Majid Al Futtaim Awards Aed 1.57 Billion Contract For Serenity Mansions Construction To Dutco Construction
Dutco Construction, a prominent player in the UAE's construction sector, has a long-standing reputation for delivering high-quality, iconic projects across Dubai. With over five decades of experience, the company has successfully executed large-scale developments, including residential units, hospitality landmarks, airports, mosques, and other complex infrastructure works. Dutco Construction also boasts a well-established record for timely delivery and customer satisfaction, making it an ideal partner for Serenity Mansions.
Ahmed El Shamy, CEO of Majid Al Futtaim Properties said: 'Every detail of Serenity Mansions has been thoughtfully designed to redefine luxury living, raising the bar for sophistication and exclusivity. The appointment of Dutco Construction underscores our commitment to delivering homes that exemplify exceptional craftsmanship and reflect the tastes and aspirations of our customers. With Dutco Construction's impeccable reputation and expertise, we are confident this development will exceed expectations and fulfil this vision.'
Serenity Mansions' innovative residential design was conceptualized in partnership with multi-award-winning architectural firms SAOTA and Nabil Gholam, and features interiors by BLINK Design, recognized for its work on the world's most luxurious hotels. The neighbourhood comprises 109 standalone mansions, embodying the epitome of unparalleled sophistication and refined living, harmoniously blending opulence and exclusivity to meet the tastes of the most discerning clientele.
The awarded contract, valued at AED 1.57 billion, encompasses the construction and completion of Serenity Mansions, including in-plot mansion construction, interior fit-out, in-plot and public realm landscaping, gatehouses, ancillary buildings, and infrastructure.
Nelson Gibb, Dutco Group CEO added: 'Partnering with Majid Al Futtaim on Serenity Mansions is an exciting opportunity to redefine excellence in luxury living. We bring precision, attention to detail, and a commitment to quality to every aspect of this prestigious project. Our extensive experience in creating landmark developments will ensure Serenity Mansions sets new benchmarks for luxury and sophistication.'
For more information, please visit www.tilalalghaf.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
29-07-2025
- Al Bawaba
LG Unveils Exclusive Summer Savings to Elevate Every Moment of the Season
LG Electronics (LG) today announced the launch of its highly anticipated summer campaign in the United Arab Emirates (UAE), rolling out a series of limited-time offers in partnership with participating LG retailers across its cutting-edge product lineup. From stylish and functional home appliances to immersive entertainment solutions and productivity-enhancing displays, LG's latest seasonal promotions are designed to help customers across the region fully embrace the summer season in comfort and planning a cozy staycation or refreshing the home after a trip abroad, LG's innovative technology ensures every summer moment – from laidback lounging to vibrant get-togethers – is enhanced with greater ease, enjoyment, and HighlightsEspecially for summer, savings of up to 25% on select home appliances mean that there's never been a better time to upgrade homes with some of LG's most innovative products – including the luxurious LG Black Glass InstaView Door-in-Door™ refrigerator in Essence Black Steel, which combines contemporary style with energy-saving functionality; in addition to laundry day getting an upgrade with the innovative LG WashTower™, a streamlined, all-in-one solution featuring a 19kg washer and 16kg LG's Dehumidifier, ideal for tackling summer humidity, as well as eliminating dust, viruses, bacteria, pollen, and allergens, is now available at a promotional price of AED 1,999, reduced from AED 2, to mention the opportunity to create an unimaginably immersive viewing experience for the whole family with discounted prices on LG's celebrated OLED and QNED TVs. In fact, customers can enjoy up to 30% off, while those looking at the new 2025 models will find attractively discounted bundle sets that include state-of-the-art LG those looking to transform their living spaces into entertainment hubs with something a little more portable, LG is offering a 20% discount, equivalent to a saving of AED 1,000, on the sleek and compact LG CineBeam Q Small 4K UHD Projector. Similarly, tech-savvy shoppers and remote workers can also take advantage of up to 30% savings on select LG monitors, with a wide range of models suited for gaming, professional workstations, and multimedia Living for a Smarter SummerLG's smart technologies not only improve day-to-day life but also promote energy efficiency and sustainability, making them ideal companions for the UAE summer where, as temperatures rise, the demand for comfort, convenience, and connectivity increases. And LG is meeting this demand with a portfolio that caters to every aspect of modern living, be it by enjoying significant savings on intelligent refrigerators that extend food freshness, energy-efficient washers that simplify daily chores, or dynamic entertainment solutions that turn homes into cinemas. These limited-time offers are available at participating retailers and official LG channels in the UAE, with savings across some of the brand's most sought-after innovations. The time is now to refresh your space – and your lifestyle.
