Dubai-based airline Emirates has recorded the biggest profit in its 40-year history to become the world’s most profitable carrier. 

Its profit before tax for the year ending March 31, 2025, rose 20% to reach $ 5.8 billion (21.2 billion Emirati dirhams). 

Revenues surged 6% over the previous year to $34.9 billion (127.9 billion), while cash assets grew 16% year-on-year to reach its highest ever figure of $13.5 billion. 

The airline carried 53.7 million passengers in 2024-25, with its seat capacity up by 4%, as it served 148 cities in 80 countries and territories as of March 31.

Its partnerships grew to 33 codeshare and 118 interline agreements, connecting to 1,750 cities beyond its network.  

Emirates Group, the state-owned aviation conglomerate which includes Emirates airline and airport services provider dnata, achieved its highest ever profit in 2024-25, becoming the most profitable aviation group globally.

Its net profit for the year ending March 31, 2025, rose 18% year-on year to reach $6.2 billion. Profit after tax, including the 9% corporate tax enacted in 2023, reached $5.6 billion.

Revenues surged 6% over last year to $39.6 billion, while cash assets were up 13% to reach $14.6 billion (53.4 billion Emirati dirhams). 

dnata recorded profit before tax of $430 million for the financial year 2024-25, with revenues reaching $5.8 billion. 

“Dubai’s aviation sector has become an influential force on the global stage,” said Emirates Group chairman Sheikh Ahmed bin Saeed Al Maktoum. 

“We don’t cut corners, and we don’t take shortcuts that put our future at risk for short term gains. By building our business models around these principles and Dubai’s unique strengths, the Emirates Group has thrived and stayed resilient through geo-political and socio-economic challenges over the years.”

The group invested $3.8 billion in new aircraft, facilities, equipment, companies, and technologies to support its growth plans. Its workforce grew 9% to employ 121,223 individuals. 

Emirates’ order book had 314 aircraft pending delivery as of March 31, including 61 A350s, 205 Boeing 777x, 35 787s, and 13 777Fs. The first Airbus A350 aircraft joined the fleet this year, increasing to four by end of the first quarter. Total fleet at the end of March stood at 260 units. 

“We enter the year ahead with excitement and optimism. While some markets are jittery about trade and travel restrictions, volatility is not new in our industry. We simply adapt and navigate around these challenges,” said Sheikh Ahmed. 

“Emirates will strengthen our network connectivity with the expected delivery of 16 A350s and 4 Boeing 777 freighters in 2025-26.”
 

Bahrain’s sovereign wealth fund Mumtalakat has reported its highest ever net profit since it commenced operations in 2006. 

The fund’s consolidated net profit stood at 363 million Bahraini dinars ($965 million) in 2024, versus a net loss of 497 million Bahraini dinars ($1.3 trillion) the year before. 

"This has been a year of significant transformation, in which Mumtalakat successfully repositioned itself for long-term growth,” said Mumtalakat chairman Shaikh Salman bin Khalifa Al Khalifa.

The restructuring of McLaren Group and the fund’s partnership with Abu Dhabi-based investment vehicle CYVN Holding, contributed to its bottom line.

The group's share of profits from National Bank of Bahrain rose from 33.5 million Bahraini dinars in 2023 to 34.7 million Bahraini dinars last year. 

Bahrain Telecommunications Company reported 25.3 million Bahraini dinars in net profit last year, dipping nominally from 25.6 million Bahraini dinars recorded in 2023. 

Aluminium Bahrain (Alba) reported a net profit of 184.5 million Bahraini dinars in 2024, compared to 118 million Bahraini dinars in 2023.

CEO Shaikh Abdulla bin Khalifa Al Khalifa said that the fund remains committed to optimising, enhancing and growing its portfolio, to deliver sustainable long-term returns that support the kingdom’s economic objectives.

