Latest news with #AED4bn
Arabian Business
14-04-2025
- Business
- Arabian Business
UAE real estate developer announces $1.1bn property pipeline
UAE real estate developer GJ Properties has announced a AED4bn ($1.1bn) project pipeline at the International Property Show (IPS) Congress 2025. The developer officially unveiled six new landmark developments at the event: Biltmore ACT ONE678 Sky Gardens Barajeel Towers Ajman Pearl Tower Each of these developments reflects the company's dedication to high-quality construction, innovative design, and creating vibrant communities across the UAE. GJ Properties in the UAE Collectively, the new projects span 8.8m sq ft of built-up area and are expected to add more than 4,500 residential units to the UAE market within the next year. Ali Jaber, CEO of GJ Properties, said: 'We are proud to announce our newest projects at IPS Congress 2025, a premier platform that brings together global real estate professionals and decision-makers. 'Our latest offerings reflect the growing demand for affordable luxury and sustainable living environments in the UAE, and we are excited to lead this transformation. IPS is an excellent opportunity for us to highlight our diverse portfolio, connect with global stakeholders, and explore new avenues for growth and collaboration'. Backed by a strong track record of delivering more than 800 residential units to date and with an active development pipeline valued at over AED550m ($150m), GJ Properties is positioned to meet the surging demand for quality housing in the UAE. In 2024, the company recorded a 10 per cent increase in annual growth, driven by investor confidence and its reputation for timely delivery and transparency.
Arabian Business
04-04-2025
- Business
- Arabian Business
Abu Dhabi reviews 2024 successes: $1.1bn key project investments, $26.2bn real estate boom, AI plans, air taxi trials and more
Abu Dhabi's Department of Municipalities and Transport (DMT) has unveiled its key accomplishments for 2024, showcasing a transformative period of development and innovation for diverse communities across the emirate. The year was defined by the successful completion of AED4bn ($1.1bn) worth of key projects, which were part of a broader set of long-term initiatives with a total budget exceeding AED75bn ($20.4bn). The DMT also re-affirmed its position as a significant contributor and driver of the Emirate's growth, stability, and safety. This was highlighted by Abu Dhabi being named as the number one most liveable city in the MENA region by the Economist Intelligence Unit's Global Liveability Index and one of the safest in the world according to the Crime and Safety Indices by Numebo. The capital city was also ranked as one of the top ten smartest cities in the world by the International Institute for Management Development. Mohamed Ali Al Shorafa, Chairman of the DMT, said: 'The future-focused AED75bn ($20.4bn)-plus budget embodies an ambitious vision to enhance infrastructure, elevate services, and promote urban development across the Emirate. 'We strongly believe that these investments are a vital step towards building a solid, holistic foundation for the future. These initiatives reaffirm our dedication to our leadership's vision of enhancing the quality of life for our communities as well as meeting residents' aspirations for smart city living and environmental sustainability.' Abu Dhabi strategic road networks DMT invested AED3.4bn ($926m) towards the completion of key mobility and road network projects including the expansion of the Helio-Abu Al Abiyad Road in Al Dhafra Region; and a double-bridge project with a total value of AED315m ($86m) that reduced average morning peak-hour delays by up to 80 per cent on the capital's vital Al Khaleej Al Arabi Street. Other notable roadworks completed in the past 12 months have included a complete overhaul of Al Ain's 760m landmark Sheikh Khalifa bin Zayed Street, now featuring a new 1.5km cycling track, an event plaza, and landscaping with over 780 trees in addition to shade structures. Furthermore, the Emirate saw 247km of new cycling paths bringing the total length of dedicated tracks to more than 1,200km. Enhancing community spaces in Abu Dhabi DMT prioritised the development of community-centric projects, many of which were delivered through Al Tawajud Al Baladi (Municipal Presence Centres). These centres, which operate more than 20 facilities across the Emirate, serve as vital hubs for engaging with residents, addressing local needs, and enhancing public services. The developments included the opening of over 200 parks and beaches across the Emirate in addition to the reopening of the landmark Al Bateen Ladies Club, which underscores the Department's focus on creating inclusive and accessible spaces for all. Moreover, the introduction of the Abu Dhabi Canvas initiative further highlighted DMT's efforts to enrich the city's urban landscape through creativity and innovation. Abu Dhabi real estate The Abu Dhabi Real Estate Centre (ADREC), a DMT affiliate, reported a year of remarkable growth, with 28,249 transactions, a 24.2 per cent increase over the last year, bringing the sector's total value to AED96.2bn ($26.2bn). This included 16,735 sales transactions worth AED58.5bn ($16bn) and 11,514 mortgage transactions totalling AED37.7bn ($10.3bn), reinforcing Abu