Latest news with #Dh1.1
Al Etihad
21-05-2025
- Business
- Al Etihad
Dubai Residential REIT IPO oversubscribed 26 times, final price set at Dh1.10
21 May 2025 13:11 REDDY (ABU DHABI)The initial public offering (IPO) of Dubai Residential REIT has attracted overwhelming investor interest, being oversubscribed 26 times with a gross demand of Dh56 billion ($15 billion). The final offer price has been set at Dh1.10 per unit, implying a market capitalisation of Dh14.3 billion ($3.9 billion) upon listing, making it the largest listed REIT in the by strong investor appetite across local, regional, and international markets, the offering size was increased from 12.5% to 15.0% of the REIT's issued unit capital. The IPO will raise Dh2.145 billion ($584 million) for the selling unitholder, DHAM Investments, a subsidiary of Dubai Kaushal, Group CEO of Dubai Holding, described the response as 'a powerful endorsement of Dubai Holding's strategic vision and the strength of our residential leasing portfolio.' He added: 'This investor confidence speaks not only to the resilience of the UAE's economic vision and Dubai's long-term growth trajectory, but also highlights the increasing depth, maturity and global appeal of its capital markets.'The REIT, managed by DHAM REIT Management, will list on the Dubai Financial Market (DFM) on or around May 28 under the ticker "DUBAIRESI". Retail investors will receive allocation confirmations by May 26, with refunds starting the same portfolio includes 35,700 residential units across 21 integrated communities, serving over 140,000 residents. Malek Al Malek, Group CEO of Dubai Holding Asset Management and Chairman of DHAM REIT's Investment Committee, noted: 'The strong investor demand clearly signals a growing appetite for stable, income-generating assets in Dubai's vibrant and mature real estate sector. Dubai Residential REIT is firmly positioned as the benchmark for residential leasing in the city.'The REIT intends to adopt a semi-annual dividend distribution policy, beginning September 2025. The total of the first two dividend payments is expected to be the higher of Dh1.1 billion or 80% of profit before revaluation gains for FY2025. From FY2026 onwards, at least 80% of such profit will be distributed, subject to board near-full occupancy and high retention rates, the REIT's portfolio spans a mix of family-focused and premium residential communities including Bluewaters, City Walk, Remraam, and Nad Al Sheba Villas. The offering was jointly coordinated by Citigroup, Emirates NBD Capital, and Morgan Stanley. Emirates NBD Bank acted as Lead Receiving Bank.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai telecom operator du reports 19.8% net profit increase in Q1 2025
Emirates Integrated Telecommunications Company PJSC (du) reported its financial results for the first quarter of 2025, marked by robust growth in both revenues and profitability. Total revenues increased by 7.4 per cent year-over-year, driven by solid performance across both service and non-service segments. EBITDA rose by an impressive 15.0 per cent supported by improved revenue mix and efficient cost management, resulting in an exceptional EBITDA margin of 47.4 per cent. This operational strength translated into a net profit increase of 19.8 per cent, underscoring our continued momentum and financial discipline, according to a press statement released by the company today. Fahad Al Hassawi, CEO commented, 'We started the year with a very strong first quarter, delivering growth across all key financial metrics and making meaningful progress on our strategy to diversify revenue streams as witnessed by the strategic partnership with Microsoft to develop a hyperscale data centre. The resilient UAE environment coupled with the quality of our offerings and our ability to respond to evolving customer needs contributed to the solid growth in our subscriber base with our mobile base now exceeding the 9 million mark and our revenues witnessing a remarkable 7.4 per cent growth." He added, "We also achieved a strong margin expansion, with EBITDA margin rising to 47.4 per cent while net profit grew by 19.8 per cent, reflecting disciplined execution of our strategy and effective cost management. Our balance sheet remains robust supported by strong cash generation and the continuing normalisation of capital expenditures in our connectivity business, enabling us to strategically expand into high-potential growth areas. We have reiterated our guidance, highlighting our confidence in maintaining this strong momentum throughout