Latest news with #urbanDevelopment
Zawya
12 hours ago
- Business
- Zawya
KSA's New Murabba signs MoU with tech giant NAVER Cloud Corp at Investment and Partnership Forum in Seoul
SEOUL, SOUTH KOREA: New Murabba, a Saudi Arabian Public Investment Fund (PIF) company, has signed a Memorandum of Understanding with South Korean tech giant, NAVER Cloud Corporation, for its 14 sq km mixed-use urban destination development currently under construction in Riyadh, KSA. The agreement was signed by New Murabba CEO Michael Dyke, during the company's Investment and Partnership Forum, taking place this week in Seoul, South Korea. The three-year agreement covers exploring innovative technology and automation to support the delivery of New Murabba, including robotics, autonomous vehicles, a smart city platform, and digital solutions for monitoring construction progress. Speaking in Seoul, New Murabba CEO Michael Dyke, said: 'New Murabba is playing a key role in turning KSA's Vision 2030 into a reality by helping to shape the future of Riyadh's real estate landscape. We are transforming Riyadh into a global hub for innovation and investment while setting new benchmarks for urban design and living. Our partnership with NAVER Cloud Corp reinforces our commitment to collaborating with international investors and businesses who share our vision for New Murabba – and want to be part of Saudi Arabia's transformational future.' Kim Yu-won, CEO of NAVER Cloud Corp, said: 'It is highly meaningful that our diverse innovative technologies will be introduced and actively applied in New Murabba, which is set to become the benchmark and core infrastructure of a new future city. As a technology partner contributing to Saudi Arabia's future innovation, we will strive to create practical and innovative results.' New Murabba's senior leadership team is in Seoul to build strategic relationships, explore technological offerings, assess financing options, and showcase many investment opportunities in transformational development, a key element of Vision 2030. The two-day, invitation-only forum includes deep-dive presentations on Vision 2030, New Murabba's master plan, investment and partnership opportunities, and discussions around tech and innovation. It is complemented by an exhibition including scale models and virtual reality features that showcase the development. More than 500 delegates are attending the event, including investors, developers, government officials, suppliers, construction firms, service providers, technology companies, and smart city solution providers. New Murabba also has partnerships with foreign entities such as AtkinsRealis, China Harbour Engineering Company, US-based Bechtel, STC Group in the Middle East, and key organizations in KSA, including the Tourism Development Fund and King Khalid Foundation. Set to create more than 300,000 new jobs, New Murabba integrates sustainable design, innovative infrastructure, and a future-ready lifestyle. At the heart of the project is the iconic, technological and cultural wonder, The Mukaab, a premium mixed-use destination with retail, cultural, tourism, hospitality, residential, commercial and recreational components. More than 14 million cubic meters of excavation, equivalent to the size of 5,400 Olympic swimming pools, have been completed for The Mukaab. Once complete New Murabba will have more than 100,000 residential units, over 10,000 hotel room keys, schools, hospitals, and healthcare facilities. It will also have a host of sports and entertainment venues, including the iconic New Murabba stadium, which will accommodate 45,000 spectators, including football fans heading to Saudi Arabia for the FIFA 2034 World Cup. Michael Dyke added: 'Riyadh is evolving into a world-class metropolis. New Murabba is at the forefront of this transformation, and key to the success of upcoming global events in KSA, including Riyadh Expo 2030 and the FIFA 2034 World Cup. We look forward to building new, meaningful partnerships here in Seoul today, and in the future.' Media contact: Rebecca Rees on rebecca@ About New Murabba New Murabba, a PIF company, aims to develop a new modern downtown in Riyadh. The destination features the 'Mukaab', an exceptional and iconic landmark that incorporates the latest innovative technologies, contributing to the city's future development in line with Saudi Vision 2030.
Fast Company
15 hours ago
- Business
- Fast Company
Urban design job listings are up 102%. This might be why
Fast Compan y's new analysis of job listings across several design disciplines puts a number on it: job postings for urban designers are up 102% compared to the previous year. This boom may reflect the increasing relevance of the kind of work urban designers do, which is to create functioning communities and regions. Spanning architecture, city planning, landscape architecture, and urban development, urban design takes in the whole picture of a city and looks for ways that interventions at all scales can improve the system. 'It's really a field of integration,' says Tyler Patrick, chair of the planning and urban design department at Sasaki, a large multidisciplinary design firm. Patrick says that Sasaki has been hiring more and more urban designers every year, and including their input on nearly every project. 'It's a field that continues to add a lot of value.'