Al Bawaba
25-07-2025
- Al Bawaba
du reports a stellar net profit expansion in Q2 2025 with a 25.1% year-over-year growth
Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the second quarter of 2025. Continuing the positive momentum established in the first quarter, our revenues increased by 8.6% year-over-year, reflecting strong performance across all business segments and solidifying our market position. EBITDA rose by 16.4% resulting in an EBITDA margin of 46.8%, a 3.1 percentage points improvement year-over-year, driven by our strategic focus on value-driven products and our disciplined cost operational excellence translated into an impressive net profit increase of 25.1%. In recognition of these strong financial results, the Board has approved an interim cash dividend of AED 0.24 per share, representing an increase of 20% year-over-year.Q2 2025 Highlights• Solid subscriber base growth with an increase of 10.8% in Mobile and 12.0% in Fixed, reflecting positive market dynamics and good level of customer acquisition• Strong market position with 8.6% revenue growth and solid performance across all business segments• Impressive bottom-line growth with EBITDA up 16.4% and margin improving by 3.1 pp to 46.8% resulting in net profit rising by 25.1%• 2025 guidance: 2025 Revenue growth of 6-8%, 2025 EBITDA margin: 45-47%• Upgraded full-year guidance supported by the strong performance achieved in the first half and highlighting confidence in the growth trajectory• Strategic investments in adjacent businesses to support future growth highlighted by:• Start of deployment of the hyperscale datacentre in partnership with Microsoft• Launch of the National Hypercloud platformMalek Al Malek, Chairman said: 'Our strong performance in the first half of 2025 reflects the effective delivery of our focused strategy, underpinned by a favourable economic environment and sustained commitment to business excellence. The Board is confident in management's customer-centric and agile approach, which reinforces du's leadership in driving innovation and adaptability. We take pride in our strategic initiatives that contribute to advance the UAE digital agenda, expanding our ICT capabilities and accelerating the digital transformation. Through partnerships with global technology leaders, we are enabling sovereign hyperscale cloud and AI services from UAE-based data centres—empowering a smarter, more connected future for the Emirates. We continue to ensure disciplined capital allocation and sustained long-term value creation for our shareholders. Reflecting our robust first-half results and continued confidence in du's future prospects, the Board has approved an interim dividend per share of 24 fils, underlining our enduring commitment to shareholder returns.'Fahad Al Hassawi, CEO commented: 'Our second quarter financial results showcased impressive performance, fuelled by the meticulous execution of our strategy and consistent growth across every aspect of our operations. We achieved double digit growth in both our Mobile and Fixed subscriber base, underscoring our market leadership and brand strength. We advanced our network coverage and enhanced our connectivity offering with the commercial rollout of 5G Advanced. Our fibre infrastructure also expanded significantly, supporting long-term demand for high-speed connectivity. We launched the UAE's first sovereign hyperscale cloud platform, the National Hypercloud, and made advances in deploying our hyperscale data centre in collaboration with Microsoft, positioning us at the forefront of secure, AI-ready digital operational achievements translated into strong financial performance underpinned by our disciplined approach to value creation and cost efficiency. The solid revenue growth of 8.6% year-over-year was coupled with strong profitability as EBITDA margins expanded by 3.1 percentage points to 46.8%, translating into a 25.1% increase in net profit. Our upgraded full-year guidance reflects the strong performance achieved in the first half of the year, our confidence in the resilience of our business model and our ability to deliver sustainable, profitable growth.'Customer base• In Q2 our Mobile customer base grew by 10.8% year-over-year, reaching 9.1 million subscribers, representing 893,000 net-additions year-over-year. Postpaid rose 9.8% year-over-year to 1.9 million customers supported by strong momentum in the enterprise segment. Prepaid grew by 11.1% to 7.3 million subscribers, reflecting the continuous success of the Alo brand among blue-collar workers and the expansion of retail presence in underserved areas, as well as a solid tourist activity.• In Q2 our Fixed customer base recorded a strong year-over-year growth of 12.0%, reaching 706,000 subscribers, with 76,000 net-additions over the past 12 months. This performance was driven by the continued success of our Home Wireless offering as well as sustained demand for fibre broadband services, reflecting our enhanced value proposition and our expanding Network. Q2 2025 Financial Highlights• Revenues surged by 8.6% year-over-year reaching AED 3.9 billion, marking strong performance across both service and non-service revenues. This strong performance underscores the continued momentum in our core business and the successful execution of our revenue diversification strategy.