How Emirates went from underdog to the world's most profitable airline

A true pioneer, Boutros Boutros joined Emirates 35 years ago, when the airline was still in its infancy, long before it was named the world’s most profitable airline, reporting record profits of Dh21 billion this month.

The Executive Vice President, Corporate Communications, Marketing & Brand at Emirates Group, knows how bold a move launching the airline was but sees it reaping the rewards as a global industry leader.

Hired in 1991, six years after Emirates was born — and a decision he now says is the best he made in his life — the airline had just seven aircraft and 11 destinations. “Nobody took us seriously,” he smiles, speaking to Khaleej Times as a keynote speaker at  the earlier this month.

Boutros Boutros at Khaleej Times' TRIBE Marketing Summit 2025

But while the world was laughing, mocking the project as an oil-backed fantasy, the Emirates leadership took the airline to the world stage and in turn, helped bring the world to Dubai.

“We’re different, that’s why we are successful,” he says. “I remember in 1992, we were the first airline in the world to introduce in-flight entertainment with a screen in every seat, including economy.  People across the industry laughed at us, at everything we did, all the way.”

“They assumed, ‘Oh, [they don’t know what they’re doing] — they just have money; it’s an oil company.’ And I’ve spent the last 35 years correcting that: Dubai doesn’t have oil, so let’s stop calling it oil money,” he adds, reflecting on the scepticism that once surrounded the rise of an airline from a small Gulf state.

He first came to Dubai in 1989 to attend the inaugural air show as a journalist. “What I saw then and the people I met, I could see this place was only going to go from good to better,” he recalls.

“I was fortunate enough to have the courage to move from the UK, where I used to be a journalist, and to join Emirates. I always say it, I believed a lot in Dubai, its vision and the Emirates project.”

With Sheikh Ahmed bin Saeed Al Maktoum, chairperson of Emirates (right)

Joining Emirates, he could not have known that the department he would later lead, would become a key pillar for the company, which would take the airline from aviation into the likes of sports sponsorship, bringing global stars from Jennifer Aniston to Cristiano Ronaldo to be the face of viral campaigns seen by millions across the globe. 

“In 1985, the brief from His Highness Sheikh Mohammed, was, be good, look good and make money. And when he handed the first and last check of $10 million, he told them, this is your money, but don’t come back for more,” he smiles. It was a challenge the team took with both hands and now Emirates is the most profitable airline in the world.

According to the latest figures, the company reported record profits before tax of Dh21.2 billion (US$ 5.8 billion), up 20 per cent from last year, record revenues of Dh127.9 billion (US$ 34.9 billion), an increase of 6 per cent over last year, and the highest-ever level of cash assets at Dh49.7 billion (US$ 13.5 billion), 16 per cent higher compared to March 31, 2024.

This is all in spite of the setbacks of a pandemic which closed the skies in the worst crisis to ever hit global aviation. Sheikh Mohammed publicly congratulated the team after the results, which seemed like a mere dream when the company was first taking flight.

“We congratulate the 121,000 members of the Emirates Group team, led by Sheikh Ahmed bin Saeed and Sir Tim Clark … Emirates is not just a transport company; it is a tool for economic transformation for the UAE, a strategic bridge connecting the world’s continents, and a developmental carrier flying us through the skies, towards the future.”

Indeed, more than simply taking passengers from A to B, the airline has made its DNA all about offering a service, from outstanding call centre staff and cabin crew training to free in-flight entertainment in economy class before any other airline.

First, starting with sponsorship of Chelsea Football Club in London, the brand has become so famous globally that just 3 per cent of its spend goes on marketing, versus averages of 3-7 per cent across the market.

The Emirates name appears on the shirts of the world’s top athletes and on stadiums across the globe. From rugby and cricket to the NBA, horse racing, tennis, and football — these sports are now closely linked with the Emirates brand, which allocates 50 per cent of its marketing budget to sports sponsorship.

“We strongly believe that sponsorship is one of the mediums, which can stand the test of time and give you exclusivity. What stays and what stands is sponsorship, so for us, it was a no-brainer to go and own every single popular sport,” he said at the event attended by the region’s CMOs and top marketing professionals.

In addition to athletes, global stars such as Penelope Cruz and Chris Hemsworth have also been key players in the brand going global. Onboarding Friends star Aniston however, was not such an easy project. While she is a sitcom icon, who has gone on to star in numerous hit movies, the Emirates ad agency was not convinced she was a global enough name, claiming the likes of the Indian market would not know her.

But trusting the concept, Boutros and his team forged boldly forward, investing $150m in the campaign, which has been seen by millions around the world.

“When you want to put $150 million behind a global campaign, you need to have the courage to go and say, ‘Yes, go ahead and do it’. I’m fortunate enough I work in a company where we are trusted to do our job,” he said. Production alone cost $10 million, so Boutros knew the campaign “had to succeed”.

But looking back, he says, it’s not the most successful campaign to date. “I think the most effective campaign was the lady on the top of Burj Khalifa,” he said, referring to the daring ad for Expo 2020 Dubai, which saw a female cabin crew member at the top of the world’s tallest tower to welcome people for ‘the world’s greatest show’. Originally created for social media with a modest budget of just Dh60,000, the campaign was later recreated as a full-scale ad, featuring a specially branded aircraft making 11 flybys — a spectacle that has since amassed nearly 300 million views.

“This is something which was beyond anybody’s expectation,” he adds. And it is not only other airlines that the brand is competing with, in today’s crowded digital space, there are all sorts of brands vying for air time across a wealth of social platforms.

“You probably have a billion brands competing for this small space of digital on Facebook, on Instagram, on YouTube, and this space is available for anybody. So, you have to be much better than them to take this space,” he says.

Emirates now flies to over 150 destinations, but it is no secret that the company’s success has also helped thrust Dubai onto the global stage, now ranking among the world’s most visited cities.

Dubai was the third most visited city in the world in 2023 with 17 million international visitors according to Euromonitor International and in the same year Dubai was crowned the top global destination in the Tripadvisor Travelers’ Choice Awards, for a second successive year. “You have to be global to become global,” he says. “We need to continue to be creative and progressive and, most importantly, stay curious.” 

michal@khaleejtimes.com