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Air Arabia delivers record 2022 net profit of $327 mln, up 70 pct


Air Arabia, the first and largest low-cost carrier (LCC) operator in the Middle East and North Africa, announced historic financial results for the full year ending December 31, 2022, almost doubling the profit and passengers’ numbers of the previous year, as the airline continued with its growth plans, delivering remarkable financial and operational performance.
Air Arabia reported a net profit of $327 million (Dh 1.2 billion) for the full year ending December 31, 2022, an increase of 70 per cent compared to Dh 720 million registered for the full year 2021. The airline turnover for the full year 2022 reached Dh 5.2 billion, an increase of 65 per cent compared to Dh 3.2 billion registered for the full year 2021.

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The financial and operational results achieved in 2022 were strongly supported by the growth in passenger numbers that exceeded pre-pandemic levels.
Air Arabia served more than 12.8 million passengers in 2022 from its seven hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan, an increase of 90 per cent compared to 6.8 million passengers carried in 2021. The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 per cent.

Commenting on the results, Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia, said: “Air Arabia’s 2022 record profitability is considered the best in the company’s operating history. The remarkable operational and financial performance reflect the carrier’s robust business model, its management team, as well as its discerning growth strategy. Although the year 2022 continued be challenging, the aviation industry has begun returning to normality as airlines and airports worldwide witnessed faster recovery following the drop in demand cause by the pandemic.”
He continued: “Air Arabia Group maintained its robust growth in 2022 by increasing its fleet size and adding new routes across its global network while launching the operations of its latest joint venture airlines in Armenia and Pakistan. We are proud that Air Arabia’s value-driven product and services now reaches a wider and fast-growing customer base spread across key regional markets.”
In the fourth quarter ending December 31, 2022, Air Arabia reported a net profit of Dh 356 million, 24 per cent less than the Dh 467 million registered in the same quarter last year, which witnessed record high yield margins and lower fuel prices. The turnover for the last quarter 2022 reached Dh 1.4 billion, an increase of 7 per cent compared to the same quarter last year. Air Arabia carried more than 3.6 million passengers from its seven hubs in the fourth quarter, an increase of 44 percent compared to 2.5 million passengers carried in the same period last year. The average seat load factor for the same period stood at impressive 79 per cent, reflecting the stable recovery witnessed in demand for air travel.
Al Thani added: “The solid fourth quarter and full year results were supported by the carrier’s cost control measures, strong yield margins and higher demand for its value-driven product. We remain committed to proving our customers with the best travel deals while continuously investing in growth and product innovation.”
Air Arabia added 24 new routes to its global network in 2022 from its operating hubs in the UAE, Morocco, Egypt, Armenia, and Pakistan. The carrier took delivery of 10 new aircraft and ended the year with a fleet of 68 Airbus A320 and A321 aircraft operating to over 190 routes across the Middle East, Africa, Asia, and Europe.
Air Arabia Group has also launched operations of its latest joint ventures airlines in Armenia and Pakistan.
In June, ‘Fly Arna,’ Armenia’s National Airline, started its operations from its base in Yerevan and continued to expand its network by adding five new routes; while ‘Fly Jinnah,’ Pakistan new low-cost carrier, started its operations in October and added 4 domestic destinations.

Air Arabia Group along with DAL Group signed an agreement to form ‘Air Arabia Sudan,’ a joint venture company that will be based in Khartoum. The new airline will follow the same low-cost business model providing its customer base with a reliable operation and value-driven product.
Al Thani concluded: “While airlines continue navigating various challenges this year, we are confident of the fundamentals of the aviation sector and the underlying demand for affordable air travel. Air Arabia continues to drive its business by a clear strategy for growth and supported by its commitment to continuously maximize value offering to its customers and shareholders.”
In October, Air Arabia celebrated 19 years of successful operations which transformed the air travel industry in the wider MENA region.

