The president of long-haul carrier Emirates said Tuesday that an initial public offering of stock in the Dubai-based airline could happen as the city-state tries to boost its local financial market, while promising that its fleet of iconic double-decker jumbo jets would soon ply the skies again.
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Tim Clark of state-owned Emirates told reporters at the Dubai Air Show that a proposal to sell shares of Emirates "is out there" after his boss, Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum, commented on the possibility.
Clark described Emirates, long the jewel of the state-linked companies that make up what analysts call "Dubai Inc.," as attractive to future investors.
Since the pandemic struck, Emirates grounded dozens of its iconic Airbus A380 double-decker jets, many visible from the tarmac at the Dubai Air Show. The carrier burned through $7.1 billion over the past year and half, forcing it to take nearly $3.8 billion in cash aid from Dubai's government.
Returning its 120 A380s to the skies is key to Emirates' recovery, and Clark said the airline must service the debt on them. He was blunt about the planes' value to Emirates, noting that 80% of the carrier's profitability came from the planes before the pandemic.
