Latest news with #Dh2.9
Al Etihad
a day ago
- Business
- Al Etihad
Modon Holding posts Dh2.1 billion profit in H1
28 July 2025 22:42 ABU DHABI (ALETIHAD)Modon Holding delivered a net profit of Dh2.1 billion for the first half of 2025, marking a 4.2-fold increase compared to the same period last year (excluding one-off items), on the back of strong real estate sales, improved recurring income, and strategic Abu Dhabi-headquartered holding company also saw its revenue triple year-on-year to Dh6.5 billion, supported by high demand for new property launches and a growing portfolio of income-generating assets across hospitality, events, and asset management segments. Group EBITDA rose 4-fold to Dh2.9 billion, with margins expanding to 44%, driven by synergies, efficiency gains, and a more balanced portfolio mix.A key highlight was the company's record Dh10 billion in real estate sales, fuelled by strong uptake of flagship developments on Reem and Hudayriyat Islands. The firm's total revenue backlog reached Dh33 billion, providing strong forward visibility. Total assets climbed to Dh85 billion, up 12% from end-2024, while equity rose to Dh53 Jassem Mohammed Bu Ataba Al Zaabi said the first-half results marked 'another pivotal chapter' in Modon's transformation. 'Exceptional commercial performance and strategic delivery continue to accelerate our transformation, enabling us to scale across high-impact sectors. We remain focused on long-term value creation while reinforcing Abu Dhabi's position as a global hub for investment, innovation and sustainable urban development.'Group Managing Director Abdullah Al Sahi highlighted the disciplined execution of Modon's strategy. 'Continued expansion into priority markets such as the UK and North America, alongside targeted growth across Egypt and Spain, reflects our commitment to building a future-ready portfolio with global reach.'Group CEO Bill O'Regan attributed the strong results to Modon's diversified model and focused execution. 'Revenue and EBITDA grew significantly, driven by high-demand real estate launches, stable recurring income and disciplined capital deployment. Record sales of Dh10 billion and a robust development pipeline reinforce forward visibility.' Modon also advanced its international footprint with investments in the UK and Egypt, including the launch of Gridora, a new infrastructure platform, and the acquisition of global events firm Arena. With Dh5.5 billion in sales already recorded in July through its Wadeem residential plot launch, Modon enters the second half with strong momentum.
Al Etihad
6 days ago
- Business
- Al Etihad
Emirates Islamic reports Dh1.86 billion net profit in H1 2025
24 July 2025 13:14 DUBAI (WAM) Emirates Islamic has announced its financial results for the first half of 2025, reporting a net profit of Dh1.863 billion, marking a 12 percent increase compared to the same period last bank reported a record Dh2.2 billion profit before tax in the first half of 2025, reflecting strong growth momentum. Total income rose 9 percent year-on-year to Dh2.9 billion, driven by continued expansion in both funded and non-funded income assets increased by 24 percent to Dh138 billion, while customer financing rose 13 percent to Dh80 billion. Customer deposits showed exceptional growth, rising 27 percent to Dh97.4 and Savings Account balances represented 65.5 percent of total results highlight Emirates Islamic's position as one of the UAE's leading Islamic bank reported a Common Equity Tier 1 ratio of 17.4 percent and a capital adequacy ratio of 18.5 percent, underscoring its strong capital position. The Headline Financing to Deposit ratio stood at 82 percent, within the management's target range.
