Kuwait: Jazeera Airways post $15.3mln profit Q1 '25
Founded in 2004 and enlisted on Boursa Kuwait since 2008, Jazeera Airways operates low-cost commercial flights and air cargo services from Kuwait International Airport's Terminal 5.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
11 minutes ago
- Khaleej Times
Saudi Arabia extends grace period by 30 days for expired visit visa holders
Saudi Arabia has extended a grace period which it announced in June, to allow holders of expired visit visas —of all types— a window to leave the country legally. According to the Kingdom's General Directorate of Passports, the extension, which will be available for 30 days, starts from 1/2/1447 AH (July 26, 2025). The move is aimed at facilitating final departure for individuals whose visit visas have expired. The intitiative was first introduced last month to mark the beginning of the Hijri New Year. To benefit from the initiative, applicants must first pay any applicable fees and fines as required by existing regulations. The Directorate explained that eligible individuals can take advantage of this initiative by submitting a request through the Tawasul service on the Ministry of Interior's "Absher" electronic services platform. Authorities urged all affected visitors to benefit from the initiative within the specified period.
Gulf Business
11 minutes ago
- Gulf Business
Binghatti Holding's H1 profit rises almost threefold to Dhs1.82bn
Image: Binghatti Holding Binghatti Holding announced record financial results for H1 2025 last week, with net profit and revenue nearly tripling year-on-year, driven by robust demand for its developments . Net profit for H1 2025 surged by 172 per cent year-on-year to Dhs1.82bn ($495m), up from Dhs668m ($182m) in the same period last year . Total sales climbed 60 per cent year-on-year to Dhs8.8bn ($2.39bn), while revenue increased by 189 per cent to Dhs6.3bn ($1.722bn), positioning the company as one of Dubai's fastest-growing real estate firms . The group also saw significant expansion in its development pipeline. As of June 30, Binghatti's revenue backlog reached Dhs12.5bn, an increase from Dhs6.6bn in the corresponding period last year . This surge was fuelled by the launch of seven new projects , while five projects, comprising 1,441 units, were successfully delivered during the first half . Branded residences drive global investor demand . The company's ability to blend architectural innovation with iconic design has attracted an elite international clientele, including Brazilian football star Neymar Jr and acclaimed opera singer Andrea Bocelli. In H1 2025, 61 per cent of Binghatti's sales were made to non-resident buyers, up from 55 per cent a year earlier, underscoring Dubai's safe-haven appeal and Binghatti's proactive marketing, which included the launch of a London sales office in July . Leading buyer nationalities in H1 2025 included India, Turkey, and China . Strong local demand While international investors continue to play a growing role in driving sales, Binghatti also continued to benefit from strong local demand, supported by the UAE's expanding population, and ongoing investment in infrastructure and housing accessibility . The Company continued to broaden its domestic customer base by improving affordability and access to high-quality real estate developments . In May 2025, Binghatti signed a landmark memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to offer Sharia-compliant home financing solutions tailored to both ready and off-plan residential units . Under the agreement, eligible buyers will be able to secure financing once construction reaches 35 per cent completion and 50 per cent of payments have been made, a flexible structure designed to unlock new demand among UAE-based homeowners and investors . To further support access to homeownership, Binghatti Holding was selected in July by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) as one of 13 developers participating in the newly launched First-Time Home Buyer (FTHB) Programme . As part of this initiative, Binghatti has committed to allocating at least 10 per cent of its newly launched and existing residential units priced under Dhs5m exclusively to eligible first-time buyers . The earmarked units will be made available ahead of public launches, ensuring early access and greater affordability for UAE residents entering the property market for the first time . In addition to prioritised access, Binghatti is offering exclusive financial incentives to FTHB participants, including discounts on selected properties and reduced administrative fees, with enhanced packages for both Emiratis and expatriates . The initiative supports Dubai's broader economic and social development goals, including the D33 Economic Agenda which targets Dhs1tn in real estate transactions . In July, Binghatti also became a founding partner of the Dubai PropTech Hub, a joint initiative of the DIFC Innovation Hub and the Dubai Land Department . The Hub, which aims to attract $300m in venture capital by 2030, will position Binghatti at the forefront of real estate innovation through access to emerging technologies such as AI, blockchain, and sustainable smart infrastructure . As a founding partner, Binghatti will benefit from early engagement with next-generation PropTech start-ups through the Hub's Living Lab, Scale-up Accelerator, and bespoke innovation programs . Accelerated development and landmark land acquisition Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Meydan, Dubai Science Park, Dubai Production City, and Sports City . Read: During the first half, Binghatti launched seven new projects featuring 5,000 units spread over 3.8 million square feet and handed over five developments comprising 1,441 units over a million square feet . The company acquired a landmark megaplot in Nad Al Sheba 1, in the heart of Dubai's sought-after Meydan district with over 9 million square feet of gross floor area, which will serve as the foundation for its first master-planned residential community in Dubai with a total development value of over Dhs25bn . In the first half of 2025, Binghatti's credit profile was formally recognised by leading global rating agencies . In