Latest news with #Dh275
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Bank of Sharjah convenes its 52nd annual general assembly meeting
Bank of Sharjah held its 52 nd annual general assembly meeting (AGM) on April 23, 2025. The meeting was chaired by Salem Al Ghammai, board member, and attended by members of the board of directors, shareholders, senior management, external auditors, and representatives of regulatory authorities. The general assembly discussed and approved all items on the agenda. It also ratified all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended December 31, 2024, and the board's recommendation to reappoint Grant Thornton as the external auditors for the fiscal year 2025. Additionally, the general assembly approved the board of directors' proposal not to distribute dividends, whether in cash or bonus shares, for the year 2024, to further strengthen its capital base, enhance its financial resilience, and support its long-term growth objectives. Commenting on the bank's performance and outlook on behalf of Bank of Sharjah's chairman, Sheikh Mohammed bin Saud Al Qasimi Salem Al Ghammai, said: 'We are pleased to report a strong recovery in 2024, driven by enhanced operational discipline and improved fundamentals. The return to profitability was underpinned by a robust rebound in core banking income and the successful implementation of a more efficient business framework. Looking ahead, we are confident in our ability to sustain this momentum. By embracing digital innovation, sustainable finance, and a client-centric approach, we aim to create enduring value for our shareholders, customers and the wider community.' Mohamed Khadiri, CEO of Bank of Sharjah, commented: "We closed the year with a net profit of Dh385 million, a sharp reversal from the Dh275 million loss recorded in 2023. These outstanding results validate the strength of our business model and the success of our turnaround plan, which was anchored in expanding our core banking activities, driving operational efficiencies, managing risk prudently, and investing in our people. At every step, we remained focused on strengthening our foundation to ensure sustainable and inclusive growth. As we enter 2025, our strategic priorities remain clear. We will continue to build scale through high-quality, risk adjusted lending; deepen and expand our relationships across the UAE and the region; modernise our platforms and capabilities; and maintain our disciplined approach to risk management." Beyond its strong financial results, 2024 marked a pivotal chapter in the Bank's journey, as it achieved tangible progress against its strategic priorities and reaffirmed its role as a trusted financial partner in advancing the national economy. The bank is leveraging its core strengths to create a more agile, competitive, and forward-looking institution — one that can meet the demands of an evolving marketplace and deliver long-term value to its stakeholders.
Khaleej Times
17-04-2025
- Business
- Khaleej Times
Things to keep in mind while buying your own private island
Forget the secluded villa or penthouse suite. When it comes to luxury property, nothing says you've made it than owning a private island. Like Sir Richard Branson's Necker Island or Leonardo DiCaprio's Blackadore Caye, it is the ultimate symbol of wealth, a safe haven and a chance to build your own paradise. While Dubai may be creating its own private islands, there are thousands of natural ones for sale around the world, from Scotland to South America. Prices vary according to location, size, accessibility, and existing infrastructure – basically, what has already been built on the island. Surprisingly, private island ownership isn't as expensive as you'd think. For example, Vacsay Island in Scotland's Outer Hebrides was recently listed for around £350,000 (Dh1.65 million). At the other end of the scale, Point Buckler Island, a 39-acre marshy island in California was up for sale at $75 million (Dh275 million). 'I would say the majority of transactions are happening between $250,000 to approximately $4-5 million,' said Farhad Vladi, the owner of the Vladi Private Islands portal. If you are thinking of buying your own private island, there are a lot of factors to consider, said Chris Krolow, CEO of Private Island Inc, another popular portal. He says location and accessibility are the big ones, as you want to be fairly close to the mainland and transportation. That's why islands in the Caribbean and the Mediterranean continue to be the most popular regions. Obviously, you can't change the location once you've bought the island, so think about where you want to be close to. Infrastructure is another important consideration. From the home you will live in, a road to get you there, a jetty and maybe even a runway, infrastructure is vital. The more developed an island is, the higher the price. And don't forget communication systems - satellite internet, phone systems, or cellular networks to stay connected with the outside world. Vladi has been in the private island business for 50 years and has sold more than 3,000 islands. 'In the beginning, the biggest problem when buying islands was the infrastructure — no telephone, no electricity. But today, this is all so easy with modern technology. You have the internet everywhere and you have electricity. You can get solar energy, very modern fuel-efficient generators, prefab homes and so on.' Green oasis The opportunity to buy an island that hasn't been developed is becoming more attractive as it gives new owners a chance to build their own havens, with many opting for sustainability. 'There is an increased demand for sustainable, eco-friendly islands. Buyers are seeking islands with existing sustainable infrastructure or the potential for eco-friendly development,' explained Krolow. While the island may be private and all your own, you need to understand local laws regarding land use, conservation efforts, and potential development restrictions to make sure you enjoy compliant and sustainable ownership. Private island buyers are a diverse group and their objectives and needs vary considerably, from a weekend getaway to a sustainability project to commercial reasons. Some are looking for an island with existing infrastructure, such as villas and docks, while others want a blank canvas to create their own environment. 'There's also the rise of private island resorts and commercial developments. Investors are purchasing islands for commercial development, including luxury resorts, hotels, and vacation rentals,' added Krolow. The world is literally your oyster when it comes to private islands, although there are 'hot spots' in regions like The Bahamas, for example. Trending spots include Panama and Belize. Some countries have an enormous supply of islands, which makes them popular for buyers looking for a wider choice. 