Consolidated revenues rose marginally from 2.1 billion Bahraini dinars in 2023 to 2.2 billion Bahraini dinars last year. Meanwhile, consolidated profit from continuing operations scaled to 544 million Bahraini dinars in 2024, versus a loss of 33 million Bahraini dinars the year before. 

Mumtalakat holds stakes in over 50 companies across financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.

Mumtalakat’s assets under management (AuM) total $18 billion, trailing other biggest SWFs in the region, such as UAE’s Abu Dhabi Investment Authority (AuM: $1.1 trillion) and Saudi Arabia’s Public Investment Fund (AuM: $925 billion). 

The kingdom recorded a 2.6% growth in gross domestic product last year, fuelled by the non-oil sector which grew 3.8%. 

In February 2025, Indonesia launched Danantara, a sovereign wealth fund tasked with managing $900 billion in state-owned enterprise (SOE) assets to propel economic growth.

Amid a turbulent economic landscape - marked by a weakening rupiah, a contracting equity markets space, and waning investor confidence - Danantara represents a bold bet on transforming Indonesia’s economy. 

Indonesian president Prabowo Subianto envisions it as a driver of propelling GDP growth from 5% to 8% by 2029, emulating giants like Singapore’s Temasek. Yet, public skepticism warns of governance risks and parallels to Malaysia’s 1MDB scandal. 

Potential to elevate Indonesia
Danantara’s ambitious scope - consolidating 65 SOEs, starting with seven giants like Bank Mandiri and Pertamina - offers a pathway to address Indonesia’s economic turbulence. By streamlining SOE operations, it could boost efficiency, reduce fiscal burdens, and unlock $20 billion in initial funding for high-impact sectors like infrastructure, renewable energy, and nickel downstreaming.

These investments could attract foreign direct investment (FDI), which is critical as investor confidence falters (e.g., LG Energy Solution’s $8.5 billion EV project withdrawal). 

If successful, Danantara could mirror Temasek’s role in Singapore, where state-led investments drive 5-6% annual GDP growth. For Indonesia, this could stabilize the rupiah, battered by global commodity price swings, and restore market momentum.

Beyond growth, the wealth fund could empower Indonesia to retain more economic value, addressing a longstanding issue for OIC nations often exploited by global corporations for low-value production. By investing in downstream industries like nickel processing, it could shift the country from raw material exporter to high-value producer, boosting national wealth. 

Its global advisory board, including billionaire and hedge fund manager Ray Dalio, signals intent to court international capital, positioning Indonesia as a regional economic powerhouse.

Risks that could compound challenges 
Danantara’s governance structure is a glaring concern, threatening to amplify Indonesia’s economic challenges. Unlike Temasek’s independent board, Danantara’s leadership raises fears of cronyism. National auditors (BPK, KPK) lack direct oversight, requiring House approval to probe finances. 

The appointment of Thaksin Shinawatra, Thailand’s former prime minister ousted in a 2006 coup and dogged by corruption allegations, to the advisory board further erodes credibility, calling Danantara’s integrity into question. This move risks alienating investors already wary after the Jakarta index responded negatively on the fund’s launch day.  

Weak governance could exacerbate currency volatility and capital flight, as seen in recent market trends. If Danantara bails out underperforming SOEs without reforms, it risks draining public funds - $325 trillion IDR from budget cuts is already committed. A 1MDB-like scandal, where political influence led to a $4.5 billion loss, could deepen the rupiah’s slide and deter FDI.

The Business Judgment Rule, shielding officials from liability, and optional supervisory committees heighten moral hazard, potentially turning Danantara into a political slush fund rather than an economic stabilizer.

Malaysia’s tale of triumph and tragedy
Malaysia, an OIC peer with a commodity-driven economy, offers a dual perspective on state-led investment through Khazanah Nasional Berhad and the 1MDB scandal - models of success and failure for Danantara to heed.

Khazanah, established in 1993, manages $40 billion in assets and has driven Malaysia’s economic growth (e.g., 5.6% GDP growth in 2022) by professionalizing SOE management and investing in technology and healthcare.

