Latest news with #AED2.3bn
Arabian Business
20-03-2025
- Business
- Arabian Business
UAE real estate: Luxe Developers targets UNHWI investors with spas, co-working hubs, yoga studios and 300,000sq ft of landscaping at $627m RAK project
A UAE real estate developer is targeting investors at its Ras Al Khaimah flagship project with wellbeing-friendly amenities and designs. UAE real estate firm The Luxe Developers has revealed an uptick in interest for its AED2.3bn ($627m) La Mazzoni development. The rise in interest comes as a result of the rising global demand for wellness-focused living, said The Luxe Developers, as it integrates health and well-being into every aspect of the design and amenities. UAE wellness real estate development As the UAE continues to attract a significant influx of ultra-high-net-worth individuals (UHNWIs), the demand for premium residential properties has also witnessed unprecedented growth. Recent reports have highlighted a shift in buyer preferences towards homes that promote well-being, privacy, and sustainability, said The Luxe Developers. According to research from Transparency Market Research, the global wellness real estate market, where developers prioritise lifestyle, health, and environmental sustainability, stood at $438.3bn in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 14.8 per cent between 2024 and 2034, quadrupling in size to more than $2tn by 2034. The developing interest highlights the shift in consumer preferences toward living and working environments that prioritise health, well-being, and sustainability. Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, said: 'La Mazzoni offers a compelling proposition – a state-of-the-art luxury residence incorporating a modern design and holistic lifestyle. 'We have seen a shift in demand from investors who are increasingly looking for a more balanced lifestyle, with wellness-integrated residences now becoming a prerequisite for many. 'La Mazzoni was designed in direct response to this. By aligning a luxury living experience with well-being, we offer our clients a value proposition beyond traditional real estate investments.' Features at La Mazzoni in Ras Al Khaimah will include advanced wellness facilities, curated health programs, and biophilic design principles, creating an integrated lifestyle solution that enhances physical and mental well-being. Residents will have access to several exclusive amenities, which have been specifically developed to offer spaces designed for a peaceful and vibrant lifestyle. Underscoring this, the development features more than 300,000sq ft of professionally designed landscaping and cutting-edge indoor fitness facilities spanning more than 11,000sq ft. Residents will also have access to a modern outdoor gym and yoga studios within the property and on the development's grounds, including walking, jogging tracks, and paddle courts. Rooftop infinity pools will further enhance the outdoor living experience. La Mazzoni will also focus on creating a zen environment to promote mental well-being. In addition to outdoor exercise facilities surrounded by greenery, the development will also include a series of water oases, creating a tranquil and luxurious environment. This is further underscored by the spa at La Mazzoni, equipped with saunas, hammams, and therapy rooms. La Mazzoni will incorporate co-working spaces within the nature-inspired open-air outdoor areas, which have been designed to inspire creativity and enhance productivity. Two dedicated lounges, the Sky Lounge and Connoisseur's Corner, will provide additional meeting and working areas within the two-tower development, highlighting the co-working ethos. A library will provide further opportunities to relax or to undertake work in a quiet environment. La Mazzoni will feature dedicated indoor play areas to support children's physical and mental development. Outdoors, an adventure park will provide opportunities to run, play, and explore within a secure environment in the UAE. Siddharta Banerji, Managing Director and Co-owner, added: 'The Luxe Developers has always been at the forefront of anticipating market trends and addressing the evolving needs of niche investors seeking a work-life balance. 'La Mazzoni reflects this philosophy by integrating health-focused amenities, sustainability, and exclusivity into its design. It is a prime example of how we aim to deliver long-term value for residents and investors.'
Arabian Business
04-03-2025
- Business
- Arabian Business
Salik announces $626m revenue and 498m trips last year
Salik, Dubai's exclusive toll gate operator, has announced its financial results for last year, with total revenue growing by 8.7 per cent to AED2.3bn ($626m). The company said that EBITDA for the full year reached AED1.6bn ($436m), a 13.6 per cent YoY growth. Salik's net profit before taxes totalled AED1.28bn ($348m) in 2024, marking a strong 16.6 per cent YoY increase, while it generated net profit after taxes of AED1.16bn ($449m) in FY24, a 6.1 per cent YoY increase. Salik results In light of the strong year performance, the Board of Directors propose a dividend of AED619.8m ($169m) to be paid during H1 2025 (equivalent to 8.2645 Fils per share). This brings total dividends for 2024 to AED1.16bn ($449m), representing 100 per cent of 2024's net profit and a 6.1 per cent YoY increase compared to FY23. In terms of operations, total revenue-generating trips recorded 498.1m, rising by 8 per cent YoY at the back of the launch of the two new Salik gates. Mattar Al Tayer, Chairman of the Board of Directors of Salik, said: 'Salik has reported a very strong year, with healthy revenue growth and record profitability performance. 'During the past year, Salik proudly reached significant strategic milestones, having introduced two new toll gates within the core tolling business and established multiple partnerships. 'These strategic partnerships support our ambition to become a global leader in providing sustainable and smart mobility solutions'. Ibrahim Sultan Al Haddad, CEO of the toll operator, said: 'We are optimistic about the positive trends in Dubai's economy, which align with and support our growth and vision. We are pleased to revise our guidance for FY25 upwards, projecting revenue growth of 28-29 per cent compared to FY24.'
