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KPMG 2015 International Case Competition:

Achieving Strategic and Performance Objectives at Emirates Airlines

Applying Airline Industry Expertise to Emirates Airlines
Brian Ballou
Dan Heitger
Professors of Accountancy
Codirectors, Center for Business Excellence
Miami University
Oxford, Ohio, United States
To provide professional accounting and advisory services to a client as part of an international
accounting firm, professionals need to sufficiently understand the clients business and how it fits
within its industry. The case provided to you in the campus screening round required you to
develop international airline expertise through selecting and prioritizing key industry factors,
developing management approaches for the corresponding factors, and considering the impact and
potential consequence chosen approaches will have on other industry factors. This case requires
your team to gain a better understanding of the importance of understanding a specific airline
Emirates Airlineand its surrounding business environment to create a viable strategy, competitive
advantage, and long-term corporate value.
Your objective is to thoroughly analyze Emirates Airlines based on your work in the previous case
and the information in this casebook. Your advisory services firm has been engaged to analyze
Emirates Airlines and provide its Board of Directors with a professional services presentation on
how your firm can enhance organizational value.

Emirates AirlinesBackground and Strategic Priorities

An important player in the luxury airline market, Emirates Airlines was founded in 1985 and serves
approximately 142 cities in 80 countries from its hub in Dubai, United Arab Emirates (UAE).
Emirates Airlines has grown to its strong position in a relatively short period of time. Prior to 1985,
the Middle East was served primarily by Gulf Airlines, which distributed earnings to respective
countries in the region based on each countrys relative percentage of oil. Since Dubai has
comparatively less oilit relies on trade, travel, and tourism for much of its GDPthe country
provided a US$10 million infusion of seed funding to launch Emirates Airlines. The government
issued three conditions for Emirates Airlines: (1) the airline must operate independent of the
government and generate a positive profit, (2) no additional governmental funding will be provided
(i.e., no government subsidies), and (3) Dubai will operate under an open sky competitive
environment, meaning that the government would not decide which airlines can or cannot fly in
and out of Dubai (or how often). Accordingly, unlike most traditional legacy carriers around the
world, Emirates Airlines was born into and has grown up in a competitive environment, which has
taught the airline to be adaptable to various challenges. For example, Emirates Airlines is able to
estimate its GDP economic impact on new markets within twelve months of entering them, which
helps achieve buy-in from new markets by showing the benefits of open skies.
Emirates Airlines ranks as the fourth top airline in 2014 (according to World Airline Awards) and is
the world's most valuable airline brand with a net worth of US$5.5 billion. Its values emphasize the
Companys commitment to providing the highest standards of quality in every aspect of the
business. Specifically, Emirates strives to be agile; go the extra mile to excel in all areas; significantly
invest in products, people, infrastructure, and technology; deliver the best value to customers; and
strike the right balance between achieving immediate business priorities and planning ahead to

capitalize on future possibilities.

