Latest news with #Dh135
Gulf News
02-05-2025
- Business
- Gulf News
Is UAE retail giant Lulu's share price making a comeback?
Dubai: Is Lulu's stock price in the mood for a comeback? After dropping 32% this year to Dh1.1, the ADX-listed share of the retail giant is slowly regaining some of the shine. The Lulu Retail stock is now up 16% to Dh1.28. Market watchers reckon that next week's trades will be crucial as the company readies to announce its Q1-2025 results. So far today, Lulu is at Dh1.26, lower by over 1%. But investors reckon there is a real possibility for Lulu's share to bounce back - and most important, hold its ground. The Lulu IPO price was Dh2.04 and resulted in one of the biggest retail subscriptions ever for a UAE enterprise. 'Despite the uncertainty surrounding US tariffs and a slowdown for GCC economies, Lulu Retail's margins and profitability are expected to rise for Q1-25 and going forward,' said Sameer Lakhani, Managing Director at Global Capital Partners. '(The Lulu share price gain) suggests that investors are turning optimistic about the company's performance. 'Of course for value investors, this is an opportunity to accumulate holdings. And this has increasingly been reflected at both the retail and institutional investor level.' Retail investors One of the big takeaways from the Lulu IPO was the presence of retail investors, many of whom had been first-time subscribers to a UAE stock market float. The Dh2.04 was the higher of the price range, and Lulu eventually drew an aggregate demand of Dh135 billion from subscribers. This made it the biggest for non-UAE government entity in 10 years. But once it listed, the stock was pulled lower, and the process accelerated after the company announced its 2024 numbers (even though the financials showed rock-solid growth in regional markets). This is why the Q-2025 results announcement will be crucial in setting the Lulu stock's short-term trajectory. 'We remain focused on strengthening our market position and look forward to the journey ahead with purpose and a shared vision for sustained growth," is what Saifee Rupawala, CEO of Lulu Retail said last week after the company's first AGM since the IPO. Mall of Muscat deal Lulu continues to deepen its Gulf-wide network. In Oman, there was the tie up between Tamani Global and LuLu International Holdings to 'support' the operational development and asset performance of Mall of Muscat. The Oman mall covers 1 million plus square feet of leasable area and hosts more than 170 retail outlets—including the 'Oman Aquarium', the first of its kind in the Sultanate. And this week, in the UAE, it was confirmed that the Ministry of Financeis integrating Lulu's B2B e-commerce platform - LuLuOn - into the UAE federal government's digital procurement system. What this means is that UAE government agencies can now access LuLu's product catalogue directly within the government's e-procurement platform. "Lulu Retail remains operationally strong, and there are still new areas of growth coming through," said a market analyst. "Somehow, so far, Lulu Retail's share price has not been able to catch up.
The National
07-04-2025
- Business
- The National
UAE economy grew 3.9% in 2024 on non-oil sector boost, Central Bank says
The UAE's economy grew by 3.9 per cent in 2024, its central bank has said, driven by growth momentum in the country's non-oil sectors as the Arab world's second-largest economy continues to push for diversification. Real gross domestic product for the 12-month period to the end of December grew 1 percentage point less than the UAE Central Bank's earlier estimate of 4 per cent. The banking regulator expects the country's GDP to expand at 4.7 per cent in 2025 and by 5.7 per cent in 2026, it said in its 2024 annual report released on Monday. The non-oil economy grew by 4.6 per cent last year and is expected to touch 5.1 per cent this year, UAE Central Bank data indicated. The country's hydrocarbon GDP, which contracted by 3.1 per cent in 2023, expanded by 1.6 per cent last year. This year, the central bank expects the oil economy to increase 3.6 per cent and by 8.5 per cent the following year. The headline inflation in the country is estimated to have reached 1.7 per cent last year and is expected to grow further to 2 per cent this year, central bank data showed. The economic growth last year was 'supported by a robust non-hydrocarbon sector performance and gradual recovery in hydrocarbon activities', while this year's growth will be 'driven by strengthening performance across both hydrocarbon and non-hydrocarbon sectors', the report said. 