Latest news with #Dh25.7
Al Etihad
22-04-2025
- Business
- Al Etihad
Comoros inaugurates 6.3MW solar plant funded by ADFD to enhance renewable energy access
22 Apr 2025 16:25 ABU DHABI (WAM)The Abu Dhabi Fund for Development (ADFD) marked the inauguration of a 6.3-megawatt solar power plant in the Comoros, funded with a Dh25.7 million ($7 million).The project enhances the nation's energy infrastructure, helping meet growing energy demands and stimulating economic growth, while highlighting the Fund's commitment to environmental responsibility and sustainable with the UAE's global development strategy and the UN Sustainable Development Goals (SDGs), the initiative demonstrates a shared commitment to expanding clean energy access and building long-term resilience in partner solar plant will provide a reliable, renewable energy source for Moroni, the capital, and nearby regions, reducing dependence on fossil fuels, cutting carbon emissions, and improving the quality of life for inauguration ceremony was led by Azali Assoumani, President of the Union of the Comoros, in the presence of Jumaa Rashed Al Remeithi, Ambassador of the United Arab Emirates to the Union of the Comoros, alongside government representatives from both the partnership, Azali Assoumani, President of the Union of the Comoros, said, 'The UAE has a remarkable record in driving renewable energy advancements and climate action. ADFD's role in supporting sustainable energy projects is commendable, reinforcing global sustainability principles and leveraging innovative technologies to expand access to clean energy.'He highlighted the project's transformative impact, adding, 'Our collaboration with ADFD has been instrumental in achieving our development goals and our shared commitment to protecting our planet. This solar plant represents more than just an energy project; it is a milestone in our transitional journey to clean energy, strengthening economic stability and generating new job opportunities.'For his part, Al Remeithi said, 'This significant project reflects the close ties between the UAE and the Union of the Comoros, demonstrating the UAE's unwavering commitment to promoting sustainable development and enhancing strategic partnerships across vital sectors, particularly renewable energy. The initiative is regarded as a prominent step toward achieving environmental stability, which highlights the UAE's dedication to supporting clean energy projects, showcasing the country's keenness to strengthen global efforts to address climate change.'Mohamed Saif Al Suwaidi, Director-General of ADFD, said, 'This solar plant marks a milestone in advancing economic and social development in the Comoros. By investing in renewable energy, we contribute to long-term sustainability and environmental responsibility. We remain committed to working closely with our partners to ensure this project delivers lasting benefits for present and future generations.'He emphasised ADFD's focus on clean energy as a driver of stability, adding that the support for the energy sector is a priority for ADFD, given its critical role in reducing reliance on fossil fuels and lowering carbon emissions. 'Our investment in clean energy projects reflects our commitment to drive economic stability and a sustainable future,' he solar plant will integrate with the Comoros' national grid via medium-voltage lines, ensuring stable electricity access for the region. This project underscores the ADFD's longstanding partnership with the Comoros, which has included Dh439.4 million ($119.6 million) in concessional loans and grants since 1979 to fund critical sectors such as energy, health, education, and transport. By advancing clean energy infrastructure, the initiative directly supports SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), while fulfilling ADFD's mandate to drive sustainable development globally.
Al Etihad
15-04-2025
- Business
- Al Etihad
IHC doubled the number of its subsidiaries in 2024
16 Apr 2025 02:26 REDDY (ABU DHABI)International Holding Company (IHC) concluded 2024 with record-breaking growth and a flurry of landmark deals that cemented its position as a global investment powerhouse. In the annual report submitted to the Abu Dhabi Securities Exchange (ADX) on Tuesday, IHC detailed its achievements in 2024 and its outlook for company not only doubled the number of its subsidiaries but also posted significant financial results, reflecting its steadfast commitment to innovation, sustainability, and impact-driven growth. As IHC prepares for 2025, it remains laser-focused on maximising shareholder value while driving societal a year of remarkable milestones, IHC saw a 52% surge in total assets, closing 2024 at Dh401.8 billion. Revenues skyrocketed by 54.2% to Dh92.7 billion, driven by exceptional performance in real estate, marine, leisure, and financial services sectors. Net profit stood strong at Dh25.7 billion, representing a 27.7% profit margin, while earnings per share (EPS) jumped to underscore its robust financial footing, IHC's Board of Directors approved a Dh5 billion share buyback programme, a bold move to reinforce market confidence and deliver long-term shareholder value. Reflecting on the year, His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, National Security Adviser and Chairman of IHC, said: 'As we reflect on 2024, IHC has once again demonstrated its ability to navigate complexity with precision and foresight. This year has been shaped by shifting geopolitical landscapes, technological breakthroughs, and evolving global markets. Through it all, we have remained steadfast in our pursuit of sustainable growth, ensuring that IHC continues to be at the forefront of investment excellence and strategic evolution. Our ability to pivot, optimise, and capitalise on emerging opportunities has further reinforced our position as a leading force in the global economy.'IHC's effective execution of its growth strategy was evident in its explosive expansion. The conglomerate more than doubled its number of subsidiaries—from over 600 to 1,200+ entities across 41 countries. The year saw a spree of acquisitions, from Mopani Copper Mines in Zambia to a 15% stake in Colombia's Grupo Nutresa. IHC also made significant headway into fintech, AI, and sustainable energy through strategic investments in 2PointZero and multiple digital platforms.'Our performance this year reflects the strength of our disciplined investment approach,' said Syed Basar Shueb, CEO & Managing Director of IHC. 'Revenues reached Dh92.7 billion, supported by disciplined cost management and strategic reinvestments into high-growth sectors. Beyond financial success, we recognise our responsibility to the communities we serve. Our investments are designed not only to drive economic growth but also to deliver tangible societal benefits which are generating employment, improving infrastructure, and fostering long-term development.'One of the most transformative aspects of 2024 was IHC's integration of artificial intelligence into its core operations. The deployment of Aiden Insight, an AI-powered Board Observer, revolutionised the investment decision-making process through real-time analytics and predictive numbers, IHC's impact in 2024 extended into society. With over 86,000 employees, the company's investments generated employment, advanced education through acquisitions like Al Rabeeh School, and strengthened healthcare with the takeover of Sheikh Shakhbout Medical City. Climate leadership remained central to IHC's ethos, with its subsidiaries integrating decarbonisation plans and receiving international ESG ratings. The company also joined the World Economic Forum as an Associate Partner, taking a seat at the table in global economic and technological dialogues. Looking ahead, IHC has outlined five key priorities: nurturing talent, expanding global influence, scaling innovation, supporting UAE's economic diversification, and increasing community the key initiatives for 2025 are the expansion into commercial shipbuilding through the Al Seer Marine-Damen joint venture; the continued deployment of sustainable energy solutions through acquisitions like Reem Energy and smart water technology firm Float; and the completion of the acquisition of Arabian Farms Investment, reinforcing food security strategy continues to be anchored in three core pillars: active investments, dynamic value networks, and creating societal benefit. Through this approach, the company is transforming traditional holding models into interconnected ecosystems of innovation and impact. As 2025 unfolds, IHC remains committed to leveraging emerging opportunities, forging international alliances, and accelerating growth across key sectors including technology, healthcare, real estate, and energy.
