Latest news with #AED160
Hi Dubai
21-05-2025
- Business
- Hi Dubai
MoIAT Signs MoU with Airbus to Boost Domestic Aerospace Capabilities
The UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a strategic Memorandum of Understanding with Airbus Africa and Middle East to strengthen the nation's aerospace sector through local capability development. Signed by Omar Suwaina Al Suwaidi, MoIAT Under-Secretary, and Gabriel Semelas, President of Airbus Africa and Middle East, the agreement was announced during Make it in the Emirates 2025 — the country's flagship industrial event. The partnership sets the foundation for long-term cooperation focused on supplier development, skills transfer, and the integration of Emirati companies into Airbus's global value chain. The move supports the UAE's broader goal of becoming a global hub for advanced industries. 'This collaboration reflects our commitment to developing a sustainable industrial sector powered by innovation and international expertise,' said Al Suwaidi at the event. The MoU directly supports the UAE's National Strategy for Industry and Advanced Technology, which prioritizes high-tech manufacturing, knowledge transfer, and economic diversification. Make it in the Emirates 2025, held under the theme 'Advanced Industries. Accelerated,' features more than 700 exhibitors and over 3,800 locally made products. The event covers 68,000 square meters and showcases AED160 billion worth of offtake agreements linked to more than 4,800 products earmarked for domestic production. By aligning national industrial priorities with global players like Airbus, the UAE is reinforcing its commitment to innovation-driven growth and strategic partnerships in key sectors. News Source: Emirates News Agency
Arabian Business
11-04-2025
- Business
- Arabian Business
Dubai real estate hits AED160 billion in sales in first 100 days of 2025
Dubai's property market has recorded sales of AED160 billion within the first 100 days of 2025, according to data released by the Expert Real Estate Company, a new consultancy firm in Dubai's real estate sector. The analysis, based on Dubai Land Department figures from January 1 to April 10, 2025, shows 50,853 total sales transactions during this period. Dubai real estate soars These comprised 38,384 residential units, 4,756 buildings, and 7,713 plot transactions. Additionally, mortgages reached AED 45.91 billion through 10,425 transactions, whilst gifts registered a total value of AED 10.7 billion across more than 2,213 registrations. In total, all real estate transactions —including sales, mortgages, and gifts—amounted to AED 216.3 billion through 63,491 transactions. 'We can't talk about the success of Dubai's real estate sector without lauding the great efforts exerted by Dubai Land Department, which is deemed a basic partner in strengthening the sector's transparency and the trust of investors in the same. The sector witnessed a remarkable growth in the size of sales, due to the increasing interest from the part of international investors, entrepreneurs, & high-net worth individuals (HNWIs), not to mention the professionals and highly talented people who wish to settle in a flourished and safe economic environment.' Alaa Massoud, Chairman of Expert Real Estate Company said. The report highlights a trend among residents choosing freehold properties over rentals, encouraged by government incentives and supportive regulations. 'The sector witnessed a remarkable growth in the size of sales, due to the increasing interest from the part of international investors, entrepreneurs, & high-net worth individuals (HNWIs), not to mention the professionals and highly talented people who wish to settle in a flourished and safe economic environment,' Massoud added. The firm's analysis notes that Dubai's security, stability, advanced infrastructure, smart transport applications, and modern utilities have positioned the emirate as a competitive real estate market on the global stage.
Trade Arabia
29-01-2025
- Business
- Trade Arabia
Emirates NBD achieves $6.26bn profit for 2024
Emirates NBD's profit before tax climbed to a record AED27.1 billion ($7.38 billion) in 2024, a 15% increase compared to 2023 figures, as it expanded its regional presence and enhanced its wealth management franchise. The group recorded a net profit after tax of AED23 billion ($6.26 billion), up 7% on 2023 numbers. Income grew to over AED44 billion in 2024, a 3 per cent growth year-on-year, with the group's strategic investment in digital banking and branch network, generating significant new revenue streams, said the bank. All business units achieved an outstanding performance with AED160 billion ($43.56 billion) in new loans provided to customers, driving assets up an excellent 16% as it maintained a one-third market share of UAE credit cards. Emirates NBD Capital, the number one investment bank for UAE IPOs, generated its highest ever revenue, during its busiest year for transactions. Emirates Islamic delivered a record profit of AED2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE. In light of the group's excellent performance, the Board of Directors is proposing a 100 fils dividend. Other key highlights • 10% loan growth in 2024, with AED88 billion of new corporate lending on optimisation of regional network and 30% increase in retail lending as priority and private banking franchise grows rapidly • Deposit mix is a key strength, growing AED82 billion in 2024, including a AED48 billion increase in Current & Savings Accounts (CASA) • Impairment charge of AED0.1 billion with zero cost of risk, a record low, on strong recoveries • Impaired loan ratio improved to 3.3% as clients benefit from a buoyant economy • Emirates Islamic's AED2.8 billion record profit driven by exceptional 31% customer financing growth in 2024 • Earnings per share up significantly by 7% to 356 fils in 2024 • Assets Under Management across the Group now exceed $44 billion, reflecting ongoing success of our wealth management strategy • KSA network expanded to 21 branches and 62 ATMs, driving an impressive 57% loan growth in 2024 Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD, said: 'Emirates NBD's profit before tax climbed to a record AED27.1 billion in 2024 as the Group optimises its regional corporate presence and expands its Wealth Management, Priority and Private banking franchise. 'We are delighted with our incredible 57% loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs. Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond,' he said. Dubai's GDP is projected to grow 5% in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth, said Sheikh Ahmed.. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said: 'Income grew to over AED44 billion in 2024 as the group's strategic investment in digital banking and regional expansion generates new revenue streams. 98% of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population. 'All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and corporate originating AED88 billion of gross new loans, two-thirds of which is to the private sector, as it leverages the group's regional presence,' he said. Shayne Nelson, Group Chief Executive Officer, said: 'Emirates NBD's record income and profit is a direct benefit of successfully harnessing key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking. 'Our enhanced Digital Wealth platform propelled Assets Under Management beyond $44 billion, with digital wealth transactions up ninefold in 2024. 'Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally and is recognised as the leading bank in the region for sustainable solutions,' he said. 'We are employing Generative AI to identify trade opportunities, expand merchant acquiring prospects through data mining and screen transactions using machine-learning based alerts. Emirates NBD's investment in digital and expanded network positions it perfectly to benefit from a buoyant regional economy,' he added. – TradeArabia News Service