Reuters
4 days ago
- Business
- Reuters
SKYX Platforms Corp. Announces Corporate Update Highlighting Russell 2000 Inclusion, Major Smart City Deployment, and Strategic Growth Initiatives
MIAMI, FL, June 26, 2025 (EZ Newswire) -- SKYX Platforms Corp., opens new tab (NASDAQ: SKYX) ('SKYX' or the 'Company'), a highly disruptive smart home platform technology company with more than 97 issued and pending patents globally, today provided a comprehensive corporate update ahead of several key milestones. The Company also operates a growing portfolio of over 60 lighting and home décor e-commerce sites, reinforcing its mission to make homes and buildings smart, safe, and advanced as the new standard. SKYX announced that it will officially be added to the Russell 2000 Index following the market close on June 27, 2025. This inclusion represents a significant milestone and reinforces the Company's visibility among institutional investors and the broader financial community. In parallel, SKYX revealed its central role in enabling a transformative $3 billion mixed-use Smart Urban City project in Miami's Little River District. As part of this initiative, SKYX will deploy over 500,000 units of its advanced plug & play smart home technologies, including its AI-powered smart ecosystem, across the entire 63-acre development. The project will include more than 5,700 condos and apartments, a significant allocation for workforce and affordable housing, over 350,000 square feet of retail space, 1.5 million square feet of green walkways, parks, bike paths, shuttle lanes, and a $35 million Tri-Rail station. World-renowned architectural firm Arquitectonica is leading the project's design, while development is spearheaded by SG Holdings—a joint venture between the Swerdlow Group, SJM Partners, and Alben Duffie, each with a legacy of major urban developments. Financially, SKYX continues to gain strong backing from U.S. and international manufacturers in support of its large-scale product deployments. This support underscores investor confidence in the scalability and market demand for SKYX's smart home innovations. As of March 31, 2025, SKYX reported $35 million in cash, sufficient to execute its near-term strategic goals and achieve cash-flow positivity in 2025. In the first quarter of 2025, the Company generated record revenues of $20.1 million, up from $18.9 million in the same period the previous year, while also reducing general and administrative expenses by 17%, from $7.9 million to $6.6 million. SKYX also improved its gross margins and gross profit sequentially. Anticipating strong seasonal demand, SKYX is preparing for a Q3 launch of its disruptive All-In-One Smart Turbo Heater & Ceiling Fan, with manufacturing already underway through long-term partners. The Company will launch two models of the patented product, targeting the multi-billion-dollar ceiling fan and space heater market. SKYX expects its products to be in 30,000 U.S. and Canadian homes by the end of the second quarter of 2025, with tens of thousands more to follow in the second half of the year. To further support its growth, SKYX secured $15 million in preferred stock investments at $2 per share from strategic investors led by The Shaner Group, a major global Marriott Hotels chain owner. The round also saw significant participation from company insiders, including President Steve Schmidt and co-CEOs Lenny Sokolow and John Campi, signaling strong internal confidence in the Company's vision and trajectory. In a major manufacturing development, SKYX announced a strategic U.S. partnership with Profab Electronics, a premier electronic contract manufacturer based in Pompano Beach, Florida. This collaboration complements the Company's manufacturing operations across Vietnam, Taiwan, China, and Cambodia, strengthening SKYX's commitment to building a resilient and efficient supply chain. SKYX continues to pursue national safety standardization of its ceiling outlet and receptacle technology. Its Safety Code Standardization Team, led by Mark Earley (former head of the National Electrical Code) and Eric Jacobson (former president and CEO of the American Lighting Association), is now backed by a prominent new leader from a key government safety organization. SKYX has already secured ANSI/NEMA approval and has been voted into 10 segments of the NEC Code Book. The Company expects that its technology, once the full range of product variations is complete, will be recommended by insurance companies due to its potential to reduce fires, ladder falls, and electrocutions. SKYX continues to build recurring revenue streams through a 'Razor & Blades' business model. The Company's ceiling electrical outlet (Razor) serves as the foundation for a range of plug & play smart products (Blades), including lighting, fans, recessed lights, emergency fixtures, chandeliers, and more. The Company's technology enables high-rise buildings and hotels to complete installations in days rather than months, providing an efficient and scalable solution for large-scale construction projects. With an addressable market of approximately $500 billion in the U.S. and over 4.2 billion ceiling applications, SKYX is expanding both in the retail and professional segments. The Company generates revenue through product sales, licensing, royalties, subscriptions, monitoring, and global country rights. In addition