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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.
Zawya
30-04-2025
- Business
- Zawya
Aldar Properties profit before tax jumps 33% to $599mln
Aldar Properties has reported a 33% year-on-year increase in profit before tax to AED2.2 billion ($599 million) for the first quarter of 2025, with net profit after tax rising by 22% year-on-year to AED1.9 billion. Mohamed Khalifa Al Mubarak, Chairman of Aldar, said the company's performance at the beginning of the year reflects the strength and diversification of its business sectors, and its ability to operate efficiently and grow in line with a clear strategy to create sustainable long-term value, said a Wam news agency report. He added that the UAE offers a conducive environment for stability and business growth, with a focus on investing in vital sectors, attracting business, and diversifying the economy. He said Aldar is well positioned to deliver sustainable performance, deploy capital efficiently, and strengthen its role as a long-term partner in shaping the UAE's economic development, noting that the development revenue backlog has reached a record AED55.7 billion. Talal Al Dhiyebi, Group CEO of Aldar, said Aldar delivered strong financial results in the first quarter, driven by continued momentum across its core business segments. Development sales remained strong, increasing by 42% to AED8.9 billion. Meanwhile, construction is progressing on new projects in line with plans amid sustained demand from both local and international buyers, he said. He added that at the start of the year, Aldar proactively took steps to strengthen its financial position and enhance liquidity through capital markets issuances and securing a syndicated loan. In terms of key financial highlights, Aldar recorded AED46.7 billion in UAE revenue backlog, indicating strong revenue visibility over the next two to three years. Sales to international and resident buyers in the UAE rose to AED7.4 billion, representing 87% of total UAE sales. Aldar further enhanced its capital structure and financial flexibility through the issuance of AED3.7 billion in hybrid capital notes, AED1.8 billion in green sukuk, and securing AED9 billion in syndicated revolving credit facilities and a AED1.8 billion hybrid capital solution from Apollo. The project management services backlog reached AED88.7 billion as of the end of March 2025, of which AED49.5 billion is under construction, reflecting strong government investment in infrastructure and housing. In Q1, Aldar also recorded a 25% year-on-year increase in earnings per share to AED0.20, supported by earnings growth across all platforms. Aldar maintains a strong liquidity position to support its growth plans, with AED10.2 billion in unrestricted cash and AED19.3 billion in undrawn bank facilities as of end-March. Aldar Development recorded a 46 percent year-on-year increase in revenue to AED5.7 billion, with EBITDA rising by 50 percent to AED1.8 billion, driven by revenue backlog and strong sales from new launches and existing inventory amid sustained international demand. Aldar Investment continued to deliver on its diversification and growth strategy, with EBITDA rising by 10% year-on-year to AED764 million — a 20% increase excluding gains from asset sales — while assets under management grew to AED46 billion. Internationally, SODIC contributed AED172 million in revenue to Aldar Development, with revenue backlog reaching AED6.3 billion by end-March 2025. London Square contributed AED135 million to Aldar Development revenue. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
29-04-2025
- Business
- Trade Arabia
Aldar Properties profit before tax jumps 33% to $599m
Aldar Properties has reported a 33% year-on-year increase in profit before tax to AED2.2 billion ($599 million) for the first quarter of 2025, with net profit after tax rising by 22% year-on-year to AED1.9 billion. Mohamed Khalifa Al Mubarak, Chairman of Aldar, said the company's performance at the beginning of the year reflects the strength and diversification of its business sectors, and its ability to operate efficiently and grow in line with a clear strategy to create sustainable long-term value, said a Wam news agency report. He added that the UAE offers a conducive environment for stability and business growth, with a focus on investing in vital sectors, attracting business, and diversifying the economy. He said Aldar is well positioned to deliver sustainable performance, deploy capital efficiently, and strengthen its role as a long-term partner in shaping the UAE's economic development, noting that the development revenue backlog has reached a record AED55.7 billion. Talal Al Dhiyebi, Group CEO of Aldar, said Aldar delivered strong financial results in the first quarter, driven by continued momentum across its core business segments. Development sales remained strong, increasing by 42% to AED8.9 billion. Meanwhile, construction is progressing on new projects in line with plans amid sustained demand from both local and international buyers, he said. He added that at the start of the year, Aldar proactively took steps to strengthen its financial position and enhance liquidity through capital markets issuances and securing a syndicated loan. In terms of key financial highlights, Aldar recorded AED46.7 billion in UAE revenue backlog, indicating strong revenue visibility over the next two to three years. Sales to international and resident buyers in the UAE rose to AED7.4 billion, representing 87% of total UAE sales. Aldar further enhanced its capital structure and financial flexibility through the issuance of AED3.7 billion in hybrid capital notes, AED1.8 billion in green sukuk, and securing AED9 billion in syndicated revolving credit facilities and a AED1.8 billion hybrid capital solution from Apollo. The project management services backlog reached AED88.7 billion as of the end of March 2025, of which AED49.5 billion is under construction, reflecting strong government investment in infrastructure and housing. In Q1, Aldar also recorded a 25% year-on-year increase in earnings per share to AED0.20, supported by earnings growth across all platforms. Aldar maintains a strong liquidity position to support its growth plans, with AED10.2 billion in unrestricted cash and AED19.3 billion in undrawn bank facilities as of end-March. Aldar Development recorded a 46 percent year-on-year increase in revenue to AED5.7 billion, with EBITDA rising by 50 percent to AED1.8 billion, driven by revenue backlog and strong sales from new launches and existing inventory amid sustained international demand. Aldar Investment continued to deliver on its diversification and growth strategy, with EBITDA rising by 10% year-on-year to AED764 million — a 20% increase excluding gains from asset sales — while assets under management grew to AED46 billion. Internationally, SODIC contributed AED172 million in revenue to Aldar Development, with revenue backlog reaching AED6.3 billion by end-March 2025. London Square contributed AED135 million to Aldar Development revenue.
