Latest news with #Dh32
Al Etihad
24-04-2025
- Business
- Al Etihad
Palms Sports reports Dh276m revenue in Q1 2025
24 Apr 2025 14:29 ABU DHABI (ALETIHAD) Palms Sports, the region's preeminent sports training provider, and a subsidiary of International Holding Company (IHC), reported Dh276 million in total revenue in the first quarter, reflecting a 7% increase from Dh258 million in Q1 Sports on Thursday announced its financial results for the first quarter of 2025, showcasing strong growth and consistent profitability across all key metrics. The growth underscores the company's continued momentum in driving demand for its training programmes, wellness, and competitive event programmes, a statement by the company posted on the Abu Dhabi Securities Exchange(ADX) website company also posted an operating profit of Dh34 million, up from Dh32 million in the same quarter last year. Net profit before tax rose to Dh20 million, up 18% from Dh17 million in Q1 2024. 'Our Q1 performance is a direct result of Palms Sports' strategic direction—investing in innovation, expanding our vertical capabilities, and acquiring key assets that strengthen our competitive advantage,' said Fouad Darwish, CEO and Managing Director of Palms Sports. 'These tactics not only enhance our core operations but also allow us to deliver broader value across education, community development, and elite sports.' The company's performance is driven by the ongoing expansion of its flagship programmes, along with a focus on scaling its operations and investments alike, reinforcing its prominent position in shaping the local and regional fitness and sports ecosystem, the statement said.
The National
26-03-2025
- Business
- The National
New life insurance plan for Indians in UAE with Dh35,000 payout offers 'critical support' to families
A comprehensive insurance scheme launched to provide a safety net to millions of Indian blue-collar workers living in the UAE has been expanded. The group Life Protection Insurance plan – introduced by the Consulate of India last year – has won the support of two more companies, Dubai National Insurance and Nexus Insurance Brokers. The coverage provides life insurance, disability benefits and repatriation services. The Indian Consulate urged companies with large numbers of blue collar workers to look at insurance options that would benefit labourers in case of natural death or disability in the UAE and overseas when they were not at their work place. The insurance product can be purchased by businesses in the UAE on behalf of their employees. Satish Kumar Sivan, Consul General of India in Dubai, said it was vital to provide support to families when their sole earning relative died overseas. 'This gives very critical support to families of laborers who unfortunately pass away in cases of natural death,' he said. 'It covers deaths which happen not just in UAE, not just while they are at work, but also wherever they are in the world. It also covers partial and full disabilities, covers repatriation of mortal remains, which is a very critical element for families for a nominal fee. 'That's important as the family is suffering, the bread winner has gone, so that's a huge category of people that are not covered." All full-time Indian employees registered to work by authorities in the UAE are eligible for support. A minimum of 10 workers is required for the group coverage. Indian citizens aged 18 to 69 can be covered, with the insurance plan running for 12 months. The insurance covers death by any cause and permanent disability (up to a sum of Dh35,000) and repatriation costs following a death, up to Dh12,000 for a nominal annual sum of Dh32. The Indian Consulate established the dedicated insurance plan to help plug gaps in access to support for its citizens. It was found that while companies insured their employees who were covered under health and workmen's compensation for work-related injuries and deaths, there was no mandatory insurance coverage for natural death, so families did not receive compensation. The consulate last year helped to link companies with insurance firms such as Gargash Insurance Services and Orient Insurance for similar packages that covered both natural and accidental death in the UAE and worldwide. About 7,000 workers have been signed up for the group insurance plan over the past year – the small numbers reflect the need for more firms to sign on. Additional companies brought on board this year provide employers with more options and benefits labourers, the consulate said. 'We encourage employers to look at this proposal with a positive outlook because it is going to benefit your own workers who are not covered by life insurance because the idea is to reach that labour community not covered for deaths arising out of natural causes,' Mr Sivan said. 'The consulate's interest is to benefit the labour class, we bring together two critical components that are necessary for the welfare of labour, which is the insurance company and employees." Anthony Cerchiai, head of general insurance at Nexus Insurance Brokers, spoke of the social responsibility to protect the blue collar workers. 'We wanted to do something for the protection of the people who are always hard at work and prepare a programme at a very affordable premium,' he said. 'We will promote this product in each workers' camp in the UAE.' Dubai National Insurance said the plan primarily targetted Indian blue-collar workers but they were open to firms signing on workers from other nationalities. The insurance scheme is the latest move in support of a historic friendship between India and the UAE. More than 4.3 million Indians call the UAE home, making up the largest expatriate contingent in the UAE. They serve not only as the backbone of the country's workforce but as a driver of economic growth, with a number of prominent Indian business people setting up companies in the country and continuing to invest heavily in its development. Indian blue collar workers make up about 65 per cent of the Indian population and are one of the largest group of migrant workers in the Emirates. A second initiative launched for labourers on Wednesday was an eight-week digital literacy progamme aiming to reach about 5,000 workers in the first year. The consulate has partnered with the Kerala Muslim Cultural Centre to teach labourers how to protect themselves from cyber fraud. 'We want to skill our laborers … give them a bit of spur to use technology to protect themselves,' Mr Sivan said. 'It is important for us to ensure that our friends and brothers in this community are thoroughly equipped to face the challenges of the modern world.' Workers are often been duped into transferring money to scamsters who promise them jobs in the UAE, UK and US. The programme aims to help workers to spot scams. KMCC officials said the digital education would run in English, Hindi and regional Indian languages. 'We want to help prevent them getting caught in scams,' said Umer Abdussalam, chief executive Edapt that will run the programme. 'We will enhance their knowledge and skills to help them spot fraud. AI is getting better and they may not be familiar with it so we can introduce them to tools so they better understand.'