Currently, Emirates Airlines has not become heavily invested in codeshare alliances with other
airlines to the extent that many of its key competitors have pursued. A codeshare alliance involves
multiple airlines sharing the same flight by enabling passengers to purchase tickets on one airline,
including destinations not currently served by the airline, and using codeshare partners planes to
carry passengers on during the parts of the flights not serviced by the airline being used by the
passenger. Instead, Emirates has focused on growing its routes organically by demonstrating to
other international governments the benefits to their communities as a result of Emirates being
added as a carrier in their country. To help passengers who need to fly to destinations not currently
served by Emirates, the airline has partnered with other airlines in its reservation system to enable
passengers to purchase tickets with those airlines. While this is similar in nature to a codeshare,
Emirates is better able to communicate to passengers that it will only direct them to a partner
airline when Emirates does not offer flights to that destination (i.e., no cobranding is occurring like
when using a codeshare alliance except with its few codeshare partners like JetBlue in the United
The airline plans to differentiate itself among its top competitors by being the top flier of long-haul,
luxury Airbus A380 aircraft. As described in more detail below, Emirates Airlines has committed to
acquire 140 of the 317 A380s sold to date. Other competitors emphasizing luxury experiences
either are not investing as heavily in long-haul, luxury aircraft; instead they are investing in the
competing long-haul, luxury Boeing 787s (i.e., the Dreamliner), or they are balancing their orders
across A380s and 787s.
Emirates Airlines strives to achieve long-term sustainable profitability to be able to invest in the
innovation and service that key stakeholders expect and to meet its growth targets. Internally,
Emirates Airlines works harder to go further in securing off-peak revenues and maximizing peak
revenues for the long-term. Emirates Airlines extensively restructured its commercial focus areas
and created a global sales department to improve its positioning to reflect the ever changing nature
of global demandboth for passenger flights and the transport of air freight. Externally, the airline
works tirelessly to find and serve new flows of passengers and air freight. Further, it continually
engages industry stakeholders and regulators all over the world to champion the role of air
transport on economies and the benefits of open skies policies over outdated protectionist thinking
that limits economic growth.
Emirates Airlines also looks for efficiencies in every aspect of operations. High fuel prices are a
major concern for long-term profitability, so the airline works closely with air service navigation
providers to find more direct flight paths. Over the past decade, Emirates Airlines and Airservices
Australia successfully operated the flex tracks program for flights between Dubai and Australia that
saved 3,800 tonnes of fuel on daily flights annually and reduced CO2 emissions by 12,000 tonnes.
The airlines operational procedures of using idle reverse thrust on landing and shutting down one
engine while taxiing also saved over 6,000 tonnes of fuel, equivalent to 19,000 tonnes of CO2.
Brief Summaries of Emirates Top Two UAE. CompetitorsEtihad and Qatar
Etihad Airways
Etihad Airways is based in Abu Dhabi and was established as the official airline of the UAE when it
launched in 2003. It also is one of the worlds fastest growing airlines with one of the youngest
fleets. It is ranked among the worlds top airlines. The airline is similar to Emirates in that it is
ordering a large number of luxury, long-haul aircraft; however, it is investing heavily in Boeing 787

Dreamliners, with 70 of the aircraft on order over the next 10 years. The risk associated with
Dreamliners is that the carbon-based materials used for the frame likely will create maintenance
costs and delays until a sufficient fleet of aircraft is placed in service. Etihad has entered into a
number of codeshare alliances with other international airlines to expand its reach, but has done so
mostly through individual agreements instead of a large, established alliance.
Qatar Airways
Qatar Airways is based in Doha and was established as the national airline of the state of Qatar
when it launched in 1997. It also is one of the worlds fastest growing airlines with one of the
youngest fleets. It is ranked among the worlds top airlines. Unlike Emirates and Etihad, Qatar is
limiting its investment in the two new long-haul, luxury A380 and 787 aircraft and instead investing
more heavily in established aircraft, with 100 Boeing 777s currently on order as its most dominant
aircraft. Qatar Airways belongs to the Oneworld codeshare alliance that consists of many leading
international airlines as a way to expand its reach as opposed to developing individual alliances
with specific airlines like Etihad.

Emirates Organizational Business Model

A business model serves as a recipe for achieving the goals of an organization given its external
environment. Exhibit 1 below describes the organizational components of a generic business
model, followed by brief descriptions of each component as applied to Emirates Airlines.
Exhibit 1
Organizational Business Model

Products and Services

Emirates Airlines positions itself as a provider of luxury air travel, along with a number of other
services that include cargo, hospitality, and information technology. Exhibit 2 lists Emirates Airlines
products and services across multiple categories. Exhibit 3 lists Emirates Airlines brands, revealing
the level of diverse products and services offered.
Exhibit 2
The Emirates Airlines Group
Business Categories
Air Cargo Support Services

Loyalty and Reward Programs

Airport Aviation Services:



Airport Meet and Greet

Retail, Food, and Beverage

Air Transport

Risk Management and Security

Call Center

Sports and Club Facilities

Engineering Services

Tour Operator and Events


Freight Forwarding and Logistics Training

Ground handling, cargo, travel,
and catering services


Hotels and Resorts

Exhibit 3
The Emirates Airlines Group Brands

Markets and Target Customers

The two primary markets are luxury air travel and airfreight cargo. Emirates Airlines has been
known as a leading player in the luxury air market of the airline industry, with its primary hub being
Dubai International Airportthe worlds busiest global hub. To better understand what it means to
be a luxury airline based in the Middle East, consider the following description of the new
US$4.5 billion Emirates Airlines Terminal 3 as described by Vanity Fair magazine in July 2014.
This is Dubai International Airports US$4.5 billion Terminal 3, the exclusive province of Emirates
Airline. Covering nearly 18.5 million square feet, it is the largest air terminal on the planet. Every
week from this airports jetways, 130 international airlines operate more than 6,000 flights to
some 260 destinations on every continent except Antarctica. In January 2013, Terminal 3
opened Concourse Aaviations first facility dedicated entirely to Airbus A380 superjumbos. Its
huge first- and business-class lounges connect directly to the A380 upper decks (economy-class
passengers board from the lower level). The new concourse has already increased Dubais
traffic to 75 million passengers a year, moving it past Londons Heathrow as the worlds busiest
international airport. By 2018 that number is expected to pass 90 million, overtaking vast
domestic hubs such as Atlanta and Beijing. 1
As a luxury airline, Emirates Airlines targets high-income travelers, business travelers, and
destination travelers. Emirates Airlines designs products and services to meet the needs of their
target customers. Such needs and/or desires far exceed that of an average or budget traveler.
Emirates Airlines coach customers are treated to more comfortable seating, bigger cabin space,
and extra in-flight amenities.
The first-class cabin comprises 14 suites that are equipped with sliding doors for complete
privacy as well as a vanity table, personal mini-bar, wardrobe, desk, 23-inch television screen,
and what is effectively an armchair that converts into a bed. And if you want to take a shower at
40,000 feet, there are two of those on board. The food-and-wine menu is also appropriately
lavish, with caviar, Dom Prignon, Cakebread chardonnay, and 1989 Gruaud-Larose all standard
fare. At the back of the upper-deck cabin, directly behind business class, is the pice de
rsistancea fully operative stand-up bar that has been the social hub on every Emirates A380
flight. To make space for this in-flight lounge, Emirates president Tim Clark says he has had to
sacrifice six premium seats, but declares, Its the most popular thing weve ever done. They
have a real party down there. 2
Resources and Suppliers
Resources and human capital are the inputs required to generate activities, create products and
services, and realize financial returns. Emirates Airlines operates a relatively new fleet of long-haul
aircraft from Airbus and Boeing. As of January 2015, Emirates is far and away the largest A380
customer and has committed to 140 of the 317 A380s sold to date. Carrying 525 passengers up to
8,500 nautical miles nonstop (the Dubai-New York leg takes about 13.5 hours), the plane hums
along in relative quietwith astounding eco-correctness. Airbus claims that the A380 uses 20
percent less fuel than the Boeing 747, and that when fully laden and flying long-haul, it is more fuelefficient per passenger than a Toyota Prius.

See The New Jet Age, by G. Boynton, Vanity Fair, July 2014 (
See The New Jet Age, by G. Boynton, Vanity Fair, July 2014 (

Emirates Airlines utilizes a number of sources to attain capital financing in order to obtain long-haul
aircraft and other assets; however, the airline strongly opposes the use of government subsidies
even though it is owned by the Dubai government. Instead, it emphasizes a number of sources and
strategies (i.e., own versus lease). To finance its recent Airbus A380 order, Emirates Airlines used
several sourcesexport credit agencies, various operating and finance leases, and bonds. An export
credit agency (ECA) is a private or quasi-governmental institution that acts as an intermediary
between national governments and exporters to issue export financing. In this case, the ECA offers
direct lending similar to a commercial bank. See the figure below for a breakdown by source of its
recent Airbus A380 order.

