Latest news with #AED2
Al Etihad
19-05-2025
- Business
- Al Etihad
Hamdan bin Zayed attends 4th Make it in the Emirates
19 May 2025 23:24 ABU DHABI (ALETIHAD)His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, affirmed that thanks to the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the UAE has become a major hub for advanced visiting the annual Make it in the Emirates exhibition at the Abu Dhabi National Exhibition Centre, His Highness pointed to the great importance the wise leadership places on strengthening the industrial sector and providing it with highly qualified national talent, as it is a fundamental pillar for the growth, development, and diversification of the local economy. The fourth edition of Make it in the Emirates brings together senior decision-makers, government and private sector officials, entrepreneurs, investors, industrialists, experts, and the visit, His Highness was briefed on the latest industrial products, technologies, and solutions, which are on show at the exhibition, highlighting the growth of the UAE's industrial sector and its role in economic diversification and global Highness expressed pride in the national achievements and innovative initiatives he witnessed, affirming that the Make it in the Emirates initiative is a strategic platform that reflects the leadership's vision for building a diverse and sustainable national economy driven by innovation and advanced his visit, His Highness officially launched Serh Group, a UAE-based leader in oil and gas operations, logistics services, and manpower supply. The launch ceremony, attended by senior officials and business leaders, also saw the unveiling of the group's new corporate identity and logo, inspired by the resilient Serh tree, a symbol of strength, flexibility, and sustainability in the UAE's natural ceremony also featured the announcement of a strategic agreement between Serh Group and ADNOC, valued at AED2 billion. Under the agreement, Serh will supply ADNOC with a wide range of equipment and machinery over a five-year period to support its key energy sector agreement was signed in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Captain Mohamed Juma Al Shamisi, Chairman of Serh Group. The signatories included Saif Al Falahi, Executive Director of Business Support and Special Tasks at ADNOC, along with other senior on the occasion, HE Dr. Sultan Ahmed Al Jaber said: 'In line with the leadership's directives to support economic, industrial, and logistical growth in the UAE, ADNOC is pleased to expand and strengthen its cooperation with Serh Group. This partnership reaffirms our commitment to building strong and collaborative alliances that support our strategic objectives. Together, we will explore new opportunities that deliver long-term value and drive growth for both ADNOC and Serh Group.'Captain Mohamed Juma Al Shamisi, Chairman of Serh Group, said: 'The launch of our new identity marks a significant milestone in our journey as we provide integrated, innovative, and sustainable solutions to our clients in the oil and gas, logistics, and manpower sectors. Our legacy of excellence and deep expertise positions us to lead and grow in service of the UAE's industrial and economic development.'Formerly known as Al Dhafra Technical Services, Serh Group is the result of a merger between Al Dhafra Cooperative Society and Delma Cooperative Society, both established by Emiri Decrees from the late Sheikh Zayed bin Sultan Al Nahyan in 1976 and 1981, respectively. Over time, the group has evolved into a trusted provider of integrated services supporting Abu Dhabi's economic and social development. Inspired by the Serh tree – over a century old and uniquely resilient in the UAE environment – Serh Group draws strength from its roots to move forward with confidence toward a more sustainable and promising future. Make it in the Emirates Continue full coverage
Hi Dubai
15-05-2025
- Business
- Hi Dubai
Hamdan bin Mohammed Approves AED2 Billion Housing Package for Emiratis in Dubai
