Latest news with #555
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Al Mal Capital REIT announces Dh20.55 million final dividend for the financial year 2024
Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments, has announced the final dividend for financial year 2024 amounting to Dh20,555,595 (as against Dh15,416,697 for six months ended 30 June 2024). The final dividend of Dh4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders' capital of Dh513,889,872 raised through a rights issue in April 2024. The final dividend of Dh4.00 fils per unit combined with the interim dividend of Dh3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0 per cent to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025. AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC ('Carnation'), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed Dh1 billion in 2024 with the investment properties valued at Dh993 million (as against Dh578 million as of 31 December 2023). With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT's net property income touched Dh65.6 million for the full year 2024, which represented an increase of c. 47 per cent over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was Dh61.9 million, an increase of c.80 per cent vis-à-vis the previous financial year 2023. AMCREIT's core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT's investment properties neared c. Dh1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT's portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education). Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: 'AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of Dh4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0 per cent for 2024.
Express Tribune
19-03-2025
- Business
- Express Tribune
Gold prices continue record-breaking streak, reach Rs319,000 per tola
Gold prices surged to record highs in both international and local markets on Wednesday, driven by inflation concerns and increased gold reserves accumulation by various countries. According to market reports, persistent global economic uncertainties and aggressive gold buying by central banks have pushed prices to new peaks on a daily basis. In the international bullion market, the price of gold per ounce rose by $16, reaching an all-time high of $3,038. The impact was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,650, reaching a record Rs319,000. Similarly, the price of 10 grams of 24-carat gold increased by Rs1,415, setting a new high at Rs273,491. Meanwhile, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,555, while the rate for 10 grams remained at Rs3,047. Market analysts attribute the rising gold prices to ongoing economic instability and the growing demand for gold as a safe-haven asset.
Emirates Woman
07-03-2025
- Emirates Woman
Where to travel from the UAE? 7 new flight routes to inspire you
For spring sojourns, summer getaways, and ticking off bucket list travel destinations… With a series of long weekends on the horizon, and the UAE summer looming in the distance, we're already thinking about where to travel from the UAE. One of the many wonderful things about living in the UAE is the close proximity we have to so many vast and varied places – with two third's of the world within an eight-hour flight of the emirates. And due to the ever-expanding route networks of UAE airlines, the ability to visit new and exciting destinations keeps getting easier and more accessible. So, if you're tired of trips to the same destinations, pack your suitcase and plan your next getaway around these new flight routes launching from the UAE soon. Da Nang, Vietnam Adding to its flight network of more than 130 destinations, Emirates will add flights to Da Nang via Bangkok from June 2, perfect for a tropical summer escape. The four times weekly flight will become the third destination in Vietnam on Emirates' route network, joining Hanoi and Ho Chih Minh City. The flight, operating via Bangkok, takes you to a seaside city in the heart of Vietnam, where a rising cosmopolitan city is backdropped by golden beaches and crystalline waters. Take in historic temples, craggy mountains and a flavorful food scene of riverside cafes and local markets. Fly from Dubai to Da Nang with Emirates from AED2,845 return. Siem Reap, Cambodia Also operating via Emirates' existing flights to Bangkok, the airline will launch a service to Siem Reap, Cambodia three times per week from June 3. Cambodia's tourism capital – and second largest city – offers much to explore. While June to November might be the rainy season in Siem Reap, don't let that put you off. Its big-hitting leisure treasures are typically less crowded, giving you more opportunity to explore the renowned temple town, the verdant northwest, and the eighth wonder of the world – Angkor Wat, located within easy reach. Fly from Dubai to Siem Reap with Emirates from AED3,575 return. Atlanta, USA Last year, the UAE's National Airline unveiled 10 new flight routes for 2025 in a single day, in a landmark announcement that accelerated connectivity to the UAE capital. And from this summer, Etihad's new flight routes will all start