Latest news with #Dh133
Al Etihad
21-05-2025
- Business
- Al Etihad
UAE a launchpad for manufacturers' global growth
22 May 2025 01:42 SAMIHAH ZAMAN (ABU DHABI)The UAE's manufacturing sector has grown by nearly 70 percent over the last four years, contributing Dh210 billion to its GDP in 2024, compared to Dh133 billion in 2021, a top official has said. Speaking to Aletihad on the sidelines of Make It In the Emirates 2025, Omar Al Suwaidi, Undersecretary at the Ministry of Industry and Advanced Technology (MoIAT), said the momentum set since 2021 — with the launch of the UAE's Operational 300bn industrial advancement – is set to continue. 'When it comes to manufacturing value-add to the GDP, we've seen tremendous growth since the launch of our industrial strategy. We've gone from Dh133 billion annually to Dh210 billion: that's 68 percent growth. [We are seeing the growth of the] industry and its impact — not only impact directly on the manufacturers but also on the [entire] supply chain, and the ripple effect on the services that are associated,' Al Suwaidi said. 'From the trajectory we've seen in the first four years — with the interest and the commitment we're seeing from all of our partners, whether it's the producers, manufacturers, or procurers — we see that momentum continuing,' he added. Make It In the EmiratesThe UAE launched the Operation 300bn strategy in 2021, with the aim of increasing its industrial sector's contribution to the GDP to Dh300 billion by 2031. The Make It In the Emirates (MIITE) effort was launched alongside that vision in a bid to connect investors, innovators, and manufacturers, encouraging them to bolster domestic production and opt for local procurement by ADNEC Group and hosted by MoIAT, in strategic partnership with the Ministry of Culture, the Abu Dhabi Investment Office, and ADNOC, this year's MIITE is running at ADNEC Centre Abu Dhabi until May Suwaidi said the 2025 edition of MIITE is the biggest yet, with over 58,000 visitors attending on the first two days.'We have grown since last year in terms of space, volume, and the number of companies participating. This year, we have more than 720 companies participating with their products, and we have about 3, 800 products on display throughout the event,' Al Suwaidi products have been drawn from a wide variety of sectors, and provide a snapshot of the true breadth of industrial activity in the UAE — from local farming and agricultural products to aircraft engines, armoured vehicles, pharmaceutical items, and even satellites. Supporting Manufacturer Growth'If you want to grow here and beyond, you need to come and set up in the UAE,' Al Suwaidi said, highlighting the competitive advantages on offer. In 2025, these include an expanded set of financing solutions worth Dh40 billion, following agreements between the MoIAT and five leading national banks designed to stimulate investments in industry and advanced technology, generate tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private MoIAT-led National In-Country Value (ICV) Programme, which redirects government procurement expenditure to local products and services, has also grown substantially.'We have had four major partners joining us: Modon, Emaar, Silal, and Calidus. These are significant, large entities in the UAE and they will definitely provide additional offtake and additional ICV scope for manufacturers and service providers in UAE,' Al Suwaidi keeping with the Operation 300bn strategy, the UAE is continuing to strengthen manufacturing across 11 priority sectors, including established sectors like food, beverages and agritech to sectors reliant on next-generation technologies, such as hydrogen and Suwaidi emphasised the UAE's focus on supporting local industry.'The UAE offers clarity in terms of the priority [manufacturing] sectors. We also have alignment across all government entities, local or federal, and the supporting ecosystem — the infrastructure, the logistics, the financing, the land, and the specialised industrial zones.'Our [growing list of] Comprehensive Economic Agreements (CEPAs) provide [manufacturers with] additional market access to almost 3 billion [people globally]…There's also the very stable and very supportive legislative system that's pro-business growth, and [geared to enhance the] quality of life of the people living here.'All of these enablers — this whole ecosystem — is what enables manufacturers to grow.' MIITE 2025 has seen a host of key announcements in its first two days, including agreements between UAE-based entities and global industrial leaders like Airbus and Schneider Electric. Source: Aletihad - Abu Dhabi
Al Etihad
28-04-2025
- Business
- Al Etihad
Multiply Group's revenues up by 50% YoY in Q1 2025
29 Apr 2025 01:34 ABU DHABI (ALETIHAD) Multiply Group, a leading Abu Dhabi-based investment holding firm, on Monday reported its Q1 2025 results with an EBITDA excluding fair value changes of Dh572 million, representing a 19% growth compared to the same period last year (Dh482 million in Q1 2024). Robust underlying profit growth was driven by strong performance across business verticals. Reported profit of Dh210 million includes over Dh133 million of paper losses from unrealised changes in fair value driven by periodic market fluctuations with no implications on the operational performance of the business offset by Dh328 million Investment income. Group revenue increased by 50% YoY to Dh585 million, driven by growth across all verticals. Blended gross profit margin remained healthy at 49%, reflecting continued profitability across core Group's net profit from operating businesses increased by 26% on the back of the Beauty & Wellness vertical growing net profit by more than 120% and the Media & Communications vertical increasing net profit by 38% as a result of organic and inorganic growth. Share of loss from Kalyon JV increased to Dh25 million in Q1 2025 (Q1 2024 - Dh14 million) as a result of hyperinflationary accounting and amortisation of deferred tax sheet remains robust with cash balance of Dh1.73 billion. The Group again demonstrated the value of its long-term strategy by building a diversified portfolio of strong assets. Strategic Investments and Partnerships in Q1'25Multiply Group signed an agreement to acquire a controlling stake of 67.91% in Castellano Investments, which owns Spanish fashion retailer Tendam, in the UAE's company's first major foray into Europe and the retail and apparel sector. Multiply signed the deal with CVC Funds and PAI Partners, to become the majority shareholder in Castellano Investments. The media vertical of Multiply Group signed a memorandum of understanding (MoU) with Al Arabia Outdoor Advertising, setting the stage for the creation of a joint entity dedicated to investing in the global out-of-home (OOH) advertising sector, strengthening global presence and supporting expansion plans into international Group appointed an artificial intelligence-powered board observer in a decision designed to embed innovation into corporate governance and decision making. The AI observer, named MAI, will provide the board with real-time data analysis and forward-thinking insights, to enhance strategic decision making, ensuring Multiply Group remains ahead of market trends and industry innovations. According to the Abu Dhabi Securities Exchange (ADX) data, Multiply Group's net capitalisation stands at Dh24.416 billion. International Holding Company's (IHC) is the majority stakeholder in the company.