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has approved a housing package worth over AED2 billion to support Emirati families, reaffirming the government's commitment to citizen welfare and sustainable urban development. The announcement came during Sheikh Hamdan's visit to the Wadi Al Amardi housing project, where he reviewed ongoing developments and inspected model homes designed to meet modern living standards. He also examined future plans that include over 1,100 residential units across four key areas in Dubai: Wadi Al Amardi, Al Aweer, Hatta, and Oud Al Muteena. Sheikh Hamdan emphasized that the new housing projects aim to provide Emirati families with modern, well-integrated communities featuring advanced infrastructure, essential public services, and sustainable design. He praised the efforts of the Mohammed Bin Rashid Housing Establishment, noting that enhancing the well-being and stability of citizens remains a top priority for the Dubai government. Currently, 1,163 homes are under construction. These include 432 units in Wadi Al Amardi valued at AED767.9 million, 398 in Al Aweer at AED734.1 million, 213 in Hatta worth AED508.5 million, and 120 in Oud Al Muteena at AED113.8 million. The housing initiative aligns with Dubai's broader vision to develop inclusive, future-ready communities that reflect the needs and aspirations of its people. News Source: Emirates News Agency
Hi Dubai
08-05-2025
- Business
- Hi Dubai
UAE Central Bank Reports 1.8% Rise in M1 and M2, 0.9% Growth in Credit for February
The Central Bank of the UAE reported broad growth across key monetary indicators in February 2025, highlighting continued strength in liquidity, deposits, and credit activity within the banking sector. In its latest Monetary and Banking Developments report, the bank said M1 money supply rose by 1.8% to AED982.9 billion, driven by an increase of AED4.1 billion in currency in circulation and AED13.5 billion in monetary deposits. M2, which includes M1 and quasi-monetary deposits, also rose by 1.8%, reaching AED2,361.9 billion. The growth was supported by a AED25 billion surge in quasi-monetary deposits. Meanwhile, M3 increased by 0.8% to AED2,813.4 billion, despite a AED19 billion decline in government deposits. The monetary base expanded by 3.1% to AED816.6 billion. Key contributors included a 3.4% rise in currency issued, an 11.4% jump in current and overnight bank deposits at the Central Bank, and a 6.2% increase in monetary bills and Islamic certificates of deposit. These gains offset a 6.1% drop in reserve account balances. Gross bank assets, including bankers' acceptances, rose by 1.6% to AED4,636.8 billion. Gross credit increased by 0.9%, reaching AED2,205.1 billion. This was driven by AED1.7 billion growth in domestic credit and AED17.1 billion in foreign credit. Credit to the private sector rose by 0.7%, while lending to non-banking financial institutions jumped 5.2%. Credit to the government and related entities declined by 1.4% and 2.0%, respectively. Total bank deposits rose 1.2% to AED2,874.6 billion. Resident deposits grew by 0.8%, while non-resident deposits surged 5.1%. Within resident deposits, the private sector, non-banking institutions, and government-related entities all recorded increases. Government sector deposits fell by 4.0%. News Source: Emirates News Agency
Gulf News
02-05-2025
- Business
- Gulf News
Dubai Airport: The incredible transformation in photos from 1960 to now
Dubai Airport currently has a capacity for 90 to 100 million passengers per annum Last updated: 1/19 1959—Work to build 'Dubai airport' began on a vast expanse of wasteland some 4km from the edge of the city of Dubai. Dubai Airport 2/19 1960 – The airport comprising a sand compacted runway and a small terminal building was opened on September 30 and was capable of handling aircraft up to the size of a DC-3. Dubai Airport 3/19 1963 – Work to build an asphalt runway began. It opened in 1965 with numerous other newly built or refurbished facilities. Above, passengers boarding a Middle East Airlines flight at Dubai International Airport. Dubai AIrport 4/19 1970—The 1970s witnessed many developments across DXB, starting with a new three-storey terminal building, a new control tower, additional taxiways, a lengthening of the runway, extension of aprons, airfield lighting, and landing instruments. Dubai Airport 5/19 Dubai Airport lounge in 1970s. Dubai Airport 6/19 1980 – On 23 December 1980, Dubai Airport became an ordinary member of the Airports Council International (ACI). Dubai Airport 7/19 1981: Dubai International Airport. The monumental growth of the airport, which started off handling only three flights daily, is testimony to the UAE's success story. Gulf News archives 8/19 1981: View of Dubai International Airport. Gulf News archives 9/19 1985 – Emirates operated its first flights from Dubai to Karachi and Mumbai, using a Boeing 737 and an Airbus 300 B4 wet-leased from Pakistan International Airlines. Dubai Airport 10/19 1988 – Passenger throughput at the airport reached 4.3m and more than doubled in a decade to 9.7 million by 1998. Dubai Airport 11/19 2000 – The opening of Concourse 1 (now Concourse C), marked the start