Unlike Danantara’s politically driven structure, Khazanah’s independent audits and professional board have attracted FDI, stabilizing Malaysia’s economy during commodity volatility. Its disciplined approach to high-return projects offers a roadmap for Danantara to boost Indonesia’s markets and rupiah. 

However, Khazanah’s early missteps, like bailing out Malaysia Airlines, warn Danantara against propping up inefficient SOEs without reforms, which could strain Indonesia’s budget amid 2025’s turbulence.

On the other hand, The 1MDB scandal, where $4.5 billion was siphoned off through corruption starting in 2009, underscores the perils of weak governance. Controlled by then-premier Najib Razak, 1MDB lacked independent oversight, leading to massive debt and a weakened ringgit. 
Thaksin Shinawatra’s advisory role in Danantara echoes 1MDB’s political entanglements, amplifying fears of elite capture.

To avoid 1MDB’s fate, Danantara must enforce rigorous audits and insulate its board from controversial figures, ensuring funds fuel growth, not enrichment.

Malaysia’s contrasting experiences highlight a clear lesson: professional governance is critical to economic success. Khazanah’s transparency offers Danantara a path to stabilize Indonesia’s economy, while 1MDB’s collapse warns of the catastrophic risks posed by political interference, which could deepen Indonesia’s currency and confidence crises.

High-stakes gamble
Danantara stands at a crossroads. If it adopts Khazanah’s professional governance and strategic focus, it could elevate Indonesia’s economy, stabilizing markets and attracting FDI to counter 2025’s turbulence. 

However, governance flaws - political leadership, Thaksin’s scandal-tainted appointment, and weak oversight - risk a 1MDB-like disaster, deepening currency woes and investor distrust. 

To succeed, Danantara needs transparent audits, a professional board free of controversial figures, and clear investment criteria, insulated from cronyism. 

As Indonesia navigates global headwinds, Danantara’s execution will determine whether it becomes a beacon of growth or a costly misstep. Policymakers must heed OIC lessons to ensure it lifts, not sinks, the nation’s prospects.
 

Rianovel Mere is a consultant and project manager at DinarStandard

Dubai has retained its position as the top global destination for Greenfield foreign direct investment (FDI) in the cultural and creative industries (CCI) for the third consecutive year, according to data from the Financial Times.

The emirate attracted 971 FDI projects in the sector during 2024, marking an 8% increase from the previous year’s 898 projects. These projects brought in AED18.86 billion in capital inflows, reflecting a nearly 60% year-on-year rise. The investments resulted in 23,517 new jobs, a 9% increase compared to 2023.

According to the Dubai FDI monitor and the Dubai framework for cultural statistics, the majority of these projects (76.5%) were Greenfield and wholly owned. Other forms of investment included new models (15.4%), reinvestment projects (5.6%), and mergers and acquisitions (2.4%).

The United States led in capital inflows with a 23.2% share, followed by India (13.4%), the United Kingdom (9.4%), Switzerland (7.6%), and Saudi Arabia (4.8%). In terms of the number of projects, India ranked first with an 18.8% share, followed by the UK (16.3%), the US (14.2%), Germany (4.2%), and Italy (3.7%).

India was also the top contributor to job creation in Dubai’s CCI sector in 2024, accounting for 18.5% of new roles, followed by the US (14.6%), the UK (13.6%), Germany (4.3%), and France (4%).

Growth in the sector was driven by investments across a broad range of sub-sectors, including advertising and public relations, custom computer programming, creative business services, educational institutions in CCI fields, filmmaking, gaming, software design, and digital technologies such as AI and cloud solutions.

The findings follow the introduction of key policy reforms, including executive council resolution No. (11) of 2025, which allows free zone companies to operate onshore with permits from the Dubai Department of Economy and Tourism (DET). This, along with initiatives such as the Zero Government Bureaucracy (ZGB) programme, aims to streamline processes and reduce barriers for investors.

