs, across the Group, financial obligations were restructured, contracts renegotiated, processes examined and operations consolidated. The various cost reduction initiatives returned an estimated saving of AED 7.7 billion during the year.

In 2020-21, the Group collectively invested AED 4.7 billion (US$ 1.3 billion) in new aircraft and facilities, the acquisition of companies, and the latest technologies to position the business for recovery and future growth. It also continued to invest resources towards environmental initiatives, as well as supporting communities and incubator programmes that nurture talent and innovation to drive future industry growth.

Sheikh Ahmed said: “No one knows when the pandemic will be over, but we know recovery will be patchy. Economies and companies that entered pandemic times in a strong position, will be better placed to bounce back. Until 2020-21, Emirates and dnata have had a track record of growth and profitability, based on solid business models, steady investments in capability and infrastructure, a strong drive for innovation, and a deep talent pool led by a stable leadership team. These fundamental ingredients of our success remain unchanged. Together with Dubai’s undiminished ambitions to grow economic activity and build a city for the future, I am confident that Emirates and dnata will recover and be stronger than before.”

He concluded: “In the year ahead, we will continue to adopt an agile approach in responding to the dynamic marketplace. We aim to recover to our full operating capacity as quickly as possible to serve our customers, and to continue contributing to the rebuilding of economies and communities impacted by the pandemic.”

Emirates performance

Emirates’ total passenger and cargo capacity declined by 58% to 24.8 billion ATKMs at the end of 2020-21, due to pandemic related flight and travel restrictions including a complete suspension of commercial passenger services for nearly eight weeks as directed by the UAE government from 25 March 2020.

Emirates received three new A380 aircraft during the financial year and phased out 14 older aircraft comprising of 9 Boeing 777-300ERs and 5 A380s, leaving its total fleet count at 259 at the end of March. Emirates’ average fleet age remains at a youthful 7.3 years.

Emirates’ order book for 200 aircraft remains unchanged at this time. The airline is firmly committed to its long-standing strategy of operating a modern and efficient fleet, which underscores its “Fly Better” brand promise, as young aircraft are better for the environment, better for operations, and better for customers.

Working closely with aviation stakeholders to design and implement bio-safety measures, Emirates gradually restored its passenger network and hub connectivity from mid-June 2020 as the UAE re-opened for transit travellers and later for international arrivals.

During the year, Emirates reactivated its strategic codeshare partnership with flydubai, and entered into agreements with new partners TAP Air Portugal, FlySafair, and Airlink in South Africa, to expand connectivity for its customers.

From zero scheduled passenger flights at the start of the financial year, to operations in over 120 destinations by 31 March 2021, Emirates has shown its ability to adapt and respond to challenges, and the resilience of its people and business model.

With significantly reduced and constrained capacity deployment across most markets, Emirates’ total revenue for the financial year declined 66% to AED 30.9 billion (US$ 8.4 billion). Currency fluctuations this year had no significant impact on airline revenue.

Total operating costs decreased by 46% from last financial year. Cost of ownership (depreciation and amortisation) and employee cost were the two biggest cost components for the airline in 2020-21, followed by fuel, which accounted for 14% of operating costs compared to 31% in 2019-20. The airline’s fuel bill declined by 76% to AED 6.4 billion (US$ 1.7 billion) compared to the previous year, driven primarily by 69% lower uplift in line with capacity reduction.

Due to ongoing pandemic-related flight and travel restrictions, the airline reported a loss of AED 20.3 billion (US$ 5.5 billion) after last year’s AED 1.1 billion (US$ 288 million) profit, and a negative profit margin of 65.6%. This includes a one-time impairment charge of AED 710 million (US$ 193 million) mainly relating to certain aircraft which are currently grounded and are not expected to return to service before their scheduled retirement within the next financial year.

Emirates carried 6.6 million passengers (down 88%) in 2020-21, with seat capacity down by 83%. The airline reports a Passenger Seat Factor of 44.3%, compared with last year’s passenger seat factor of 78.5%; and a 48% increase in passenger yield to 38.9 fils (10.6 US cents) per Revenue Passenger Kilometre (RPKM), due largely to a favourable route mix, fares and continued healthy demand for premium seats. Seat load factor and yield results cannot be compared against the previous year’s performance due to the unusual pandemic situation.

