Latest news with #AED1.2
07-04-2025
- Business
UAE Launches Third Emirates Labour Market Award with AED50 Million Prize Pool
Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, the Ministry of Human Resources and Emiratisation (MoHRE) has launched the third edition of the Emirates Labour Market Award 2025—an initiative that honours excellence across the UAE's private sector and workforce. Recognised as the first of its kind in the country, the award celebrates outstanding companies and workers who set benchmarks in human resource practices and workplace innovation. This year, the initiative has expanded to recognise 98 winners, up from 84, with total prizes reaching AED50 million—marking a significant increase from AED37 million in 2024. A notable addition to this edition is a new subcategory under the 'Labour Accommodations' category, encouraging companies to invest in sustainable and recreational initiatives for employees, especially during national holidays. This move aims to foster workplace belonging, enhance productivity, and reinforce the UAE's values of compassion and unity. Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, emphasised the award's role in driving sustainable development, competitiveness, and innovation across the labour market, which has achieved global leadership in nine competitive indicators. The award spans five main categories, including Establishments, Outstanding Workforce, Labour Accommodations, Business Services Partners, and Special Recognition. Winning companies receive substantial incentives such as MoHRE service discounts of up to AED1.2 million and priority access to premium customer service. Individuals can win up to AED100,000. Applications are open at until August 31, with winners to be honoured at a prestigious ceremony in November. Evaluation will be conducted by specialised committees based on rigorous criteria promoting excellence, innovation, and social responsibility. News Source: Emirates News Agency
Zawya
28-03-2025
- Business
- Zawya
Abu Dhabi's GDP grows by 3.8% in 2024
ABU DHABI - The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi's Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector. The 2024 GDP data highlights Abu Dhabi's sustained economic momentum, with total GDP and non-oil GDP reaching record values for the third consecutive year. The emirate's real GDP expanded by 3.8 percent in 2024 compared to 2023, reaching an all-time high value of AED1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 percent, marking its highest-ever annual contribution of 54.7 percent to total GDP. This underscores Abu Dhabi's continued success in implementing economic diversification strategies and fostering sustainable, long-term growth. The non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reaching AED644.3 billion, setting a record for the third consecutive year. Key sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highest-ever values, reflecting the emirate's commitment to industrial development, infrastructure investment, and human capital enhancement. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, "The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi's forward-thinking economic strategies, progressive policies, and proactive responses to an evolving global landscape." He added that with a record-breaking AED1.2 trillion GDP and a 6.2 percent growth of non-oil sectors- accounting for 54.7 percent of total GDP in 2024, this steady growth further enhances Abu Dhabi's status as a rising economic powerhouse and a premier destination for global talent, high-value investments, and world-class enterprises. "Guided by our visionary leadership, we are future proofing Abu Dhabi's economy through pioneering initiatives that drive industrial transformation, stimulate sustainable growth, and reshape tomorrow's economy. The Economic Diversification 2.0 strategies are accelerating the transition towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and forging strategic partnerships that will shape the economy of the future," Al Zaabi stated. Abdulla Gharib Alqemzi, Director-General of SCAD, said, "The annual GDP statistical estimates confirm Abu Dhabi's steady progress in economic transformation, with non-oil activities reaching a record 54.7 percent contribution to GDP. This milestone reflects the emirate's commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors." The strong performance of Abu Dhabi's economy in 2024 underscores the success of economic policies that facilitate business expansion and global trade, which resulted in around a 300 percent increase in foreign investments in Abu Dhabi over a decade. The manufacturing sector remained one of the largest non-oil contributors to GDP, maintaining a stable 9.5 percent share, with its added value reaching AED111.6 billion—the highest on record. This sector achieved an annual growth rate of 2.7 percent in 2024 compared to 2023, reflecting the success of the Abu Dhabi Industrial Strategy's (ADIS) programmes in driving industrial growth to strengthen the emirate's position as the region's most competitive industrial hub. The construction sector followed closely, contributing 9.1 percent to total GDP, with an impressive growth rate of 11.3 percent and a record high of AED107.4 billion. The financial and insurance sector also experienced significant expansion, growing 10.7 percent year-on-year to reach AED77.8 billion, contributing 6.6 percent to the total GDP in 2024, further cementing Abu Dhabi's position as a leading financial hub. The information and communication sector grew by 6.6 percent year-on-year, achieving a record value of AED32.2 billion and contributing 2.2 percent to Abu Dhabi's total GDP in 2024. The wholesale and retail trade sector also saw its highest-ever value at AED62.7 billion, contributing 5.3 percent to the emirate's GDP, reinforcing its vital role with a growth rate of 2.2 percent in 2024. The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 percent, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector's contribution to Abu Dhabi's economy stands at 2.4 percent with a total value of AED27.8 billion. The real estate sector grew by 4.2 percent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 percent in 2024 with a total value exceeding AED41.7 billion. Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values at AED20.4 billion and AED17 billion, respectively, through growth rates of 2.5 percent and 4.1 percent in 2024, underlining Abu Dhabi's commitment to human capital development and social wellbeing. In the fourth quarter of 2024, Abu Dhabi's GDP grew by 4.4 percent, while non-oil GDP expanded by 6.6 percent, maintaining its record-high contribution of 54.7 percent to total GDP.
