Latest news with #AED20bn
Arabian Business
10-02-2025
- Business
- Arabian Business
UAE real estate: Palace Group celebrates anniversary as portfolio valued at $10bn
UAE real estate developer Palace Group is celebrating its 25th anniversary, revealing a AED36bn ($9.8bn) portfolio spanning more than 200 super-prime projects across the country. Founded in 1999 by Wissam Damaa, Palace Group has played a defining role in shaping the UAE's luxury real estate sector, delivering some of the most exclusive properties across Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah. With AED20bn ($5.4bn) in completed projects and AED16bn ($4.4bn) currently under development, the company continues to raise the bar for ultra-luxury living. Palace Group real estate in the UAE Over the past 25 years, Palace Group has established itself as a market leader in ultra-luxury residential developments, from bespoke waterfront mansions to high-rise landmarks. Notable projects include: 15 iconic beachfront mansions in communities like La Mer and Jumeirah Bay Island Aya, featuring 70 luxury residences in Dubai Gardens The Cliffs, a wellness-focused development along the Dubai Canal A landmark multi-billion-dirham project launching in early 2025 Wissam Damaa, Founder and CEO of Palace Group, said: 'Our 25th anniversary is more than a milestone it reflects our commitment to redefining luxury real estate. Our robust portfolio is a testament to our enduring achievements and ongoing commitment to elevating standards in luxury real estate.' Since 2016, Palace Group has integrated renewable energy solutions, hydrogen technology, and water desalination into its developments, aligning with the UAE's Vision 2031.
Arabian Business
08-02-2025
- Business
- Arabian Business
AEEDC 2025: Dubai dental conference ends with $5.4bn of deals
The 29th edition of the UAE International Dental Conference and Arab Dental Exhibition (AEEDC Dubai 2025) has concluded, recording landmark deals exceeding AED20bn ($5.4bn). The event welcomed more than 85,000 participants from 177 countries and showcased 5,328 brands from 3,924 international companies. Dr. Abdulsalam AlMadani, Chairman of AEEDC Dubai and the Global Scientific Dental Alliance (GSDA), highlighted the event's record-breaking achievements, reinforcing the UAE's position as a global hub for dentistry, medical tourism, and healthcare innovation. AEEDC 2025 in Dubai The conference featured the 22nd Annual Meeting of the GSDA, attended by 412 representatives from over 200 international medical organisations, universities, and government bodies. The meeting focused on advancing dental education, research, and international collaboration to improve global oral health. Prof. Abdullah R. Alshammery, Scientific Chairman of GSDA, emphasised the alliance's role in strengthening dental education and preventive care, noting its growing global membership and commitment to fostering scientific advancements in dentistry.
Arabian Business
27-01-2025
- Business
- Arabian Business
Abu Dhabi Commercial Bank outlines plan to double profit to $5.4bn in 5 years
Abu Dhabi Commercial Bank (ADCB) has announced a new commercial strategy as it plans to double net profit to AED20bn ($5.4bn) within the next five years. On the year of its 40th anniversary, Abu Dhabi Commercial Bank has embarked on a visionary growth strategy, aligning with the UAE's progressive economic trajectory and contributing to the country's position as a leading global financial powerhouse. The strategy charts a clear blueprint to align with the country's ambitions through a substantial increase in scale and reach. Abu Dhabi Commercial Bank growth strategy Setting out the Bank's headline targets under the new strategy, Ala'a Eraiqat, ADCB Group Chief Executive Officer, said: 'ADCB has come a long way since 2020 under the stewardship of its Board. As the bank continues on this journey, and in order to match the scale of the UAE's ambition, it is expanding rapidly and setting clear and accountable objectives to create significant value for the shareholders. 'Through sustained high velocity of growth, ADCB aims to achieve the following targets, rewarding investors through both growth and income: Doubling net profit to AED20bn ($5.4bn) within the next five years, while aiming to achieve an annual growth rate of circa 20 per cent Increasing year-on-year paid-out dividends over the same period, whereby ADCB aims to increase its total targeted dividend payout to approximately AED25bn ($6.8bn) over the next five-years, up 50 per cent compared to the total dividend payout in the preceding five-year period Delivering annual Return on Equity exceeding 15 per cent each year, while maintaining healthy regulatory ratios and an adequate capital position to fuel future growth 'A detailed strategy blueprint has been approved by the Board, laying out a clear way forward on how to achieve this ambition. 'As a progressive financial institution, ADCB will accelerate deployment of digital and AI technology to elevate customer experience, enhance risk management and boost productivity while empowering UAE nationals to lead the transformation of the banking industry.' Abu Dhabi Commercial Bank has delivered a total cumulative shareholder return of 75 per cent since 2020. For the 2024 financial year, the Board has recommended a cash dividend of AED0.59 per share, translating to a dividend yield of 5.7 per cent, based on ADCB's closing share price as of 31 December 2024. Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Commercial Bank's Board of Directors, said: 'The Board of Directors has endorsed ADCB's ambitious strategy expressing their confidence in its successful implementation. 'ADCB's management team, with the Board's active and constructive oversight, has a proven track record as demonstrated by the fulfilment of the previous strategy well ahead of its projected timeframe. 'The Bank's ambition continues to be forward looking, and attuned to the pace and promise of the Nation's next phase of economic transformation. Our focus on rewarding the shareholders remains integral to our new strategy, ensuring that ADCB creates enduring value for all who place their trust in us.' Abu Dhabi Commercial Bank is a trusted and pivotal financial partner in the UAE's reimagined future as the country targets AED335bn ($91.2bn) in additional growth from AI transformation and AED1.3tn ($354bn) in foreign direct investment by 2031, while tripling its investment in clean and renewable energy by 2030.
