Latest news with #Dh650
Al Etihad
07-07-2025
- Automotive
- Al Etihad
Emirates Driving Company to acquire 22.5% stake in Mwasalat Holding
A. SREENIVASA REDDY (ABU DHABI) Emirates Driving Company (EDC) has agreed to acquire a 22.5% stake in Mwasalat Holding, a mobility provider based in Abu Dhabi. In a stock market disclosure, Khaled Al Shemeili, Chief Executive Officer of EDC, said the company has the option to increase its shareholding in Mwasalat Holding to 50.6%, subject to completion of certain conditions and regulatory approvals. However, the stock market statement has not disclosed the cost of the acquisition. 'This strategic investment is part of the company's ongoing efforts to strengthen its position as a mobility champion, accelerating innovation, and expanding its role in delivering seamless, safe and sustainable transport across the UAE and wider region,' the CEO's statement said. Mwasalat Holding, which is headquartered in Abu Dhabi, operates a diverse fleet spanning public buses, taxis, school transportation, and corporate vehicle services. 'This investment aligns with the company's long-term strategy to create operational synergies, enhance profitability, and endorse its commitment to delivering innovative, safe, and sustainable mobility solutions,' the CEO elaborated on the rationale behind this investment. According to a company statement, the transaction is expected to unlock significant operational synergies and long-term value creation, broadening EDC's portfolio in line with its future-focused mobility vision. 'Together with Mwasalat, we will deliver a superior customer experience through digital platforms, AI-driven solutions, and seamless multi-modal transport, setting a new standard for smart mobility,' said Al Shemeili. 'Innovation is no longer a choice in the mobility sector – it is a strategic imperative. This investment in Mwasalat reflects our commitment to shaping the future of transportation by combining advanced technologies with operational excellence.' Mwasalat generated over Dh650 million in revenue in 2024 and has built a strong reputation for safety, innovation, and reliability. It delivers accessible and efficient transport services that play a vital role in urban mobility across the emirates. Omeir Al Mheiri, Managing Director at Mwasalat Holding, welcomed the partnership. 'By combining our shared commitment to smart mobility, sustainability, digital transformation and public service excellence, we will unlock significant opportunities to enhance service delivery, operational efficiency, and customer satisfaction,' he said. EDC is a subsidiary of Multiply Group and has a market capitalisation of around Dh3 billion. Established in 2000, it is the leading provider of pre-licensing driver education in Abu Dhabi.
Al Etihad
15-06-2025
- Entertainment
- Al Etihad
Sleep with the fishes at magical sleepover event at SeaWorld, Yas Island
16 June 2025 00:34 Abu Dhabi (ALETIHAD)SeaWorld Yas Island, the world's largest indoor marine life theme park is inviting parents and their kids aged seven to 12 to its biggest sleepover event yet, taking place this weekend, June overnight stay promises a night filled with fun, exploration and learning for the whole part of the experience, attendees will be joined by SeaWorld Abu Dhabi's Zoological Education team for an exciting, guided adventure, where they will learn amazing facts about marine life, meet charismatic ocean-inspired characters, participate in crafts, exciting games and activities, get an early preview of SeaWorld Electric Ocean Festival, and enjoy a once-in-a-lifetime experience sleeping in exclusive marine animal underwater viewing areas through the will arrive between 5pm and 6pm, just before the theme park closes to the public, after which, they'll have the entire place to evening kicks off with an exciting lineup of exclusive activities, followed by dinner set against the backdrop of the One Ocean globe. The next morning guests will enjoy breakfast before bidding farewell at 9am to the marine friends they've made during the unforgettable sleepover prices are Dh975 and admits 1 adult and 1 child; and Dh488 for each additional child. Yas Annual Pass Holders can enjoy a discounted ticket price of Dh650 for 1 adult and 1 child and AED 325 for each additional child. This includes a pizza dinner, continental breakfast. As part of SeaWorld's "Admission with a Mission" initiative, every visit to the Marine Life Theme Park supports the ongoing conservation efforts of the Yas SeaWorld Research & Rescue Center.
