Couple of interesting points from the note:
- Airline was started with $10 million 22 years ago. In total the government has invested just $18 million in the airline. Claims that the airline pays the ruling family a dividend of more than $100 million a year;
- Emirates so far has ordered 55 of the new A380s (at $250mm a pop); and
- 20,000 employees - none of them with the word "marketing" in their title.