Khaleej Times
26-03-2025
- Business
- Khaleej Times
UAE: New insurance plan launched for Indian workers with Dh32 premium for Dh35,000 payout
A newly introduced insurance scheme in the UAE aims to provide financial support to families of Indian blue-collar workers in the event of natural or accidental death. The Consulate General of India in Dubai coordinated between key employers of Indian blue-collar workers and insurance providers, Nexus Insurance Brokers and Dubai National Insurance (DNI), to establish a package offering coverage of Dh35,000 for a premium as low as Dh32. On Wednesday, Satish Kumar Sivan, Consul General of India in Dubai, said, "For our labour-focused initiative, which we had started last year, we worked with Orient and Gargash Insurance to put together a package of a life insurance programme for labourers at a very nominal premium insurance policy. "It gives very critical support to the families of labourers who unfortunately pass away, covering the natural death scenarios, covering deaths which happen not just in UAE, not just when they are at work, but also wherever they are in the world; it also covers partial and full disability." He stressed that these cover the repatriation of mortal remains, which is a critical element for the deceased labourers' family members to have a last glimpse of the departed family member. "This covers repatriation of mortal remains anywhere in the world, partial and full disability at a nominal fee, which is Dh32. Dubai National Insurance has come to us with another proposal, which is Dh32 for a coverage of 35,000. The consulate is just the catalyst; we want our workers to benefit from it. Also, now (in this insurance cover) up to Dh12,000 is given for transporting mortal remains; earlier, it was Dh10,000." The initiative gained momentum last year after it was observed that most companies provide insurance coverage for their employees under Health Insurance and Workers' Compensation, which covers work-related injuries and deaths. However, there was no mandatory insurance policy for natural deaths, leaving the legal heirs or dependents of deceased employees without any compensation in such cases. Chandrasekhar, senior Executive Consultant at Nexus Insurance Brokers LLC said, "This product is designed for Indian blue-collared construction workers. It can be extended to other nationalities. It has a premium of Dh32 per annum with a cover of Dh35,000. Apart from death, we cover disabilities and also the transfer of mortal remains to India up to Dh12,000. This is a one-year premium. The premium can go up or down depending on several factors, including the claims and how the programme is running." He added, "We want to expand this to other communities and other nationalities as well with packages like Dh50,000 cover for Dh50, Dh75,000 for Dh75, Dh100,00 for Dh100 per annum." Meanwhile, the Indian mission is also launching a free multilingual online digital literacy programme for Indian workers.
The National
10-03-2025
- Business
- The National
Dubai retains top spot for attracting greenfield FDI projects
Dubai was ranked as the world's top destination for greenfield foreign direct investment (FDI) projects for the fourth consecutive year, last year, as the emirate continues to attract investment despite global economic headwinds. Dubai attracted 1,117 greenfield FDI projects worth more than Dh52.3 billion ($14.24 billion), in 2024, a 33.2 per cent increase from 2023, the Dubai Media Office said on Sunday, citing the Financial Times fDi Markets data. In terms of the greenfield FDI value, this was the highest ever recorded by the emirate in a single year since 2020, and in project numbers, it was the highest ever in its history. Dubai also announced 1,826 FDI projects last year, up 11 per cent year-on-year, with 58,680 jobs created, a 31 per cent increase compared to the previous year. 'Even amid economic headwinds elsewhere, Dubai continues to rise as a global magnet for investment, enterprise and talent, offering stability, world-class infrastructure, and a dynamic business environment,' said Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence. The latest data comes as Dubai aims to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities as part of its D33 strategy. The plan aims to support 30 private companies in their push to become so-called unicorns – start-ups worth more than $1 billion. The D33 agenda also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a hub for sustainability and economic diversification, as well as an incubator for talented Emiratis by 2033. In the first nine months of last year, Dubai's economy grew by 3.1 per cent, reaching Dh339.4 billion, with growth largely driven by strides in several sectors including the wholesale and retail trade, transport and storage and the financial and insurance activities. Last year, the emirate was also ranked fourth globally last year for attracting greenfield FDI capital, up from fifth position in 2023, while also claiming the top spot in the Middle East and Africa region, according to the Financial Times fDi Markets data. The city also advanced from fourth to third globally in terms of jobs created through inward FDI last year, securing the top position in the Middle East and Africa. For