Khaleej Times
07-04-2025
- Entertainment
- Khaleej Times
Easter in Dubai 2025: Brunch dates, spa deals and more are calling your name
Burj Khalifa What's more fun than seeing a bird's-eye view of the city? Well, sipping tea while you do it, of course. This year, you can hop aboard the elevator of the tallest building in the world and take it to the 122nd floor. Burj Khalifa's Easter afternoon tea experience comes with sweet and savoury bites. Dh850 (with bubbly); Dh650 (without bubbly). Apr 18-Apr 20, 12.30pm-4.30pm. Burj Khalifa, Downtown Dubai. 04 888 3828. Basta Bonding time is important for family, and Easter brunch is one of the best moments in which to come together. Head to this eatery at The St. Regis Downtown Dubai for an Italian family-style meal complete with traditional dishes served sharing-style. Highlights include risotto ai frutti di mare, orecchiette 5 pomodori, and spaghetti aglio olio, peperoncino e vongole, featuring homemade spaghetti infused with garlic, chili, and fresh vongole. Guests can also enjoy tagliata di manzo rucola e parmigiano, and branzino alla puttanesca. The carosello di dolci offers an assortment of traditional pastries and house-made gelato. With live entertainment on the cards and a warm atmosphere, this outing is sure to get you smiling. Dh225 (soft beverage); Dh395 (house beverages); Dh495 (premium package); Dh115 (kids between 6 and 12). April 20, 1pm-4pm. The St. Regis Downtown Dubai. 04 512 5522. Dinner by Heston Blumenthal Do you enjoy stories – of time gone by, of tradition, and of tests of bravery? Sit at this table for a menu specially generated for Easter and inspired by the tastes and tales of Britain dating back as far as the 13th century. The four-course tasting menu includes hay smoked salmon (c.1730), lamb and cucumber (c.1826) and the iconic meat fruit (c.1500. For those looking to end dinner on a sweet note, Dinner by Heston Blumenthal will offer a 300-year-old Easter dessert recipe with its eggs in verjuice (c.1730), a coconut pannacotta with passionfruit, mango yolk and verjuice. Dh850 (per person). April 18-21, 6pm-11pm. Atlantis The Royal. 04 426 2444. Guerlain Spa Look and feel your best on Easter – just book yourself into a spa day treat that's been inspired by the essence of spring. When you choose the 90-minute Easter Journey, you'll get a facial treatment, a foot ritual, and a foot reflexology massage. You'll also get access to the spa facilities before and after your session, and an additional 15 per cent discount on other spa services. Dh1,040. April 20, 10am-9pm. One&Only The Palm. Email info@ or call +971 4 440 1010 JA Resorts & Hotels For super fun staycations, keep an eye out on JA Resorts & Hotels – which has three properties in the UAE - this month. Each hotel will be offering guests 20 per cent off on rooms and suites, dining, spa treatments, and experiences. What's more, kids under 12 stay and eat for free. JA Beach Hotel hosts activities for all ages, including water sports; JA Lake View Hotel offers modern comfort with serene golf course and lake views and houses award-winning dining destination Kinara by Vikas Khanna. JA Palm Tree Court is witness to sea-front and Palm Jebel Ali views, exclusive dining, rejuvenating spa treatments, and temperature-controlled pools. Various. Call +9714 814 5500 or email reservations@ Mr Hoppy's Easter Brunch This is hide and seek of a different nature – when you sign up for a celebration at Al Habtoor Polo Resort, you can be sure of one thing: maximum entertainment. For one thing, it'll host Dubai's biggest Easter egg hunt. There are face painters and a Bouncy Castle Wonderland. The kids like ponies? Well, you are in luck, they can explore their riding legs with a pony ride. Entertainment includes live music and entertainers and activities fit for the whole fam. Dh399 (house beverage); Dh199 (kids); Free (for kids under six). April 19, 1pm-4pm. Al Habtoor Polo Resort. 056 812 1295. Origins Brunch with the family? Yes, please. This time around, the egg-ceptional meal will come with green views at the Emirates Golf Course; egg hunts with prizes; and cookie decoration sessions for the kiddos. As the DJ takes to the decks, you can count on having happy (dancing) feet. At the buffet, you can tuck into hearty appetizers, soups, seafood platters, a live BBQ station with fresh seafood and seasoned meats, and Easter favourites - smoked duck brioche bread, tuna pastrami, turkey and pineapple pizza, beef con carne and decadent desserts. Dh199 (soft beverages); Dh299 (house beverages). April 20, 1pm-4pm. Vida Emirates Hills. 048728888. Kaspia Dubai If the sound of fusion fare tickles your taste buds, you may want to sample the menu of Kaspia Dubai, in DIFC. The menu, a dance of French and Russian flavours, includes dishes such as olivier salad, borscht, piroshki with smoked salmon blini, classic pelmeni, marinated mushrooms, caviar tortiglioni, beef stroganoff, golubtsy and syrniki with caviar de choco. As for the feast for the eyes, there'll be live entertainment, including fantastic dancers, to keep you grooving along. Keep an eye out chocolate eggs. Dh400 (food); Dh800 (with bubbly). April 20, 1pm-6pm. Kaspia, DIFC, Gate Village Building 2. 04 243 5633 STAY by Yannick Alléno This celebration is sure to leave you with a spring in your step. With a special seasonal menu that highlights local produce, Michelin-starred chef Yannick Alléno is ready to curate an Easter special menu, French style. The tasting menu experience for Easter will be available for lunch and dinner. Dh950 (per person); Dh1,900 (with beverage pairings). April 20, 12.30pm-2.30pm and 6.30pm-midnight. One&Only The Palm. 04 440 1010. Tapasake Relax, unwind, and soak up the atmosphere at this Easter Sunday Lunch, which is taking place on April 20. There's an à la carte menu here, so you can pick seasonal dishes or Easter favorites. A La carte options with Easter specials. April 20, noon-2pm. The Link, Za'abeel 1. 04 666 1617.