Khaleej Times
27-04-2025
- Business
- Khaleej Times
Dubai World Trade Centre delivers Dh22.35 billion in economic output in 2024
The Dubai World Trade Centre (DWTC) continues to reinforce its role as a vital pillar of Dubai's economy, contributing significantly to the emirate's GDP through a dynamic calendar of world-class business events. DWTC's 2024 events — led by 100 large-scale exhibitions, international association conventions, and industry conferences – drew over 2 million attendees and generated a total economic output of Dh22.35 billion. Of this, Dh13.04 billion was retained as Gross Value Added (GVA) to Dubai's GDP, reinforcing the significant value retained within the local economy. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE and Chairman of The Executive Council of Dubai, said: 'Dubai's continued growth as a leading global destination for major international events reflects the power of the leadership's long-term vision and the city's ability to constantly create new growth pathways. The record performance of DWTC in 2024 reaffirms Dubai's ability to bring together the world's brightest minds, pioneering companies, and transformative ideas with the potential to shape the future. This success is driven by sustained investment in future-ready infrastructure, global connectivity, and a business-friendly environment that bridges markets and fosters partnerships.' 'The MICE sector plays a vital role in strengthening Dubai's profile as a leading global hub, as envisioned in the Dubai Economic Agenda D33. We continue to strengthen this sector as a key pillar of an increasingly diversified and innovation-led economy. Dubai will remain a global hub for ideas, investment, and enterprise – a city that turns opportunity into growth and enduring value. Growth in large-scale events DWTC achieved record-breaking growth in 2024 across its calendar of large-scale events, with a 32 per cent year-on-year increase not only in the number of events but also in the size and scale of existing mega events. Of the over 2 million attendees at these flagship events, 936,083 travelled from overseas – a testament to Dubai's rising prominence as a top global destination for business tourism. This surge in large-scale events is estimated to have supported 85,533 jobs across the MICE ecosystem and its adjacent sectors, while the rise in international participation played a pivotal role in delivering broader socio-economic impact, significantly amplifying the total economic output generated. Economic gains for the MICE Sector In 2024, the 100 large-scale events hosted at DWTC generated an estimated Dh2.9 billion in sales value within the MICE sector — a clear indicator of the strength of Dubai's event-driven economy. This value was primarily driven by event organisers and exhibitors' investment in venue space, stand services, logistics and other business support services. Notably, this direct expenditure catalysed nearly eight times its value in broader non-trade business activity across Dubai's economy – meaning that for every Dh1 spent at a DWTC event, Dh7.7 in economic output was generated citywide. The growth of DWTC's large-scale events and the surge in international attendance translated directly into increased spending across both MICE-related business services and adjacent sectors. In 2024, direct spending in these adjacent sectors soared to Dh13.17 billion, reflecting widespread economic gains. Sectors that saw marked increases include: • Business Entertainment: Dh1.78 billion (up 36 per cent) • Retail Trade: Dh2.64 billion (up 34 per cent) • Restaurants and F&B: Dh2.23 billion (up 30 per cent) • Hotel Accommodation: Dh3.41 billion (up 15 per cent) • Air Travel and Local Transport: Dh2.86 billion (up 8 per cent) These results reinforce DWTC's role as a key economic engine, stimulating activity across vital sectors such as travel, hospitality, retail, and entertainment. The ripple effect of DWTC's events significantly magnifies the overall value delivered to Dubai's economy — not just through direct MICE transactions, but by driving incremental economic value to these supporting industries. Helal Saeed Al Marri, Director General, DWTC Authority, said: 'In alignment with the Dubai Economic Agenda D33, every initiative at DWTC is focused on accelerating the growth of a future-ready economy — one that attracts global talent, empowers enterprise, and enables meaningful international collaboration. The growth in large-scale events and international attendance in 2024 is a clear validation of our strategic investments in hosting capacity and infrastructure, with the first phase of the Dubai Exhibition Centre's expansion on schedule for completion in 2026. With this enhanced world-class venue, we are not only increasing our ability to host high-impact global events but also deepening DWTC's role as a driver of economic opportunity, innovation, and sustainable growth'. Surge in international participation International attendees contributed significantly more to the economy than domestic participants, spending an average of Dh9,833 per event—almost six times the Dh1,673 spent by local attendees. Their expenditure on travel, extended stays, hospitality, retail, and F&B, and travel with business colleagues or family members, generates greater economic impact for the city. In 2024, the MENA region led international business event visitation, accounting for 32 per cent of attendees, followed by Europe (27 per cent), Asia Pacific (10 per cent), East Europe and Central Asia (10 per cent), the Indian subcontinent (10 per cent), Africa (6 per cent), the Americas (5 per cent) and Oceania (1 per cent). The top 10 source markets – Saudi Arabia, India, China, Turkey, Oman, the United Kingdom, Egypt, Iran, Russia and Germany – highlight the city's strategic position as a leading global business destination bridging East and West. Sector diversity The breadth of sectors represented across DWTC's events calendar reflects Dubai's strategic focus on fostering growth in high-impact industries. In line with the emirate's economic priorities, DWTC continues to serve as a powerful platform for exhibitions, conventions, and conferences that support key sectors driving innovation and diversification. In 2024, the three leading industries – Healthcare, Medical, and Scientific; Food, Hotel, and Catering; and Information Technology – accounted for 58 per cent (Dh7.59 billion) of the total Gross Value Added (GVA) to Dubai's economy. These sectors collectively attracted 51 per cent (1.02 million) of all event attendees and 61 per cent (569,216) of international visitors, reinforcing their pivotal role in shaping Dubai's MICE and economic landscapes. The Healthcare, Medical, and Scientific sector led the way with 21 events and 460,858 attendees, generating Dh3.68 billion in GVA. Food, Hotel, and Catering followed with nine events and 283,119 participants, contributing Dh2.35 billion, while Information Technology hosted five events, welcomed 280,967 attendees, and delivered Dh1.55 billion in economic value. 'Looking ahead, DWTC remains committed to redefining the global MICE landscape, leveraging innovation, strategic partnerships and Dubai's unique geographic positioning to unlock new opportunities for economic impact. The progress achieved in 2024 sets a strong precedent for future growth, as we continue to build dynamic, world-class platforms for international business engagement that reinforce Dubai's rise as one of the world's top three destinations for business and tourism,' concluded Al Marri.
