Latest news with #AED420
Hi Dubai
03-04-2025
- Business
- Hi Dubai
Takaful Emarat Reports Impressive 45% Growth in Total Assets
Takaful Emarat has achieved a significant milestone, announcing a 45% increase in its total assets, which reached AED960 million for the fiscal year ending December 31, 2024. This remarkable growth underscores the company's solid financial foundation and continued resilience in the market. The company's revenues surged by 84%, reaching AED420 million in 2024, up from AED229 million the previous year. This substantial increase is mirrored by an 84% rise in operating profits, highlighting improved operational efficiency and enhanced profitability. Dr. Noor Aldeen Atatreh, Chairman of the Board, emphasized the company's role as a leading provider of Sharia-compliant health and life insurance in the UAE. He explained, 'Takaful Emarat operates on principles of mutual cooperation and participant contribution, distinguishing us from traditional profit-driven models. Our services are fully aligned with Islamic Sharia, ensuring comprehensive solutions for both individual and corporate clients.' In addition to the strong revenue growth, earnings per share (EPS) saw a marked improvement, reaching AED0.05, signaling a robust financial rebound. The company's net investments also saw a significant jump, rising by 106% to AED32 million, compared to AED15.6 million in 2023. Dr. Atatreh concluded, 'We are committed to deepening our relationships with clients and exploring new growth opportunities. By nurturing a culture of excellence, we aim to deliver sustainable value for our shareholders and partners, positioning Takaful Emarat for continued success.' News Source: Emirates News Agency
Zawya
03-04-2025
- Business
- Zawya
UAE: Takaful Emarat rebounds with 84% revenue growth
Takaful Emarat has announced a remarkable 45 percent increase in its total assets, reaching AED960 million for the fiscal year ending 31st December 2024, reinforcing the group's strengthened financial standing. The company recorded an 84 percent surge in revenues, reaching AED420 million in 2024, compared to AED229 million in the previous year. This strong top-line growth was mirrored in operating profit, which also climbed by 84 percent, underscoring enhanced operational efficiency and a significant boost in profitability. Commenting on the results, Dr. Noor Aldeen Atatreh, Chairman of the Board at Takaful Emarat, stated, 'Takaful Emarat is one of the UAE's leading Takaful insurers, offering Sharia-compliant health and life insurance services.' He added, 'Our business operates on the principles of mutual cooperation and participant contribution, setting us apart from traditional profit-driven insurance models. We provide comprehensive health and life insurance solutions to both individual and corporate clients, all fully compliant with Islamic Sharia. Every transaction is carefully reviewed and guided by our dedicated Sharia board.' Earnings per share (EPS) saw a notable improvement in 2024, reaching almost AED0.05 per share — a clear indication of the company's strong financial rebound. Supporting this performance, net investment surged to AED32 million, marking a 106 percent increase from AED15.6 million in 2023. Dr. Atatreh concluded, 'We remain dedicated to strengthening our relationships with clients while exploring new avenues for growth and strategic alliances. By fostering a culture of excellence and agility, we aim to create lasting value for our shareholders and partners, positioning Takaful Emarat for sustainable success in an evolving business landscape.'
Trade Arabia
04-03-2025
- Business
- Trade Arabia
AD Ports to receive Panamax-Class cranes for Safaga terminal
AD Ports Group, an enabler of integrated trade, transport and logistics solutions, today announced it was preparing to receive three new state-of-the-art Panamax cranes from Shanghai Zhenhua Heavy Industries Co (ZPMC), ordered for the group's new multipurpose cargo terminal in Safaga, Egypt, which is expected to be operational in the second half of 2026. Under a 30-year concession agreement signed with the Red Sea Ports Authority (RSPA) in 2023, the group is developing and will operate a multi-purpose terminal in Safaga Port. AD Ports Group is investing AED193 million ($52.55 million) in three ship-to-shore (STS) cranes, and six hybrid rubber tyred gantry (RTG) cranes for Noatum Ports - Safaga Terminal, the company said. This is in addition to a contract for six ship-to-shore (STS) cranes, and 17 hybrid rubber tyred gantry (RTG) cranes awarded to ZPMC for a cost of over AED420 million to be deployed in terminal projects in New East Mole Terminal in Pointe Noire - Republic of the Congo, and Noatum Ports, Luanda Terminal in Angola as announced by AD Ports Group in September last year. The impending delivery of the cranes signals the start of final preparations for Noatum Ports - Safaga Terminal, following the appointment, in December last year, of Hassan Allam Construction, Egypt's leading engineering and construction company, to build the infrastructure of the multipurpose terminal on Egypt's Red Sea coast, which will be the first internationally operated port terminal in Upper Egypt region. The terminal's area includes erecting superstructure, equipment, buildings, and utilities to create advanced facilities and leading-edge infrastructure and handle diverse cargo including dry bulk, liquid bulk, containerised cargo and Ro-Ro vehicles. Noatum Ports - Safaga Terminal will encompass approximately 810,000 sq m, a 1,000-m