Latest news with #Dh7.4
Khaleej Times
29-04-2025
- Business
- Khaleej Times
e& revenue grows 18.7% to Dh16.9 billion in first quarter
e& has delivered a strong start to 2025, continuing its trajectory of growth and digital leadership. The group posted strong performance across key financial indicators, reflecting the strength of its strategy and rising impact as a global technology group. Consolidated revenue increased to Dh16.9 billion, growing 18.7 per cent year-on-year (YoY), while consolidated net profit increased to Dh5.4 billion — a growth of 129.9 per cent compared to the same period last year. The Group's EBITDA reached Dh7.4 billion, growing 15.4 per cent YoY. The group's total subscriber base reached 194.8 million, an increase of 12.9 per cent YoY, while the number of e& UAE subscribers reached 15.3 million, underscoring the continued demand for e&'s next-generation connectivity, AI-powered solutions, and innovative digital experiences. Hatem Dowidar, Group Chief Executive Officer of e&, said: 'Q1 2025 marks another milestone in e&'s journey, with a strong performance across all fronts. We are translating our ambition into measurable performance via achieving robust financial performance, retaining our network leadership, scaling our footprint across high-potential markets and optimising our assets profile to create a sustainable value for our shareholders.'
Al Etihad
14-03-2025
- Business
- Al Etihad
ADNEC Group reports record achievements in 2024
14 Mar 2025 22:13 ABU DHABI (ALETIHAD)ADNEC Group has delivered the highest economic impact in its history, contributing Dh8.5 billion to the UAE economy and surpassing the Dh7.4 billion achieved in 2023. This milestone highlights the group's growing role in driving economic growth and supporting the UAE's strategic objective of building a diversified, knowledge-based Matar Al Dhaheri, Managing Director and Group CEO of ADNEC Group, said: '2024 has been a landmark year for ADNEC Group, marked by exceptional achievements across all sectors of our business. These milestones are a direct result of the sustained support of our wise leadership, whose guidance enables us to continue contributing to Abu Dhabi's economic growth and global prominence.'Our 2024 results also reflect ADNEC's unwavering dedication to delivering significant value to our key shareholders and partners in both the government and private sectors, as well as the hard work and commitment of our team to innovation, sustainability and excellence. As we look to the future, we remain focused on driving positive impact locally and globally, in alignment with the UAE's vision for economic diversification and sustainable development.'The year also saw ADNEC Group successfully acquire Royal Catering and the Business Design Centre in London, UK, expanding its portfolio of venues to four and strengthening its market presence. These achievements underscore ADNEC Group's commitment to fostering talent and delivering exceptional results across its key business remained a key focus, with ADNEC Group winning the Sheikh Hamdan Environmental Award. The ADNEC Centre Abu Dhabi also became the first MICE venue in the Middle East to be powered by clean energy from the Emirates Water and Electricity Company (EWEC), setting a new standard for environmental leadership in the launch of TerraTile, an innovative sustainable flooring product made from exhibition waste, demonstrated the group's dedication to advancing sustainability in the events venues including ADNEC Centre Abu Dhabi, ADNEC Centre Al Ain and ExCeL London hosted more than 1,000 events in 2024, welcoming over 5.4 million visitors, the highest number in its history. Among the year's highlights were the completion of the ExCeL London expansion, which saw the venue reach 270,000 square metres. ADNEC Centre Abu Dhabi hosted the largest and most successful editions of flagship events such as the Abu Dhabi International Boat Show (ADIBS), Global Food Week, and Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX).Capital Events, the event organising arm of ADNEC Group, facilitated more than Dh10 billion in deals at eight of its events, further solidifying its reputation as a leader in event management. ADNEC Hotels welcomed a record-breaking 1,531,000 guests, while Capital Catering, the group's Food & Beverage cluster, delivered 40 million meals across 45 locations and catered for 2,200 weddings and events, including the largest corporate Iftar at ADNEC Centre Abu Dhabi for 8,000 360 Event Experiences achieved its most successful year, driven by regional expansion and key project wins, including ventures in Saudi Arabia and Qatar. Tourism 365, the tourism arm of ADNEC Group, managed 350,000 travellers, generating 250,000 room nights, the highest performance since its an ADNEC Group company, expanded its offerings with the launch of two state-of-the-art TV studios at Yas Creative Hub and supported 34 regional and international productions through its Tawasol initiative. The group also exited its investment in ZenHR, delivering a 300 per cent Group's 2024 achievements highlight exceptional performance across its seven core business sectors, including venues, events, hospitality, food and beverage, services, tourism, and media. These accomplishments were driven by the group's efforts to innovate, expand and embrace sustainability across all its business units. As ADNEC Group enters 2025, it remains committed to advancing Abu Dhabi's vision for economic diversification and sustainable development.
