Latest news with #Dh3.8
Al Etihad
2 days ago
- Business
- Al Etihad
UAE markets continue their upward journey
30 June 2025 21:01 A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets continued to make gains after the three-day break, extending the momentum generated by the easing of tensions between the US, Israel, and Abu Dhabi Securities Exchange (ADX) maintained its positive trajectory, with its general index (FADGI) rising by 0.721% to close at 9,957.52. A total of 32,257 trades were executed, involving 638 million shares with a combined value of Dh2.25 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.093 Group stocks led the rally with a 2.45% rise after it announced its decision to sell its district cooling unit to Tabreed for Dh3.8 billion. This move is expected to improve liquidity at the company. Other stocks that contributed to the rally include RAK Properties, which rose by 2.13%, Aldar Properties, up by 1.36%, and Abu Dhabi Islamic Bank, which gained 1.51%.ADX also reported one bulk transaction worth Dh48.85 million involving 32 million shares of Phoenix Group, a crypto mining Dubai Financial Market (DFM) continued its rally for a sixth consecutive session, with its general index (DFMGI) rising by 0.384% to close at 5,705.76—its highest since June 2008. A total of 19,738 trades were executed on the DFM, involving 438 million shares with a combined value of Dh1.13 prices of 25 companies rose, 18 declined, and 11 remained unchanged. Realty giants Emaar and Emaar Developments led the rally with gains of 1.11% and 1.88%, respectively. Union Properties and Amlak Finance also contributed to the rally, with their share prices rising by 5.18% and 3.80%, respectively. Stock Markets Continue full coverage
Al Etihad
3 days ago
- Business
- Al Etihad
Multiply Group to sell PAL Cooling Holding for Dh3.8 billion to Tabreed–CVC consortium
30 June 2025 10:43 ABU DHABI (ALETIHAD) Multiply Group, the Abu Dhabi-based investment holding company, has entered into an agreement to divest its entire stake in PAL Cooling Holding to a consortium led by National Central Cooling Company (Tabreed) and CVC DIF for approximately Dh3.8 transaction, which is subject to regulatory approval, marks a major step in Multiply Group's portfolio optimisation strategy and is expected to significantly bolster its liquidity. The company plans to redeploy the proceeds into high-growth sectors and global expansion initiatives across its core verticals, including Energy, Mobility, Media & Communications, Wellness & Beauty, and Retail & Bouazza, Group CEO and Managing Director of Multiply Group, described the divestment as 'a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders'. She added that the transaction enhances the Group's ability to fuel the next phase of growth, both regionally and in 2006, PAL Cooling Holding is a prominent player in the UAE district cooling sector, with five operational plants and eight long-term concessions servicing leading real estate developments, particularly on Abu Dhabi's Reem Island. Multiply Group had fully acquired PAL Cooling in July 2021 and integrated it into its Energy & Utilities sale process drew strong interest from both strategic and financial investors, reflecting rising demand for cooling infrastructure amid rapid real estate development in the UAE. Multiply Group was advised by Standard Chartered and Clifford Chance, while Tabreed and CVC DIF received counsel from Citi, Synergy Consulting, and White & Voskuyl, Managing Partner at CVC DIF, said the acquisition of PAL Cooling offers long-term concession-based contracts in a fast-growing urban market, providing 'solid returns' and 'potential for long-term growth and sustainable value creation'. Tabreed CEO Khalid Al Marzooqi added that the acquisition will be 'substantial' for the company's growth in Abu Dhabi and reinforces its investment-grade is a key provider of essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World and Emirates Towers. The company owns and operates 92 plants across the region, including 76 in the UAE, five in Saudi Arabia, eight in Oman, and one each in Bahrain, India and Egypt. Founded in 1998 and listed on the Dubai Financial Market, Tabreed has become one of the UAE's strongest growth DIF, the infrastructure strategy of global private markets manager CVC, operates a network of 30 offices and manages €202 billion in assets (as of March 31, 2025). With €19 billion under its dedicated infrastructure strategy, CVC DIF invests on behalf of sovereign wealth funds, pension funds, insurers and other institutions worldwide. Multiply Group is an affiliate of International Holding Company (IHC), with a market cap of Dh26.32 billion.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai telecom operator du reports 19.8% net profit increase in Q1 2025
Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the first quarter of 2025, marked by robust growth in both revenues and profitability. Total revenues increased by 7.4 per cent year-over-year, driven by solid performance across both service and non-service segments. EBITDA rose by an impressive 15.0 per cent supported by improved revenue mix and efficient cost management, resulting in an exceptional EBITDA margin of 47.4 per cent. This operational strength translated into a net profit increase of 19.8 per cent, underscoring our continued momentum and financial discipline, according to a press statement released by the company today. Fahad Al Hassawi, CEO commented, 'We started the year with a very strong first quarter, delivering growth across all key financial metrics and making meaningful progress on our strategy to diversify revenue streams as witnessed by the strategic partnership with Microsoft to develop a hyperscale data centre. The resilient UAE environment coupled with the quality of our offerings and our ability to respond to evolving customer needs contributed to the solid growth in our subscriber base with our mobile base now exceeding the 9 million mark and our revenues witnessing a remarkable 7.4 per cent growth." He added, "We also achieved a strong margin expansion, with EBITDA margin rising to 47.4 per cent while net profit grew by 19.8 per cent, reflecting disciplined execution of our strategy and effective cost management. Our balance sheet remains robust supported by strong cash generation and the continuing normalisation of capital expenditures in our connectivity business, enabling us to strategically expand into high-potential growth areas. We have reiterated our guidance, highlighting our confidence in maintaining this strong momentum throughout the year.' According to the company's statement, Q1 revenues grew by 7.4 per cent year-over-year reaching Dh3.8 billion with growth in both service and non-service revenues primarily driven by the strong macro environment in the UAE, our ability to gain market share, as well as our sustained focus on high ARPU products and mix improvement. Q1 Mobile service revenues increased by 7.4 per cent year-over-year to Dh1.7 billion driven by the growth of our customer base, improved mix and enhanced ability to capture demand for higher ARPU products through higher offer personalisation and data driven Customer Value Management, as well as some non-recurring revenues. Q1 Fixed service revenues rose by 10.2 per cent year-over-year reaching Dh1.1 billion mainly driven by the higher fibre penetration and the continuing success of our Home Wireless product and Enterprise connectivity solutions. Q1 'Other revenues' grew by 4.8 per cent year-over-year to Dh1.1 billion driven by the expansion of our ICT business as we continue to seek new revenue streams beyond our core business. The growth was also driven by higher in-bound roaming revenues supported by higher tourists' inflow and higher interconnection revenues reflecting our higher mobile base. This was partly offset by lower handset sale mainly reflecting a phasing effect, with Q1'24 handset sales benefitting from a pull-forward in demand due to supply constraints in the prior quarter, resulting in a higher comparison base. Q1 EBITDA grew by 15.0 per cent to Dh1.8 billion, with an EBITDA margin of 47.4 per cent. The strong revenues' growth, improved Mix, increased ARPU, lower handset sales and lower authentication costs, as well as the positive impact of the non-recurring revenue items resulted in higher gross margin. This was coupled with improved collections performance and our continuous focus on operational efficiency and strong control of indirect costs. Q1 Net Profit witnessed a 19.8 per cent growth year-over-year to Dh722 million, representing a Net Profit margin of 18.8% reflecting the strong EBITDA performance and positive interest result. Q1 Capex was at Dh377 million (Q1 2024: Dh359 million), a capex intensity of 9.8 per cent (Q1 2024 capex intensity of 10.0 per cent). Our core investments remain focused on 5G densification, enhancing indoor coverage and expanding Fibre deployment, and we will further allocate capital to continue developing our ICT activities. We will also continue improving our infrastructure and transforming our IT systems to further enhance the quality of our network and elevate customer experience. Q1 Operating free cash flow (EBITDA – Capex) increased by 17.9 per cent to Dh1.4 billion, mainly driven by EBITDA growth.