'The energy sector is expected to benefit from the planned easing of production cuts starting in Q2 2025, while the non-hydrocarbon sector continues to gain from government initiatives supporting foreign investment and economic diversification', and these trends, 'combined with increased oil and gas production', will further boost growth next year, it added. The UAE has been focusing heavily on diversifying its economy from oil by developing sectors such as technology, manufacturing, tourism, trade and innovation. The country has introduced several reforms including longer-stay residence visas as well as new visa categories to attract more talent. The UAE's non-oil foreign trade also hit a record Dh3 trillion ($816.9 billion) last year − up 14.6 per cent year-on-year. The Comprehensive Economic Partnership Agreements (Cepas) with various nations, from Colombia to Australia, have contributed Dh135 billion to the UAE's non-oil trade with partner nations, an increase of 42 per cent compared to the previous year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said last month. Cepas aim to reduce tariffs and remove bottlenecks that hamper trade. This programme is projected to increase national exports by 33 per cent and add more than Dh153 billion to the economy by 2031. The UAE banking system also continued to achieve 'exceptional strides' in 2024, with total banking sector assets reaching Dh4.56 trillion ($1.24 trillion)', a 12 per cent year-on-year rise. The sharp growth in banking assets last year has reinforced its 'well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity and stable financial reserves', the central bank said. 'Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system," said UAE Central Bank governor Khaled Balama.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Amlak posts Dh52 million net group profit after income tax for FY24
Amlak Finance on Tuesday reported a net profit of Dh52 million for the year ended 31 December 2024 as compared to a net profit of Dh259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10 per cent to Dh135 million as compared to Dh122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23 per cent to Dh347 million as compared to Dh452 million during the previous year. Amlak's operating costs for the year fell 20 per cent to Dh119 million, compared to Dh149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of Dh45 million (2023: Dh174 million) on debt settlement arrangements and was able to reduce its debt burden by Dh238 million. The company continued to efficiently manage its obligations, with repayment of Dh519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of Dh971 million. To date, Amlak has settled 91 per cent of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against the UAE dirham, which impacted the group's financial position. In KSA, the investment yielded an income of Dh9 million. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70 per cent settlement, that yielded a net gain of Dh45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.'
The National
16-03-2025
- Entertainment
- The National
African Queen review: Playful addition to Dubai's J1 serves up colourful cuisine
African Queen opened on the shores of the French Riviera 55 years ago and can count Naomi Campbell, Bono and Sylvester Stallone among its customers. The renowned restaurant has now brought its blend of Mediterranean, African and continental flavours to Dubai's with the opening of an outlet at J1 Beach. The original dining venue takes its name from an Oscar-winning 1950s film that also inspired its bold, maximalist interior design. The J1 Beach outpost showcases contemporary elegance in a colourful yet chic space suited to both intimate dinners and lively celebrations. It has quickly become a busy midweek venue. My dining partner and I visit on a Tuesday night to find out if this is due to its reputation as a celebrity hangout spot in the Cote d'Azur or its new kid-on-the-block status. We're greeted by a zealous front-of-house team as we walk into the dimly lit, green-tiled entrance. The enclave opens up to a spacious open-air dining area, and we're shown to our seats a few steps shy of the pool. This way, we can soak in the bold interior design while also taking in the golden-hour glow reflected in the water. Meanwhile, the music (think funk tunes and soul remixes) from our seats is at an ideal volume for an early evening meal, keeping the energy high and conversation flowing without vocal strain. The menu is an eclectic mix of cuisines, with pages of both fresh, healthy options and indulgent comfort foods, from Riviera salad to truffle pizza. Fluffy flat bread served with olive tapenade is placed on our table to start our meal. It's delicious and is a modest portion as we don't want to fill ourselves up too early. For starters, we order calamari (Dh85), tomato tatin (Dh95) and the old-fashioned artichoke and truffle salad (Dh135), which is our favourite. Served in a hollowed artichoke with shavings of ingredients within, it's a flavour-packed start to our meal. For mains, we chose grilled tenderloin in Bearnaise sauce (Dh285) served with a side of truffle mash (Dh70) for my meat eating partner and, as a vegan, a simple orecchiette pasta served with fresh arrabiata sauce for myself. It's a stripped-down version of the orecchiette with octopus ragu, which ordinarily costs Dh125, made vegan-friendly just for me. For dessert, there's a selection of delicacies, from pastries to cakes. Yet the golden chocolate bar is the one that stands out, oozing mousse, passion fruit, caramel and biscuit bites. So indulgent, my guest only makes it through half, taking the rest home for her four-year-old