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Al Etihad
24-04-2025
- Business
- Al Etihad
Hub71 startups raised Dh8.02 billion in funding in 2024
25 Apr 2025 00:30 MAYS IBRAHIM (ABU DHABI)Hub71's startups have raised a cumulative Dh8.02 billion in funding and generated Dh4.5 billion in revenue in 2024, according to its 2024 Impact Report. The latest funding figure marks a 44.7% year-on-year increase from Dh5.4 billion in 2023, demonstrating strong investor confidence in Abu Dhabi's innovation economy. The revenues, which were up from Dh3.5 billion the previous year, reflected the sustained commercial traction across priority ecosystem is home to 371 startups spanning 24 sectors, of which 276 are onboarded in its programmes. Its community is notably diverse, with founders representing 60 nationalities and 67 female entrepreneurs actively contributing to the innovation capital pipeline into the ecosystem remains strong, with Dh1.2 billion raised via Hub71's venture capital partners and affiliates, and Dh948 million sourced from Abu Dhabi-based growth is underpinned by 106 partners – comprising 57 fund partners and 49 family offices – working collaboratively to fuel the UAE's innovation 2024 alone, 91 corporate deals worth Dh103 million were signed through 33 market partners. Specialist verticals are gaining momentum as well: Hub71 now hosts 29 Digital Assets startups and 26 ClimateTech startups under its 'Hub71+ Specialist Ecosystems' initiative. These sector-specific ecosystems are part of the broader mission to align with Abu Dhabi's economic vision and develop focused tech ecosystem's collaborative infrastructure continues to mature, with 23 government entities and 10 talent partners supporting growth across key CEO Ahmad Ali Alwan attributed much of Hub71's success to its collaborative model and regulatory agility'Our real value as Hub 71 is through the network of partners or through the network of opportunity we offer them through our partners, through access to capital, access to talent, access to market, and a great business and regulatory environment. And to that end, our partnerships continue to grow,' he said during a media roundtable hosted on Thursday to mark the report's 2024, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city's reputation as a gateway between established tech hubs and high-growth emerging markets. Looking ahead to 2025, Hub71's top priority will be strengthening Abu Dhabi's value proposition as a tech hub – through regulatory ease, faster market access, and an ever-growing network of partners, Alwan told Aletihad . 'Our focus continues to be largely in line with what started the mission; it's to continue creating an environment where we'll see globally enduring tech companies continue to thrive and scale out of Abu Abou Hachem, Head of Growth and Strategy, highlighted the deliberate push into sector-focused ecosystems. He described the success of Hub71+ Digital Assets, launched in 2022, as a key milestone: over 1,000 startups applied to join, making it Hub71's most popular funnel. This vertical attracted interest from major international players due to its alignment with ADGM's regulatory had also launched Hub71+ ClimateTech in conjunction with COP28 to provide a unified platform for green innovation by bringing together entities like ADNOC, ADIO, and UN Capital under a single AI revolution also catalyzed another major expansion in 2024: Hub71+ AI. Backed by powerhouses such as Google, NVIDIA, AWS, and Core42, this initiative aims to make Abu Dhabi a top global destination for AI AlBadi AlDhaheri, Head of Value Creation, detailed how Hub71 is enabling startups to scale globally through tailored support. In 2024, capital partners invested Dh238 million into startups, including new funds aligned with ClimateTech. Tech Barza, Hub71's private capital club, expanded by 10%, and the new angel investor package supported eight startups with early-stage market access, over 70 curated meetings were held between startups and top corporates such as FAB, ADNOC, Siemens Energy, and Bayer. Collaborations with entities like Emirates Development Bank and Abu Dhabi Islamic Bank are helping fintechs and Emirati founders gain traction both locally and also noted that Hub71 is a key player in leading the regulatory sandbox initiative, in collaboration with ITC, ADAFSA, enabling 11 startups to test their technologies in a controlled environment and navigate it through compliance Al Kaabi, Head of Operations and Corporate Services, shared Hub71 startups success stories from 2024, including a deal involving 44.01, which secured $37 million in Series A funding led by Sharouf Funnels, alongside Amazon's Climate Pledge Fund and Equinox Ventures. Meanwhile, Fuse and Bit2Me have teamed up to enhance their digital infrastructure, facilitating the adoption of their solution across multiple marketplaces. Fuse, which primarily operates in the MENA region, and Bit2Me, based in Latin America, are now collaborating to expand their reach into both markets, Al Kaabi explained.