Khaleej Times
27-02-2025
- Business
- Khaleej Times
EDB reports record 2024 results with a 222% year-on-year increase in financing
Emirates Development Bank (EDB), the key financial engine for economic development and industrial advancement in the UAE, has announced its full-year results for 2024, showcasing its significant economic contribution and pivotal role in driving economic diversification and resilience in the UAE. EDB's financing since the launch of its transformational strategy in 2021 has reached Dh15.7 billion, increasing the Bank's contribution to the UAE's industrial GDP impact to Dh7.4 billion by end of 2024. EDB's economic impact was further demonstrated through a notable increase in the CAPEX and FDI financing indicators. The bank has mobilised a total of Dh50.2 billion in CAPEX financing, which supported Dh15 billion in greenfield projects, , and facilitated Dh7 billion in Foreign Direct Investment (FDI) since 2021. In addition, EDB's financing has contributed to the creation of 28,000 industrial jobs in the UAE, underlining the bank's commitment to job creation and economic opportunity. Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, said: 'Aligned with the vision of the leadership, Emirates Development Bank continues to drive the industrial sector's growth and enhance the UAE's position as an attractive destination for investment. The results achieved by the bank in 2024 build on the momentum gained since the launch of its transformational strategy in 2021. With Dh15.7 billion in financing, with significant allocations directed towards manufacturing, advanced technology, and renewable energy, EDB reaffirms its commitment to its mandate of fostering sustainable economic growth and diversification, in line with the UAE's national development goals. These achievements reflect EDB's ongoing efforts to foster innovation, strengthen industrial competitiveness, and contribute to the UAE's economic resilience and global standing. Guided by the vision of our leadership, EDB will remain focused on its strategic priorities, leveraging technological advancements to shape the future of the UAE's sustainable and diversified economy." Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added: '2024 marked a defining year of exceptional progress for EDB, with Dh8.7 billion in financing — an impressive 222 per cent increase from 2023 — resulting in a notable Dh4.1 billion contribution to the UAE's industrial GDP and the creation of over 14,000 jobs in industrial sectors. These achievements highlight our sustained growth and strategic impact across key sectors that align with the UAE's national development priorities. By driving innovation, advancing industrial development, and promoting financial inclusion, we have strengthened our position as a key financial engine driving the UAE's economic transformation. These achievements underscore the impact of our innovative financing solutions as well as the trust of our clients and partners. As we look to 2025 and beyond, EDB is well positioned to drive further advancements in industrial development, technology, entrepreneurship, and FDI attraction, further shaping a resilient, future-ready economy in the UAE.' In 2024, EDB focused on enhancing its operating model, developing its FDI proposition and launching new products and trade desk capabilities. The bank introduced "EDB Smart Connect", an innovative cash management solution, offering clients secure and real-time access to their accounts anytime, anywhere. Since its launch, the platform has onboarded over 50 clients, delivering seamless banking capabilities tailored to the evolving needs of UAE enterprises and highlighting EDB's digital-first approach. Additionally, EDB rolled out six trade finance products and provided Dh1.2 billion through trade finance solutions in 2024. The manufacturing sector remained at the forefront of EDB's strategic focus, receiving Dh4.23 billion in financing throughout the year, which is 49 per cent of the year's total financing. This support drove advancements in UAE-based industrial projects, emphasising the bank's commitment to bolstering national manufacturing capabilities. Parallel to this, EDB sustained its contributions to technological and sustainable innovation in 2024, with Dh1.2 billion supporting renewable energy projects, affirming EDB's alignment with the UAE's net zero objectives. Financing for advanced technology has reached Dh3 billion, underscoring EDB's commitment to fostering the adoption of cutting-edge industrial innovations. Additionally, total financing to the food security sector amounted to Dh1.22 billion, while the healthcare sector received Dh1.14 billion, reflecting EDB's focus on driving growth in critical industries. These results showcase EDB's emphasis on sectors critical for the UAE's sustainable future and reinforcing country's position as a key enabler of global competitiveness. Supporting the growth of micro, small, and medium enterprises (mSMEs) remained a core priority in 2024, with total financing for these enterprises reaching Dh3 billion, including Dh758 million through the Bank's Credit Guarantee Scheme in partnership with 11 commercial banks, Dh2.1 billion in direct financing to mSMEs and Dh107 million to SME-Micro projects. These efforts enhance financial inclusion and showcase EDB's role as a strategic partner for mSMEs, fostering their growth and bridging critical financing gaps. EDB's strong financial performance and strategic focus have been recognised by S&P Global, which has upgraded the Bank's credit rating to AA, the highest among financial institutions in the UAE and Mena region. This milestone highlights the clarity of EDB's strategy, its robust financial profile, and its alignment with national development priorities. The AA rating is a testament to EDB's disciplined financial management, successful delivery of its mandate, and strategic role as a provider of innovative financing solutions and banking services. This recognition further solidifies the trust and confidence of clients and stakeholders, enabling EDB to drive sustainable economic growth. Moving into 2025, EDB is well-positioned to accelerate its contributions to the UAE's economic agenda. Priorities for the upcoming year include reaching a financing target of Dh23 billion and driving the use of AI technologies to enhance operational efficiency through robotic process automation (RPA) and machine learning (ML). EDB will also continue to drive growth in critical sectors through industrial co-lending partnerships, scaling digital transformation, and continuing to foster sustainable economic development aligned with the UAE's vision for diversification.
