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Al Etihad
8 hours ago
- Business
- Al Etihad
Under directives of the UAE President, Crown Prince of Abu Dhabi approves Dh4.62bn housing benefits package for citizens ahead of Eid Al Adha
5 June 2025 14:16 ABU DHABI (ALETIHAD)Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in his capacity as Ruler of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved a housing benefits package worth Dh4.62 billion, benefiting 3,052 Emirati citizens across the approved housing benefits package includes housing loans amounting to Dh4.4 billion benefiting 2,862 citizens, and exemptions from housing loan repayments totalling Dh212 million benefiting 190 citizens, limited-income retirees and beneficiaries of deceased disbursement of the second housing package of 2025 comes ahead of Eid Al Adha and reflects the leadership's ongoing commitment to comprehensive development, enhancing the well-being and stability of Emirati families, empowering them to actively contribute to the nation's progress, in line with UAE Year of Community objectives aimed at strengthening social cohesion and reinforcing community package brings the total housing benefits delivered to citizens in Abu Dhabi in 2025 to Dh11.38 Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority, said: 'The new housing benefits package reflects the leadership's commitment to empowering citizens through the provision of quality housing that promotes family stability and elevates quality of life. On this occasion, we extend our heartfelt gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, for their enduring support to advance the housing sector and foster a thriving and cohesive society.'Hamad Hareb Al Muhairi, Director-General of Abu Dhabi Housing Authority, said: 'The second housing package of 2025 highlights the depth of our leadership's strategic vision to build a prosperous future, enhancing the quality of life and providing sustainable housing solutions that meet Emirati citizens' needs and aspirations.'The generous support from His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE President, and His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, reaffirms the leadership's steadfast commitment to fostering social and family stability and ensuring a fulfilling life for Emirati families.' The housing benefits package follows the recent endorsement of an additional community support subsidy of Dh250,000 for existing beneficiaries of housing loans, including a reduction of up to 50 per cent in monthly loan instalments, and a wide range of other services and facilities. Source: Aletihad - Abu Dhabi
Al Etihad
05-05-2025
- Business
- Al Etihad
Alpha Dhabi reports Dh17.4 billion revenue in Q1
5 May 2025 12:26 ABU DHABI (WAM) Alpha Dhabi Holding has reported a strong set of financial results for the period ending March 31, 2025, with Adjusted EBITDA 1 climbing to Dh4.4 billion, up 33 percent year-on-year (YoY).Alpha Dhabi's continued momentum in strategy execution across key verticals has been a key driver of the strong performance. Group revenue stood at Dh17.4 billion, a 23% increase YoY, reflecting the depth of Alpha Dhabi's diverse portfolio alongside its consistent track record of profit stood at Dh2.1 billion, down from the same period last year, reflecting changes in the fair market value of some of the group's public listed Group's financial position remains strong, with total assets of Dh185.2 billion and an equity of Dh93.5 billion. Alpha Dhabi is strategically poised to forge further ahead with its growth ambitions, which will include further possibilities for acquisitions and geographical increasing diversity and depth of Alpha Dhabi's portfolio have been a significant driver of its revenue growth and contribution to the increase in net profit from operations. The company's portfolios in real estate (Dh6.4 billion), industrial (Dh6.2 billion), construction (Dh2.7 billion), and services and others (Dh2.1 billion) contributed significantly to total Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, said, 'Alpha Dhabi began 2025 on a strong footing, building on a year of transformation and guided by a clear strategy for future growth. Collectively, we have advanced the business both horizontally and vertically, strategically capturing opportunities with the potential to deliver deep, meaningful growth. Our financial performance for the quarter reflects the pace of this growth, with our success being underpinned by the evolution of a portfolio which spans diverse geographies and future-focused sectors.'Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi Holding PJSC, said that the Q1 2025 results demonstrate the power of Alpha Dhabi's investment strategy by focusing on opportunities created by growing economies and populations, technological disruption and sustainable business models. "We remain focused on investments that diversify revenues, create value across the economy, and position Alpha Dhabi for long-term growth,' he added.