Dhabi's appeal as a prime investment destination. Redefining mobility in Abu Dhabi 2024 proved to be a turning point for mobility, with the inaugural Abu Dhabi Mobility Week showcasing the industry's best-in-class innovations while providing an open forum for stakeholders to collaborate in realising their visions through real-life practical use cases. This transformation was witnessed through the region's first passenger-carrying drone trials, marking a milestone in urban air mobility. The event featured two test flights: the first showcased a five-seater drone capable of travelling more than 25km with a payload of up to 350kg, while the second demonstrated a smaller drone designed to carry two passengers, covering up to 35km in approximately 20 minutes. Further solidifying its leadership in next-generation transport, Abu Dhabi also announced a government-wide partnership with Joby Aviation to establish the Emirate's first fully autonomous, electric air taxi ecosystem. The Department in 2024 also saw past investments in public transportation yielding positive results, with over 90m rides recorded in public buses, and more than 168,000 passengers making use of Abu Dhabi's water transportation network, along with over 28m air passengers highlighting the Emirate's enhanced infrastructure and seamless transport connectivity. Pioneering AI in Abu Dhabi The Department displayed a strong commitment to embracing AI applications in its operations and in the daily lives of the Emirate's population. This was showcased most notably through a centralised, real-time, data-driven platform that allows city planners and decision makers to optimise liveability standards based on the needs of residents across different areas and districts in the capital. The dynamic 3D modelling system, which uses AI Digital Twin capabilities, is growing to be a tentpole of smart technology application in city management and urban living. Throughout the year, DMT introduced other key initiatives, such as an AI-enabled architectural review platform that accelerates construction and building projects' approvals using generative AI and 3D model analysis. Also, the Integrated Transport Centre (Abu Dhabi Mobility), a DMT affiliate, incorporated an AI engine into its operations that provides in-depth insights into transportation and commuter behavioural patterns. This is set to be pivotal in decision-making processes for managing large-scale mobility operations. Elevating construction standards in Abu Dhabi DMT advanced regulatory frameworks with initiatives enhancing compliance, safety, and quality in Abu Dhabi's construction and engineering sector. These included the launch of the Building Occupancy and Legalisation Certification Programme to improve building safety and sustainability across the Emirate. It also introduced the Performance Evaluation and Engineering Excellence System for architectural and engineering firms, as well as mandatory certification exams for licensed engineers. Strategic partnerships and global collaborations DMT strengthened its global partnerships in 2024, which encompass the signing of a twin city agreement with Shenzhen following the successful organisation of the Abu Dhabi X Shenzhen Innovation Forum, and a Friendship City agreement with Seoul, marking a new chapter in the bolstering of ties between the two capitals. Other notable international developments throughout the year comprised a collaboration with the Massachusetts Institute of Technology (MIT) to establish the DMT Future Hub as a centre of excellence in urban, mobility, and sustainable development. Additionally, the Department launched the World Smart Sustainable Cities Organisation's MENA regional office and won the bid to host the 2025 WeGO Executive Committee Meeting, reinforcing Abu Dhabi's leadership in sustainable city advancements. Shaping Abu Dhabi's future: strategic projects to enhance liveability The Department of Municipalities and Transport is set to announce a range of strategic projects in the coming months, designed to strengthen Abu Dhabi's reputation as one of the most liveable cities in the MENA region and position it among the world's top ten smart cities. These initiatives are part of the Department's commitment to Abu Dhabi's long-lasting growth, while introducing forward-thinking strategies that continue to enhance the Emirate's liveability standards.
Arabian Business
06-02-2025
- Business
- Arabian Business
FAB posts 4% rise in FY 2024 net profit; beats estimate
First Abu Dhabi Bank (FAB), the UAE's biggest lender, reported a four per cent rise in net profit to $4.6bn (AED17.1bn) in 2024, compared to the previous year. For Q4 2024, the bank's net profit was to the tune of AED4.18bn, four per cent higher YoY. FAB's FY 2024 financial results topped analysts' mean estimate of AED16.2bn, according to LSEG data, while Q4 profit also beat the AED4bn estimate. FAB results The bank's operating income for FY 2024 was AED31.6bn, 15 per cent higher YoY, on higher net interest income which rose 8 per cent to AED19.6bn. Its net interest margin widened 13 basis points YoY to1.93 per cent, the bank said. Non-Interest Income grew 29 percent YoY to AED12bn. The bank said its assets at the end of December 2024 were at AED 1.21 billion, 4 per cent higher YoY, but one per cent lower compared with the previous quarter.