to take off. First up will be Atlanta, the state capital of Georgia, which Etihad will fly to four times per week from July 2. Known for its Southern hospitality, Atlanta boasts a thriving tech scene, professional sports teams, craft breweries, and dining spots. The state of Georgia is also famous for its charming small towns, historic plantations, and rich agricultural heritage. Fly from Abu Dhabi to Atlanta with Etihad from AED4,555 return. Sochi, Russia Taking Etihad's new flight routes for 2025 up to an impressive 14 is Sochi, the gateway to the north-east coast of the Black Sea. Debuting this summer, alongside the welcome return of Etihad's flight to seasonal hotspots across Turkey, Greece and France, the route offers a direct route to stunning beaches, lush mountains and cultural history. The three times weekly flight launches on May 29, and although Sochi is seen as a desirable destination for summer travel, it's also an excellent one to bookmark for winter getaways. The world-class skiing and snowboarding in the nearby Caucasus Mountains has plenty of appeal for winter sports enthusiasts. Fly from Abu Dhabi to Sochi with Etihad from AED2,585 return. Antalya, Turkey As well as its year-round destinations, Dubai-based flydubai invites you to discover some of the most alluring seasonal destinations with its summer route networks. This year, the airline will take its number of summer flight routes to 11 with the addition of Antalya, a Mediterranean gem on the Turkish coast. Operating from June 5 until September 30, it's an opportunity to enjoy sun-drenched days on golden beaches, swim in turquoise waters, and marvel at ancient ruins like Hadrian's Gate and the Roman Harbour. As well as Antalya and newly announced Al Alamein in Egypt, the seasonal flight routes from flydubai will see travellers able to book direct flights to alluring summer hotspots Batumi, Bodrum, Corfu, Dubrovnik, Mykonos, Olbia, Santorini, Tivat and Trabzon. Fly from Dubai to Antalya with flydubai from AED1,605 return. Al Alamein, Egypt The first airline to offer flights to Egypt's new leisure destination, flydubai will begin flights to Al Alamein on June 21. Another new addition to its seasonal summer flight route network, the daily flight will operate until September 7. A short-haul flight of just four hours, it's a gateway to one of the region's emerging tourism hotspots. Providing easier access for UAE travellers to Egypt's Al Sahel North Coast, exhilarating adventures, fascinating history, and a growing number of luxury hotels await those wishing to discover Al Alamein. Fly from Dubai to Al Alamein with flydubai from AED1,895 return. Milan, Italy The stylish northern city of Milan has year-round appeal for its ornate architecture, fabulous fashion and gourmet restaurants. And this summer, it'll be even more accessible as low-cost airline Wizz Air launches a direct flight from Abu Dhabi to Milan. Available from June 2, this is the first route serviced by the airline's new Airbus A321XLR (Extra Long Range) aircraft, Fly from Abu Dhabi to Milan with Wizz Air from AED1,038 return. Images: Unsplash, flydubai
Gulf Today
02-03-2025
- Business
- Gulf Today
Dubai court orders real estate firm, broker to return Dhs3.2m to investor
The Civil Court in Dubai has ordered a real estate broker and a property development company to refund Dhs3,299,000 to an Arab investor and his partner, who had paid the amount for the purchase of a residential unit, but the broker and the company did not hand over the purchase contract. According to the details of the lawsuit, the Arab investor and his partner filed an electronic lawsuit in September 2024, against the broker and the property development company demanding that they be jointly obliged to return the amount, in addition to legal interest of 5% from the date of the ruling until full payment, as well as legal expenses and lawyer's fees. The case documents indicated that an agreement was established between the first plaintiff (the buyer), who is the manager and partner of a commercial company, and the first appellee (the broker), who offered the buyer a residential unit owned by a well-known real estate development company and requested him to issue a cheque of Dhs3,990,000 to secure the reservation of the unit and complete the purchase process. However, the deal was not finalised as the buyer did not receive the apartment contract, and the broker did not return the paid amount despite repeated demands. After examining the facts of the case and the legal evidence, the court ruled that the appellees be jointly obliged to pay Dhs3,299,555, with legal interest of 5% annually from the date of maturity until full payment. The court also ordered them to pay court and attorney's fees. Dr Alaa Nasr, the legal representative of the buyer, stated that during the court hearings, the court reviewed the submitted documents, which included payment receipts and correspondence between the parties. The court listened to the appellees' arguments, who denied their responsibility to refund the full amount, claiming that the deal was not completed due to circumstances beyond their control.