The National
18-04-2025
- Business
- The National
Timeframe: When the UAE's Yahsat launched its first commercial telecoms satellite in 2011
The suspense must have been suffocating as the countdown began at the Guiana Space Centre on the evening of April 22, 2011. Mere weeks before, the team had been preparing for the same launch when on the last seconds of the countdown, an abnormality was detected on the rocket launcher. The lift-off had to be cancelled. The Ariane 5 ECA rocket was wheeled back into the spaceport's assembly building and an actuator was replaced before the rocket was approved for a second attempt. This time, however, there would be no hiccups. The countdown progressed steadily and, at its conclusion, those behind screen in the control room were temporarily blinded by the rocket's flames and within seconds it had begun its fight. The UAE's Yahsat had launched its first commercial telecoms satellite. Yahsat, or Al Yah Satellite Communications Co, is owned by Mubadala Development, a strategic investment company controlled by the Abu Dhabi government. Its first satellite would provide TV and broadband internet to more than 20 countries in Africa, Asia and the Middle East. The launch marked "a significant step forward for Abu Dhabi's economic diversification and growth', Jassem al Zaabi, Yahsat's chief executive at the time, told The National. 'We were anxious because of last time but we know that everything must be aligned and work perfectly, and so with the great weather and engines running smoothly, we were extremely happy and proud to watch the satellite take off after more than four years worth of work towards this,' he said. "It was a great moment.' The Y1A satellite was the first of several Yahsat launched. The move was part of a Dh4.4 billion ($1.2 billion) investment, and marked a major step in the UAE's aim to diversify its economy and become a regional hub in technology and communications.
Gulf News
28-02-2025
- Business
- Gulf News
UK expat turns ice bath craze into a Dh4.4m business in the UAE
Dubai: Ever thought a single purchase could spark a thriving business? For British expat Nick Blair, 36, that's exactly what happened. When he ordered an ice bath for personal use in 2023, he had no idea it would turn into a multimillion-dirham venture. Today, his brand, KULA Recovery, supplies fitness centers, hotels, and wellness facilities across the UAE, generating Dh4.4 million in revenue with Dh730,000 in profit in 2024. From a single sample to a booming business 'I shared a post about my ice bath on Instagram, and suddenly gym owners I knew started asking where they could get one. That's when I realized there was a real demand,' Blair recalls. With over a decade in the fitness industry, he leveraged his network to transform this interest into a full-fledged business. Today, KULA Recovery supplies leading gyms, including Warehouse Gym, Wellfit, and Gymnation, as well as luxury hotels and wellness centers. Funding and overcoming initial hurdles Blair used profits from his previous venture, Dubai Muscle Show, to launch KULA Recovery. He and his partner had built the region's largest fitness trade show before selling it in 2021 for Dh25.7 million ($7 million). 'I invested Dh100,000 to get started, but the biggest challenge was logistics. Ice baths and chillers are heavy, and shipping was costly. We initially relied too much on air freight, which ate into profits. Switching to sea freight improved our margins.' Since its launch, KULA Recovery has fulfilled over 500 orders and reached profitability by refining logistics and operations. Today, half of its sales come from high-end hospitality and wellness facilities. Lessons in entrepreneurship and money management Blair believes financial discipline is key to business success. Lesson #1: Revenue is vanity, profit is sanity 'People love to brag about 'seven-figure businesses,' but if your profit is zero, it's pointless,' he says. He recalls nearly spending Dh1.3 million ($350,000) to bring UFC legend Conor McGregor to Dubai Muscle Show. 'It would have been amazing, but my business partner showed me the numbers—it wasn't worth the risk. That experience taught me that cutting unnecessary costs is as important as growing revenue.' Lesson #2: Early money lessons shape mindset Blair grew up in an environment where many of his peers had luxury cars and large allowances, but he had to work for everything. 'My first job washing plates for Dh15 an hour taught me the value of hard work. Now, as a dad, I want to instill the same work ethic in my son, Harry.' To teach financial literacy, he plans to engage his son in small business activities. 'I'll give him Dh100 to buy ingredients for cookies, help him make them, and let him sell them—showing him firsthand how money works.' He also recalls his time in commission-only sales, knocking on doors in freezing UK weather to sell private medical insurance. 'I faced rejection 98 out of 100 times, but it built resilience—whether you win or lose, you keep moving forward.' Lesson #3: Diversify and spread risk Blair balances his entrepreneurial risks with a diversified investment strategy. 'I have a high-risk appetite in business, but my financial advisor, Hannah Greenwood, helped me diversify. My investments include S&P 500 and FTSE 100 stocks, tech shares, UK real estate, and two businesses in the UAE.' For long-term security, he focuses on stable investments with an annual target return of 7%. 'My goal is to have passive income that supports a comfortable lifestyle while continuing to invest in exciting startups.' Final takeaways: Smart money moves Blair acknowledges early financial mistakes, such as relying on credit cards when he first moved to Dubai. 'Credit limits were high, and I fell into the trap of overspending. I've since learned that debt can be a powerful tool when used strategically but dangerous when mismanaged.' His advice? 'Everything is negotiable—whether it's a salary, purchase, or investment. If you don't ask, you don't get.' As KULA Recovery continues to grow, Blair remains focused on expansion while maintaining financial prudence. 'Success isn't just about making money—it's about managing and investing it wisely.' Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
