Latest news with #Dh33.9
Al Etihad
a day ago
- Business
- Al Etihad
King of Bahrain receives UAE Minister of State for Foreign Trade in Manama
12 June 2025 22:36 MANAMA (WAM) His Majesty King Hamad bin Isa Al Khalifa of the Kingdom of Bahrain, on Thursday received Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, at Al Safriya Palace during an official visit to Manama, heading a delegation comprising senior officials, business leaders and representatives of major Emirati the start of the meeting, Dr. Al Zeyoudi conveyed the greetings of President His Highness Sheikh Mohamed bin Zayed Al Nahyan; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai; and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, along with their wishes for continued prosperity and success to the leadership and people of Majesty King Hamad bin Isa Al Khalifa conveyed his warm regards to the UAE leadership, wishing the government and people of the UAE further progress, prosperity and Majesty emphasised the strength and depth of the fraternal relations between the two countries and their leaderships, highlighting their shared commitment to advancing sustainable development and further enhancing Al Zeyoudi expressed his gratitude for the warm welcome and hospitality extended by His Majesty King Hamad bin Isa Al Khalifa, describing it as a reflection of Bahrain's deep-rooted values and its consistent efforts to support bilateral cooperation across various sectors, particularly in trade, investment, and meeting reviewed recent developments in strategic trade and investment partnerships between the two nations, as well as ways to expand them in line with shared development objectives and aspirations for continued growth and present were Abdulla bin Adel Fakhro, Bahrain's Minister of Industry and Commerce, and Fahad Mohammed Salem bin Kardous Al Ameri, UAE Ambassador to the sidelines of the visit, Dr. Al Zeyoudi held separate meetings with Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, and Abdullah bin Adel Fakhro, to explore ways to strengthen bilateral cooperation. The discussions came following the entry into force of the Investment Promotion and Protection Agreement on 8th sides expressed their hope that business communities and private sector entities in both countries would fully leverage this agreement and others to establish more joint ventures that support mutual economic meetings also discussed building on the growing trade and investment ties between the two countries. Non-oil trade between the UAE and Bahrain saw a record 23 percent increase in 2024, reaching Dh33.9 billion. The UAE also maintained its position as the third-largest global investor in Bahrain, holding 10 percent of the country's cumulative foreign direct investment stock.
Al Etihad
2 days ago
- Business
- Al Etihad
UAE delegation highlights growing regional ties at Bahrain-UAE Business Forum
12 June 2025 19:58 MANAMA (WAM) The Bahrain-UAE Business Forum kicked off on Thursday in the Bahraini capital, Manama, with the participation of senior officials from both countries, along with representatives of leading Emirati and Bahraini Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level UAE delegation to participate in the forum comes as strategic relations between the two countries grow from strength to strength, particularly in areas relating to economic, trade, and investment focused on increasing cooperation between the two nations in economic sectors of mutual benefit, including finance, water security, tourism, logistics, and a keynote address, Al Zeyoudi stressed that relations between the two countries are witnessing continuous growth along their path to reach a solid and sustainable strategic partnership in various Zeyoudi stated, 'These positive developments in our strategic partnership are being driven by the forward-looking vision and common will of the leadership of both nations, who seek to boost our relations to new heights in order to achieve the common development aspirations of both our peoples. They are also boosted by positive meetings between President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Hamad bin Isa Al Khalifa of the Kingdom of Bahrain.'Al Zeyoudi also reaffirmed the UAE's commitment to building strong regional trade and investment relationships, with Bahrain a key partner in these highlighted the deepening and historic economic ties between the two nations, achieved through bilateral and multilateral deals, including the Industrial Integration Partnership for sustainable economic Zeyoudi restated the mutual vision of securing supply chains, integrating value-added industries into their economies, and diversifying their manufacturing base to create Zeyoudi noted that trade and investment relations between the UAE and Bahrain have grown strongly in recent years. Bilateral non-oil trade reached Dh33.9 billion in 2024, an increase of 23% when compared to 2023. Overall, between 2015 and 2024, UAE-Bahrain trade has increased by an average of 11% per year, the fastest of any of the UAE's Gulf partners, with whom the average growth rate was 8%. Overall, the UAE is Bahrain's second-largest trading partner globally, comprising 10.4% of its total worldwide turn, Abdulla bin Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain, stressed that the forum reflects the depth of relations and strategic integration between Bahrain and the UAE and represents a new milestone in their his opening speech at the forum, Fakhro welcomed Al Zeyoudi and his accompanying delegation, praising their visit to Bahrain and their participation in the forum, which confirms a mutual keenness to enhance bilateral cooperation in various economic explained that the forum is being held at an important time, and embodies the common conviction that economic integration is not only achieved through the exchange of goods and investments, but also through the activation of agreements and memorandums of understanding signed between the two countries, allowing the private sector opportunities to expand and access new pointed to the importance