The National
20-02-2025
- Politics
- The National
Figo, Eto'o and Owen among star names lined up to play at re-opening of Libya's Benghazi International Stadium
The official line from both the US and UAE governments is clear. 'Do not travel to Libya due to crime, terrorism, unexploded landmines, civil unrest, kidnapping, and armed conflict,' is the US advice. The UAE Ministry of Foreign Affairs 'warns UAE nationals not to travel to the State of Libya', while the UK Foreign Office "has advised against all travel to Libya since 2014 ... The local security situation is fragile and can quickly deteriorate, with intense fighting starting without warning.' So it may be a surprise that an international football stadium is re-opening in Benghazi, Libya, on Thursday and some of the great names of world football are scheduled to play in the opening game. Veterans Luis Figo, Samuel Eto'o, Patrick Kluivert, Wes Brown, John Terry, Jens Lehman, Michael Owen, Nani, Roberto Carlos and David Trezeguet are all advertised. Tickets will cost 10 dinars (Dh7.4) with proceeds going to children's charities. The gleaming 45,000-capacity Benghazi International Stadium is on the outskirts of Libya's second most populous city of 859,000 located by the Mediterranean Sea. It has been rebuilt by Limak, the Turkish company who are renovating Barcelona's Camp Nou. 'I'm looking forward to it,' Wes Brown, the former Manchester United and England defender, told The National. 'I've never been before; I like to go to new places and I've heard they're big football fans.' The players will land at an airport which reopened in 2017 after three years of closure due to Civil War. Much has changed since and despite the travel warnings, oil-rich Libya experienced 9 per cent GDP growth last year to a GDP of $6,700 per head, more than South Africa ($6,120), Morocco ($4,200) and Egypt ($2,800). 'Long-delayed presidential and parliamentary elections that could result in a united government for the first time since the Qaddafi dictatorship may happen,' states The Economist, 'but animosity between competing factions dominating the west and east mean they probably won't.' Libya is also hoping to stage the CAF Super Cup final later this year. 'Libyan football is improving,' says Seefaleslam Beleed, a Libyan sports journalist. 'New stadiums are being built and old ones are being renovated. One big moment was the reopening of Tripoli International Stadium last March, where over 40,000 fans watched a special match featuring AC Milan legends against former Libyan and African stars, including famous players like Rivaldo, Cafu, [Clarence] Seedorf, Hatem Trabelsi, and Jehad Muntasser.' The Libyan Premier League has been running again since 2020, the year a permanent ceasefire was announced following the Civil War. Big name signings have been scooped from other football-rich African countries. Angolan striker Mabululu, who was the top scorer in the Egyptian Premier League last season, plays in Libya. As does the Malian Boubacar Traore, who was top scorer in Tunisia's Premier League last season. Libya's national team are also progressing in 2026 World Cup qualifiers but, as Beleed points out, expectations are not very high. 'There have been problems with management, including frequent coaching changes – almost a new coach for every Fifa international break. The previous Libyan Football Federation was poorly run, which caused issues with some players. As a result, important players, like Ahmad Benali, Mohamed El Munir, and Al Musrati, have refused to play for the national team due to past disagreements with the former FA president, Abdulhakim Al Shalmani.' Libya, a team from a country of 7 million, are currently ranked 29th in Africa and 118th in the world, well down on their best Fifa ranking of 36 in 2012 when they last qualified for the Africa Cup of Nations. 'The best Libyan player is undoubtedly Al Moatasem Al Musrati,' says Beleed. 'Over the past few years, several other Libyan players have also made a mark on the international stage. Ahmad Benali played in Serie A. Muaid Ellafi won the CAF Champions League with Wydad Casablanca. Hamdou Elhouni won the CAF Champions League and competed in the Fifa Club World Cup with Espérance de Tunis.' Beleed believes not only Libyan football but the country itself is very underrated. 'I'm not saying this just because I'm Libyan, but because I've travelled to many countries and seen the difference. Libya is truly unique but often misunderstood, mainly because it doesn't get enough media attention, especially in tourism. "Many people think Libya is just a desert, but that's not true. It has the longest coastline on the Mediterranean, a mild climate, and many historical sites worth visiting, like Leptis Magna, Cyrene, Sabratha, Ras Hilal, Waw an Namus, and many more. Right now, things are improving a lot – we just hope it continues.'
