Latest news with #AED780
Trade Arabia
18-03-2025
- Business
- Trade Arabia
Whitewill named master broker for $1bn RAK residential project
AARK Developers, a leading player in the UAE's luxury real estate sector, has appointed Whitewill, the international luxury real estate agency for developers and partners across the UK, US and UAE markets, as the master broker for its flagship development, Sora Beach Residences, in Ras Al Khaimah. An AED4 billion ($1.1 billion) ultra-luxury beachfront development on Al Marjan Island, Sora Beach Residences stands as a landmark in modern architecture and hospitality-driven living. It boasts fully furnished residences with unobstructed sea views, a 1000-foot private beach, the largest residential atrium in the region at 138 ft, an exclusive beach club, and over 50 amenities. Conceptually designed by world-renowned Japanese architectural firm Nikken Sekkei, with interiors crafted by the acclaimed UK based design firm Shalini Misra, the key development is set to redefine waterfront luxury living. The appointment marks a significant milestone in the project's journey, as Whitewill takes charge of the global sales and marketing strategy for the AARK's flagship development. Whitewill said it will leverage its extensive network and expertise to drive sales and investment interest globally. Known for successfully marketing and selling prestigious projects across the UAE, Europe, and beyond, Whitewill has brokered some of Dubai's most significant property sales from Q4 2024 to Q1 2025, totaling over AED780 million, it stated. "We're thrilled to be named the Master Broker for Sora Beach Residences, a project that truly defines luxury beachfront living," remarked its COO Olga Pankina. With Ras Al Khaimah's real estate market booming - total transactions soaring to AED15.08 billion in 2024, up 118% from last year, the emirate is quickly becoming a prime destination for high-end yet accessible real estate. Sora Beach Residences offers a rare mix of luxury, affordability and strong investment potential, making it a standout opportunity for buyers looking to be part of RAK's exciting transformation, it stated. "Our team is committed to ensuring investors and homeowners see the unmatched value in this development," he noted. Rahul Kumar Gupta, Chairman of AARK Developers, said: "Sora Beach Residences is one of the most anticipated luxury projects in the UAE, and having Whitewill as our exclusive agency ensures that we reach the right clientele globally." "Their deep understanding of the international luxury real estate market, coupled with their strategic approach to sales and marketing, aligns perfectly with our vision for this project," stated Gupta.
Arabian Business
31-01-2025
- Business
- Arabian Business
NMDC Energy revenues up 82% for the year; net profit zooms 80%
NMDC Energy has delivered stellar financial numbers in its first full-year reported earnings since becoming a public-listed company in September 2024. On the back of strong operational performance and strategic expansions locally and internationally, the Abu Dhabi company achieved an 80 per cent year-on-year increase in net profit for the financial year, upping its net profit from AED780 million ($212.4 million) to AED1.406 billion ($380 million). Revenues soared to AED14.44 billion ($3.93 billion), up 82 per cent year-on-year from last year's AED7.94 billion ($2.16 billion). Earnings per share rose 82 per cent as well, and total assets grew to AED16.5 billion ($4.5 billion), up by 27 per cent. For Q4 2024, net profit was AED502 million ($136.7 million), reflecting a 35 per cent increase compared to the same period of 2023. Revenues for Q4 2024 hit an all-time record high of AED4.7 billion ($1.28 billion), up 57 per cent. Ahmed Salem Al Dhaheri, CEO of NMDC Energy, commented: 'We are delighted to achieve strong financial results in what has been a landmark year for NMDC Energy. Our exceptional performance stems from our strategic focus, discipline, and bold ambition, where we have introduced cutting-edge technologies, fostered innovation, enhanced efficiency, and embraced AI within our operations. 'This is clearly reflected in our revenue and net profit growth of 82 per cent year-on-year and 80 per cent year-on-year, respectively. We are also proud of the milestone projects that we have been working on globally, including our recently inaugurated advanced fabrication yard in KSA and our prestigious EPC contract awarded by Taiwan Power Company (Taipower). 'As we look ahead into 2025, we continue to place sustainability, strategic international expansion and operational efficiency at the heart of NMDC Energy's winning formula for the energy business. The momentum created by our recent initiatives and strong financial results has set the stage for us to strengthen our core market and to unlock future growth.' The board of directors has proposed a total cash dividend of AED700 million ($190.6 million) for the financial year ended December 31, 2024, representing a cash dividend per share of 14 fils ($0.38). Mohamed Hamad Almehairi, Chairman of NMDC Energy, commented: 'Throughout 2024, NMDC Energy embarked on several ground-breaking initiatives to ensure the business will be a leader in the energy sector of the future. 'Our impressive financial performance illustrates the significant advances we have made operationally and geographically to bring meaningful value to our stakeholders. We are proud to be playing a tangible role in driving the UAE's national ambitions, in addition to actively supporting its focus on sustainability and its economic growth.' NMDC Energy has been strategically focused on major projects including Hail & Ghasha, Estidama, MERAM, Ruwais LNG, Lower Zakum and Aramco CRPOs. Looking towards East Asia, it was awarded a prestigious EPC contract by Taiwan Power Company (Taipower) for pipeline installation, shore approach works and dredging for the Tung-Hsiao Power Plant 2nd Stage Renewal Project. The $1.14 billion project involves the design, construction and installation of 111 kilometres of linear subsea pipeline at depths ranging from 10 metres to 55 metres, stretching between Taichung and Tung-Hsiao on Taiwan's west coast. As of December 31, 2024, NMDC Energy has a backlog of projects worth AED50.4 billion ($13.72 billion).