Several key sources of labor enable Emirates Airlines to offer its world-class products and services.
For instance, Emirates Airlines offers among the highest pay and benefits of any global airline to
attract the best pilots in the world capable of flying long-haul aircraft. The airlines Flight Training
Academy includes the four-year National Cadet Pilot Programme that helps participants become
among the worlds best-trained pilots. Participants of the Programme enjoy benefits such as salary,
fully funded training, comprehensive medical insurance (families included), childrens education,
annual profit sharing, federal retirement program, and interest-free construction loans. The airline
also attracts top flight attendant talent from all over the world. As an example, cabin crew delivers
on Emirates flights are fluent in numerous languages, including English, French, German, Arabic,
Spanish, Swahili, Mandarin, Italian, and Xhosa. In addition, Emirates Airlines has world-class
maintenance staff such that it offers on-site maintenance services through its dnata subsidiary to
any airline that flies into Dubai International Airport.
Strategic Partners
Alliances are business partners that substitute for business processes within a company when
insufficient resources or expertise exists (or is cost prohibitive) within the company to best achieve
its strategic objectives. When engaging strategic partners, companies receive the benefit of the
partners strengths but also with the cost of sharing returns and being subject to their risks. For
example, Emirates Airlines partners with other premium airlines (e.g., Qantas Airlines) to give them
seamless flights when customers fly in and out of airports not served by the airline.
Key Internal Business Processes
A business process is a collection of related activities that connect inputs (resources, human capital,
and supplier/alliance resources) to outputs (products and services) in key areas within the
organization. Below is a list of important business processes within Emirates Airlines organizational
model. These chains of activities are sought to create a competitive positioning for Emirates Airlines
within the market. Further, a majority of accounting transactions occur within business processes in
the form of revenues, expenses, and asset acquisitions.

Research and Development

The R&D business process incorporates human capital and knowledge to produce innovative ideas
and products for the company. Given the small profit margins in the airline industry, the quality of
Emirates Airlines R&Dwhether it relates to the customers ticketing or flying experienceproves
critical to its ability to charge a premium for its services. For example, extensive development has
allowed Emirates Airlines to expand into the U.S. market, improve its in-flight amenities, and meet
changing market requirements better than most competitors. Further, Emirates Airlines tries to
understand holistic flight demands when it enters new markets, particularly those underserved by
other major international airlines (e.g., Africa, South America). For example, when the airline first
entered the South American marketplace, it was surprised by two findings: (1) the area already
knew the Emirates brand from watching Chelsea football matches and (2) the root flight was able to
serve an off-shoot branch of its Dubai to Osaka flight because an average of 25 Japanese
passengers per flight were utilizing this root flight.
Human Resources Management
Emirates Airlines manages a challenging task of attracting and retaining a diverse, talented
workforce, including pilots, flight attendants, maintenance personnel, information technology
specialists, etc. The airline offers outstanding benefits (e.g., allowances for accommodations,
healthcare, and education) to its employees and their families and attracts pilots who want to fly
A380s and other international employees who wish to live in Dubai. The airline has employees from
approximately 145 nationalities (and 11 nationalities represented on its senior executive team).
Emirates Airlines receives approximately 20,000 applications for employment each week.
Emirates Airlines takes great pride in the level and quality of training provided to its employees. For
example, Emirates Airlines cabin crew training includes a combination of both theoretical and
practical instruction, in addition to full motion simulation of all aircraft types. Emirates Airlines
believes these realistic learning conditions give its employees the experience to deliver the finest
service in the skyan advantage that varies across competitors.
Supply Chain Management
Supply chain management is the coordination of business processes and strategic partners for the
purpose of developing and delivering a product or service from creation to discontinuation. In a
rather volatile environment, Emirates Airlines must incorporate supply chain management within
its operations to streamline business functions and better forecast future needs.
Information Technology
Emirates Group information technology function provides leading edge aviation IT solutions and
services to Emirates Airlines, including managing reservations, flight operations, baggage handling,
cargo, flight manifest, etc. It is the largest operation of its kind, investing more than US$ 200 million
in IT.
Aircraft Management
With the largest fleet of luxury long-haul aircraft in the world, including plans to operate 140 out of
317 Airbus A380s once they all are delivered (only 57 have been delivered as of 2014), outfitting
and maintaining these aircraft is a significant process that is critical to the success of profitability of

