Latest news with #AED2.2
Dubai Eye
6 days ago
- Business
- Dubai Eye
H.H. Sheikh Mohammed marks 25 years of Executive Office
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has marked 25 years of The Executive Office by thanking the team for contributing to "shaping the future of the nation". "The Office has served as a hub of ideas, a trusted partner in decision-making, a driver of change and a key force in executing our vision for the future," Sheikh Mohammed highlighted in a video posted on social media platform X. "From government and economic strategy to social and technological innovation, the Executive Office reflects Dubai's culture of excellence — accelerating change, enabling new strategies and empowering young talent to reach new heights. "To all who have contributed to the Office's achievements, we extend our sincere appreciation. "We continue to invest in our youth - their ideas spark progress, their energy drives change and their ambition will shape the future of our journey continues — with steady steps and a clear sense of purpose," he highlighted. Mohammed bin Rashid: Today, we celebrated 25 years since the establishment of The Executive Office, together with the team. Over the past quarter-century, the Office has served as a hub of ideas, a trusted partner in decision-making, a driver of change, and a key force in… — Dubai Media Office (@DXBMediaOffice) June 22, 2025 In 25 years, the Office has "driven teamwork and effectively implemented the developmental vision for Dubai". The Executive Office has launched major projects that have driven fundamental transformations, elevating Dubai's global standing, enhancing its international competitiveness, and advancing its economic and social sectors. Among the most prominent of these projects is the Dubai International Financial Centre (DIFC), established in 2004, that is instrumental in shaping the future of finance, achieving record-breaking performance. Active companies within DIFC grew to 6,920, with 1,823 new companies joining in, recording a 25 per cent increase. The workforce expanded to over 46,000 employees, and assets under management reached over $700 billion. The DIFC also hosts family businesses managing $1.2 trillion in assets. Launched in 2020, the Dubai Council drives major transformative projects to elevate Dubai's global standing. It has launched 25 such projects and formed 4 higher committees to oversee impactful initiatives that have spurred significant social and economic progress in Dubai. The Executive Office also houses the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), which has grown into the region's largest humanitarian, development and community organisation. MBRGI encompasses 30 initiatives and foundations focused on combating poverty and disease, spreading knowledge and culture, empowering communities, and fostering innovation. In 2024, MBRGI invested AED2.2 billion, impacting 149 million people in 118 countries. Among the pioneering initiatives of The Executive Office is Smart Dubai, launched in 2013 and later evolving into the Dubai Digital Authority (Digital Dubai) in 2021. It has spearheaded Dubai's digital transformation, propelling Dubai to first place in the Arab world and Asia, and fourth globally, in the IMD's 2025 Smart City Index. The Executive Office also houses the Dubai Future Foundation (DFF), established in 2016 to spearhead future-focused programmes and projects. Among its most prominent achievements is the Museum of the Future, which has welcomed over 3 million visitors and 40 heads of state since its opening. DFF also established the Dubai Future District Fund, whose investments have contributed AED3 billion to Dubai's GDP. The Hatta Development Plan, another Executive Office initiative launched in 2016, encompasses over 40 initiatives which have significantly impacted Hatta, boosting tourism to 1.5 million annual visitors. The Executive Council of Dubai, also operating within The Executive Office, was established in 2003 to oversee more than 60 government entities. The Executive Council also manages efforts aimed at enhancing the efficiency of government work, improving government services and overseeing the governance of entities under the Government of Dubai. Dubai Holding is another key entity launched by The Executive Office in October 2004, and currently manages AED280 billion in assets, and employs over 45,000 people across 34 countries. The Mohammed Bin Rashid Center for Leadership Development (MBRCLD), also supported by the Executive Office, has graduated over 1,000 leaders and participants since its establishment in 2003, including 9 ministers, 10 deputy ministers, 15 director generals, and 99 executive directors. — Dubai Media Office (@DXBMediaOffice) June 22, 2025 The Executive Office continues to champion numerous other initiatives dedicated to comprehensive development, enhancing quality of life, fostering the knowledge economy, and driving innovation. The Executive Office continues its dedicated work to translate Sheikh Mohammed's vision for Dubai: to proactively embrace future trends and maintain its leadership position. This is achieved through ongoing strategic foresight and development initiatives, and by establishing policies that respond to global shifts and strengthen Dubai's global standing.