the year.' According to the company's statement, Q1 revenues grew by 7.4 per cent year-over-year reaching Dh3.8 billion with growth in both service and non-service revenues primarily driven by the strong macro environment in the UAE, our ability to gain market share, as well as our sustained focus on high ARPU products and mix improvement. Q1 Mobile service revenues increased by 7.4 per cent year-over-year to Dh1.7 billion driven by the growth of our customer base, improved mix and enhanced ability to capture demand for higher ARPU products through higher offer personalisation and data driven Customer Value Management, as well as some non-recurring revenues. Q1 Fixed service revenues rose by 10.2 per cent year-over-year reaching Dh1.1 billion mainly driven by the higher fibre penetration and the continuing success of our Home Wireless product and Enterprise connectivity solutions. Q1 'Other revenues' grew by 4.8 per cent year-over-year to Dh1.1 billion driven by the expansion of our ICT business as we continue to seek new revenue streams beyond our core business. The growth was also driven by higher in-bound roaming revenues supported by higher tourists' inflow and higher interconnection revenues reflecting our higher mobile base. This was partly offset by lower handset sale mainly reflecting a phasing effect, with Q1'24 handset sales benefitting from a pull-forward in demand due to supply constraints in the prior quarter, resulting in a higher comparison base. Q1 EBITDA grew by 15.0 per cent to Dh1.8 billion, with an EBITDA margin of 47.4 per cent. The strong revenues' growth, improved Mix, increased ARPU, lower handset sales and lower authentication costs, as well as the positive impact of the non-recurring revenue items resulted in higher gross margin. This was coupled with improved collections performance and our continuous focus on operational efficiency and strong control of indirect costs. Q1 Net Profit witnessed a 19.8 per cent growth year-over-year to Dh722 million, representing a Net Profit margin of 18.8% reflecting the strong EBITDA performance and positive interest result. Q1 Capex was at Dh377 million (Q1 2024: Dh359 million), a capex intensity of 9.8 per cent (Q1 2024 capex intensity of 10.0 per cent). Our core investments remain focused on 5G densification, enhancing indoor coverage and expanding Fibre deployment, and we will further allocate capital to continue developing our ICT activities. We will also continue improving our infrastructure and transforming our IT systems to further enhance the quality of our network and elevate customer experience. Q1 Operating free cash flow (EBITDA – Capex) increased by 17.9 per cent to Dh1.4 billion, mainly driven by EBITDA growth.
Al Etihad
08-05-2025
- Business
- Al Etihad
Banking sector transfers rise to Dh3.4 trillion in Jan-Feb 2025
8 May 2025 18:22 ABU DHABI (WAM)Banking operations statistics released today by the Central Bank of the UAE (CBUAE) showed that the value of transfers executed within the country's banking sector through the UAE Funds Transfer System (UAEFTS) rose by 15.5 percent during the first two months of this year (January and February), reaching Dh3.4 trillion compared to Dh2.962 trillion during the same period last this, the value of transfers executed by banks during the first two months of this year amounted to Dh2.093 trillion, distributed as Dh1.1 trillion in January and Dh983.99 billion in the value of transfers executed by customers and institutions during the same period reached Dh1.327 trillion, broken down as Dh677.65 billion in January and Dh649.48 billion in for cheques in circulation, the February banking operations statistics indicated that the value of cheques processed using Image Cheque Clearing System (ICCS) exceeded Dh234.64 billion for 3.875 million cheques in the first two months of the year, compared to Dh216.218 billion for 3.8 million cheques during the same period in February alone, the value of circulated cheques stood at Dh116.165 billion for 1.828 million to Central Bank data, the value of cash withdrawals from the Central Bank during the first two months of the year reached Dh41.131 billion. The value of cash deposits at the Central Bank totalled Dh31.115 addition, banking indicators showed that the value of bank investments increased by 2.1 percent on a monthly basis, and 3.1 percent since the start of the year. As of the end of February, total bank investments reached Dh758.5 billion, compared to about Dh742.9 billion at the end of January, and Dh735.6 billion at the end of last year.
