Emirates is a Dubai-based airline and the largest carrier in the Middle East. Founded in 1985 with just two aircraft, the airline has grown into a global aviation leader operating an all-widebody fleet from its hub at Dubai International Airport.
The airline is wholly owned by the Investment Corporation of Dubai, a sovereign wealth fund of the Dubai government. Emirates operates as part of The Emirates Group, which also includes dnata, a global air services provider. The company reported record profit of $6.2 billion in fiscal year 2024-25.
Emirates connects travelers to destinations across Europe, Asia, Africa, the Americas, and Oceania. The carrier operates both the Airbus A380 and Boeing 777 aircraft families. Emirates remains the world’s largest operator of both aircraft types.
Emirates History
Sheikh Mohammed bin Rashid Al Maktoum commissioned Sir Maurice Flanagan to explore starting a new airline. The name Emirates was selected for the venture.
Emirates launched operations on October 25 with two leased aircraft: a Boeing 737 and an Airbus A300 B4. The first flight operated from Dubai to Karachi.
The airline received its first wholly owned aircraft, an Airbus A310-300. Emirates launched its first European route to London Gatwick and Frankfurt.
Emirates placed an order for seven Boeing 777 aircraft. The carrier also became a pioneer by installing video systems in all seats across every class.
Emirates placed the largest order in aviation history at the time, valued at $15 billion for 58 new aircraft including Airbus A380s and Boeing 777s.
Emirates received its first Airbus A380 superjumbo. The aircraft featured the airline’s signature onboard lounge and shower spa for first class passengers.
Emirates order book reached over 300 aircraft valued at $138 billion. The airline carried 44.5 million passengers and 2.25 million tonnes of cargo.
Emirates introduced Premium Economy class, positioned between business and economy. The new cabin launched on Airbus A380 and Boeing 777 aircraft.
Emirates Group achieved record profit of $6.2 billion. The airline received its first Airbus A350 aircraft and operates 260 aircraft across its network.
Emirates Co-founders
Then UAE Minister of Defence who initiated the founding of Emirates in 1984. He is currently the Vice President and Prime Minister of the UAE and Ruler of Dubai.
Managing director of dnata who was tasked with developing the business plan for Emirates. He served as the airline’s first managing director and later as Executive Vice Chairman.
Chairman and Chief Executive of Emirates airline and Group since its founding. He has led the company through its expansion from a regional carrier to a global aviation leader.
Emirates Revenue
Emirates Group revenue reached a record $39.6 billion (AED 145.4 billion) in fiscal year 2024-25. This represents consistent growth from pandemic lows when revenue dropped to approximately $9.4 billion in 2020-21.
The airline has demonstrated strong financial recovery since travel restrictions eased. Revenue grew from $18 billion in 2021-22 to $32.6 billion in 2022-23 and $37.4 billion in 2023-24. Emirates has maintained profitability for most years since its third year of operation.
Emirates Competitors
Emirates competes with premium carriers across the Middle East, Europe, Asia, and Oceania. The airline’s primary competitors include fellow Gulf carriers Qatar Airways and Etihad Airways. These three airlines share similar hub-and-spoke business models connecting passengers between continents via their Middle Eastern bases.
Emirates also faces competition from established European and Asian airlines on long-haul routes. Carriers such as Singapore Airlines, Lufthansa, and Cathay Pacific Airways target similar premium travel segments.
| Airline | Headquarters | Hub Airport |
|---|---|---|
| Qatar Airways | Doha, Qatar | Hamad International Airport |
| Etihad Airways | Abu Dhabi, UAE | Abu Dhabi International Airport |
| Singapore Airlines | Singapore | Changi Airport |
| Turkish Airlines | Istanbul, Turkey | Istanbul Airport |
| Lufthansa | Cologne, Germany | Frankfurt Airport |
| British Airways | London, UK | London Heathrow |
| Cathay Pacific | Hong Kong | Hong Kong International |
| Air France-KLM | Paris, France | Paris Charles de Gaulle |
| Qantas | Sydney, Australia | Sydney Airport |
| flydubai | Dubai, UAE | Dubai International Airport |
Emirates Acquisitions
Emirates airline has traditionally avoided acquiring stakes in other carriers. The company believes the complexities of airline mergers outweigh potential benefits. Instead, Emirates focuses on organic growth and codeshare partnerships to expand its network reach.
The Emirates Group expands primarily through dnata, its ground handling and travel services division. dnata has acquired numerous companies to build a global airport services network spanning six continents.
In 2004, dnata acquired Changi International Airport Services in Singapore, marking its first major Asian expansion. The company purchased Alpha Flight Limited in 2010, adding flight catering operations across 62 airports in 12 countries. This acquisition positioned dnata as a major player in airline catering worldwide.
dnata entered the South American market in 2015 by acquiring RM Ground Services in Brazil. The following year brought Ground Services International in the United States, providing ground handling services across 14 American cities. These acquisitions established dnata’s presence on every inhabited continent.
Through Amadeus and other travel technology partnerships, Emirates integrates booking systems with global distribution networks. The airline prefers collaboration over ownership, partnering with carriers such as China Southern Airlines and flydubai through codeshare agreements. Emirates also operates Arabian Adventures, Congress Solutions International, Emirates Holidays, and Emirates Tours as wholly owned subsidiaries.
Emirates Marketcap
Emirates is a state-owned company wholly owned by the Investment Corporation of Dubai. The airline does not trade publicly, so traditional market capitalization figures do not apply. Analysts estimate the company’s enterprise value based on comparable airline multiples and financial performance.
Based on Emirates Group revenue of $39.6 billion and profit of $6.2 billion in 2024-25, industry valuations suggest an enterprise value between $30 billion and $50 billion. The airline maintains cash reserves of $14.6 billion and has an order book of 314 aircraft pending delivery.
FAQs
When was Emirates airline founded?
Emirates was founded in 1985 in Dubai, United Arab Emirates. The airline launched operations on October 25, 1985, with its first flight from Dubai to Karachi using a leased Boeing 737.
Who owns Emirates airline?
Emirates is wholly owned by the Investment Corporation of Dubai, a sovereign wealth fund controlled by the Government of Dubai. The airline operates independently as a commercial entity.
How many aircraft does Emirates operate?
Emirates operates 260 aircraft as of March 2025. The fleet consists entirely of widebody aircraft, including Boeing 777s, Airbus A380s, and the new Airbus A350. The airline has 314 aircraft on order.
What is Emirates annual revenue?
Emirates Group reported record revenue of $39.6 billion (AED 145.4 billion) for fiscal year 2024-25. Emirates airline alone generated $34.9 billion in revenue during this period.
Where is Emirates headquarters located?
Emirates headquarters is located in Garhoud, Dubai, United Arab Emirates, near Dubai International Airport. The airline operates its primary hub from Terminal 3 at Dubai International.
