Latest news with #Dh1.03
Khaleej Times
16-03-2025
- Business
- Khaleej Times
Dubai Investments reports net profit before tax of Dh1.3 billion for 2024
Dubai Investments has announced a net profit before tax attributable to shareholders of Dh1.3 billion for the fiscal year ending December 31, 2024, compared to Dh1.07 billion during the same period last year, marking a 21 per cent increase. Total income grew to Dh4.66 billion, mainly driven by the sale of properties amounting to Dh1.03 billion due to strong demand for real estate projects and efficient execution of the Danah Bay project on Al Marjan Island in Ras Al Khaimah and higher rental income due to occupancy levels maintained in DIP and acquisition of additional assets in Al Mal Capital REIT. Dubai Investments' total assets grew to Dh22.10 billion by the end of 2024, up from Dh21.44 billion in 2023. The group's equity attributable to owners stood at Dh14.11 billion. With a net debt to total attributable equity ratio of 21.9 per cent, the group continues to maintain strong liquidity levels, underscoring the group's robust financial position and resilience across economic cycles. In line with its commitment to delivering value to shareholders, the board of directors has proposed a cash dividend of 18 per cent (Dh0.18 per share) for the year 2024. Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said: 'Dubai Investments' strong financial performance in 2024 has laid a robust foundation for sustained expansion and long-term growth. Dubai Investments remains focused on accelerating growth by actively evaluating investment opportunities across MENA and other regions, exploring strategic divestments, and assessing select Group companies for potential IPOs. These initiatives align with the Group's vision to enhance market presence, maximise shareholder value, and drive sustainable growth in the years ahead.' Future outlook The group will launch several mixed-use real estate projects in the UAE whilst remaining focused on timely execution of projects in hand. The group anticipates strong growth and remains optimistic about the real estate sector. The construction of the group's Violet Tower project is progressing steadily, supported by healthy off-plan sales and remaining on track for completion by Q4 2026. A key priority is the continued expansion of the Al Mal Capital REIT portfolio, reinforcing its role as a reliable source of stable cash dividends. With a long-term vision for impact-driven investments, Dubai Investments is strengthening its footprint in the healthcare, education, financial services, artificial intelligence, and business services sectors. The Group remains committed to nurturing and scaling investments in these essential industries, reinforcing its role in supporting community development and regional economic progress. A disciplined approach to portfolio optimization remains a priority. 'The Group continues to monitor and reassess non-core assets, ensuring an agile and efficient investment strategy that strengthens market presence and drives sustainable growth in the years ahead,' a statement said.
Khaleej Times
14-03-2025
- Business
- Khaleej Times
Sunrise Capital launches the super elegant Bellagio in Wasl Gate
Sunrise Capital, a rising star in Dubai's real estate market, has announced the launch of its latest luxury residential project, Bellagio, located in the sought-after mixed use Wasl Gate community in Jebel Ali. Valued at $100 million, the new and exclusive freehold community consists of two blocks with 12-storeys each and 255 residential units, offering an unparalleled living experience with a range of exquisitely designed 1–3-bedroom apartments. One-bedroom starts from 634sqft; two-bedroom apartments from 1,259sqft; and three-bedroom apartments from 3,084sqft — along with 19 commercial units. Each unit boasts premium finishes, spacious layouts, and state-of-the-art smart home technology, ensuring a seamless blend of luxury and convenience. The construction for Bellagio started in January this year and completion and handover are anticipated in third quarter of 2027. 'We are confident that Bellagio will set a new benchmark for luxury living in Dubai, offering residents a truly connected lifestyle within the vibrant Wasl Gate community,' commented Yogesh Bulchandani, founder and CEO of Sunrise Capital. With a focus on community, connectivity, and sustainability, Bellagio features a host of amenities, including a temperature-controlled swimming pool, an expansive 4,200sqft, gym, spa, outdoor cinema, dedicated kids' room, versatile multipurpose room, meeting rooms, co-working spaces and dedicated concierge services. The meticulous attention to detail in the interior design, with clean lines, sleek fixtures, and warm wood accents, creates a bright and inviting atmosphere that exudes natural elegance. For investors, Wasl Gate's prime location along Sheikh Zayed Road offers seamless access to business districts, shopping centres, and entertainment spots. The project is just minutes away from the city's vibrant pulse while providing the serenity of lush green spaces like Central Park at Wasl Gate, where residents can unwind and connect with nature. Residents will also benefit from the project's strategic location with easy access to Energy Metro station, Dubai Hills Mall, Dubai Mall, The Outlet Village, Al Maktoum International Airport, Mall of the Emirates, and Palm Jebel Ali. 'Sustainability is woven into the fabric of Wasl Gate's design, featuring energy-efficient lighting, electric vehicle charging stations, and advanced waste recycling systems. This commitment to sustainability aligns with Sunrise Capital's vision of creating eco-friendly and future ready communities,' added Yogesh Bulchandani. With prices starting at Dh1.03 million, Sunrise Capital aims to become the most trusted name in the UAE real estate. By focusing on projects that emphasise quality, customer care, and innovation, the company is poised to reshape urban communities in the UAE while setting a new benchmark for excellence in the region.
