Latest news with #Dh210
Al Etihad
a day ago
- Business
- Al Etihad
Al Seer Marine and BGN affiliate launch JV to meet growing LPG demand
2 June 2025 10:09 ABU DHABI (ALETIHAD)Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced the launch of a joint venture (JV) with B International Shipping & Logistics—an affiliate of energy trader BGN — to strengthen its footprint in the liquefied petroleum gas (LPG) logistics Seer Marine, a listed company on the Abu Dhabi Securities Exchange (ADX) with a market cap of Dh3.55 billion, posted a statement announcing the JV on the ADX's website. The new joint venture, named ASBI Shipping FZCO, aims to own and operate mid-sized LPG and product tankers, targeting growing demand in regional and infrastructure-constrained part of its initial operations, ASBI has acquired two 22,000 cbm semi-refrigerated LPG tankers, Alkaid and Alcor. The vessels are backed by a 10-year charter agreement with BGN INT DMCC, a subsidiary of BGN that trades over 50 million metric tonnes of commodities annually. The deal is expected to generate Dh660 million ($180 million) in revenue through on the partnership, Guy Neivens, CEO of Al Seer Marine, said, 'The global energy landscape is evolving rapidly, reshaping how countries manage their supply chains. This transformation is driving increased demand for smaller, more flexible LPG vessels that can efficiently serve regional hubs and infrastructure-constrained ports.'To support the vessel acquisition, Abu Dhabi Commercial Bank has extended Dh210 million ($57.2 million) in senior secured term financing. The seven-year facility is secured by the vessels and their associated cash flows, underlining institutional confidence in the JV's commercial to Rüya Bayegan, CEO of BGN Group,'Our charter with ASBI aligns with BGN's focus on securing transition fuel supply chains. Smaller vessels are indispensable for ports lacking VLGC infrastructure.'The vessels, equipped with semi-refrigerated systems and high-standard safety features, are designed for carrying propane, butane, ammonia, and other petrochemical cargoes. These mid-size carriers are particularly suited to serve emerging hubs across Africa, South Asia, and Southeast Asia, where 30% of LPG shipments now rely on sub-30,000 cbm Turgut, Director at B International Shipping & Logistics, highlighted the demand outlook, 'We see this as a unique market window and intend to grow ASBI's fleet to meet regional demand and become a global leader in this specialised segment.' The formation of ASBI Shipping reflects Al Seer Marine's capital-efficient expansion model, aimed at scaling through partnerships and capturing market share in high-demand maritime sectors.
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
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.
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.
The National
14-04-2025
- Business
- The National
Sheikh Mohammed reviews UAE tax and launches AI efficiency drive at Cabinet meeting
The UAE Cabinet on Monday reviewed the latest developments in building the Emirates' tax system with 520,000 companies now registered for corporate tax and 470,000 for value-added tax. The meeting was chaired by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, at Qasr Al Watan in Abu Dhabi. He described the tax system as a 'key part of our economic foundation for the future' and said its efficiency 'reflects the strength' of the UAE's 'competitive economy'. He added that the UAE is fifth globally in tax policy efficiency and second globally in combating tax evasion, according to the annual report of the IMD World Institute in Switzerland. Sheikh Mohammed also announced the approval of a Legislative Intelligence Office within the Cabinet. 'This office will work on creating a comprehensive legislative plan that brings together all federal and local laws in the UAE, connecting them through artificial intelligence with judicial rulings, executive procedures, and public services,' he wrote in a post on X. 'The new system will allow us to track the daily impact of laws on our people and economy using large-scale data, and it will regularly suggest updates to our legislation.' The Cabinet also approved the launch of the first integrated regulatory intelligence system within the UAE government. This new legislation and laws development system was based on advanced artificial intelligence. It is hoped the system will accelerate the legislative process by up to 70 per cent, using AI tools to reduce the time and effort required for research, drafting, evaluation, and enactment. Ahead of the Make it in the Emirates Forum, which takes place next month, the Cabinet also reviewed the Ministry of Industry and Advanced Technology's preparations. Sheikh Mohammed, who is also Vice President, said the UAE's industrial sector contributes Dh210 billion ($57.17 billion) to national GDP and has grown by 59 per cent in the past four years. The Cabinet also approved the launch of the Global Alliance for Energy Efficiency, which was announced during Cop28 in Dubai and is intended to double the efficiency of energy used in all sectors by 2030. The Plant the Emirates campaign was also assessed, Sheikh Mohammed said. As of April 2025, a total of 459,698 trees have been planted. The campaign also successfully distributed 593,246 seedlings and scattered over 6.5 million seeds across natural habitats. The results of implementing the National Sports Strategy, and the annual report on the risks of money laundering and terrorist financing, were also assessed. The introduction of new financing mechanisms for the Sheikh Zayed Housing Programme were discussed, with 9,400 approvals worth Dh7.5 billion issued in the past three years. A restructuring of the Emirates Council for Balanced Development, headed by Sheikh Theyab bin Mohamed, chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court, and chairman of the International Humanitarian and Philanthropic Council, was also approved. The council aims to develop quality projects that ensure balanced development across the Emirates. The Cabinet also approved 44 international agreements in the economic, developmental and governmental fields, Sheikh Mohammed said. He added that negotiations would start with a further 30 countries after approvals reached on Monday.
