Business
Menzies Aviation records $2.6 billion in revenue across its global operations
KUWAIT CITY / UK, Apr 09: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced a record-breaking performance in 2024, marking its fourth consecutive year of double-digit revenue growth.
Reported in its 2024 Annual Review & Sustainability Report, the aviation services provider has delivered strong financial results, with global revenue increasing year-on-year by 20% to $2.6 billion, driven by expansion in existing and new markets.
The group also reported a robust EBITDA of $382m (post IFRS16), with a 15% margin, illustrating the strength of its core operations and the sustainability of the business. This enabled increased investment in equipment, technology and training, while providing confidence to customers that it is a reliable, long-term partner.
This unparalleled growth reaffirms Menzies as the industry leader and provides a strong footing for future expansion as more airlines and airport partners choose the company as a partner of choice, recognising its safety record, high quality services and agile leadership.
Key highlights:
tKey deals in Portugal, Hong Kong, Angola and Malaysia helped to strengthen the company’s global footprint to 300 airports in 65 countries.
tExpansion in established markets, such as Serbia and Spain showcased its successful partnerships and strong track record.
tMenzies managed more than 4.8 million flights (2023: 4.5 million), serving over 250 million passengers (2023: 217 million).
tInvestments in existing air cargo facilities as well as in cutting edge technology enabled the company to handle a record 2.4 million tonnes of cargo (2023: 2 million).
tThe launch of its Pearl Elevated Travel brand boosted its service offering, driving 2.8 million guests to its 55 lounges, while Air Menzies International solidified its position as a leading airfreight provider, achieving a 16% year-on-year growth in tonnage.
The company also made significant progress toward its ESG goals, with continued efforts to reduce emissions in line with its ambitious Net-Zero 2045 target, demonstrating a commitment to sustainable growth alongside business expansion.
Key highlights include:
tIt was the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative.
tProgress towards its 25% electric Ground Support Equipment (GSE) by 2025 target, with 22% of its worldwide fleet now electric.
tSecond consecutive year of reducing voluntary staff turnover with a further 5% reduction in 2024, meaning the company is now well below pre-Covid turnover levels.
tReached its goal of 25% of women in senior leadership roles, in line with IATA’s 25by2025 campaign.
tFinanced over USD $388k towards sustainable development partnerships, community projects, charities and supporting local fundraising by its teams.
Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “2024 has been a groundbreaking year for Menzies, marked by double-digit growth and record-breaking milestones in both flights and passengers served, and cargo tonnes handled. As we reflect on these achievements, we take immense pride in leading the way, delivering high-quality aviation services, while upholding the highest standards of safety and security. With passenger numbers expected to surpass 5.2 billion for the first time and more than 40 million flights taking to the skies in 2025, our vision for the future remains clear: to be the world’s leading aviation services provider. We are confident about the future and are committed to responsible expansion, operational excellence, sustainability, and contributing to the powerful and positive force of the aviation industry.”
Philipp Joeinig, Group CEO, Menzies Aviation, added: “Strategic expansion has been key to our success over the past four years, resulting in a 41 percent increase in the number of airports we serve and a 71 percent growth in the number of countries since 2021. Our efforts in nurturing strong relationships with our airline customers and airport partners has created a solid foundation for continued success, with new global opportunities at an all-time high. I’m especially proud that we were the first major aviation services business to have our net zero targets approved by the Science Based Targets initiative, reinforcing our commitment to leading from the front and raising the bar in sustainability. Our goal of becoming the undisputed leader in our industry remains central to everything we do, and we look forward to continuing this exciting journey together.”
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
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