The Dubai Creative Economy Strategy, which targets a 5% contribution of the creative sector to the emirate’s GDP by 2026, and the Dubai Economic Agenda D33 have also supported the city's continued growth in CCI investment.

The Islamic Development Bank Institute (IsDBI) has received a US patent for its smart voucher system, a blockchain-based financial solution that supports disadvantaged communities through targeted service delivery.

The United States Patent and Trademark Office (USPTO) granted patent number 12282916 on April 22, 2025. The system was originally developed in 2018 and had previously been awarded a patent by the Intellectual Property Office of Singapore in 2021.

The Smart Voucher System enables regulatory bodies to authorize specific service providers, such as hospitals, schools, and privatized enterprises, to deliver goods and services to eligible beneficiaries. It is funded through sales tax revenues and functions as a tax-credit mechanism to support social impact financing tools.

The platform integrates three primary features: advancing financial inclusion, encouraging tax compliance through incentive mechanisms, and mobilizing resources via secure, token-backed vouchers.

Dr. Sami Al-Suwailem, acting director general of IsDBI, said the USPTO’s recognition reflects the Institute’s ongoing efforts to deliver innovative fintech solutions that address socio-economic challenges. He added that IsDBI actively engages with partners to scale the system and similar technologies across its member countries.

Artificial intelligence (AI) is rapidly emerging as a transformative force within the Islamic economy, driving innovation across sectors from finance and food to tourism and education. 

By enhancing Shariah compliance, improving accessibility, and enabling personalized services, the technology is reshaping how the Islamic economy operates, while preserving its ethical foundations.

More broadly, the technology’s potential economic impact is substantial - AI could contribute up to $320 billion to the Middle East's economy by 2030, according to PwC.  

“The synergy between AI and the Islamic economy is immense,” says Badr Saidi, quality manager and technical auditor at Halal Consulting S.L., a Spain-based halal certification body.  

“By leveraging AI in areas like Shariah compliance, ethical finance, halal supply chains, smart cities, tourism, and education, we can drive sustainable growth while staying true to Islamic ethical principles.”

To succeed, Saidi emphasizes the need for collaboration between AI developers, Islamic scholars, and industry leaders to ensure technological advances align with religious values.

Transforming Islamic finance

AI’s most visible impact is unfolding in Islamic finance, where it is streamlining compliance processes, improving fraud detection, and fostering financial inclusion.

“With AI, Islamic banks and financial companies can better understand their customers - how they invest, what they need, and even their risk tolerance,” says Sara Husain Hammad, innovation and technology project manager at Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI). 

“This helps create personalized financial products that comply with Islamic guidelines while still being innovative,” she says.

AI-powered tools are already transforming traditional processes. According to Saidi, machine learning algorithms are now automating the verification of financial transactions to ensure they adhere to Shariah law, avoiding elements such as Riba (interest), Gharar (excessive uncertainty), and prohibited investments.

He adds that AI-driven robo-advisors are also curating tailored halal investment portfolios, while predictive analytics are optimizing Sukuk (Islamic bonds) issuance and improving fraud detection in Takaful (Islamic insurance).

Banks across the Muslim world are already deploying AI. Dubai Islamic Bank (DIB) is using AI tools to assess the Shariah compliance of companies and financial instruments. Bahrain Islamic Bank has launched a digital platform offering access to more than 1,800 Shariah rulings to help simplify complex regulations and encourage industry collaboration. 

Outside of the GCC, Bank Muamalat Malaysia has partnered with Google Cloud to to deploy generative AI and advanced data analytics to help it evolve into a fully digital Islamic institution. Egypt’s Faisal Islamic Bank has embraced AI to modernize and expand its services.

AI is also helping extend financial services to underserved communities. By analyzing alternative data - such as mobile payment history and social behaviour - AI can help individuals with limited credit histories, including those in rural areas or small business owners, to qualify for financing. This supports Islamic finance’s mission of ethical and inclusive banking.