Khaleej Times
16-03-2025
- Business
- Khaleej Times
GCC logistics sector set to shine amid e-commerce growth
The logistics industry is set for a significant transformation in 2025, driven by key global shifts in digital commerce, advancements in last-mile delivery solutions, and a growing emphasis on sustainability. With global trade projected to grow by 3 per cent in 2025 , logistics remains a critical enabler of international commerce. E-commerce continues to accelerate, especially in the Gulf Cooperation Council (GCC), where the sector is expected to grow from $39 billion in 2023 to $50 billion in 2025 . 'This surge, fueled by a tech-savvy population and increasing smartphone adoption, is reshaping customer expectations for faster delivery, seamless returns, and greater convenience,' Kami Viswanathan, President of FedEx Middle East, Indian Sub-continent and Africa, told Khaleej Times in an interview. To enhance the delivery experience, FedEx has integrated WhatsApp notifications into its FedEx® Delivery Manager e-commerce solution. 'Additionally, with more consumers shopping online, our Picture Proof of Delivery feature enhances transparency by confirming that their package has been delivered to their doorstep, especially when they are not home to receive it,' she added. The Middle East is home to some of the fastest-growing economies globally, with the UAE serving as a vital logistics hub connecting East and West. The logistics sector is a key driver of economic diversification and facilitating cross-border trade, supporting national initiatives like the UAE's Operation 300 billion, which aims to increase the industrial sector's GDP contribution from Dh133 billion ($36 billion) to Dh300 billion ($82 billion) by 2031 . 'FedEx actively supports Dubai's D33 economic agenda, which is to double the size of the Emirate's economy by 2033 . A key milestone is our long-term investment of approximately Dh1.3 billion ($350 million) through infrastructure and technological advancements in our state-of-the-art Middle East, Indian Subcontinent and Africa hub at Dubai World Central (DWC) Airport. Today, the facility serves as the main regional hub, with 69 weekly FedEx flights connecting the UAE directly with major markets, including the US, Belgium, France, India, Hong Kong, Italy, South Africa, Kenya, China, and Singapore. By enhancing efficiency and accelerating shipment processing through this hub, FedEx plays a vital role in seamless global trade facilitation,' Viswanathan said. As part of its global workforce development initiative, FedEx has invested $100 million in the world's first FedEx Advanced Capability Community (ACC) in the Middle East, Indian Subcontinent and Africa region. 'In addition to boosting employment opportunities, it also contributes to the development of new capabilities and meeting the technological requirements of FedEx operations worldwide. Additionally, we also empower small and medium-sized enterprises (SMEs), with 90 per cent of our global supply contracts awarded to small businesses. Through these efforts, FedEx supports approximately 400,000 jobs worldwide, contributing to job creation and economic resilience,' Viswanathan said. Small and medium enterprises (SMEs) are the backbone of the UAE's economy, contributing over 63.5 per cent to the country's non-oil GDP . 'As trade evolves, SMEs need more than just logistics – they require strategic support to scale internationally. At FedEx, we act as trusted advisors, connecting SMEs to a world of possibilities through our global network, tailored services, and digital solutions,' Viswanathan said. In addition, FedEx is actively engaging SMEs across the region through its cluster programme, that helps SMEs across various sectors navigate international trade and expand their reach. Recent clusters included e-commerce businesses in the Sharjah Publishing City (SPC) Free Zone and SMEs based in Ras Al Khaimah Economic Zone (RAKEZ), Jebel Ali Industrial Zone, and Dubai Investments Park (DIP). FedEx is also investing significantly in automation, building one of the world's smartest networks in the industry. The FedEx hub at DWC features automated sort systems, handling up to 9,000 packages per hour, enhancing accuracy and speed in package processing and distribution. On the sustainability front, customers can access estimates of their carbon footprint on the FedEx® Sustainability Insights tool. 'Additionally, the EVs incorporated in our UAE fleet have zero-tailpipe emissions and, on a full charge, have a delivery capacity of 280 kilometers operational range. By integrating logistics with AI and digital intelligence, we are building smarter, more resilient supply chains,' Viswanathan said.