Gulf Insider
17-05-2025
- Business
- Gulf Insider
Trump Tower Dubai Sales Are An Early Hit - Investors Eye '30% Resale Potential'
OK, the Trump Tower launch for Abu Dhabi didn't happen during the US President's visit this week – but there was a lot of action happening in Dubai. Buyer interest in the apartments at the recently launched Trump International Hotel & Tower in Downtown Dubai have been rated as 'rock solid' by estate agents, with a lot of attention coming from potential investors in the region and overseas. 'All available market indicators suggest a robust response,' said Farooq Syed, CEO of Springfield Properties. 'The demand signals a healthy absorption early into the sales launch of Trump Tower Dubai. What it also shows in an alignment with demand for branded, high-end real estate in Dubai.' 'The resale potential gain for Trump Tower units is forecasted at approximately 30%.' That's exactly what a number of investors would be thinking about, with the Trump Tower Dubai looking at completion in 2031. Market sources were saying that President Trump's visit to Saudi Arabia, Qatar and UAE over the week was the 'best promotion' the two Trump Towers in Jeddah and Dubai could have got. Multi-billion dollar deals in technology, defense and aircraft acquisitions flowed, with the visit generating unprecedented levels of global attention. 'Trump Tower Dubai offers a compelling proposition for buyers seeking lifestyle differentiation and long-term value': Farooq Syed of Springfield Properties 'More Trump-branded real estate in the Gulf states will happen in no time,' said an industry source. 'Only question is how soon an Abu Dhabi launch will happen.' 'Trump Towers Dubai and Jeddah got the best spotlight ever – President Trump's visit to the Gulf' : Dubai estate agent What the market knows for sure is that there will be two projects launched back to back in Riyadh, with Dar Global as the developer. The company is also responsible for the Trump Tower Dubai. 'The 80-storey tower introduces one of the highest outdoor pools globally,' said Syed. 'Residents have exclusive access to the Trump Membership Club. While memberships are not tied directly to unit ownership, it unlocks benefits across Trump International Towers worldwide. 'The Trump Tower Dubai is situated at the entrance of Downtown, offering a rare balance of visibility, access, and proximity to the city's most iconic landmarks. Its location supports both residential appeal and long-term asset value.' Starting prices at Trump Tower are Dh3.8 million for two-bedroom residences and Dh6.3 million for three-bedroom layouts. This 'reflects its positioning within Downtown's upper-tier market', according to Syed. 'The most exclusive two-bedroom units are priced at Dh7.6 million, while select three-bedroom residences reach Dh8.7 million. These reflect preferred layouts, elevations, and view lines – marking the upper range of each category.' In May 2024, Omniyat Properties confirmed the same of a penthouse at The Lana Residences, Dorchester Collection in Downtown Dubai for Dh139 million. This was the most expensive property to be sold with Burj Khalifa district. 'The Downtown Dubai continues to command some of the highest-value residential transactions in the region,' said Syed. 'Notable sales include a penthouse at Kempinski, The Boulevard sold for Dh80 million, and a residence at Il Primo, which transacted for Dh66.5 million. These sales underline sustained demand for ultra-prime products in the heart of the city.' The SZR is buzzing with the sounds of new projects getting started, most notably the 725 meter tall and 131 storey Burj Azizi. 'Dubai Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets, recording rental yields of 7–10%' : Ravi Menon of Sobha And recently, there was the launch of the 'Sobha Central', a six-tower cluster on SZR. It will have a whole lot of apartments as well as '250,000 square feet of lush green parks, 175,000 square feet of leasable office spaces and 160,000 square feet of retail spaces including an in-built mall', is how the developer Sobha puts it. 'Recent industry reports highlight (Dubai) Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets, recording rental yields of 7–10% and consistent capital appreciation,' said Ravi Menon, Chairman of Sobha. 'Sobha Central caters to the evolving aspirations of homeowners and investors seeking long-term investment value in a vibrant, central location.' The Sheikh Zayed Road is offering up quite a lot of that…
Khaleej Times
17-02-2025
- Business
- Khaleej Times
UAE signs 13 deals worth Dh3.97 billion at international defence exhibition
The UAE signed 13 deals worth Dh3.97 billion dirhams during IDEX on Monday, out of which nine local deals were worth Dh3.8 billion and international deals were worth Dh143.4 million. Top local deals included Dh1.8 billion for Calidus Land Systems to buy Multitasking MATV 4 by 4 vehicles, and a contract worth Dh110.5 million with Thales Emarate Technologies to purchase spare parts, materials and provide maintenance and technical support Top international deals included a Dh71.8 million deal with the German company Rheinmetall to provide technical support services, maintenance repair, provision of spare parts and tactical engagement systems. In addition to this, there was a Dh21 million deal with Finland's Patria Land Systems to provide technical support, repair and supply of spare parts for Patria machinery. 'The majority of deals were signed with local producers. This indicated their capacity to answer the needs of the ministry of defence and competency which strengthened the UAE's infrastructure in the defence industry,' said Saeed Al Mansouri, Defence events and shows specialist at ADNEC. 'Deals with foreign companies revolved around the Armed Forces' specific needs, whether they were spare parts or new products that the ministry needs, so they play a very important role as well,' he added.