“Combined with Islamic finance’s focus on ethical and community-centered banking, AI can open doors for more people to access financial services in a way that respects their beliefs,” says CIBAFI ‘s Hammad.

Securing the halal supply chain

Beyond finance, AI is shoring up the halal economy by ensuring product traceability, authenticity, and safety. One of the biggest challenges in halal certification is verifying that ingredients and production processes comply with Islamic dietary laws. 

“AI can assist in several ways, including in ingredient label analysis. AI-powered Natural Language Processing (NLP) can scan product ingredient lists and detect potential non-halal components like gelatin, alcohol, or animal-based enzymes,” says Saidi.

AI-powered blockchain platforms now provide end-to-end tracking of halal products, from source to shelf, while computer vision systems monitor production lines for contamination, he adds. Image recognition tools are detecting fraudulent halal logos, and IoT sensors help safeguard halal-certified goods during transportation and storage.

AI is also playing a crucial role in laboratory testing. Advanced spectroscopy and chemical analysis, supported by AI, can identify traces of non-halal substances in food, cosmetics, and pharmaceuticals with high accuracy. Meanwhile, AI-driven analytics are helping businesses forecast demand for halal products, ensuring better inventory management and reduced waste.

However, standardization remains a challenge. According to Saidi, differing certification criteria across countries make it difficult to create a universal AI model, and smaller enterprises may struggle with the costs of adopting these technologies.

Enhancing Muslim-friendly travel

The Muslim-friendly travel market is another area where AI is making strides. According to the State of the Global Islamic Economy Report 2023/24, AI is enabling personalized travel experiences and improving customer service with virtual assistants and predictive analytics.

“Platforms can now generate customized itineraries for Muslim travelers, factoring in prayer times, halal food, nearby mosques, and Muslim-friendly accommodations,” says Saidi.

The Saudi Tourism Authority is pioneering AI-powered services, having recently launched "Sara," a virtual tour guide offering real-time travel advice. The authority has also partnered with Visa to create a Tourism Data Lab to analyze visitor behaviour and spending trends.

Facilitating Islamic education

AI’s role in Islamic education is growing rapidly. NLP models can help scholars and students in deepening their understanding of Quranic and Hadith texts, while AI-based edtech solutions can offer personalized Islamic education and smart learning platforms for different age groups, according to Saidi.

Innovators are developing AI-powered Islamic chatbots, voice assistants, and digital Da’wah tools to facilitate knowledge sharing.

Startups are already making an impact. Pakistan’s Xeven Solutions recently launched Shahada GPT, offering Quranic translations, Hadith explanations, and halal guidance. Similarly, India-based QuranGPT answers religious queries. 

“The primary motivation behind developing QuranGPT was to bridge the gap between religion and modern individuals,” says Raihan Khan, an AI applications engineer and creator of QuranGPT. 

“Nowadays, people don’t want to spend hours flipping through books to find an answer or determine if something aligns with the teachings of the Holy Quran. QuranGPT simplifies this process by providing instant responses in natural language.”

However, combining AI with religious guidance carries significant risks. Without human oversight, AI can easily misinterpret Islamic teachings, spread misinformation, and inadvertently cause harm.

“While AI has the potential to enhance various aspects of the Islamic economy, its intersection with religion must be approached with extreme caution,” Khan warns.

“The biggest concerns lie in the inherent biases of AI models, the risk of misinformation, and the challenge of ensuring religious authenticity. Without strict monitoring, AI could do more harm than good in this space,” he adds.

Limited adoption

Despite AI's promise, adoption in the Islamic economy remains in its early stages. Most Islamic tech startups have yet to fully embrace AI, focusing instead on basic automation rather than sophisticated, AI-driven innovation.

“As of now, AI’s role in fostering innovation in the Islamic economy - particularly in tech startups or digital finance - is minimal,” says Khan. “While AI has the potential to enhance areas like Islamic banking, halal certification, and ethical investment screening, most Islamic tech startups have yet to fully explore or implement AI-driven solutions.”