of the recent memorandum of understanding on integration in the National Added Value (ICV) programmes, which allows products manufactured in either country to be treated as national products in the other country, helping to strengthen local industries and increase opportunities for preference in government also announced the inauguration of the Emirates Investor Centre at the headquarters of the Ministry of Industry and Commerce, as agreed as part of a memorandum of understanding concluded between the two sides. He stressed that the centre will provide facilities and services to Emirati expressed his thanks and appreciation to all participants and organisers, reiterating his hope that the forum will contribute to pushing the economic relations between Bahrain and the UAE towards further progress and Bahrain-UAE Business Forum included several panel discussions and presentations, with the participation of a group of senior officials and business leaders from both sides, including a session entitled 'Competitive Investment Environment for Entrepreneurs and Investors in Bahrain and the UAE,' and another session entitled 'Growth Gateways - Prospects for Cooperation in Free Zones.'Meanwhile, the session entitled 'Empowering the Financial Future - Bahrain-UAE's partnership in financial innovation' pointed to the promising potential of the two countries in the field of financial technology and the prospects for integration between forum also witnessed several bilateral meetings between business leaders and representatives of major Emirati and Bahraini companies to explore opportunities for building trade and investment partnerships in priority Zeyoudi and the accompanying delegation also visited the headquarters of the Emirates Investor Centre, which was recently opened, and were briefed on the services provided by the centre to investors, including assistance in establishing companies, adding partners, providing information about investment activities and meeting all the needs of Emirati his part, Faisal Ahmed Saleh, Assistant Undersecretary for Commercial Registry and Companies at the Ministry of Industry and Commerce in Bahrain, said that the Emirates Investor Centre is an important window to serve Emirati investors, who number more than 1,500 in Bahrain, working in various sectors and UAE delegation participating in the forum included Fahad Mohammed Salem bin Kardous Al Ameri, UAE Ambassador to Bahrain; Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs Sector at the Ministry of Economy; Marwan Abdullah Al Zaabi, Assistant Undersecretary for the Regions Sector at the Ministry of Climate Change and Environment; and Ali bin Harmal Al Dhaheri, First Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry. In addition, a number of CEOs of free zones in the UAE, and a group of senior government officials from ministries and departments, joined the discussions. Business leaders and representatives of major UAE companies in diverse sectors, including telecommunications, ports, logistics, banking, financial services, trade and investment, energy, agriculture, food security, and health, also participated.
Khaleej Times
24-03-2025
- Business
- Khaleej Times
Majid Al Futtaim posts Dh2.5 billion net profit for 2024
Majid Al Futtaim, a leading diversified group in the region, reported on Monday a net profit of Dh2.5 billion, down 6.0 per cent year on year, 'a result of currency devaluation, anticipated tax changes and one-off items.' The Dubai-based player in shopping malls, communities, retail, and leisure pioneer posted consolidated revenue of Dh33.9 billion, down 2.0 per cent, while Ebitda grew 1.0 per cent at Dh 4.6 billion, 'through growth in key business areas across the portfolio and prudent financial discipline.' The group generated Dh2.8 billion in free cash flow, marking a staggering 270 per cent increase compared to the previous year. The Group also successfully reduced its net debt by Dh1 billion, reaffirming its BBB credit rating with a stable outlook. Total assets grew to Dh68.8 billion, with an improved net debt-to-equity ratio of 41 per cent, indicating a solid financial foundation. Ahmed Galal Ismail, CEO of Majid Al Futtaim, said 2024 was a year of extraordinary achievement for Majid Al Futtaim. 'Despite complex macroeconomic factors, we delivered strong financial performance, with significant growth in free cash flow reinforcing our focus on long-term value creation.' The group's properties division performed exceptionally well, with net revenue increasing by 25 per cent to Dh8.7 billion, driven by strong tenant sales and the successful launch of the Ghaf Woods residential development, which sold out within a week. The overall occupancy rate across Majid Al Futtaim's malls remained high at 97 per cent, showcasing continued consumer interest. In a statement, the group said the retail sector faced challenges, yet it reported Dh22.2 billion in revenue. The division has initiated a turnaround program aimed at revitalizing its brick-and-mortar operations while also expanding its digital presence. Online revenue grew by 14 per cent, reaching Dh2.7 billion, aided by the success of the Carrefour Now platform. The lifestyle division also showed promising growth, with revenue up 26 per cent to Dh1.3 billion, supported by the introduction of popular brands such as lululemon and Shiseido. In the Entertainment sector, net revenue reached Dh1.7 billion, with VOX Cinemas experiencing a 2.0 per cent increase in admissions. In 2024, the group achieved 95 per cent of its sustainability targets, including significant reductions in carbon emissions. Notably, 27 of its shopping malls received LEED Gold or Platinum certifications, with ongoing efforts to achieve net-zero status by 2050. Ismail said the launch of Precision Media, the group's first AI-enabled business, signifies its dedication to innovation and enhancing customer experiences. Ismail noted, 'Our focus on sustainability and local talent development is integral to our strategy, with Emiratisation levels reaching a record 13 per cent this year.'