to leveraging its 60+ e-commerce platforms, SKYX collaborates with major retailers including Home Depot and Wayfair to distribute its full suite of advanced and smart plug & play products. Strategic partnerships also continue to accelerate SKYX's market reach. These include collaborations with leading lighting manufacturers such as Kichler, Quoizel, EGLO, and Ruee, as well as integration into premium homes built by Cavco Homes, a top U.S. prefabricated home builder. SKYX's technology will be installed across three luxury Forte Developments in Florida, totaling over 12,000 products across more than 400 units. Additionally, a 1,000-unit mixed-use project by Jeremiah Baron Companies will incorporate SKYX's technologies, with initial deliveries to 140 units and more throughout the construction cycle. To support distribution, SKYX has entered a strategic agreement with JIT Electrical Supply, a leading builder supplier that has served over 100,000 U.S. homes. JIT will distribute SKYX's lighting and smart products beginning in early 2025. In a key leadership move, SKYX welcomed Huey Long, former Amazon e-commerce director and executive at Walmart and Ashley Furniture, as the new head of its e-commerce division. Long will work closely with SKYX's existing team to expand market penetration across its digital platforms and leading North American e-commerce channels. About SKYX Platforms Corp. As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at opens new tab or follow us on LinkedIn, opens new tab. Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as 'aim,' 'anticipate,' 'believe,' 'can,' 'could,' 'continue,' 'estimate,' 'expect,' 'evaluate,' 'forecast,' 'guidance,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'ongoing,' 'outlook,' 'plan,' 'potential,' 'predict,' 'probable,' 'project,' 'seek,' 'should,' 'target' 'view,' 'will,' or 'would,' or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Media Contact Jeff Ramsonjramson@ ### SOURCE: SKYX Platforms Corp. Copyright 2025 EZ Newswire See release on EZ Newswire
Globe and Mail
5 days ago
- Business
- Globe and Mail
SKYX Provides Corporate Update, Including its Official Addition to the Russell 2000 on June 27, 2025, and its Expected Deployment of 500,000 Units of its Advanced Smart Home Plug & Play Technologies to Miami's New $3 Billion Urban Smart City
MIAMI, June 25, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) ('SKYX' or the 'Company'), a highly disruptive smart home platform technology company with over 97 issued and pending patents globally and a growing portfolio of over 60 lighting and home décor websites, with a mission to make homes and buildings become smart, safe, and advanced as the new standard, providing today the following corporate updated on its progress. Market Acceptance, Progress and Recent Events: SKYX will officially be added to the Russell 2000 after market close on June 27, 2025. SKYX will enable Miami's $3 billion mixed-use Urban Smart Home City project, located in the heart of the city, by deploying over 500,000 units of its advanced Plug & Play smart home technologies, including its AI-powered ecosystem. SKYX's full suite of smart platform products will be utilized throughout the entire project (see images below). SKYX has financial backing from U.S. and global manufacturers to support its massive product deployment. The 63-acre mixed-use urban Smart Home City in the Miami Little River District will include High- & Mid-Rise buildings with over 5,700 condos and apartments including workforce and affordable living, 350,000 SQF of retail, 1.5 million SQF of green walkways, parks, bike paths, shuttle lanes, a new $35 million Tri-Rail Station, and more. The architecture and design of the project is led by world-renowned architectural firm Arquitectonica. The $3 billion development is spearheaded by SG Holdings, a distinguished joint venture comprised of Swerdlow Group, SJM Partners, and Alben Duffie—each renowned for transformative urban projects. The groundbreaking smart home mixed-use major urban development will redefine Miami's urban landscape. SKYX's Safety Code Standardization Team is now receiving backing from a prominent new leader within a key government safety organization, marking a significant step forward in the effort to establish mandatory safety standardization for SKYX's advanced ceiling outlet and receptacle technology. SKYX announces U.S. and global surge in demand ahead of launch for Its disruptive All-In-One Smart Turbo Heater & Ceiling Fan (see images below). Q3 Winter launch expected to support path to cash-flow positivity in 2025. Ceiling fans and space heater category represents a multi-billion-dollar market with tens of millions of units sold annually in the U.S. In response to strong demand, SKYX will launch two models of its patented smart Turbo Heater & Fan; manufacturing now underway through long-term partners. Company expects its products to be in 30,000 U.S. and Canadian homes by the end of the Second quarter of 2025. Company expects its products to be in additional tens of thousands of homes in the second half 2025. SKYX announces total of $15 million investment preferred stock funding representing $2 per share from strategic investors led by Global Marriott Hotels Chain Owner, The Shaner Group. The $15 million round included substantial participation from company insiders, including SKYX