Al Etihad
12-03-2025
- Business
- Al Etihad
Borouge annual dividend yield at 6.7%, offering strong investor returns
10 Mar 2025 10:34 ABU DHABI (WAM) The annual dividend for Borouge, a leading petrochemicals company, reached 6.7 percent based on the closing price on March 7, offering strong investor returns and reinforcing the company's attractive dividend financial results for 2024 underline the company's resilience and profitability, with net earnings of Dh4.5 billion, marking a 24 percent year-on-year company also reported an industry-leading EBITDA margin of 41 percent, further cementing its reputation as one of the most efficient and profitable players in the petrochemicals of Borouge are expected to approve an Dh2.4 billion cash dividend for the second half of 2024 at the company's upcoming Annual General Meeting (AGM) on 7th April 2025. This final payment will bring Borouge's total dividends for the year to Dh4.8 billion, reinforcing its position as an attractive investment opportunity in the seeking eligibility for the final dividend must hold Borouge shares by 15th April 2025, with payments set for distribution on April 28, CEO, Hazeem Sultan Al Suwaidi, said, 'This is an exciting time for Borouge shareholders, as the company continues to deliver strong dividends, underscoring our commitment to driving value for our shareholders. With a solid business model and continuous innovation, Borouge remains a strong contender for investors looking for value opportunities.'Beyond its strong dividend profile, Borouge's growth trajectory is poised to accelerate following the recently announced merger of Borouge and OMV's Borealis to create Borouge Group International and the acquisition of NOVA Chemicals. This consolidation will create the world's fourth-largest polyolefins company, valued at Dh220+ billion ($60 billion), significantly enhancing Borouge's global newly formed Borouge Group International is expected to benefit from a higher dividend payout, expanded market access, advanced technological capabilities, and complementary product lines. With commercial and manufacturing operations spanning North America, Europe, Asia, the Middle East, and Africa, Borouge Group International presence in the global petrochemicals industry is set to strengthen, offering further opportunities for growth and value creation.
Express Tribune
04-03-2025
- Health
- Express Tribune
McDonald's launches special Ramadan children's book collection
Listen to article This Ramadan, McDonald's UAE is launching a special collection of three children's books, written by Emirati author Hamda Faraj and illustrated by Aisha Khalid. These books, priced at Dh5 each, not only entertain but also promote giving, with all proceeds benefiting the Red Crescent Medical Center. Available exclusively at McDonald's UAE restaurants and on the app, the initiative contributes to vital support for those in need. Last year's Ramadan campaign raised over Dh300,000 for the Red Crescent Medical Center, the UAE's only free healthcare provider. For over seven years, McDonald's UAE has partnered with Emirates Red Crescent, raising over Dh4.5 million for humanitarian efforts. Beyond Ramadan, McDonald's continues its support with donations via self-ordering kiosks and the McDonald's app. Dr. Mohammad Salim Al Junaibi, Manager of the Red Crescent Medical Center, expressed gratitude for McDonald's commitment, highlighting the impact of every book purchased. The Red Crescent Medical Center, established in 2008, offers free healthcare services across 18 departments. Walid Fakih, CEO of McDonald's UAE, emphasized the power of stories to inspire and connect, reaffirming their commitment to positively impacting the local community. The books are now available at McDonald's UAE restaurants and on the McDonald's app.
