Emirates Group Profits Hold Steady as Gold Prices Dip Locally

The Emirates Group achieved a post-tax profit of 3.6 billion dirhams ($1.0 billion) in the first half of its 2026-2027 fiscal year, covering the six months ending September 30, 2026. On the same day, gold began Saturday trading on November 7 in UAE markets with a decline. The two scenarios differ, yet both are driven by a single circumstance: regional tensions exerting pressure on energy, aviation, and metals.

The group's figures reveal clear resilience, albeit at a high cost. Its pre-tax profit reached 4.1 billion dirhams. Emirates Airline alone recorded a pre-tax profit of 3.7 billion dirhams, a 68% decline compared to the same period last year.

The carrier's revenues fell by 13% to 56.9 billion dirhams ($15.5 billion). The group attributes this to the conflict in the Gulf region, which impacted the entire six-month period, and to rising jet fuel prices. Air freight served as a key revenue supporter, offsetting some of the losses in passenger transport.

Regional air traffic remains disrupted to this day. Flights between the UAE and Iran are suspended, and Etihad Airways has halted its flights between Abu Dhabi and both Riyadh and Dammam until November 19. This suggests that the pressures of the first half may extend into the second.

In the gold market, the picture was different. 24-karat gold recorded approximately 487.50 dirhams per gram, and 22-karat reached 451.50 dirhams. The 21-karat, the most traded, stood at about 432.75 dirhams, while 18-karat reached 371 dirhams.

This decline comes as a result of the global drop in the ounce price during Friday's trading. Gold prices in the UAE fluctuate based on the price of the ounce, the US dollar, and Federal Reserve interest rate decisions. They are also influenced by energy market developments and geopolitical events.

Notably, gold is usually considered a safe haven in times of tension; however, it declined despite recent US strikes near Qeshm Island and the Strait of Hormuz. This indicates that dollar and interest rate factors have, at least temporarily, outweighed the political risk factor.

Together, these two scenarios offer a balanced reading of the UAE economy. Major companies are capable of remaining profitable despite rising costs and declining demand. As for consumers and investors, they find the drop in gold prices an opportunity to buy, while prices remain subject to rapid fluctuations.