Al Etihad
24-03-2025
- Business
- Al Etihad
ADCB credit rating upgraded to ‘A+' by S&P driven by strong financial position, high asset quality
24 Mar 2025 20:58 ABU DHABI (WAM)Abu Dhabi Commercial Bank (ADCB) has achieved an upgrade in its long-term issuer credit rating to 'A+' from 'A' with a 'stable' outlook by S&P Global Ratings driven by the Bank's strong financial position and high asset quality. The upgrade places ADCB among the top three highest rated banks by S&P in the MENA its stability and security, ADCB's high investment grade ratings support a favourable cost of capital as the Bank implements a new strategy to sustain its velocity of growth, with a target of doubling net profit to Dh20 billion within five a research update, S&P said, 'Sound earnings generation and high capital retention still underpin ADCB's capitalisation, which we view as a key rating strength.'The rating agency added, 'We believe the Bank's asset quality will continue to benefit from the strengthening of its risk management culture and control framework over the past four years. We view these improvements, along with a more contained risk appetite, as enduring and therefore positioning the Bank to better navigate economic cycles.'ADCB's strong market position has driven significant balance sheet expansion, with assets increasing 59% since the end of 2020 to surpass Dh650 billion in loans have expanded at 10% CAGR, accompanied by a strategic rebalancing of the loan book, which has seen exposure to government-related entities (GREs) increase to 27% of gross loans from 21% in 2020. Meanwhile, ADCB's strong franchise has attracted significant deposit inflows at 14% CAGR since 2020.
Khaleej Times
24-03-2025
- Business
- Khaleej Times
UAE banks get ratings upgrades from global agencies
Two prominent UAE banks, Abu Dhabi Commercial Bank (ADCB) and RAKBANK, have received positive ratings updates from leading credit agencies, reflecting their strong financial positions and strategic transformations. ADCB has achieved an upgrade in its long-term issuer credit rating to 'A+' from 'A' with a 'stable' outlook by S&P Global Ratings. This advancement places ADCB among the top three rated banks in the Mena region. The upgrade is attributed to the bank's robust financial health, high asset quality, and sound earnings generation. S&P noted that ADCB's capitalisation remains a key strength, supported by improved risk management practices and a contained risk appetite. "We believe the bank's asset quality will continue to benefit from the strengthening of its risk management culture," S&P stated in its assessment. ADCB aims to sustain its growth trajectory with a target of doubling its net profit to Dh20 billion within five years. Since implementing its previous strategy in 2020, ADCB has reported a compound annual growth rate (CAGR) of 28 per cent in profit before tax, exceeding Dh10 billion in 2024, a year ahead of schedule. Additionally, the bank's assets have surged by 59 per cent since 2020, surpassing Dh650 billion. Meanwhile, RAKBank has received affirmation of its BBB+ long-term issuer default rating (IDR) from Fitch Ratings, along with an upgrade in its Viability Rating (VR) to bbb-. This recognition underscores RAKBank's strong capital position and enhanced asset quality, driven by a strategic shift into wholesale banking and treasury operations. The bank's diversification efforts have improved income stability and reduced reliance on traditional retail lending. Fitch highlighted RAKBank's effective risk management, reflected in a steady decline in non-performing loans (NPLs) and high loan-loss coverage ratios. The bank's strong capital buffer and stable deposit base further reinforce its resilience. "The upgrade in our Viability Rating reflects the disciplined execution of our transformation strategy, focusing on diversification, digital innovation, and customer-centric growth," said Jaffer Nini, group CFO of RAKBank. Both banks are committed to accelerating their digital transformation and optimising their portfolios to expand in high-growth sectors. ADCB's significant balance sheet expansion, along with RAKBank's focus on wholesale banking, positions them well for continued success in the competitive UAE financial landscape. Banking analysts said the upgrades signify a positive outlook for the UAE banking sector, highlighting its resilience and capacity for growth amid evolving economic conditions.