President Steve Schmidt and Co-CEOs Lenny Sokolow and John Campi, included underscoring their continued confidence in SKYX's strategic vision and growth trajectory. Generated record First quarter 2025 revenues of 20.1 million compared to $18.9 million for the First quarter of 2024. As of March 31, 2024, Company reported $12.3 million in cash, cash equivalents, and restricted cash, as compared to $15.5 million as of March 31, 2024. As common with companies such as ours when sales are converted into cash rapidly, often referred to as the 'Dell Working Capital Model', the Company leverages its trades payable to finance its operations, to enhance its cash position and to lower its cost of capital. Management emphasizes that it has sufficient cash to achieve its goals including being cash flow positive in 2025. Company reported a reduction in General and Administrative expenses of 17% by $1.3 million to $6.6 million in the First quarter of 2025 from $7.9 million in the First quarter of 2024. Company's gross margin and gross profit for the First quarter ending March 31, 2025, increased sequentially by 4.8% and 2% to $5.7 million compared to the quarter ending December 31, 2024. Company expects to continue increasing units and grow its revenue to pro and builder segments. The Company announced a U.S. strategic manufacturing partnership with Profab Electronics, a premier electronic contract manufacturer based in Pompano Beach, Florida. This collaboration marks a significant step forward in SKYX's commitment to building a resilient, efficient, and localized supply chain for its innovative product lines. This in addition to manufacturing collaborations in Vietnam, Taiwan, China and Cambodia. Company strongly believes its products can save insurance companies many billions of dollars annually by reducing fires, ladder falls, and electrocutions among other things. Management expects that once it completes an entire range and variations of its safe plug & play products it will start being recommended by insurance companies. SKYX's technologies provide opportunities for recurring revenues through interchangeability, upgrades, monitoring, and subscriptions. Company is focused on the 'Razor & Blades' model and its product range includes its advanced ceiling electrical outlet (Razor) and its advance and smart home plug & play products (Blades) including its advance and smart home plug & play platform products, lighting, recessed lights, down lights, EXIT signs, emergency lights, ceiling fans, chandeliers/pendants, holiday/kids/themes lights, indoor/outdoor wall lights among other. Company's plug & play technology enables an installation of lighting, fans, and smart home products in high-rise buildings and hotels within days rather than months. Company's total addressable market (TAM) in the U.S. is roughly $500 billion with over 4.2 billion ceiling applications in the U.S. alone. Expected revenue streams from retail and professional segments include product sales, royalties, licensing, subscription, monitoring, and sale of global country rights. Company continues to utilize its e-commerce platform of over 60 websites for lighting and home décor to educate and enhance its market penetration to both retail and professional segments. In addition to selling product on it its 60 websites, SKYX collaborates with Home Depot for its Advanced and Smart Plug & Play Products for both retail and professional segments. SKYX's product offering will include a variety of its Advanced and Smart Plug & Play Products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and more. Company collaborates with Home Depot and Wayfair for Its Advanced and Smart Plug & Play Products for both retail and professional segments. SKYX's product offering will include a variety of its advanced and Smart Plug & Play products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and more. SKYX collaborates with U.S. and world leading lighting companies including Kichler, Quoizel, European leading company, EGLO, and worlding lighting manufacturer Ruee. Collaborated with Cavco Homes, a leading U.S. prefabricated home manufacturer, for integrating our advanced and smart plug & play technologies into Cavco's high-end premium homes shown at the builder show. Cavco is a public company that has sold nearly one million homes and continues to deliver close to 20,000 annually. Three luxury developments by Forte Developments, including an 80-story high-rise in Miami's Brickell District and projects in Clearwater Beach and Jupiter, Florida, will feature SKYX's technology. More than 12,000 smart plug & play products, including ceiling outlets, lighting, fans, and emergency fixtures, will be supplied across 400+ units. A 1,000-unit mixed-use development by Jeremiah Baron Companies will incorporate smart plug & play technologies, with 140 units receiving initial product supply. This product rollout will include ceiling outlets, lighting, fans, and emergency fixtures, with deliveries continuing throughout construction. A strategic partnership with JIT Electrical Supply, a leading builder supplier, will expand SKYX's footprint in electrical, lighting, and ceiling fan markets. JIT, which has supplied over 100,000 U.S. homes, will distribute SKYX's lighting solutions, ceiling fans, recessed lights, emergency lights, exit signs, and indoor/outdoor wall lights beginning early 2025. Huey