In response to the pandemic, Emirates led the industry in developing new service and operating protocols to protect its customers and employees. During the year, it launched numerous customer initiatives such as: providing the industry’s first complimentary COVID-19 medical cover for all passengers; waiving fees so customers can rebook their travel without penalty; expediting refunds handling; and fast-tracking biometric processing and other technology projects that enhanced the travel experience while reducing contact at airport touchpoints.

Emirates invested to upgrade its signature A380 experience with new Premium Economy seats and other product enhancements. It also launched new technology platforms Emirates Partners Portal and Emirates Gateway, to better engage and serve travel trade partners.

For frequent flyers, Emirates Skywards offered generous extension on Tier status and Miles validity until 2022, and launched various initiatives to help its members earn and redeem rewards even if they are unable to immediately travel.

Emirates SkyCargo put in a stellar performance by rapidly responding to new demand in a changed global marketplace, contributing to 60% of the airline’s total transport revenue.

Emirates SkyCargo quickly scaled up operations and rebuilt its cargo network to meet strong demand from shippers who faced a capacity crunch when the pandemic forced airlines to drastically reduce flights. It supplemented its existing freighter capacity by bringing into service 19 “mini freighters” – modified Boeing 777-300ER passenger aircraft with seats in the economy cabin removed to make room for more cargo. The cargo division also introduced new loading protocols to safely utilise overhead bins and passenger seats to carry cargo.

In addition to supporting global supply chains for food, medical and other trade items, Emirates SkyCargo also tapped on its pharma capabilities and infrastructure to support the worldwide distribution of COVID-19 vaccines and humanitarian relief to Lebanon in the aftermath of the Port of Beirut explosions.

In October, Emirates SkyCargo set up a dedicated GDP-certified airside hub in Dubai for COVID-19 vaccines, and later it partnered with UNICEF to facilitate the rapid transport of COVID-19 vaccines to developing nations through Dubai.

With the strong demand in air freight throughout the year, Emirates’ cargo division reported a revenue of AED 17.1 billion (US$ 4.7 billion), an increase of 53% over last year.

Freight yield per Freight Tonne Kilometre (FTKM) increased strongly by 88%, due to the unique pandemic situation which led to significantly reduced cargo capacity in the market worldwide.

Tonnage carried decreased by 22% to reach 1.9 million tonnes, due to the reduced available bellyhold capacity for the entire year. At the end of 2020-21, Emirates’ SkyCargo’s total freighter fleet stood unchanged at 11 Boeing 777Fs.

Emirates’ hotels portfolio recorded revenue of AED 296 million (US$ 81 million), a decline of 49% over last year as the events business dried up and facilities had to shut temporarily due to the pandemic.

During the year, Emirates successfully restructured various aircraft leases and loans. The support from aviation lessors and financing partners during these challenging times reflects the financial community’s confidence in Emirates’ business model, and its mid to longer term prospects.

In addition to the AED 14.5 billion financing that was raised for aircraft and general corporate purposes in 2020-21, Emirates has already received committed offers to finance two aircraft deliveries due in 2021-22 and continues to tap the financial market for further liquidity to provide a cushion for the potential impact of COVID-19 on the business cash flows in the near term.

Emirates closed the financial year with cash assets of AED 15.1 billion (US$ 4.1 billion), a position which would have stronger if not for a one-time payout of AED 8.5 billion for customer refunds.

Performance of dnata 

The impact of COVID-19 was felt across all dnata businesses, and in 2020-21 dnata recorded a loss of AED 1.8 billion (US$ 496 million) for the first time. This includes impairment charges of AED 766 million (USD 209 million) on goodwill and other intangible assets across all its divisions.

With reduced flight and travel activity across the world, dnata’s total revenue

decreased by 62% to AED 5.5 billion (US$ 1.5 billion). dnata’s international business accounts for 62% of its revenue.

dnata continued to lay the foundations for future growth with investments in 2020-21 amounting to AED 328 million (US$ 89 million). During the year, dnata completed the purchase of Destination Asia, bringing one of Southeast Asia’s top destination management companies fully under the dnata Travel Group umbrella. It also pressed ahead with key investments to strengthen the business including the opening of a new state-of-the-art cargo facility in Manchester; upgrades to technology across its leisure and corporate travel businesses; the setting up of a dedicated inflight retail centre of excellence in the UK to serve global customers; and the opening of its second catering facility in Dublin.