Khaleej Times
01-03-2025
- Health
- Khaleej Times
McDonald's UAE introduces exclusive Children's Book collection for Ramadan, supporting the Red Crescent Medical Center
One hundred percent of the proceeds will be donated to the Red Crescent Medical Center, a long-standing partner of McDonald's UAE This Ramadan, McDonald's UAE is introducing a special collection of three children's books, written by renowned Emirati author Hamda Faraj and illustrated by Emirati artist Aisha Khalid. More than just a set of stories, these books encourage the spirit of giving, with every dirham going directly to the Red Crescent Medical Center. Available exclusively for Dh5 at all McDonald's UAE restaurants and on the McDonald's app, each purchase will contribute to providing vital support to those in need. Last year's Ramadan campaign raised over Dh300,000 for the Red Crescent Medical Center, the UAE's only medical facility offering free healthcare to those in need. Continuing this commitment, McDonald's UAE has partnered with Emirates Red Crescent for over seven years, raising more than Dh4.5 million to support humanitarian efforts. Beyond the Holy month of Ramadan, McDonald's UAE maintains an always-on approach to supporting the Red Crescent Medical Center through donations on the self-ordering kiosk and a Rewards Points donation feature on the McDonald's app, allowing customers to contribute year-round. The book collection features three captivating stories that take young readers on imaginative adventures in the UAE, from an exciting fishing trip to a fact-filled journey to the palm farm and an unforgettable treasure hunt. Each story is designed to spark curiosity, while directly contributing to the mission of the Red Crescent Medical Center in Sharjah. Dr Mohammad Salim Al Junaibi, manager of the Red Crescent Medical Center, said: "We are honoured to join forces with McDonald's UAE once again for this Ramadan campaign. This initiative enriches young minds through the joy of reading while reinforcing our mutual commitment to vital humanitarian support. Every book purchased helps extend crucial aid to communities in need, making a real difference at the Red Crescent Medical Center. This significant support made by McDonald's UAE year on year, especially during such a special time such as the Holy month of Ramadan, underpins the importance of our longstanding partnership." Established in 2008 by Emirates Red Crescent, the Red Crescent Medical Center provides free healthcare services across more than 18 departments, including general surgery, pediatrics, internal medicine, radiology, and much more. Walid Fakih, CEO at McDonald's UAE, commented: "Stories have the power to inspire and connect. By continuing our valued partnership with Emirates Red Crescent and working with inspiring Emirati talent to craft such engaging stories, we are taking another step towards supporting those who need it most.' He added, 'As a local business with deep roots in the UAE for more than three decades, our focus remains on positively impacting the local community.' The books are now available exclusively at all McDonald's UAE restaurants and on the McDonald's app and are priced at Dh5 per book.
The National
14-02-2025
- Business
- The National
AD Ports Q4 profit surges five-fold as acquisitions boost revenue
AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, reported a five-fold jump in its fourth quarter net profit as revenue surged on the back of acquisitions in the UAE and abroad. Net profit attributable to owners of the company for the three months to the end of December 2024 climbed to Dh383 million ($104.2 million), from Dh74 million reported during the same period a year earlier, the company said on Friday in a statement to the Abu Dhabi Securities Exchange where its shares are traded. Revenue during the September-December period rose 28 per cent on an annual basis to Dh4.5 billion. The group's full-year profit rose 24 per cent year-on-year to Dh1.3 billion, as revenue grew 48 per cent to Dh17.2 billion. Last year 'marked another year of record revenue and earnings with the group delivering on its primary mission to enable trade,' said Capt Mohamed Al Shamsi, managing director and group chief executive of AD Ports. 'Not only did we deploy an agile, effective business strategy that translated geopolitical uncertainty in some regions into record revenue and profit, but we also leveraged the integration of our recent acquisitions to attain a new level of efficiency, international significance, and to maximise the financial synergies from the consolidation of the acquired entities.' AD Ports completed several new deals last year including acquiring 100 per cent of APM Terminals Castellon in Spain, as well as buying a 60 per cent stake in Dubai Technologies – a trade and transportation solutions developer based in Dubai. It also acquired 60 per cent stake in Tbilisi Dry Port, a key logistics terminal in Georgia, and secured 81 per cent ownership in the joint venture that signed a 20-year concession to operate and upgrade the existing Luanda Multipurpose Port Terminal in Angola. The Abu Dhabi company also completed the restructuring and integration of Spanish logistics platform Noatum Group's assets into AD Ports Group's existing business verticals to boost its portfolio. Established in 2006, AD Ports' portfolio includes 33 terminals, with a presence in more than 50 countries, and economic zones spanning more than 550 square kilometres. The company said all the major global shipping lines continue to avoid the Red Sea, despite a ceasefire deal in Gaza. 'Given recent developments on the subject, a resumption of the conflict, and thus of attacks in the Red Sea, is a possible scenario that cannot be excluded. Global shipping companies are still not ready to return to the Red Sea trade route because of this uncertainty and fear that Yemen's Houthis could intensify again their attacks,' it said. The imposition of new tariffs by the US is likely to create further trade tension and supply chain disruption globally, leading to changes in trade patterns and flows, with long-term implications to trade corridors, AD Ports said. 'It is likely that China builds up its links with the Global South and that trade among Global South nations accelerates in retaliation to the US tariffs. In other words, it could create opportunities for AD Ports Group, which has been increasing its exposure to Global South nations,' it added. This month, US announced a 10 per cent duty on all goods imported from China into the US. It also ordered a 25 per cent import tax on all steel and aluminium entering the US, set to take effect on March 12.