son, who later offers his testimonial by crowning it the 'best cake ever'. Our server tells us that the wood-fired truffle pizza (Dh180) is one of most popular dishes. Then, there's the African curry made with chicken, served with mango chutney and basmati rice (Dh135); the Nicoise salad complete with tuna ventresca (Dh135) prepared tableside; and the fanciful royal sea bass with baked potato and sour cream (Dh480). We sample just a sliver of this comprehensive menu. While our selections span both decadent dishes and comfort foods, there's a surprising one that stands out for both of us: the old-fashioned artichoke and truffle salad. The ingredients are minimal, yet a full-bodied blend of flavours. It's an optical treat, too, and becomes a dish easy to associate with African Queen's playful personality. All the food is delicious, but this is memorable as well. African Queen is located at J1 Beach in Jumeirah, Dubai; 04 570 55 46. This review was conducted at the invitation of the restaurant
Al Etihad
15-03-2025
- Business
- Al Etihad
Fathers' Endowment campaign: Over Dh83.6m raised in UAE's Most Noble Number charity auction
16 Mar 2025 02:20 DUBAI (ALETIHAD)The Most Noble Number charity auction, hosted on Saturday evening in Dubai, has raised Dh83,677,000, all of which will be invested to help support the objectives of the Fathers' Endowment with Ramadan, the campaign was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, to honour fathers by establishing an endowment fund to provide treatment and healthcare for those in in the Armani Dubai Hotel, Burj Khalifa by Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), in collaboration with Emirates Auction and the support of Dubai Roads and Transport Authority (RTA), e& UAE and du, the auction featured 25 special numbers including 5 vehicle plate numbers from RTA, 10 du mobile numbers and 10 e& UAE mobile of the auction will go towards supporting the Fathers' Endowment campaign and its aims of improving healthcare across underserved communities. This includes developing hospitals, providing essential medical equipment and medications, expanding capacity, and upgrading operating bids for RTA plate numbers amounted to Dh75.9 million. Bids amounted to Dh4.732 million for e& UAE mobile numbers and Dh3.045 million for du mobile auction saw the attendance and participation of businessmen, leading humanitarians and philanthropists, all bidding to support the aims of the Fathers' Endowment under the MBRGI's umbrella, the campaign honours fathers by allowing individuals to donate in their name, promoting the noble values of honouring parents, compassion and solidarity. It helps strengthen the UAE's position as a leader in charitable and humanitarian work, while promoting the concept of BinGhatti, Chairman of the Binghatti Holding, participated in the Most Noble Number charity auction, with total bids of Dh44.2 million. Dh35 million number plate Special plate numbers auctioned this evening sold for the following amounts: DD 5 sold for Dh35 million, DD 12 sold for Dh12.8 million, DD 15 sold for Dh9.2 million , DD 24 sold for Dh6.3 million and DD 77 sold for Dh12.6 million.e& UAE special mobile numbers were auctioned and sold as follows: Dh900,000 for number 0500777777, Dh740,000 for number 0500999999, Dh1.6 million for number 0565000000, Dh310,000 for number 0565500000, Dh180,000 for number 0565555553, Dh182,000 for number 0569222222, Dh220,000 for number 0543444444, Dh135,000 for number 0545555557, Dh270,000 for number 0547700000, and Dh195,000 for number special mobile numbers sold for the following amounts: Dh210,000 for number 0584444440, Dh135,000 for number 0584444441, Dh135,000 for number 0584444442, Dh125,000 for number 0584444443, Dh1.7 million for number 0584444444, Dh130,000 for number 0584444445, Dh125,000 for number 0584444446, Dh125,000 for number 0584444447, Dh250,000 for number 0584444448 and Dh110,000 for number addition to the Most Noble Number charity auction in Dubai, the Most Noble Number online charity auction continues to attract bids. Online Abu Dhabi number plates auction The online auction, organized by the Integrated Transport Centre (Abu Dhabi Mobility) which operates under the Department of Municipalities and Transport in Abu Dhabi, features 444 special plate numbers that are auctioned through the Emirates Auction app, and will close on March 16 and Most Noble Number charity auction adds to the six main channels established to receive contributions to the Fathers' Endowment campaign, including the campaign's website ( as well as a dedicated call center via the toll-free number (800 4999). Donations are also possible via bank transfers in the UAE dirham to the campaign bank account number with Emirates Islamic Bank (IBAN: AE020340003518492868201). Donations via SMS are possible by sending the word 'Father' to the following numbers (1034 to donate Dh10, 1035 to donate Dh50, 1036 to donate Dh100 and 1038 to donate Dh500) for Etisalat by e& and du users. Other possible platforms for donating to the campaign are the DubaiNow app by clicking the 'Donations' tab, and Dubai's community contributions platform Jood (