'Look at Canada. How many islands do they have in rivers, in lakes and along the ocean?' asked Vladi. 'And also look at Sweden. You have 150 islands in front of Stockholm, and you have Scandinavia and the Atlantic coast of Europe. You have a lot of supply.' Asia is also a region known for its abundance of islands, although there are legal issues as foreigners are normally restricted from purchasing freehold land in countries like Indonesia, Philippines, Thailand and Malaysia. Buyers So who are buying private islands? 'Our typical client usually owns their own business, has an entrepreneurial background, and are looking to invest in something very special,' said Krolow. And they tend to be cash purchasers too. Private island portals and platforms don't give away too many details about their clients so it's hard to get figures on Middle Eastern buyers. But given the increasing number of high net worths and millionaires relocating to Dubai, there's a good chance that some of them may be considering such a purchase.'Dubai is an ultra-exclusive region. Lots of exciting movement is happening there,' said Krolow. While second homes and holiday homes have always been popular with the wealthy, owning a private island takes it to a whole new level. A bit like moving from first class to private jet. While status and bragging rights are one thing, it could also be a shrewd financial move. 'Islands can appreciate in value over time, making them a savvy investment opportunity,' said Krolow. And the more you improve the infrastructure, the more valuable the island should become. There's also the issue of scarcity as existing habitable islands don't have a high turnover. 'People are holding on to their islands for whatever reasons; at least people love islands, and they are very close to them, and that makes me very happy on one side,' said Vladi. 'I can see that people just love the idea that they own an island, and they have the control of what they see.' The three main reasons why people would sell an island are divorce, death and bankruptcy. Try before you buy Buying a private island is a significant outlay and can take time to purchase with all the legal and bureaucratic issues to take care of. Vladi gives some good advice to those curious to join this exclusive club. 'I tell them, go and rent an island in that area first, because if you buy an island, you have bought yourself into an environmental area, the social area and nature. 'You should feel love for the nature, love for the people there and spend a week, or 10 days on an island with your family, which you can rent. And then, if you say, 'This is what I like very much,' then you can buy that island.' If you're considering buying your own island, Krolow has a few pieces of advice. 'Research, research, research. Thoroughly research the island, its location, and its history to ensure you're making an informed decision.' He also suggests collaborating with experienced island brokers, attorneys, and other experts to guide you through the buying process. And factor in the ongoing costs of owning an island, including maintenance, staffing, and infrastructure development. Indeed, many buyers underestimate the running costs of an island; the bigger the island the more expensive it is, from staffing to maintenance and security. 'Managing a private island often necessitates a dedicated team for upkeep, security, and operations, contributing to ongoing operational costs,' added Krolow. But the bragging rights? Priceless.
Khaleej Times
02-04-2025
- Business
- Khaleej Times
Dubai's most expensive branded residences reach record prices, set new market standards
Branded residences in Dubai command a 42 per cent premium on average over non-branded properties as institutional investors are also snapping up these luxury properties as well. 'Dubai's real estate market is undergoing a fundamental shift. Branded residences are no longer a niche segment — they have become a core asset class, attracting institutional investors and setting new price benchmarks,' said Elias Hannoush, CEO of Morgan's International Realty. The luxury real estate brokerage and property investment firm's data showed that branded residence prices averaged Dh3,288 per sqft compared to Dh2,321 per sqft for the non-branded units in Dubai at the end of 2024. At the top of the market is Bvlgari, located on Jumeirah Bay Island, with the highest price per sqft at Dh10,668. Other luxury developments follow closely behind, including Atlantis Resorts (Dh9,387), Dorchester Collection (Dh7,539), Baccarat (Dh7,211), and Four Seasons Hotels and Resorts (Dh6,829). Armani (Dh5,736), One & Only Resorts (Dh5,155), Six Senses Hotels & Resorts (Dh4,879), Bugatti (Dh4,682) and The Ritz-Carlton Hotel (Dh4,342) rounded off the top 10 properties. Hannoush pointed out that Dubai has outpaced traditional luxury real estate markets in terms of price appreciation, investor interest, and the volume of projects. According to Savills, Dubai retains its place as the most active market internationally for branded residences and it is followed by hotspots in Miami, New York, Phuket and London. Sales of branded units in Dubai surged 48 per cent in the second half of 2024, reaching 7,628 compared to 5,153 in the same period in 2023. Dubai currently boasts 132 branded residences with 43,085 units, including one that sold for a record Dh275 million. The highest price for the branded residence reached Dh17,235 per sqft. Additionally, Dubai has 1,282 ready-branded units valued at Dh6.88 billion, with 6,346 more currently under construction, worth Dh24.9 billion. 'Pro-investor policies, world-class infrastructure, and a thriving luxury real estate market have fuelled Dubai's growth into the global hub for branded residences. "A tax-free economy, long-term residency incentives, and rising demand from international investors have driven rapid expansion, surpassing traditional luxury hubs and solidifying Dubai's position as the premier destination for branded residences,' he added. Hannoush noted that branded residences create a winning formula for all stakeholders. For developers, they offer higher prices, faster sell-outs, access to elite buyers, and enhanced credibility with global appeal. For buyers, they provide superior design, exceptional service and management, stronger capital appreciation, better rental returns, and an exclusive lifestyle with hassle-free ownership. For brands, these properties bring new revenue opportunities and market expansion.