the airline. Each A380 initially costs US$ 400 million and the long-term costs for upgrades and
maintenance are significant. On average, Emirates Airlines tries to sell aircraft once they reach 10
years of age, because there is a secondary market for its planes and these sales helps it avoid the
long-term maintenance costs that spike as the planes age. In addition, this approach enables the
airline to have access to cutting age technology in new aircraft.
Passenger Services
Emirates Airlines strives to provide serviceboth on the ground and in the airsuch that
passengers enjoy a flawless experience when traveling. Passenger services is the process of
understanding and meeting passenger expectations for premium services. At Emirates Airlines, key
elements of ground passenger services include check-in and boarding gates, first- and
business-class lounges, and transfer desks. Cabin crew operations and service delivery necessary for
flawless in-flight passenger services include cabin crew management, cabin crew training, catering
management, and product development and duty-free services.
Flight Operations and Network Management
As one of the largest components of Emirates Airlines business, the operation of aircrafts and
management of flight routes are essential to company success and long run viability. A primary goal
is to use Airbus A380 aircraft instead of Boeing 777 planes when feasible (and the planes are full)
because each A380 carries 100 more passengers, but consumes 25 percent less fuel. Network
management consists of the operation, administration, and maintenance of all aspects of flying in
and out of airports to move passengers and cargo from one destination to another. One example of
network management involves helping to ensure that each flight has necessary pilots and crew
members given complex flight patterns and restrictions on the number of hours that personnel and
aircraft can be in the air. Another example of a critical network operation for Emirates Airlines is
maintaining schedule integrity at times when there is disruption (delays, diversions, rerouting,
cancellations, etc.). Disruptions occur for a myriad of reasons, including weather, air traffic,
disabled aircraft blocking runways, and closed airspace for VIP state visits. All major stakeholders
within the airline are represented to improve the speed and quality of recovery decisions.
Effectiveness at network management is a critical component for customer satisfaction, particularly
for a luxury airline.
Financial Management and Accounting
Given the importance of its brand value and strategy to achieve consistent financial results over the
long-term, Emirates Airlines must dedicate significant expertise and resources so that it manages
the challenging process of measuring and managing an international airline. Historically, the airline
industry has faced many challenges to long-term sustainability as a result of mismanagement of
high capital and operating costs, stringent regulations, fierce competition, evasive customer loyalty,
and external forces such as fuel costs and other sociopolitical and environmental events. Emirates
Airlines tries to use the strategy of purchasing versus leasing aircraft at a rate of about 50/50 to
hedge the risk of owning too many aircrafts. As a rule of thumb, if Emirates Airlines can fill the
economy class section of A380, it will cover all operating costs. Accordingly, passengers seated in
business and first classes enable the flight to generate profits. For example, breakeven occurs at
approximately 70 percent capacity for the Dubai to New York City A380 flight. IATA reports that,
worldwide, airlines in 2014 earned an average of 2.6 percent profit margin per passenger (e.g., for a
$226 average ticket price, there were $220 in costs).

