The airline's financial results and performance this year greatly exceeded expectations. This despite the unparalleled rise in the price of jet fuel in the latter half of the year, when our fuel cost spiralled from US$1.68 per gallon into plane to US$2.78 per gallon by year end. Nevertheless, our Fuel Risk Management programme continued to provide positive results.

The core business model, which drives the success of the airline, remains as robust today as it was in the late 1980s. Our strategy of profitable, sustained growth will see Emirates become a truly global airline in the next few years as the network and fleet expand according to a well-structured plan and timeline.