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fischer Shares Insights on the Future of Construction at the International Expert Forum

The fischer Group of Companies, a renowned German multinational manufacturer
specializing in fastening products for the construction and DIY industry, hosted its second
International Expert Forum (IEF) at the H Hotel, Sheikh Zayed Road, Dubai. The event
gathered industry leaders, partners, and experts to explore advancements in construction,
focusing on sustainability, innovation, and digital transformation.
The forum emphasized fischer’s commitment to sustainable construction practices. Attendees
were introduced to the company’s latest eco-friendly solutions, aligning with global efforts to
reduce the environmental impact of the industry.”We are thrilled to host the IEF in Dubai, a
city recognized for its forward-thinking growth” said Dr. Ronald Mihala from fischer
“fischer is dedicated to driving the future of construction through innovation, digitalization,
and sustainability.”
Operating through 52 subsidiaries with over 4,700 employees, fischer reaffirmed its
commitment to sustainable growth and international expansion. A key focus of the forum was
innovation and digitalization as the future drivers of construction, with speakers discussing
cutting-edge technologies and their applications.Highlights included:

 Dr. Ronald Mihala and Dr. Oliver Geibig on BIM Integration: They showcased
how fischer leverages Building Information Modeling (BIM) to improve
collaboration, minimize waste, and streamline project management globally.

 Prof. Konrad Bergmeister on The Future of Construction: Emerging technologies
were discussed as the catalysts for safer, more efficient, and sustainable construction
environments.

 Prof. Ashraf Biddah and Dr. Máté Tóth on Repair & Strengthening of
Structures: Prof. Biddah presented innovative methods for rehabilitating aging
infrastructure. Dr. Tóth introduced fischer’s carbon fiber-based solutions, highlighting
the REINFORCE-FIX software for optimized retrofitting.

The forum also unveiled fischer’s latest products, designed to meet the industry’s evolving
needs with a focus on sustainability, efficiency, and advanced technology integration. The
event underscored fischer’s role as a global leader, committed to providing forward-thinking
solutions for the challenges of tomorrow.

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Shurooq’s beachfront project Ajwan Khorfakkan attracts strong investor interest at Sharjah Investment Forum 2024

The Sharjah Investment and Development Authority (Shurooq)
showcased its key projects, including Ajwan Khorfakkan, Maryam Island, and Sharjah Sustainable
City, at the 7 th edition of the Sharjah Investment Forum held on 18-19 September, under the
patronage of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme
Council and Ruler of Sharjah.
During the forum, a key highlight was the exhibit featuring Shurooq’s residential project Ajwan,
located in the picturesque city of Khorfakkan. With its strategic location, breathtaking views of the
Gulf of Oman, and majestic mountains, the project seamlessly blends natural beauty with elegant
living spaces.
During the two-day forum, Shurooq’s exhibit garnered significant interest from investors seeking
projects with strong ROI potential and desirable locations for holiday homes or weekend retreats.
Ajwan aims to create a thriving community, offering a blend of hospitality, retail, residential, and
entertainment options, all designed to cater to families and those in search of memorable
experiences.
H.E. Ahmed Obaid Al Qaseer, Chief Executive Officer of Shurooq, said: “We are delighted to see
growing interest in our projects such as Ajwan at the Sharjah Investment Forum 2024. As one of our
flagship projects, Ajwan stands out due to its thoughtful design and prime location, making it one of
our most appealing beachfront developments. Beyond being a significant investment opportunity,
what I value most about this project is its serene environment, which is thoughtfully designed to
promote peace, positivity, and well-being for its residents. Diverse projects such as Ajwan, Sharjah
Sustainable City, and Maryam Island—each designed to elevate the standards of sustainable and
luxury living in Sharjah—show how Shurooq supports Sharjah’s strategic vision. The forum provided
a valuable opportunity for Shurooq to showcase our commitment to developing impactful,
sustainable projects that enhance quality of life while also creating attractive investment
opportunities for investors from different parts of the world.”
Over the past months, Ajwan has garnered significant investor attention primarily due to its key
features, including competitive prices, high-quality living, a strategic location, and attractions for all
ages. Its residential buildings, Al Joon and Saahil, with captivating views, have become so popular
that only a few units are left for sale. The project also features a first-of-its-kind waterpark in the
eastern region of the UAE and is just a 5-minute drive from Khorfakkan’s main attractions such as
the waterfall and amphitheater.
Ajwan’s first phase consists of 79 units, with two-bedroom apartments ranging from 127 to 231 m²
and prices starting from AED 1,899,000. The three-bedroom apartments, ranging from 168 to 289
m², are offered at a starting price of AED 2,099,000. The three-bedroom duplex apartments measure
235 to 275 m² and start from AED 3,799,000. Four-bedroom apartments extend over 225 to 369 m²,
with prices beginning at AED 2,799,000. The four-bedroom duplex apartments cover 272 to 312 m²