of a new chapter in Dubai's aviation history. Built as part of the first phase of the general expansion project at a cost of AED2 billion, the Terminal increased the Airport's capacity from 10 million to 23 million. Gulf News archives 12/19 2005: Terminal 3, Concourse B under construction. Gulf News archives 13/19 2008 – Dubai Airports opened the much-awaited DXB Terminal 3 for the exclusive use of Emirates airline. The flawless opening of the world's largest single terminal expanded DXB's capacity to 60 million and won the airport accolades from passengers and the aviation industry worldwide. Gulf News archives 14/19 2009 – Terminal 2 undergoes major refurbishment for the launch of flydubai, Dubai's own low-cost airline. Gulf News archives 15/19 2013 – Concourse A, the world's largest facility purpose built for the A380 opens at DXB. Virendra Saklani/Gulf News archives 16/19 2019 – Dubai Airport retains title of the world's busiest airport for international passengers for the 5th consecutive year with 89.1m passengers in 2018. Virendra Saklani/Gulf News archives 17/19 2020 – Dubai Airport celebrates 60th Anniversary. Gulf News archives 18/19 2023 – Dubai Airport held its position as the world's number one airport for international passengers for the 9th year running. Gulf News archives
Arabian Business
01-05-2025
- Business
- Arabian Business
Ras Al Khaimah property market set to double by 2030 amid tourism boom
Ras Al Khaimah's residential property stock is on track to double by the end of 2030, with more than 11,000 new units scheduled for completion, according to a report by Savills. The emirate has recorded over AED11 billion in sales transaction values in 2024, with significant momentum in the market since the pandemic. Off-plan sales have dominated transactions, while communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have experienced increases in capital values and rents since 2022. Gaming revenue could generate AED20 billion as RAK transforms into luxury destination 'There is a growing demand for premium residential offerings in RAK. Branded resi dences now make up 32 per cent of the anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments,' Andrew Cummings, Head of Residential Agency at Savills Middle East said. The report highlights the Sunshine Bay development on Al Marjan Island as a prime example of market momentum. Launched in late 2024 with Savills as master agents, all 240 units sold within three months, achieving average prices exceeding AED2,200 per sq ft. British investors represented more than 40 per cent of buyers among the 37 nationalities who purchased units. Savills is set to launch the Anantara Mina Ras Al Khaimah Residences in April 2025, featuring 84 units including luxury suites, apartments and duplex sky villas. Prices will start from AED2.2 million, with a 60/40 payment plan and handover expected in Q3 2028. The property market expansion coincides with growth in tourism. Ras Al Khaimah welcomed 1.28 million tourists in 2024, representing a 5.1 per cent increase compared to 2023. The visitor mix was evenly split between international and domestic tourists, with 661,000 air arrivals marking a 28 per cent year-on-year increase. Tourism in the emirate has shown consistent growth since 2020, supported by beach resorts, desert landscapes, and activities around Jebel Jais, the UAE's highest peak. Wynn Al Marjan Island to drive record property sales in Ras Al Khaimah A major catalyst for growth is the development of Wynn Al Marjan Island, the UAE's first integrated resort with a commercial gaming operator's licence. The project, set to open in 2027, will span 62 hectares on Al Marjan Island and feature 1,542 rooms and suites, 225,000 sq ft of gaming space, 15,000 sq m of retail, and entertainment facilities. The potential economic impact is substantial, with analysts noting that if UAE gaming revenue reaches 1.6 per cent of GDP – comparable to Singapore – it could generate more than AED 20 billion in revenue. While historically dependent on Dubai for luxury amenities, Ras Al Khaimah is developing its own offerings. These include the Ritz-Carlton Al Wadi's Zuma winter pop-up and improved education options. In the 2023/24 academic year, seven schools received a 'good' rating from the Ministry of Education, up from three the previous year. The British School Al Hamra became the only school in the Northern Emirates to achieve a 'very good' rating. 'RAK's evolution is now beyond tourism alone. We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth,' Rachael Kennerley, Head of Research at Savills Middle East added.