Arabian Business
01-05-2025
- Business
- Arabian Business
Ras Al Khaimah property market set to double by 2030 amid tourism boom
Ras Al Khaimah's residential property stock is on track to double by the end of 2030, with more than 11,000 new units scheduled for completion, according to a report by Savills. The emirate has recorded over AED11 billion in sales transaction values in 2024, with significant momentum in the market since the pandemic. Off-plan sales have dominated transactions, while communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have experienced increases in capital values and rents since 2022. Gaming revenue could generate AED20 billion as RAK transforms into luxury destination 'There is a growing demand for premium residential offerings in RAK. Branded resi dences now make up 32 per cent of the anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments,' Andrew Cummings, Head of Residential Agency at Savills Middle East said. The report highlights the Sunshine Bay development on Al Marjan Island as a prime example of market momentum. Launched in late 2024 with Savills as master agents, all 240 units sold within three months, achieving average prices exceeding AED2,200 per sq ft. British investors represented more than 40 per cent of buyers among the 37 nationalities who purchased units. Savills is set to launch the Anantara Mina Ras Al Khaimah Residences in April 2025, featuring 84 units including luxury suites, apartments and duplex sky villas. Prices will start from AED2.2 million, with a 60/40 payment plan and handover expected in Q3 2028. The property market expansion coincides with growth in tourism. Ras Al Khaimah welcomed 1.28 million tourists in 2024, representing a 5.1 per cent increase compared to 2023. The visitor mix was evenly split between international and domestic tourists, with 661,000 air arrivals marking a 28 per cent year-on-year increase. Tourism in the emirate has shown consistent growth since 2020, supported by beach resorts, desert landscapes, and activities around Jebel Jais, the UAE's highest peak. Wynn Al Marjan Island to drive record property sales in Ras Al Khaimah A major catalyst for growth is the development of Wynn Al Marjan Island, the UAE's first integrated resort with a commercial gaming operator's licence. The project, set to open in 2027, will span 62 hectares on Al Marjan Island and feature 1,542 rooms and suites, 225,000 sq ft of gaming space, 15,000 sq m of retail, and entertainment facilities. The potential economic impact is substantial, with analysts noting that if UAE gaming revenue reaches 1.6 per cent of GDP – comparable to Singapore – it could generate more than AED 20 billion in revenue. While historically dependent on Dubai for luxury amenities, Ras Al Khaimah is developing its own offerings. These include the Ritz-Carlton Al Wadi's Zuma winter pop-up and improved education options. In the 2023/24 academic year, seven schools received a 'good' rating from the Ministry of Education, up from three the previous year. The British School Al Hamra became the only school in the Northern Emirates to achieve a 'very good' rating. 'RAK's evolution is now beyond tourism alone. We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth,' Rachael Kennerley, Head of Research at Savills Middle East added.
Zawya
30-04-2025
- Business
- Zawya
Aldar Properties profit before tax jumps 33% to $599mln
Aldar Properties has reported a 33% year-on-year increase in profit before tax to AED2.2 billion ($599 million) for the first quarter of 2025, with net profit after tax rising by 22% year-on-year to AED1.9 billion. Mohamed Khalifa Al Mubarak, Chairman of Aldar, said the company's performance at the beginning of the year reflects the strength and diversification of its business sectors, and its ability to operate efficiently and grow in line with a clear strategy to create sustainable long-term value, said a Wam news agency report. He added that the UAE offers a conducive environment for stability and business growth, with a focus on investing in vital sectors, attracting business, and diversifying the economy. He said Aldar is well positioned to deliver sustainable performance, deploy capital efficiently, and strengthen its role as a long-term partner in shaping the UAE's economic development, noting that the development revenue backlog has reached a record AED55.7 billion. Talal Al Dhiyebi, Group CEO of Aldar, said Aldar delivered strong financial results in the first quarter, driven by continued momentum across its core business segments. Development sales remained strong, increasing by 42% to AED8.9 billion. Meanwhile, construction is progressing on new projects in line with plans amid sustained demand from both local and international buyers, he said. He added that at the start of the year, Aldar proactively took steps to strengthen its financial position and enhance liquidity through capital markets issuances and securing a syndicated loan. In terms of key financial highlights, Aldar recorded AED46.7 billion in UAE revenue backlog, indicating strong revenue visibility over the next two to three years. Sales to international and resident buyers in the UAE rose to AED7.4 billion, representing 87% of total UAE sales. Aldar further enhanced its capital structure and financial flexibility through the issuance of AED3.7 billion in hybrid capital notes, AED1.8 billion in green sukuk, and securing AED9 billion in syndicated revolving credit facilities and a AED1.8 billion hybrid capital solution from Apollo. The project management services backlog reached AED88.7 billion as of the end of March 2025, of which AED49.5 billion is under construction, reflecting strong government investment in infrastructure and housing. In Q1, Aldar also recorded a 25% year-on-year increase in earnings per share to AED0.20, supported by earnings growth across all platforms. Aldar maintains a strong liquidity position to support its growth plans, with AED10.2 billion in unrestricted cash and AED19.3 billion in undrawn bank facilities as of end-March. Aldar Development recorded a 46 percent year-on-year increase in revenue to AED5.7 billion, with EBITDA rising by 50 percent to AED1.8 billion, driven by revenue backlog and strong sales from new launches and existing inventory amid sustained international demand. Aldar Investment continued to deliver on its diversification and growth strategy, with EBITDA rising by 10% year-on-year to AED764 million — a 20% increase excluding gains from asset sales — while assets under management grew to AED46 billion. Internationally, SODIC contributed AED172 million in revenue to Aldar Development, with revenue backlog reaching AED6.3 billion by end-March 2025. London Square contributed AED135 million to Aldar Development revenue. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