Gulf News
25-04-2025
- Business
- Gulf News
Fairmont The Palm a showcase for responsible luxury hospitality
Since joining Fairmont The Palm in 2022, you have implemented a strong culture of internal growth and leadership development. What strategies have been most effective in nurturing and promoting internal talent, and how do you see this shaping the future of the hotel's workforce? At Fairmont The Palm, we believe that our people are the foundation of our success. Since joining in 2022, my focus has been on fostering a culture of growth, empowerment, and continuous learning. One of the key strategies has been the implementation of tailored training and development programmes, ensuring that our colleagues have access to the tools and resources necessary for career progression. We have strengthened mentorship programmes, where experienced leaders guide emerging talent, and introduced cross-training opportunities to help employees diversify their skill sets. Fairmont The Palm has made remarkable strides in people development, with 202 internal promotions. We have also increased the Employee Satisfaction at the hotel which is at 8.7 in 2024. Your commitment to sustainability is evident in initiatives such as the Single Use Plastic (SUP) strategy and the renewal of the Green Key certification. How do these efforts align with Fairmont The Palm's long-term vision for responsible tourism, and what further sustainability initiatives can we expect in the coming years? Sustainability is at the heart of Fairmont The Palm's long-term vision. Our Single Use Plastic (SUP) strategy, the renewal of our Green Key certification, and the recent achievement of the prestigious Gold Stamp Certification from DET — an accolade awarded to only a select few hotels in Dubai—demonstrate our unwavering commitment to responsible tourism. We are proud to have achieved a remarkable 93 per cent score from the EHC audit, placing us among the top 5 Fairmont properties worldwide recognised by this reputable company. By embedding sustainability into our core business strategy, we aim to set new benchmarks for environmental stewardship within the hospitality industry, ensuring that Fairmont The Palm continues to lead the way in responsible luxury hospitality. Under your leadership, Fairmont The Palm has achieved record-breaking financial milestones, including unprecedented GOP and strong RevPAR growth. What key factors have contributed to this success in a highly competitive market, and how do you plan to sustain this momentum? Our financial achievements are the result of a well-balanced strategy that integrates operational excellence, market agility, and guest-centric innovation. Since 2022, we have achieved our highest Year-to-Date (YTD) Gross Operating Profit (GOP) since the hotel's opening in 2012, with a 65 per cent flow-through that exceeds industry benchmarks. Our RevPAR growth index reached almost 100, significantly enhancing our ranking in a highly competitive market. In F&B, we exceeded expectations despite increased competition, achieving a revenue increase of Dh2.9 million. Moving forward, we will continue investing in technology-driven efficiencies, enhancing our digital marketing strategies. The hotel has recently embarked on significant renovation projects, How will they elevate the guest experience, and what new offerings can visitors look forward to in 2025? At Fairmont The Palm, we continually strive to elevate our guest experience, and our latest renovation projects reflect this unwavering commitment. The Dh15 million investment in Serenity – The Art of Well-Being spa has transformed it into a luxurious sanctuary offering holistic wellness treatments that seamlessly blend traditional techniques with modern therapies. Since its reopening, the spa has earned numerous awards and achieved an impressive 80 per cent improvement in results compared to the previous year. Fairmont The Palm continues to advance key renovation plans, including enhancing our all-day dining and beach concepts. Our commitment to culinary excellence has also been recognised, with Little Miss India, our Michelin Guide-recommended outlet, earning this accolade for the third consecutive year.
Al Etihad
23-04-2025
- Business
- Al Etihad
ADIB's Q1 net profit before tax up by 18% year-on-year to Dh1.9 billion
23 Apr 2025 19:33 ABU DHABI (WAM)Abu Dhabi Islamic Bank reported a Q1 2025 net profit before tax of Dh1.9 billion, rising 18% year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth.Q1 2025 net profit before tax increased 18% compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dh1.7 billion, reflecting a 18% increase compared to Q1 for Q1 2025 improved by 14% to Dh2.9 billion compared to Dh2.5 billion for Q1 2024. This exceptional growth reflects broad-based performance across all key segments. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this assets increased by 25% year-on-year to reach Dh244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment financing grew by 28% year-on-year, representing Dh33 billion increase compared to last year and Dh8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deposits rose by 25% year-on-year to Dh200 billion, compared with Dh160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12% year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69% of total deposits.E Jawaan Awaidah Al Khaili, Chairman of ADIB, said: ''We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline.' "This outstanding performance was underpinned by strong revenue growth across all segments, improved cost efficiency and the best asset quality metrics we've seen to date," he added.