quay wall, with container capacity of 450K TEUs , 5 million tonnes dry bulk and general cargo capacity, 1 million tonnes liquid bulk capacity, Ro-Ro facilities with 50K CEUs capacity, as well as common areas. The multiple facilities will include administration buildings, workshops, warehouses, and authority buildings, along with extensive infrastructure development including roads, utilities and security systems. The project will feature a 48,000 sq m concrete apron, an 80,354 sq m container terminal with supporting infrastructure, and approximately 66,360 sq m for general cargo and break-bulk operations. Ahmed Al Mutawa, AD Ports Group Regional CEO, said: 'Noatum Ports - Safaga Terminal will support Egypt's economic development with creation of the Red Sea region's most modern, efficient terminal facility, which will vastly improve the area's connectivity and lower costs for traders and businesses. We are committed to delivering on our agreement to realise this world-class facility with our Egyptian partners, the Egyptian Ministry of Transport and RSPA. Noatum Ports - Safaga Terminal is an important milestone in the development of our Group's growing ports and maritime strategy in Egypt, where we are taking a lead role through cruise, multipurpose and Ro-Ro concessions to lay a foundation for rapid growth.' The Safaga concession is part of a broader expansion into Egypt's Red Sea region, where the group also has concessions to operate three cruise passenger terminal in Safaga, Hurghada and Sharm El Sheikh, and has initialed agreements with Egyptian authorities to operate a passenger cruise terminal and a Ro-Ro terminal in Ain Sokhna, near the Red Sea mouth of the Suez Canal. Through its Egyptian maritime shipping lines, Transmar, TCI, and Safina B.V., the Group is also a major provider of connectivity to local and international clients, the company added. - TradeArabia News Service
Zawya
04-03-2025
- Business
- Zawya
AD Ports Group prepares to receive Panamax cranes for new terminal in Egypt
AD Ports Group today announced it was preparing to receive three new state-of-the-art Panamax cranes from Shanghai Zhenhua Heavy Industries Co. Ltd (ZPMC), ordered for the Group's new multipurpose cargo terminal in Safaga, Egypt, which is expected to be operational in the second half of 2026. Under a 30-year concession agreement signed with the Red Sea Ports Authority (RSPA) in 2023, the Group is developing and will operate a multipurpose terminal in Safaga Port. AD Ports Group is investing AED193 million in three ship-to-shore (STS) cranes and six hybrid rubber tyred gantry (RTG) cranes for Noatum Ports - Safaga Terminal. This is in addition to a contract for six ship-to-shore (STS) cranes, and 17 hybrid rubber tyred gantry (RTG) cranes awarded to ZPMC for a cost of over AED420 million to be deployed in terminal projects in New East Mole Terminal in Pointe Noire - Republic of the Congo, and Noatum Ports, Luanda Terminal in Angola as announced by AD Ports Group in September last year. The impending delivery of the cranes signals the start of final preparations for Noatum Ports - Safaga Terminal, following the appointment, in December last year, of Hassan Allam Construction, Egypt's leading engineering and construction company, to build the infrastructure of the multipurpose terminal on Egypt's Red Sea coast, which will be the first internationally operated port terminal in Upper Egypt region. The terminal's area includes erecting superstructure, equipment, buildings, and utilities to create advanced facilities and leading-edge infrastructure and handle diverse cargo including dry bulk, liquid bulk, containerised cargo and Ro-Ro vehicles. Noatum Ports - Safaga Terminal will encompass approximately 810,000 square metres, a 1,000-metre quay wall, with container capacity of 450K TEUs, five million tonnes dry bulk and general cargo capacity, 1 million tonnes liquid bulk capacity, Ro-Ro facilities with 50K CEUs capacity, as well as common areas. The multiple facilities will include administration buildings, workshops, warehouses, and authority buildings, along with extensive infrastructure development including roads, utilities and security systems. The project will feature a 48,000 square metre concrete apron, an 80,354 square metre container terminal with supporting infrastructure, and approximately 66,360 square metres for general cargo and break-bulk operations. Ahmed Al Mutawa, AD Ports Group Regional CEO, said "Noatum Ports - Safaga Terminal will support Egypt's economic development with the creation of the Red Sea region's most modern, efficient terminal facility, which will vastly improve the area's connectivity and lower costs for traders and businesses."We are committed to delivering on our agreement to realise this world-class facility with our Egyptian partners, the Egyptian Ministry of Transport and RSPA. He added that Noatum Ports - Safaga Terminal is an important milestone in developing the Group's growing ports and maritime strategy in Egypt. The Safaga concession is part of a broader expansion into Egypt's Red Sea region, where the Group also has concessions to operate three cruise passenger terminals in Safaga, Hurghada and Sharm El Sheikh, and has initialed agreements with Egyptian authorities to operate a passenger cruise terminal and a Ro-Ro terminal in Ain Sokhna, near the Red Sea mouth of the Suez Canal. Through its Egyptian maritime shipping lines, Transmar, TCI, and Safina B.V., the Group is also a major provider of connectivity to local and international clients.