11-03-2025
- Business
Yalla Group Reports AED1.2 Billion Revenue in 2024
Yalla Group Limited has announced its full-year revenue for 2024, reaching AED1.2 billion ($339.7 million), marking a 6.5 percent increase from AED1.1 billion in 2023. The company's growth trajectory was reinforced by a robust fourth-quarter performance, with revenue surging 12.2 percent year-over-year to AED333.5 million ($90.8 million). Net income for the quarter climbed 9.7 percent to AED119.4 million ($32.5 million), underscoring Yalla's strong financial position. The company maintained a solid net margin of 35.8 percent, with a non-GAAP net margin of 39.3 percent, reflecting its continued efficiency in monetisation. Yang Tao, Founder, Chairman, and CEO of Yalla, attributed this success to the company's dedication to enhancing user experiences and streamlining operations. 'This outstanding performance is a testament to our commitment to enhancing user experiences and optimising operational efficiency, leading to a 26.0 percent year-over-year increase in operating profitability,' he stated. Yang also highlighted the role of artificial intelligence in shaping the company's future, as Yalla continues to integrate AI-driven solutions to create more interactive digital experiences. With a steady growth momentum and strategic focus on innovation, the company is poised for sustained expansion in the evolving digital landscape. News Source: Emirates News Agency
Zawya
11-03-2025
- Business
- Zawya
Yalla Group reports record revenues of $326mln in 2024
DUBAI - Yalla Group Limited reported full-year revenue of AED1.2 billion ($339.7 million), a significant increase of 6.5 percent from AED1.1 billion in 2023. This follows a solid fourth-quarter performance with revenue climbing 12.2 percent year-over-year to AED333.5 million ($90.8 million), reflecting continued growth in user engagement and monetisation efforts. Net income for the quarter rose 9.7 percent to AED119.4 million ($32.5 million), while the company maintained a robust net margin of 35.8 percent and a non-GAAP net margin of 39.3 percent. Commenting on the results, Yang Tao, Founder, Chairman and CEO of Yalla, said, 'This outstanding performance is a testament to our commitment to enhancing user experiences and optimising operational efficiency, leading to a 26.0 percent year-over-year increase in operating profitability.' He added that AI is revolutionising the digital landscape as the group leverages its capabilities to create more interactive experiences for its users.
Zawya
04-03-2025
- Business
- Zawya
Dubai property sales in February soar to $13.8bln
Dubai's real estate market has continued its strong start to 2025, with property sales in February totalling AED51.1 billion ($13.8 billion), up 40% over last year, according to fäm Properties. The last month's total of 16,099 transactions also represented a 35.5% increase in volume over February 2024, making it one of the best ever months on record, it stated. Data from DXBinteract shows that villa sales totalling AED18.8 billion climbed dramatically by 99.7% to 3,679 compared with February last year, while plot sales worth AED9.6 billion also soared in volume by 74.7% to 608. Apartment sales worth AED21.4 billion climbed 21.3% in volume to 11,364, while a total of 447 commercial property transactions amounting to AED1.2 billion represented a 40.1% increase in volume over February 2024. The average price per sq. ft was up by 3.4% to AED 1,551, said the report. "The data once again highlights the robust nature of Dubai's real estate market and the steady growth it has experienced over the past few years," said its CEO Firas Al Msaddi. "This reinforces Dubai's position as a safe and reliable hub for real estate investment, further boosting investor trust and attracting attention from local, regional, and global markets," he added. Dubai property sales for the month of February have now risen by 449% in value over the last five years – from AED9.3 billion (4,100 transactions) in 2020, AED7.3 billion (3,700) in 2021, AED15.4 billion (6,200) in 2022, AED27.1 billion (9,400) in 2023 and AED36.5 billion (11,900) last year. The most expensive individual property sold in February was a luxury villa at Hadaeq Sheikh Mohammed Bin Rashid which fetched AED140 million, said Msaddi. The most expensive apartment sold during the month went for AED116 million at The Rings - 1 at Jumeirah Second. Overall, first sales from developers were significantly greater than those of resales - 66% over 34% in terms of volume, and 62% against 38% in overall value, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