External Forces
External forces are exogenous factors that impact Emirates Airlines and largely are outside of its
control. As addressed in the previous case, the airline industry is highly volatile and involves many
diverse external forces. Understanding, monitoring, and responding to these forces help airlines
identify and manage risks and exploit opportunities, which is critical for achieving strategic
objectives. Below are key external forces Emirates Airlines faces:
Market-driven and demographic trends associated with a variety of factors, such as globalization,
can lead to an increased and/or decreased use of premium airline travel for personal or business
reasons. Issues such as economic downturns, social instability (e.g., wars and protests), pandemics,
and terrorism could cause ticket sales to fall for Emirates Airlines because travelers are less inclined
to pay high premiums to travel. As global demographics shift, a number of Asian and South
American countries are becoming wealthier, working age individuals are making more trips, and
emerging market populations are becoming much younger. The result is the trend in cost of air
travel is moving downward.
The political environment, including laws and regulations, greatly impact Emirates Airlines such that
it must monitor conditions and work with government officials when new or threatened regulations
arise. For example, Emirates Airlines opposes governmental subsidies and believes that
governments should not provide injections, borrowings, or financing to airlines, regardless of
shareholder status. In addition to this positioning, Emirates Airlines believes governments should
pursue liberalization and open skies with the objective to end aeropolitical protection. However, as
Emirates Airlines continues to expand its global reach, it will have to cope with a variety of political
issues. According to the IATA, the number of passengers is expected to double between 2014 and
2034, with most growth expected in the United States and China. However, this number could be
affected significantly in either direction should governments allow more airlines to use their
airspace or alternatively close their airspace. The risk of closing airspace is significantfor example,
according to IATA, there were nearly 500 protectionist measures taken by a large number of
countries in 2012.
Enhancement in technology can lead to a variety of changes that impact Emirates Airlines. In the
past decade, enhancements in teleconferencing have decreased demand in business travel. On the
contrary, technological advancements have enabled airlines to incorporate innovative technology
into aircraft infrastructure. Current innovation has increased the number of consumer amenities,
lighter aircrafts, enhanced fuel efficiencies, and reduction in operating costs.
As implied under the technical category, much of today's aircraft innovation has revolved around
reducing an entity's carbon footprint and increasing fuel efficiency. For example, Boeings
Dreamliner 787 is a highly efficient aircraft with a frame comprising a light but strong composite
material, thereby resulting in an improved passenger experience (e.g., smoother ride, higher quality
cabin air) and greatly enhanced fuel efficiency. Such efficiency is important because projections for
fuel prices predict that they will remain high over the long run.

Competitors are other businesses in the market that compete with the company at hand. Emirates
Airlines competes against a variety of other luxury airlines, budget airlines, or other modes of
transportation, which can be categorized as follows:
Airlines that compete directly with Emirates Airlines include such luxury airlines as ANA All Nippon
Airways, British Airways, Cathay Pacific, Etihad Airways, Lufthansa, Qatar Airways, Singapore
Airlines, and Turkish Airlines. These airlines seek to provide passengers with similar premium air
travel. Etihad now offers daily A380 flights to London Heathrow that are equipped with several
three-room state-of-the-art private suites that include a living room, bathroom with shower,
bedroom, and personal butler.
Indirect competitors compete with Emirates Airlines either as a nonluxury or discount-oriented
airline option (e.g., Ryanair, United, Alitalia) or an alternate luxury form of transportation (e.g.,
cruise ship or passenger train). Upon a change in consumer preferences or market environment,
Emirates Airlines will have to mold its competitive strategy to better compete against such modes
of transportation. Such organizational changes will help Emirates Airlines secure a strong position in
the market.

Financial Statements and Other Stakeholder Reports

There is an important connection between individual components within the organizational
business model and performance data. Standing in the shoes of an adviser for Emirates Airlines, the
success and viability of an organization can be translated to a variety of stakeholder reports. With a
current push on a triple bottom line, we have placed reports in categories titled (1) Financial, (2)
Social, and (3) Environmental to allow your team to connect many aspects of Emirates Airlines to
key stakeholder reports.


Financial Reports
Exhibit 4
Emirates Airlines Consolidated Income Statement

AED = United Arab Emirates Dirham (equivalent to US$ 0.27 as of January 2015) for all financial statements.
Explanations of notes on all financial statements are available on Emirates Air Financial statements


Exhibit 5
Emirates Airlines Consolidated Statement of Financial Position

Exhibit 6
Emirates Airlines Consolidated Statement of Cash Flows


Exhibit 7
Ten-year Summary of Key Emirates Airlines Operating Metrics

Triple-bottom-line-based Disclosures
Increasingly, organizations supplement financial statements and reports with nonfinancial
disclosures across various aspects of the business of interest to key stakeholders (customers,
employees, investors, suppliers, regulators, etc.). The majority of these disclosures can be
categorized according to a triple-bottom-line characterization: economic, environmental, and social
variables. These triple-bottom-line factors are measured using key performance indicators (KPIs)
that should link to strategic objectives and eventually to some type of shareholder value measure.
Exhibit 8 describes common airline KPIs for the airline industry.