Al Etihad
01-05-2025
- Business
- Al Etihad
PureHealth reports Dh505 million net profit, Dh1.1 billion EBITDA for Q1 2025
1 May 2025 17:59 ABU DHABI (ALETIHAD)PureHealth Holding PJSC (PureHealth or the Group) (ADX Symbol: PUREHEALTH) announced on Thursday its financial results for the three-month period ended March 31, group's revenue increased 8% year-on-year to Dh6.6 billion, driven by growth across all of PureHealth's segments. EBITDA grew 5% year-on-year to Dh1.1 billion, and net profit grew 3% year-on-year to Dh505 million in Q1 Al Maazmi, Chairman of PureHealth, said, "PureHealth's strong Q1 2025 results underscore the strength of our integrated healthcare model and the resilience of our long-term strategy. We are redefining healthcare delivery, by combining operational excellence with cutting-edge innovation, to raise the standard of care across the region and beyond. As we continue to expand our global presence and invest in future-ready medical capabilities, our focus remains clear—delivering superior patient care, creating sustainable value for our shareholders, and making a meaningful, long-term impact on the health and well-being of the communities we serve." Shaista Asif, Group Chief Executive Officer at PureHealth, commented, "PureHealth's first quarter results reflect the solid growth witnessed across all core segments. The Group's results for the period came on the back of strong patient volume increases across our hospital network, both locally and internationally, and continued momentum in our insurance division with high renewal rates and expansion into new markets. Our strong operational execution, transformations of the assets, and the synergies between the entities are delivering tangible results, and strengthening the foundation for future growth. As we look ahead, PureHealth is well-positioned to continue expanding our reach, deepening our platform capabilities, and advancing specialised care to meet the evolving needs of the healthcare sector both in the UAE and internationally."
Gulf News
30-04-2025
- Business
- Gulf News
Dubai's new and upcoming malls: What's open now and what's coming soon
Dubai: Dubai's retail landscape is rapidly expanding, with new community malls set to serve emerging neighbourhoods and multi-billion-dirham upgrades planned for some of the city's most iconic shopping destinations. These upcoming and newly opened malls highlight Dubai's ongoing growth as a global hub for shopping, dining, and entertainment. Here's a look at the latest additions to the city's mall scene and what's on the horizon. Nad Al Sheba Mall Nad Al Sheba Mall is the newest neighbourhood lifestyle destination in Dubai. Spanning 500,000 square feet and developed by Dubai Holding Asset Management, the mall features over 100 outlets, covering dining, retail, entertainment, fitness, and even healthcare services. Visitors can enjoy wellness facilities such as a rooftop gym, swimming pool, and padel courts, making it a well-rounded destination for shopping, eating out, and staying active. Popular local brands like Home Bakery and SALT have already opened their doors, with Parkers and Joe & The Juice expected to launch soon. The mall is open from 10am to 10pm on weekdays and from 10am to midnight on weekends. Dubai Mall – The District Dubai Mall has expanded with the launch of The District, a new section that opened on March 1. Located near the Dubai Ice Rink and Level Shoes, The District adds 65 new retail and dining options to what is already one of the world's largest shopping destinations. Home to more than 1,200 retail outlets, two major department stores, and hundreds of F&B options, Dubai Mall spans over 1 million square metres, roughly the size of 200 football fields and sits next to the iconic Burj Khalifa. New community mall in Sobha Hartland A new Dh210 million community shopping mall is under development within Sobha Realty's Hartland master plan. Set to open in the second half of 2026, the mall marks Sobha Realty's first foray into retail real estate. The development will cover 339,000 square feet of built-up area, offering 115,000 square feet of leasable space across 35 outlets, including over 10 F&B options designed to serve residents and visitors in the area. Mall of the Emirates expansion – Dh5 billion upgrade Mall of the Emirates is undergoing a major Dh5 billion expansion that will introduce an additional 20,000 square metres and 100 new retail stores. The expansion aims to further enhance its position as a top shopping and leisure destination in the region. As part of the upgrade, Dh1.1 billion has already been invested in infrastructure improvements, a new wellness club, a cultural hub, and a reimagined dining area. Highlights of the expansion include: An indoor-outdoor precinct featuring casual dining and interactive entertainment The mall's first outdoor F&B courtyard, expected to open in early 2027 The New Covent Garden theatre, set to soft-launch in mid-2025 and fully open later that year New lifestyle and entertainment spaces to be completed by 2026 Additional dining and 'North End' spaces to be unveiled by early 2027 Dubai Square – Emaar's futuristic mega mall in Dubai Creek Harbour Dubai Square is an upcoming mall in Dubai Creek Harbour, developed by Emaar Properties. Once complete, it will become one of the largest malls in Dubai, second only to Dubai Mall, and will be connected to the new Dubai Creek Tower. Set in a waterfront community, Dubai Square will feature: · A design inspired by modern Middle Eastern architecture, with pedestrian-friendly walkways and a dramatic glass roof The mall will be part of a wider 7.4 million sq. m. residential area with 500,000 sq. m. of green and open space. Its location is just 10 minutes from Downtown Dubai and Dubai International Airport, making it easily accessible for residents and tourists.