Long, former Amazon E-Commerce Director and executive at Walmart and Ashley Furniture, has joined as head of SKYX's e-commerce platform. He will collaborate with the existing team to expand market penetration across 60 lighting and home décor websites and other key e-commerce channels in the U.S. and Canada. SKYX's Safety Code Standardization Team is receiving support from a new significant prominent leader with its government safety organization process for a safety mandatory standardization of its electrical ceiling outlet/receptacle technology. SKYX's code team, led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). Company's safety Code Standardization team believes it will achieve assistance from additional safety organizations with its code mandatory safety standardization efforts based on the product's significant safety aspects. Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Both strongly believe that, in light of the Company's standardization progress including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturers Association) and being voted into 10 segments in the NEC Code Book, it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings. With respect to insurance companies, the Company strongly believes its products can save insurance companies many billions of dollars annually by reducing fires, ladder falls, and electrocutions among other things. Management expects that once it completes an entire range and variations of its safe advanced plug & play products it will start being recommended by insurance companies. About SKYX Platforms Corp. As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at or follow us on LinkedIn. Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as 'aim,' 'anticipate,' 'believe,' 'can,' 'could,' 'continue,' 'estimate,' 'expect,' 'evaluate,' 'forecast,' 'guidance,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'ongoing,' 'outlook,' 'plan,' 'potential,' 'predict,' 'probable,' 'project,' 'seek,' 'should,' 'target' 'view,' 'will,' or 'would,' or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with First-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions, including recent measures adopted by the federal government, on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Non-GAAP Financial Measures Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company's business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company's core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company's business. Investor Relations Contact: Jeff Ramson PCG Advisory jramson@ Photos accompanying this announcement are available at:
Khaleej Times
6 days ago
- Automotive
- Khaleej Times
Dubai's 20-minute cities face a key challenge: summer heat; how they plan to tackle it
With shaded walking areas, electric vehicles and essential facilities, Dubai is aiming to build 20-minute cities across the emirate. However, one of the main challenges is the extreme summer heat. At Expo City Dubai, the designers are trying to overcome this challenge by adopting a flexible approach. 'In the winter, people are encouraged to walk,' said Ivan Kyselov, Senior Manager of City Operations at Expo City Dubai. 'It's an experience and we promote it by activating the spaces around the walking routes. If you paint something on the pathway, kids will just simply play and walk these 15 minutes. Adults are the same. So we add an interactive element of architecture and urban development as a pit stop.' He added that they have electric vehicles (EVs) on site to ensure multimodality, inclusivity and accessibility. For the summer, Expo City is now experimenting with multiple solutions like zones of climate controlled areas like enclosed cool spaces, shaded walking areas and smart mobility hubs for bicycles and e-scooters. He was speaking at the event Mobility Live which brings together smart transportation and mobility solution experts from across the world. Building 20-minute cities have been an integral part of the Dubai 2040 Urban Master Plan, with the Model District Project currently under construction in Al Barsha 2. Transforming old neighborhoods According to Martin Tillman, a transport mobility planning specialist, it was equally important to also focus on older neighborhoods and transforming them into 20-minute-cities. 'We have to help regenerate the old city,' he said. 'It's somewhat easier to go to a new field or site and to say this is how we're going to move forward. It's a little more difficult to go into something that's already existing and work on it because it doesn't have the parking provision or a rail network.' He added that reward for this transformation was 'significant' because of multiple reasons. 'Typically the previously planned cities, were planned on the basis of better access for pedestrians and for people cycling,' he said. 'They tended to have better shape and were better coded for the day-to-day realities of living here in the Middle East. I think that's crucial and the idea of leaving that to decay is completely wrong.' The 20-minute cities will have integrated service centres with all the necessary facilities that allow residents to reach their destinations within a 20-minute timeframe. The plan involves placing 55 percent of residents within 800 meters of mass transit stations, allowing them to reach 80 per cent of their daily needs and destinations.