In 2020-21, dnata’s operating costs decreased by 48% to AED 7.4 billion (US$ 2.0 billion), in line with reduced operations in its Airport Operations, Catering and Travel divisions across the world.

dnata’s cash balance was AED 4.7 billion (US$ 1.3 billion), a decline by 12%. Cash used in financing activities, primarily payments for loans and leases, amounted to AED 548 million (US$ 149 million), while the business utilised net cash of AED 149 million (US$ 41 million) in essential investing activities. The business saw a positive operating cash flow of AED 10 million (US$ 3 million) in 2020-21 despite the sharp decline in revenues and the unprecedented volumes of refunds in its travel division.

Revenue from dnata’s UAE Airport Operations, including ground and cargo handling declined to AED 1.7 billion (US$ 455 million).

The number of aircraft turns handled by dnata in the UAE declined by 59% to 78,000. This reflects the impact of the suspension of scheduled passenger flights at both Dubai airports (DXB and DWC) in March 2020 as part of the UAE’s pandemic containment measures. dnata’s cargo handling declined by 18% to 575,000 tonnes, reflecting the reduced available flight capacity in the overall air cargo market over the year.

dnata’s International Airport Operations division revenue declined by 43% to AED 2.3 billion (US$ 617 million), reflecting the broad impact of the global pandemic across markets. International airport operations continue to represent the largest business segment in dnata by revenue contribution.

The number of aircraft turns handled decreased by 57% to 211,000, on account of lower business volumes; whereas there was only a minor 5% decline in cargo handled to 2.1 million tonnes given the strong air freight demand across many markets.

During 2020-21, dnata’s Airport Operations division continued to strengthen its international reach and capability. In Singapore and Australia, it introduced new high-tech cool dollies to enhance its pharma and perishables handling capability; in Italy its subsidiary, Airport Handling SpA, partnered with Beta Trans to provide full cargo services to customers at Milan Malpensa Airport; and in Indonesia, dnata entered the market through a partnership with PT UNEX Rajawali Indonesia (UNEX) where both entities will make joint investments in ground handling facilities, equipment, and training.

dnata continued to win new contracts in 2020-21. Notably, in Australia dnata began ground handling for Qantas at most of its major airports and GTA dnata, its joint-venture company in Canada, was awarded a five-year ground handling license for ramp, passenger, and cargo warehousing services at Vancouver International Airport.

In 2020-21, dnata executed the US’s first green turnaround of a customer aircraft at New York JFK, an achievement made possible by its previous investments in zero-emission, electric ramp ground support equipment. Its airport services brand, marhaba, opened an expanded and refurbished lounge at Dubai International airport, and expanded its international network with a new lounge in Manila’s Ninoy Aquino International Airport.

dnata’s Catering business accounted for AED 1.0 billion (US$ 285 million) of dnata’s revenue, significantly down by 68%. The inflight catering business uplifted nearly 16.9 million meals to airline customers, a substantial decrease of 82%. This is primarily due to the full year impact of the pandemic situation including a nearly 12-month shut down of the facilities in Australia which dnata had acquired only two years ago.

Through the year, the Catering division adapted its products and services to meet new customer requirements, including the provision of meals for quarantine facilities. It also worked with local organisations in Australia, Ireland, Italy and the UK to support communities in need.

Progressing with key investments for its future growth, dnata Catering inaugurated a second state-of-the-art catering facility in Dublin, introduced new bio-digesters to reduce food waste across its operations, and solar panels at its Singapore facility as part of its commitment to reduce its environmental footprint.

Revenue from dnata’s Travel Services division has declined by 96% to AED 130 million (US$ 35 million). The reported total transaction value (TTV) of travel services sold declined by 98% to AED 229 million (US$ 62 million). Excluding the impact of COVID-19 related cancellation of bookings, revenue from Travel division declined by 89% to AED 294 million and the TTV dropped by 83% to AED 1.7 billion.

dnata’s Travel division saw corporate and leisure travel demand dry up across markets.

Throughout an incredibly tough year with a fast-changing global travel environment, dnata’s Travel division focussed on initiatives to support its customers and provide value. Across its travel brands, dnata helped its customers rebuild traveller trust by processing refunds and rebookings, and providing the latest travel information.

dnata Travel Group continued to secure growth opportunities. During the year, it provided online booking capability for London City Airport in the UK, and expanded its reach in Oman through a partnership with OUA Travel that enables Oman-based trade agents to promote and sell Gold Medal’s wide range of travel products to their customers.

In the UAE and GCC region, dnata’s Travel business remained steady. dnata leveraged its established home market presence and the re-opening of Dubai for international travel to promote the UAE, and its UAE-based tour operating division Arabian Adventures started new experiences.

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