the third consecutive year, Dubai was also ranked top destination globally in attracting Headquarter FDI projects, with 50 projects last year. Regionally, Dubai was ranked number one in greenfield FDI projects, capital, and jobs in the Middle East and Africa region. Dubai's share of global FDI projects in Advanced Information Technologies increased from 7.3 per cent in 2023 to 8 per cent last year, the data shows. Last year, new forms of investments recorded a 23 per cent increase, while reinvestments surged by 98 per cent, highlighting sustained investor confidence and business expansion within the emirate. Venture capital-backed FDI increased by 39 per cent and mergers and acquisitions (M&As) rose by 8 per cent during the period. India was the top source country with the highest total estimated FDI capital into Dubai, accounting for 21.5 per cent, followed by the US at 13.7 per cent, France with 11 per cent, the UK at 10 per cent and Switzerland with 6.9 per cent. In terms of total announced FDI projects for Dubai, the UK emerged as the top source country, followed by India, the US, France and Italy, according to the data. Based on FDI capital, the leading sectors were hotels and tourism, real estate, software and IT services, building materials and financial services, while for FDI projects, the top sectors were business services, food and beverages, software and IT services, textiles and consumer products. Dubai's FDI outlook for 2025 "remains positive" amid shifting economic dynamics, the media office said. 'The city is expected to continue attracting significant investment, particularly in high tech and innovation-driven sectors.' "Looking ahead, Dubai remains committed to setting new benchmarks in global competitiveness .... Our focus on innovation, start-up incubation, and digital-first infrastructure ensures that Dubai will continue to be the destination of choice for those seeking growth, opportunity and success in the global economy," said Helal Almarri, director feneral of the Dubai Department of Economy and Tourism.
The National
18-02-2025
- Business
- The National
DIFC attracts more than 1,800 companies in 2024 with workforce now topping 46,000
The Dubai International Financial Centre added a record number of companies in 2024, with new registrations up by about 25 per cent annually to 1,823 amid the emirate's economic growth momentum. The total number of companies at the centre grew to 6,920 last year, the DIFC said on Tuesday. Some of the new financial companies that set up in the centre include Allfunds, ASK Wealth Advisors, Blue Owl, Edmond de Rothschild, Nuvama Private, State Street Global Advisors and Taula Capital. The number of technology companies grew the most – up 38 per cent annually to 1,245 – while family-owned businesses jumped by a third to more than 800. Job numbers at the DIFC increased 10 per cent year-on-year to more than 46,000, with the artificial intelligence, financial technology and innovation workforce rising 43 per cent to more than 4,200. Wealth and asset management firm numbers rose 16 per cent year-on-year to 410, driven by large inflows of wealth from high-net-worth individuals, family offices and financiers, the centre said. The DIFC in November had reported that the leading 120 families and wealthy individuals within its jurisdiction are managing more than $1.2 trillion of wealth. Meanwhile, DIFC's operating profit for 2024 rose 55 per cent annually to Dh1.33 billion ($363 million), as revenue grew to Dh1.78 billion, up 37 per cent – marking its biggest growth since its establishment in 2004, it said. "We will continue working closely with our clients and industry partners, advancing infrastructure, evolving regulations, and fostering innovation to further enhance Dubai's status as the region's top global financial centre," said DIFC Authority chief executive Arif Amiri. The DIFC, which marked its 20th anniversary last June, is expanding its offerings in line with the Dubai Economic Agenda – D33 – that aims to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion. Growth was largely driven by strides in sectors including finance, government data showed earlier this month. Real estate has also driven the DIFC's growth. In December, Abu Dhabi's biggest real estate developer Aldar bought a 40-storey commercial tower for Dh2.3 billion at the DIFC, as demand for office space in Dubai continues to grow. Commercial real estate occupancy remains high across the DIFC, with its owned and managed properties operating at 99.8 per cent occupancy, it said. The centre had already unveiled plans to grow its commercial space by 148,645 square metres by 2027, to cater to the growing demand for its real estate. In 2022, it announced the mixed-use project DIFC Living and Innovation Two, which includes more than 170 residential units and nearly 19,000 square metres of commercial space. This is scheduled for handover in the third quarter of 2026. Last year, the DIFC also opened the Innovation Tower, adding about 18,580 square metres to the financial centre, and broke ground on the Immersive Tower, which will add about 58,500 square metres by the second quarter of 2027. The centre last year also started work on DIFC Square, which is scheduled for handover in the first quarter of 2026.