March, Moody's Ratings assigned Binghatti a first-time Ba3 Corporate Family Rating (CFR) with a stable outlook, citing the Company's strong market position in Dubai's luxury real estate sector, its vertically integrated operating model, and prudent financial management . The agency highlighted Binghatti's low leverage, strong liquidity, and effective cost control as key credit strengths, alongside its strategic expansion through branded developments and a deep pipeline of projects . Shortly after, Fitch Ratings upgraded Binghatti's Long-Term Issuer Default Rating (IDR) and senior unsecured debt to BB- from B+, also with a stable outlook . The upgrade reflected Binghatti's resilient growth trajectory, robust liquidity – including a low net debt-to-EBITDA ratio of just 0.8x – and its ability to self-fund future projects through internally generated cash flows . Both agencies recognised the company's strengthened corporate governance framework and the institutional credibility brought by its inaugural$500m sukuk, which is listed on both the London Stock Exchange and Nasdaq Dubai . A positive outlook Dubai's real estate market continues to show structural strength, supported by a growing population, stable governance, and surging global investor interest . As of June 2025, Dubai's population surpassed 3.75 million and is expected to exceed four million by the end of 2026 . In the first half of 2025 alone, over 19,700 new residential units were handed over, primarily in JVC, Al Merkadh, and Business Bay . However, delivery across core and premium submarkets has not kept pace with demand . This gap is even more evident in the luxury and branded segment, where sustained demand continues to drive strong absorption rates . Rental values in prime zones such as Marina, Business Bay, and Downtown Dubai are up significantly year-on-year, clear indicators of supply pressure and investor appetite .
Tahawul Tech
11 minutes ago
- Tahawul Tech
Kanessa Muluneh champions fearless future in gaming and Web3
The founder of Rise of the Fearless discusses empowering women in tech, gaming for social good, and why Dubai is the perfect launchpad for emerging markets. Kanessa Muluneh, founder of Rise of the Fearless, brings a bold and purposeful perspective to the intersection of gaming, Web3, and social impact. Muluneh's journey—from Ethiopia to the Netherlands, and now Dubai—reflects a deep commitment to creating opportunities for women and underrepresented communities in the digital economy. In this conversation with Muluneh shares how the UAE's proactive tech environment is enabling visionaries like her to reshape the gaming industry and foster innovation across emerging markets. Interview Excerpts: What are your thoughts on the UAE gaming industry and where do you see it heading, especially given the government's proactive efforts in launching it as a full-fledged sector? What I'm about to say isn't necessarily to promote the UAE—it's simply an observation. I think it's very smart of the government to focus on building a gaming ecosystem. Right now, Silicon Valley is hard to access, and frankly, I don't want them on board in my case. I'm focused on emerging markets—Africa and Asia—which are often overlooked or misrepresented. The UAE, however, is creating the next Silicon Valley, with global access and fewer limitations. It's not just for one group or nation. Considering the global gaming industry had a dip recently, primarily due to the US economy, it's vital to look beyond the traditional powerhouses. The UAE government has the foresight—just like it did with crypto and Web3—by allowing innovators to build freely. 'If you have a good product, you know exactly who to reach out to. That access and openness make the UAE a smart hub for the gaming industry.' What inspired you to start Rise of the Fearless? What was the trigger behind its inception? I approached it from a business mindset. I was born in Ethiopia and decided to return to my roots with the intent of creating something meaningful. I realised that for a business to survive in Africa, it must address a widespread problem, not just cater to a niche. During the NFT boom, I started a TikTok channel in my native language, discussing NFTs as a way to practise the language and educate others. I then launched my own NFT project as an informal online class. The game-changer was when someone from rural Africa bought my NFT using crypto. It showed me how digital products and decentralised finance could empower underserved communities. We initially considered launching a marketplace like Amazon but quickly realised logistics were a nightmare. That's when I turned to gaming, inspired by Axie Infinity's impact in the Philippines. The youth in Africa needed hope and opportunity. Gaming could give them both—a new industry and a financial future. How would you encourage more women in the UAE to consider gaming as a career, especially in light of initiatives like the Dubai Programme for Gaming (DPG) under the Dubai Future Foundation? This applies not only to gaming but to all areas of tech. I don't believe women should compete directly with men in male-dominated sectors. Instead, they should find niches where their strengths are most valued. For example, women tend to excel in marketing due to our emotional intelligence, and in management or HR roles where interpersonal dynamics matter. In my own team, it's 95% men—not because I exclude women, but because it's difficult to find female candidates. Rather than trying to prove we're better or equal to men, women can strategically enter the industry in roles where we bring unique value—whether it's marketing, community building, operations, or even as investors. These entry points give us power and influence, and from there, we can grow. How many daily active users currently play Rise of the Fearless? When can we expect the next version of the game? We currently have 3,000 daily active users. Marketing has been paused as we're preparing to launch a new version. The deadline was set for the 20th, but as is common in gaming, deadlines are often missed. So, I would say it should be out within the next two weeks—but to stay safe, let's just say the next update is expected soon.