Exhibit 8
Key Performance Indicators for the Airline Industry


Net Income per Share (Basic and Diluted)

Revenue Passenger Miles
Revenue per Passenger Mile
Operating Revenue Yield per Available Seat Miles (ASM)
Operating Expenses per ASM
Fuel and Oil Expenses
Losses/Gains from Fuel Hedge Contracts
Net Income
Average Invested Capital
Annual Return on Capital
Airline Customer Satisfaction Index
Percentage of Reported Flight Operations Arriving On-time
Number of Mishandled Bags Reported per 1,000 passengers
Number of Passengers Denied Boarding
Consumer Complaints per 100,000 Enplanements
Employee Training Hours
Employees and Business Associates who Acknowledged the Codes
of Conduct
Labor and Employment Law Compliance
Waste Generated in Operations (metric-tons of CO2)
Number of Environmental Violations Resulting in Fines
Total Environmental Fines
Recycled Industrial Waste
Hazardous Waste Generated
Fuel Efficiency
Electricity Efficiency
Noise Efficiency Factor (Takeoff/Landing)

In triple-bottom-line reports, organizations seek to engage key stakeholders by making assertions

about organizations goals and performance involving economic, environmental, and social
elements. Exhibit 9 contains excerpts from Emirates Airlines Corporate Responsibility Report.
Similarly, Exhibit 10 contains excerpts from Emirates Airlines Environmental Performance Report,
which oftentimes are issued separately because of detailed carbon emissions disclosure
expectations by key environmental stakeholders that extend beyond the types of disclosures
expected for other aspects of triple-bottom-line reports.


Exhibit 9
Corporate Responsibility Report

At the Emirates Airlines Group, we place great value on corporate citizenship and
social responsibility and believe our business ethics are integral to our continued
Each member of staffs commitment towards ongoing improvement combines to maintain the
competitive edge of our operation in global markets.
We firmly believe our employees are our greatest asset and their contribution to the
staggering pace at which we have developed cannot be underestimated.
Without them it would not have been possible and we acknowledge this with a range of
excellent benefits, including a generous profit share scheme, and programmes designed to
help them fulfill their career goals.
These principles enable us to attract employees of the highest caliber and have helped us
become the largest employer in the UAE. We now have a team of more than 62,000 loyal
workers, many living far away from their own families, and we are committed to caring for
them within ours.
This dedication to the welfare of our employees does not distract from the fundamental
economic role of our businessto reward stakeholders. While rivals have faltered under the
strain of fluctuating fuel prices and the intense level of competition synonymous with our
industry, we have posted profits in all but one year of our history.
While we are focused on maximizing profit margins, as a leader in aviation innovation, we
are devoted to growing our business while using fewer resources and creating less waste and
The billions of dollars we have invested in purchasing the most advanced aircraft in
production mean we operate one of the youngest and most eco-efficient fleets in the world.
Our commitment to the environment extends to our interests on the ground. We take great
pride in our involvement with the Dubai Desert Conservation Reserve, which is dedicated to
preserving the natural and cultural heritage of area.
The National Park, the largest protected area in the UAE and home to more than 30 species
indigenous to the Arabian Peninsula, is considered the regional benchmark for sustainable
development and conservation.
Our green projects do not stop at homein Australia, we have created one of the worlds
most eco-friendly conservation-based destinations, Wolgan Valley Resort & Spa.
Source: http://www.theEmirates


Exhibit 10
Emirates Airlines Environmental Performance Report

Exhibit 11
Emirates Airlines Fuel Efficiency Report

Source: http://content.Emirates