Latest news with #BrindaDarasha
Zawya
2 days ago
- Business
- Zawya
Dubai Emaar Development acquires land for $798mln
Emaar Development, the construction arm of Dubai's largest listed real estate firm, Emaar Properties, has acquired a plot of land in Ras Al Khor, where it plans to launch real estate projects to capitalise on the continued boom in the emirate's property market. The land was acquired from Amlak Property Investment for 2.9 billion dirhams ($789 million), plus associated transaction cost. The acquisition, which will add to the developer's land bank, will be financed through internal resources. The full purchase price will be paid upon transfer of the land, expected by 31 July 2025. Emaar Development, a major player in Dubai's real estate market, is known for its large-scale master-planned communities, including Downtown Dubai, Dubai Marina, and Dubai Creek Harbour. The company, which delivers build-to-sell (BTS) assets, launched 12 projects across its master plans in the UAE in Q1 2025. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
21-05-2025
- Business
- Zawya
Kuwait Real Estate Co. unit secures facility worth $46.3mln
Kuwait Real Estate Company (KREC) said a subsidiary has signed a credit facility agreement in the United Arab Emirates for a value of 170 million dirhams (KWD 14.16 million $46.3 million). The company didn't name the bank or the terms of the loan. The facility will be used to repay an existing loan of AED 154.68 million with the remainder used to finance the company's real estate and hotel activities within the UAE. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
15-05-2025
- Business
- Zawya
Abu Dhabi TAQA Q1 net profit slips
Abu Dhabi National Energy Company PJSC, known as TAQA, said its Q1 2025 net profit attributable to shareholders fell 1.5% year-on-year to 2.08 billion dirhams ($566 million) on lower commodity prices and declining output of oil and gas. The integrated utilities company saw revenue rise 3.8% to AED 14.2 billion driven by Transmission and Distribution. TAQA has approved Q1 interim dividend of 0.75 fils per share. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
14-05-2025
- Business
- Zawya
Abu Dhabi's Lulu Retail posts 16% rise in Q1 net profit, beats estimate
UAE's Lulu Retail Holdings Plc posted Q1 2025 net profit of $69.7 million, 16% higher year-on-year (YoY), supported by growth in e-commerce sales in the UAE. The result came above analysts' mean estimate of $65 million, according to LSEG data. Revenue for the quarter came to $2.1 billion, up 7.3% YoY, with like-for-like sales up 3.6% YoY driven by strong sales during Ramadan period, the Abu Dhabi ADX-listed supermarket operator said. E-commerce sales grew 25.3% YoY to $93.4 million and accounted for 4.7% of retail revenue. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
13-05-2025
- Business
- Zawya
Dubai Spinneys reports 14% rise in Q1 net profit
The Dubai-based supermarket operator Spinneys posted 14% growth in Q1 2025 net profit to 85 million dirhams ($23 million). Revenue for the quarter grew over 11% year-on-year (YoY) to AED 906 million on the back of three new store openings and higher online sales. Spinneys, which listed on Dubai's DFM exchange following an IPO earlier last year, expects to open 10 to 12 new stores across the UAE and Saudi Arabia by year-end. The company forecasts revenue growth for 2025 at between 9-11% driven by new store openings coupled with like-for-like sales growth of 4-6%. (Writing by Brinda Darasha; editing by Seban Scaria)
