Latest news with #Dh66
Al Etihad
23-07-2025
- Business
- Al Etihad
NMDC Energy H1 net profit rises 16% to Dh583 million
23 July 2025 12:30 ABU DHABI (WAM) NMDC Energy on Wednesday announced strong financial results for the first half of 2025, with sustained growth demonstrating the company's strength and disciplined H1 2025, NMDC Energy delivered a 41 percent year-on-year surge in revenue to Dh8.2 billion and a 16 percent rise in net profit to Dh583 million compared to remarkable award wins in the first half of 2025 totalling Dh13.9 billion, and a backlog that stood at Dh49.9 billion by the end of June 2025, NMDC Energy continues to pursue opportunities that align market demand with its long-term strategy, whereby it continues to build its pipeline of projects, which reached Dh66 billion by the end of the second Q2 2025, revenue grew 21 percent year-on-year to Dh4.4 billion and a net profit of 12 percent to Dh366 million, supported by sustained momentum across core EPC and industrial Energy's 400,000 sqm fabrication yard in Ras Al Khair, Saudi Arabia, became fully operational during the facility strengthens the company's offshore EPC and modular construction capabilities across the region, supporting both current delivery and future of NMDC Energy, Mohamed Hamad Almehairi, said, 'Our progress this quarter demonstrates NMDC Energy's pivotal role in building regional industrial capability at pace and at scale, as we charter a strategic path that emphasises future-ready initiatives and targeted are not just partnerships – they are the building blocks for long-term value and self-sufficiency – as we invest our traditional strengths and emerging opportunities to deliver growth and operational excellence at the forefront of the evolving energy sector.'CEO of NMDC Energy, Eng. Ahmed Salem Al Dhaheri, said, 'We continue to build precision and scale into our operations. We advanced local manufacturing partnerships, expanded regional fabrication capacity, and brought one of the Gulf's most advanced yards online. These steps position NMDC Energy to undertake more complex EPC work – faster and at a greater scale.'NMDC Energy continues to strengthen its long-lasting relationship with Aramco, with a three-year extension to its Long-Term Agreement (LTA) and an option for an additional three years. This extension solidifies NMDC Energy's continued role in supporting Aramco's offshore projects and contributing to Saudi Arabia's economic ambitions. The company was also awarded the ICV Excellence Award at MIITE in the Semi-Governmental Manufacturers category, recognising its Dh17 billion reinvestment in the UAE economy through support for SMEs, local suppliers and workforce development.
Khaleej Times
12-03-2025
- Business
- Khaleej Times
Dubai: Rents increases slow down as more inventory comes online
Rent increases have started to slow down in Dubai due to new inventory, giving tenants more options, says real estate industry executives. 'We're seeing increased rental inventory online, reinforcing the trend of rent stabilisation in some areas in 2025. Tenants in these sectors now have more options and are increasingly price-sensitive, while landlords who price competitively secure tenants more quickly,' said Rupert Simmonds, director of leasing at Betterhomes. Since rents have surged in recent years, Simmonds believes that 'minor fluctuations are part of a healthy market cycle.' The drop in rents follows Dubai recorded its first monthly price decline in over two years in January 2025, signalling a long-anticipated shift toward equilibrium. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Property Monitor data revealed average prices falling by 0.57 per cent in January 2025 to Dh1,484 per square foot — the first drop since summer 2022. This cooling follows four consecutive years of unprecedented growth, during which prices surged by over 30 per cent in 2024 alone. According to real estate consultancy and brokerage Asteco, the delivery of new supplies in 2024 was lower than anticipated, but projections for 2025 indicate a significant increase in inventory. 'Assuming the majority of this projected supply enters the market, a moderation, or even a reversal, of rental growth could be observed in specific communities and/or projects. Affordability factors are expected to fuel continued migration to the Northern Emirates in 2025, a trend that gathered pace in the second half of 2024,' it said. Asteco projected that 63,900 apartments and villas will be delivered this year, compared to 33,625 in 2024. Cavendish Maxwell, a real estate consultancy, earlier forecasted that 243,000 new units are in the pipeline for delivery by the end of 2027, with apartments accounting for 80 per cent of the future inventory. This will further ease pressure on prices and rentals in Dubai. This will stabilise prices and rents and ease pressure on tenants. Most of the future supply will come in Jumeirah Village Circle, where almost 25,000 units are set to be delivered between now and 2027, followed by Business Bay (16,000), Azizi Venice (13,500), Damac Lagoons (11,100) and Arjan (9,000). Betterhomes data showed that the strongest rental growth was seen in apartments at Al Khail Heights, where rents increased by 6.6 per cent to an average of Dh66,900. Townhouses in Palm Jumeirah followed closely, with a 6.5 per cent rise to Dh127,300.