and are available from AED 4,199,000. The project is slated to
be completed in the last quarter of 2026.

During the forum, Shurooq also showcased its Maryam Island project—a mixed-use development
featuring 20 residential buildings comprising over 3,500 homes. Spread over a massive 3.3 million sq.
ft. area, the waterfront destination will offer unrivaled vistas of Al Mamzar Beach and Al Khan
Lagoon. The project is due for completion in 2026.
In addition, visitors to Shurooq’s exhibit learned about Sharjah Sustainable City, the first sustainable
master-planned residential community developed by Shurooq in partnership with Diamond
Developers. This development has become one of the most sought-after residential communities,
nearly sold out with only a few villas remaining. It recently surpassed AED 2.5 billion in sales across
all four phases, with the final phase scheduled for completion in 2025.
Organized by the Sharjah FDI Office (Invest in Sharjah), under the theme ‘A Futuristic Vision for
Smart Economies,’ this year’s forum featured over 80 renowned global experts and included
workshops, panel discussions, and keynote speeches. The forum discussed the role of investments
and capital in directing AI systems to support global growth and enhance efficiency, flexibility, and
inclusiveness across various sectors, including real estate.

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Estithmar Holding Lists the First Corporate Sukuk in Qatari Riyals on London Stock Exchange

Estithmar Holding celebrated this morning the listing of its first Sukuk in Qatari Riyals on
London Stock Exchange, at the Stock Exchange’s headquarters. This is the first time that London
Stock Exchange has witnessed listing in Qatari riyals.
The market open ceremony for the listing of Estithmar Holding Sukuks was attended by Eng.
Mohammed bin Bader Al-Sada, Group CEO of Estithmar Holding, in addition to key executives
from the company, Mr. Shrey Kohli, Head of Debt Capital Markets and Issuer Services in
London Stock Exchange, members of the LSE team, and a group of media representatives.
The ceremony was also attended by representatives of the joint lead managers of the issuance
and Qatari financial institutions; Mr. Mohammed Ismail Al-Emadi, CEO of Lisha Bank, Mr.
Ahmed Hashem, acting CEO of Dukhan Bank, Mr. Akber Khan, acting CEO of Al Rayan
Investment and Mr. Haithem Katerji, CEO of The First Investor. The ceremony was attended
also by Mr. Charbel AbuCharaf, Managing Partner, White and Case Qatar in addition to
representatives of legal and consultancy firms.
Estithmar Holding recently announced its successful issuance of the first corporate Sukuk
denominated in Qatari Riyals, worth QAR 500 million, with an annual profit rate of 8.75%. This
issuance is the inaugural tranche of Estithmar Holding’s QAR 3.4 billion Sukuk program which
earned great interest from investors and governmental and non-governmental institutions. The
list of investors included banks, insurance companies, and asset management companies.
Commenting on the event, Eng. Mohammed bin Badr Al-Sada, CEO of Estihtmar Holding,
highlighted the significance of the listing to the Qatari economy, “This issuance demonstrates
confidence in Qatar's robust economy and highlights the ability of the Qatari private sector to
expand both domestically and internationally, with support from government initiatives that
create a seamless environment where companies can develop and thrive.”.
Al-Sada also pointed out the importance of the issuance as a milestone for the company: “Today
Estithmar Holding operates in 7 countries across four sectors and the Sukuk program we have
listed on the London Stock Exchange is a key component of our growth strategy and will
facilitate further expansion and value creation.”.

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