Latest news with #Dh6.5
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Moody's Ratings upgrades PNC Investments CFR to Ba2
PNC Investments LLC (PNCI), the parent company of global luxury real estate developer Sobha Realty, has received an upgrade in its Corporate Family Rating (CFR) from Moody's Ratings, which raised the rating to Ba2/stable from Ba3/stable. Additionally, the senior unsecured rating of PNCI's existing $500 million sukuk issued by Sobha Sukuk Limited has been affirmed at Ba2, all outlooks remain stable. This upgrade reflects PNCI's continued strong sales, robust construction activity, and significant improvement in credit metrics. In 2024, revenue rose to Dh8.9 billion from Dh6.5 billion in the previous year. Moody's-adjusted debt to EBITDA improved to 1.7x from 2.7x in 2024 and is expected to further strengthen to 0.9x in 2025. As the second largest privately held residential developer in Dubai by sales, Sobha Realty continues to demonstrate the strength of its Backward Integration Model, allowing full control from design to delivery. This, coupled with a strong backlog of more than Dh23 billion, positions the company to navigate evolving market dynamics effectively while delivering on its commitment to excellence and timely project delivery.
Khaleej Times
12-03-2025
- Business
- Khaleej Times
UAE authority revamps schools to prevent closure, funds tuition fees for low-income students
The Authority of Social Contribution – Ma'an revealed how the community came together to help renovate Pakistani and Bangladeshi community schools, preventing their closure. The authority also funded tuition fees for low-income students at Abu Dhabi University (ADU), as part of 51 social service projects worth Dh98.6 million raised throughout 2024. Among the beneficiaries were the Shaikh Khalifa Bin Zayed Bangladesh Islamia and the Pakistan Community Welfare School, which received urgently needed renovations to their aging and deteriorating premises. The work was funded through a Dh6.5 million allocation raised by Ma'an to revamp community schools that no longer meet ADEK's approved building standards. Had the schools been required to fund the renovations themselves, they would have had to raise tuition fees — making education unaffordable for many of their students, most of whom come from low-income families. As a result, ADEK approached Ma'an to facilitate community contributions towards these schools. Renovation work was carried out after school hours, allowing classes to continue uninterrupted. The initiative will eventually include other community schools facing similar challenges. Ma'an also raised Dh1 million in contributions to support the construction of a commercial and residential building, with its profits directed towards funding education for financially restrained students at Abu Dhabi University. 'This initiative aims to sustain university education and learning opportunities for low-income students,' said Faisal Al Hmoudi, Executive Director of the Social Investment Fund at Ma'an. A similar project supports students of the Khalifa bin Zayed Al Nahyan Foundation struggling with accumulated unpaid tuition fees through a Dh7.5 million fund. Another education initiative allocated Dh4.7 million towards renovating Al Ehsan Kindergarten to better meet the needs of children of determination. The center caters to children aged two to eight with moderate to severe autism. In addition, twelve people of determination will benefit from job opportunities at a Dh917,500 cheese factory being developed in cooperation with Zayed Higher Organization (ZHO). 'The project focuses on providing an inclusive work environment that enhances their quality of life and promotes financial and social independence,' explained Faisal Al Hmoudi. Projects aimed at supporting senior citizens include a Dh3.5 million allocation towards Barakat Al Dar social clubs for Emiratis aged 50 and above. 'The clubs offer a variety of activities and services, including digital literacy, sports and fitness programmes, cultural events, and Islamic and Quran classes,' he said. The clubs will also organise recreational field trips for members. Furthermore, Dh1.8 million has been allocated to make safety modifications in 200 homes of elderly Emiratis to prevent falls. 'Studies show that when an elderly person falls, it can easily lead to broken bones, slow recovery, and several negative consequences,' Al Hmoudi explained. The modifications include installing handrails in showers and toilets, adding ramps or user-friendly stairs, emergency buttons, and anti-slip mats. 'Ma'an serves as a bridge between donors—individuals and private sector companies—and social causes in Abu Dhabi,' said Abdullah Al Ameri, Director General of Ma'an, during the announcement of their 2024 community contributions report. 'As we've seen in the report, the culture of giving from community to community is the message we want to convey to everyone,' he concluded. 'That's why we prioritise full transparency in how we direct these funds towards social services in Abu Dhabi. It underscores our role as a connector.' Ma'an will be showcasing its finished projects through a doc-drama series starting on Abu Dhabi TV on the 15th of Ramadan. 'People of Giving' will be aired after iftar and will feature successful contributions told by the benefactors and beneficiaries themselves.