29-04-2025
- Business
- Trade Arabia
Aldar Properties profit before tax jumps 33% to $599m
Aldar Properties has reported a 33% year-on-year increase in profit before tax to AED2.2 billion ($599 million) for the first quarter of 2025, with net profit after tax rising by 22% year-on-year to AED1.9 billion. Mohamed Khalifa Al Mubarak, Chairman of Aldar, said the company's performance at the beginning of the year reflects the strength and diversification of its business sectors, and its ability to operate efficiently and grow in line with a clear strategy to create sustainable long-term value, said a Wam news agency report. He added that the UAE offers a conducive environment for stability and business growth, with a focus on investing in vital sectors, attracting business, and diversifying the economy. He said Aldar is well positioned to deliver sustainable performance, deploy capital efficiently, and strengthen its role as a long-term partner in shaping the UAE's economic development, noting that the development revenue backlog has reached a record AED55.7 billion. Talal Al Dhiyebi, Group CEO of Aldar, said Aldar delivered strong financial results in the first quarter, driven by continued momentum across its core business segments. Development sales remained strong, increasing by 42% to AED8.9 billion. Meanwhile, construction is progressing on new projects in line with plans amid sustained demand from both local and international buyers, he said. He added that at the start of the year, Aldar proactively took steps to strengthen its financial position and enhance liquidity through capital markets issuances and securing a syndicated loan. In terms of key financial highlights, Aldar recorded AED46.7 billion in UAE revenue backlog, indicating strong revenue visibility over the next two to three years. Sales to international and resident buyers in the UAE rose to AED7.4 billion, representing 87% of total UAE sales. Aldar further enhanced its capital structure and financial flexibility through the issuance of AED3.7 billion in hybrid capital notes, AED1.8 billion in green sukuk, and securing AED9 billion in syndicated revolving credit facilities and a AED1.8 billion hybrid capital solution from Apollo. The project management services backlog reached AED88.7 billion as of the end of March 2025, of which AED49.5 billion is under construction, reflecting strong government investment in infrastructure and housing. In Q1, Aldar also recorded a 25% year-on-year increase in earnings per share to AED0.20, supported by earnings growth across all platforms. Aldar maintains a strong liquidity position to support its growth plans, with AED10.2 billion in unrestricted cash and AED19.3 billion in undrawn bank facilities as of end-March. Aldar Development recorded a 46 percent year-on-year increase in revenue to AED5.7 billion, with EBITDA rising by 50 percent to AED1.8 billion, driven by revenue backlog and strong sales from new launches and existing inventory amid sustained international demand. Aldar Investment continued to deliver on its diversification and growth strategy, with EBITDA rising by 10% year-on-year to AED764 million — a 20% increase excluding gains from asset sales — while assets under management grew to AED46 billion. Internationally, SODIC contributed AED172 million in revenue to Aldar Development, with revenue backlog reaching AED6.3 billion by end-March 2025. London Square contributed AED135 million to Aldar Development revenue.
Hi Dubai
10-04-2025
- Business
- Hi Dubai
UAE Investment Potential Shines at High-Level Investopia–Deutsche Bank Conference
In a powerful demonstration of the UAE's growing investment appeal, Investopia and Deutsche Bank co-hosted an exclusive conference spotlighting emerging opportunities across key sectors of the nation's evolving economy. The event drew nearly 30 government and private sector leaders, including UAE Minister of Investment Mohamed Hassan Alsuwaidi, and welcomed a high-level Deutsche Bank delegation led by Claudio de Sanctis, alongside 50 international investors and entrepreneurs. Focused discussions covered strategic sectors such as retail, manufacturing, tourism, and technology—pillars of the UAE's 'new economy.' The forum highlighted the nation's robust investment climate, competitive advantages, and forward-looking legislative framework designed to attract and support international businesses and family enterprises. Alsuwaidi emphasized the country's ambitious vision, driven by national strategies like "We the UAE 2031", which aim to position the UAE as a global hub for innovation-driven investment. He noted that over 1.1 million private companies currently operate in UAE markets, supported by pro-business reforms such as 100% foreign ownership, tax incentives, long-term residency programs, and an extensive network of free zones. Notably, foreign direct investment inflows reached $30.6 billion in 2023—up 35% from the previous year—securing the UAE's rank as the world's second-largest recipient of new project investments. The conference also included a presentation on the 'National Investment Strategy 2031', which targets doubling FDI inflows to 30% of total investment by 2031 and tripling the FDI balance to AED2.2 trillion. Saad Osseiran, Deutsche Bank's Head of Private Bank Middle East, affirmed the bank's commitment to the UAE's vision, stating, 'This platform reinforces the UAE's position as a destination for progressive investment and strategic global partnerships.' News Source: Emirates News Agency
