UAE's non-oil economy remains on solid ground: MOMR
Moreover, the monthly report said, the private sector continued to perform strongly, with the UAE's real estate and tourism sectors continuing to show strong momentum in 2025. In Dubai, year-to-date real estate transaction volumes through June rose 24%, y-o-y, with values up 38%, y-o-y, reflecting broad-based growth across all segments. In June alone, volumes and values increased by around 17%, y-o-y.
In Abu Dhabi, 2Q25 real-estate volumes rose 7%, y-o-y, while values surged 45% on an annual basis.
Tourism in Dubai also remained robust, with May 2025 arrivals up 6%, y-o-y, and year-to-date figures around 7% higher than the previous year. This level is about 21% above pre-COVID-19 levels, while hotel occupancy rose to 83%. In the meantime, the country is actively diversifying the economy and building international partnerships to support investment and economic diversification.
The MOMR noted that important developments include new agreements on the launch of a UAE-US Framework on Advanced Technology Cooperation, underscoring a shared focus on innovation, investment, and the strategic transferral of knowledge. These efforts, among others, are part of broader national strategies to position the country as a global centre for innovation and sustainable economic growth.
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23 minutes ago
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Financial highlights for the quarter (USD) Revenue at USD 1,564 mn; up 0.4% YoY EBIT at USD 172 mn; up 30.2% YoY EBIT Margin 11.1%; up 260 bps YoY Profit after tax (PAT) at USD 133 mn; up 30.2% YoY PAT Margin 8.5%; up 190 bps YoY Free cash flow at USD 86 mn New deal wins TCV USD 809 mn Financial highlights for the quarter (₹) Revenue at ₹ 13,351 crores; up 2.7% YoY EBIT at ₹ 1,477 crores; up 34.0% YoY Consolidated PAT at ₹ 1,141 crores; up 34.0% YoY Diluted Earnings per share (EPS) at ₹ 12.86 Other Highlights Total headcount at 148,517; up 897 YoY LTM IT attrition at 12.6% Days of Sales Outstanding 95 days; up 2 days YoY Cash and Cash Equivalent at the end of the quarter ₹ 8,072 crores Mohit Joshi, CEO and Managing Director, Tech Mahindra, said, ' Our performance is steadily strengthening, reflecting disciplined execution and a focused strategy. Deal wins have increased by 44% on a last twelve months (LTM) basis, supported by broad-based momentum across verticals and geographies.' Rohit Anand, Chief Financial Officer, Tech Mahindra, said, ' We have delivered seven consecutive quarters of margin expansion - a clear reflection of the discipline and focus across our organization. Even in an uncertain environment, our Project Fortius program continues to generate meaningful results and drive operational improvements. ' Key Deal Wins Selected as a key 'growth partner' by one of US-based leading consumer wireless operators for its Customer Operations transformation. The designation as a 'growth partner' unlocks the door to all future opportunities as per the client's new sourcing strategy. Tech Mahindra was selected by a Railroad company in the Americas region for the support and development of a portfolio of applications across multiple corporate functions of the company and across multiple technologies including SAP, Salesforce, and data analytics, amongst others. Tech Mahindra was selected by a leading US-based Hi-Tech company to help them deliver to their end customers a truly immersive and enriched user experience on one of their flagship consumers focused product which is powered by their AI and LLM platform. TechM will ensure that the consumer product with 2.0 billion+ active users have enriched user experience including keeping the platform safe. Tech Mahindra was chosen as strategic partner by UK-based manufacturer to drive digital transformation by establishing a Shared Services Center. TechM will deliver end-to-end IT, digital solutions, and BPS services focused on transforming the customer's enterprise back office - enhancing experience, efficiency, agility, and resilience - delivering superior business outcomes. Tech Mahindra was selected by a leading global fashion apparel brand for a multi-year strategic engagement to provide digital and data transformation and support services. 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Tech Mahindra was selected by a leading international telecom company in the MEA region for a transformation and managed services deal to manage, centralise, and transform its various IT functions. Customer will benefit by reducing its TCO due to transformed ways of working, increased automation and AI. Business Highlights Tech Mahindra announced the launch of a new managed services offering for Cisco Multicloud Defense, a component of Cisco's Hybrid Mesh Firewall. The new offering provides enterprises a robust cloud security solution that enables secure, scalable, and seamless operations across multi-cloud environments. The new collaboration delivers multidirectional protection across any public or private cloud - blocking inbound attacks, lateral movement, and data exfiltration using a single SaaS control plane, eliminating inefficient, complex, and costly point solutions. Tech Mahindra was named a Red Hat Premier Partner globally. As a Red Hat Premier Partner, TechM gains access to technical resources, joint go-to-market opportunities, and extended collaboration with Red Hat's product and services teams. In collaboration with Red Hat, TechM has engineered over 15 solutions as part of its GTM strategy, spanning automation, edge intelligence, and AI-driven cloud-native capabilities powered by Red Hat OpenShift, Red Hat Ansible Automation Platform, and other platforms. Tech Mahindra announced a partnership with ServiceNow to deliver next-generation broadband solutions tailored for Communication Service Providers (CSPs). The partnership offers comprehensive vertical solutions stack that includes planning and building networks, managing operations, enhancing customer experience, and monetising services, by leveraging TechM's platform - a pre-integrated end-to-end solution built on ServiceNow® TMT product suites. 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For more information on how TechM can partner with you to meet your Scale at Speed™ imperatives, please visit For Further Queries: Disclaimer Certain statements in this release concerning the future prospects of Tech Mahindra Limited ('the Company' or 'TechM') are forward-looking statements. These statements by their nature involve risks and uncertainties that could cause Company's actual results differ materially from such forward-looking statements. The Company, from time to time, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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