Hi Dubai
10-04-2025
- Business
- Hi Dubai
UAE Investment Potential Shines at High-Level Investopia–Deutsche Bank Conference
In a powerful demonstration of the UAE's growing investment appeal, Investopia and Deutsche Bank co-hosted an exclusive conference spotlighting emerging opportunities across key sectors of the nation's evolving economy. The event drew nearly 30 government and private sector leaders, including UAE Minister of Investment Mohamed Hassan Alsuwaidi, and welcomed a high-level Deutsche Bank delegation led by Claudio de Sanctis, alongside 50 international investors and entrepreneurs. Focused discussions covered strategic sectors such as retail, manufacturing, tourism, and technology—pillars of the UAE's 'new economy.' The forum highlighted the nation's robust investment climate, competitive advantages, and forward-looking legislative framework designed to attract and support international businesses and family enterprises. Alsuwaidi emphasized the country's ambitious vision, driven by national strategies like "We the UAE 2031", which aim to position the UAE as a global hub for innovation-driven investment. He noted that over 1.1 million private companies currently operate in UAE markets, supported by pro-business reforms such as 100% foreign ownership, tax incentives, long-term residency programs, and an extensive network of free zones. Notably, foreign direct investment inflows reached $30.6 billion in 2023—up 35% from the previous year—securing the UAE's rank as the world's second-largest recipient of new project investments. The conference also included a presentation on the 'National Investment Strategy 2031', which targets doubling FDI inflows to 30% of total investment by 2031 and tripling the FDI balance to AED2.2 trillion. Saad Osseiran, Deutsche Bank's Head of Private Bank Middle East, affirmed the bank's commitment to the UAE's vision, stating, 'This platform reinforces the UAE's position as a destination for progressive investment and strategic global partnerships.' News Source: Emirates News Agency
Hi Dubai
19-03-2025
- Business
- Hi Dubai
MBRGI Reports AED2.2 Billion in Humanitarian Aid, Impacting 149 Million People Worldwide
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, unveiled the 2024 Year in Review report for the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), highlighting an AED2.2 billion expenditure on humanitarian and development projects. The initiatives positively impacted 149 million people across 118 countries, reaffirming the UAE's global leadership in philanthropy. The announcement took place at a special ceremony at the Dubai World Trade Centre, attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Vice Chairman of MBRGI's Board of Trustees, alongside key dignitaries and officials. The event showcased MBRGI's 2024 milestones, including the progress of the Fathers' Endowment campaign and recognition of major contributors. During the ceremony, H.H. Sheikh Mohammed chaired the MBRGI Board of Trustees meeting, emphasizing the UAE's commitment to humanitarian efforts. 'As we commemorate Humanitarian Work Day, we reaffirm our mission to extend generosity to all nations. Our work continues with a steadfast commitment to saving lives, providing education, empowering communities, and eradicating poverty,' he stated. H.H. Sheikh Hamdan bin Mohammed underscored MBRGI's evolution since its 2015 inception, highlighting its transition from charitable aid to long-term empowerment strategies. 'In 2024, MBRGI's AED2.2 billion investment supported high-impact projects, such as the Mother's Endowment Campaign, a one-billion-dirham initiative to fund global education, and the 1 Billion Meals Endowment, which launched the UAE's tallest endowment tower valued at AED800 million to combat hunger,' he noted. He also cited the foundation stone laying of the Hamdan bin Rashid Cancer Hospital, Dubai's largest facility for free cancer treatment. Mohammad Al Gergawi, Minister of Cabinet Affairs and MBRGI's Secretary-General, highlighted the foundation's increasing impact, with a funding increase of AED400 million from 2023. 'MBRGI remains a model for sustainable philanthropy, focusing on long-term solutions that enhance education, healthcare, and social development worldwide,' he said. During the event, Sheikh Mohammed conferred the 'Mohammed bin Rashid Al Maktoum Order for Philanthropy' on Mirwais Azizi, Founder and Chairman of Azizi Developments, for his historic AED3 billion contribution to the Fathers' Endowment campaign. Several other contributors received the 'Mohammed bin Rashid Al Maktoum Medal for Philanthropy' in recognition of their support for global humanitarian initiatives. The 2024 Year in Review underscores MBRGI's unwavering commitment to fostering hope and driving sustainable change. As the UAE continues to lead in humanitarian efforts, its vision of global philanthropy remains an enduring legacy, lighting the way for a better future for millions worldwide. News Source: Emirates News Agency
