Latest news with #AlMalek
Al Etihad
05-05-2025
- Business
- Al Etihad
Dubai Residential REIT offers 12.5% stake in IPO
5 May 2025 10:20 REDDY (ABU DHABI) Dubai Residential REIT, the GCC's first pure-play residential leasing-focused REIT, has launched its initial public offering (IPO) on the Dubai Financial Market (DFM), offering 1.625 billion units, or 12.5% of its issued unit capital. The subscription period runs from May 13 to 20, with trading expected to begin on or around May conventional equity offerings, the REIT is issuing units rather than shares, as it is structured as a Shariah-compliant closed-ended trust. The offering has received Shariah compliance approvals from both the REIT's internal committee and Emirates NBD IPO is divided into two tranches. The first tranche is allocated to retail investors in the UAE and comprises 10% of the total offer—162.5 million units. Each successful retail investor is guaranteed a minimum allocation of 2,000 units. The second tranche, comprising 90% or 1.4625 billion units, is earmarked for qualified institutional a gross asset value (GAV) of Dh21.63 billion and a portfolio of 35,700 residential units across 21 communities, the REIT is set to become the largest listed REIT in the GCC. It caters to all housing segments—premium, community, affordable and corporate—with a tenant mix of 57% individuals and 43% corporates. Occupancy reached 97% in Al Malek, Chairman of the REIT's Investment Committee, said the IPO gives investors a chance to participate in a resilient, income-generating platform backed by Dubai Holding's broader real estate ecosystem. Dubai Residential REIT is owned by DHAM Investments, which will remain the majority unitholder post-IPO. DHAM Investments LLC is owned by DHAM LLC, which is a subsidiary of Dubai Holding. Stock Markets Continue full coverage
Zawya
12-02-2025
- Business
- Zawya
Du logs $653mln net profits in 2024; highest dividends unveiled
Dubai: Emirates Integrated Telecommunications Company (du) posted an annual hike of 49.10% in net profit to AED 2.48 billion during 2024, compared to AED 1.66 billion. Revenues increased by 7.30% to AED 14.63 billion at the end of December 2024 from AED 13.63 billion, according to the financial results. Basic and diluted earnings per share (EPS) climbed to AED 0.55 last year from AED 0.37 in 2023. Financials for Q4 In the fourth quarter (Q4) of 2024, the telecom group generated 47.50% higher net profits at AED 585 million, compared to AED 396 million. The revenues grew by 8.80% to AED 3.87 billion in Q4-24 from AED 3.55 billion in Q4-23. Cash Dividends The board recommended distributing 34 fils per share as the final dividend for 2024, taking the full-year dividend to 54 fils per share. This marks the highest dividend in the history of du. Malek Sultan Al Malek, Chairman of du, said: 'Our mobile and fixed network, supporting close to 10 million subscribers, is forming the backbone of the UAE's digital economy, highlighting the success of our customer-centric and digital-first approach.' 'Our outlook remains positive as we continue to progress on our transformation journey, prioritise emerging technologies, and strengthen our position in the telecom and ICT sectors to meet evolving market demands,' Al Malek highlighted. Fahad Al Hassawi, CEO of du, commented: '2024 was a pivotal year for du. Key milestones included the launch of the du Tech and du Infra sub-brands, the roll-out of the du Pay fintech solutions, and the deployment of the Middle East's first indoor 5G-Advanced Network,' Al Hassawi mentioned.
