You will read elsewhere of the exceptional year that the Emirates Group has experienced through the efforts of our dedicated staff under the charismatic leadership of our Chairman and Chief Executive, His Highness Sheikh Ahmed, so forgive me if I use this opportunity for an Emirates-centred review of our industry.

A recent excitable article in The Times, repeated in The Australian, would lead you to think that international commercial air transport is in terminal decline. Well, we've been there before. Although things are tough, they're not that tough, and the article places undue emphasis on low-cost carriers, and fails to recognise profound regional disparities.