• Mobile revenues climbed by 7.7% year-over-year to AED 1.7 billion reflecting sustained growth in our customer base and the success of our targeted propositions and highly effective marketing campaigns. The optimized use of digital and retail channels also enhanced customer acquisition and engagement, further fuelling revenue momentum.• Fixed revenues rose by 10.1% year-over-year reaching AED 1.1 billion mainly driven by the ongoing expansion in Home Wireless and Fibre customer base. We witnessed encouraging traction in the SME segment, along with increased adoption of Office Wireless solutions-further cementing our position as a trusted partner for connectivity and productivity.• 'Other revenues' recorded an 8.8% year-over-year growth to AED 1.1 billion buoyed by higher inbound roaming and interconnection revenues—reflecting our expanded Mobile base, higher handset sale, and growth in ICT revenues in line with our strategic ambition to broaden revenue streams beyond traditional connectivity.• EBITDA grew by 16.4% to AED 1.8 billion, with the EBITDA margin improving by 3.1 points year-over-year to 46.8%. The uplift was fuelled by a stronger gross margin, mainly benefiting by a more favourable mix, with continued migration toward unlimited data plans. Our continued discipline around cost efficiency and collections also played a pivotal role in enhancing profitability.• Net Profit rose by 25.1% year-over-year to AED 727 million, delivering a Net Profit margin of 18.6%. This reflects the strength of our operational performance and a clear focus on value creation for our shareholders.• Capex reached AED 545 million (Q2 2024: AED 442 million), representing a capex intensity of 14.0% (Q2 2024 capex intensity of 12.3%). This increase reflects our commitment to scaling our data centre capabilities and supporting long-term digital infrastructure growth.• Operating free cash flow (EBITDA – Capex) rose by 13.8% to AED 1.3 billion, underpinned by strong EBITDA growth. This robust cash generation provides the financial flexibility to invest in future growth while maintaining attractive shareholder returns. Based on these results, the Board approved an interim dividend of AED 0.24 per share for the first half of the year, representing a 20% increase year-over-year and reflecting the strong financial performance and confidence in our outlook.
Al Bawaba
14-07-2025
- Al Bawaba
Enova and Schneider Electric Join Forces to Advance Energy Solutions in the Gulf
Enova – a premier provider of integrated energy and multi-technical solutions and a Majid Al Futtaim and Veolia joint venture has entered a strategic collaboration with Schneider Electric, a global leader in the digital transformation of energy management and automation. This collaboration brings to the fore Schneider Electric technologies — including microgrids, photovoltaic (PV) systems, and electric vehicle (EV) charging infrastructure — with Enova's deep expertise in energy efficiency strategies and advanced asset management the region intensifies efforts to decarbonize its economy and transition toward cleaner and more resilient energy systems, the collaboration will focus on driving impactful outcomes in energy efficiency and emissions Capris, Chief Executive Officer of Enova, commented, 'As we accelerate our progress towards a sustainable energy future in the Gulf, our collaboration with Schneider Electric enables us to integrate advanced technologies and energy efficient solutions and to optimize our service portfolio and enhance value for our its establishment in 2002 as a joint venture between Majid Al Futtaim and Veolia, Enova has enabled clients across the region to achieve more than AED 530 million in total energy cost savings and reduce carbon emissions by over 580,000 added, 'Together, we are uniquely positioned to enable our clients across diverse sectors optimize their energy use and decarbonize operations in alignment with Enova stakeholders' environmental objectives – including Veolia's GreenUp strategic program – while making a meaningful contribution to the region's environmental goals.'Amel Chadli, President of Gulf Countries at Schneider Electric, said: "As the region places greater urgency on decarbonizing its economy and building more resilient energy systems, it has become increasingly important for businesses, of various sectors, to optimize energy consumption, maintain a healthy and productive environment, and update aging facilities.'She added: 'Our collaboration with Enova builds on our commitment to set a new standard for decarbonization in the region through the convergence of technology and expertise. Our shared goal is to support organizations in driving meaningful transformation through sustainability, innovation, and operational resilience."The collaboration will drive the adoption of smart technologies and support the integration of renewable energy into core business operations. The initiative empowers businesses to contribute meaningfully towards regional goals to scale clean energy and efficiency, through Schneider Electric's EcoFit and EcoCare programs, aimed at modernizing aging systems and ensuring circularity. By integrating Schneider Electric's connected technologies with Enova's on-the-ground capabilities in asset management and technical operations, the two companies will deliver future-ready solutions that respond to clients' evolving sustainability requirements.
