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Gulf Insider
15-04-2025
- Business
- Gulf Insider
Dubai Property: Trump Tower Buzz Builds After Burj Azizi
The first Trump tower is launching soon in Dubai – and estate agents have already been sending the smartphones buzzing and telling potential buyers to keep funds ready. The build up to the project launch has already taken on epic proportions even with all the super-luxury launches that's taken place in Dubai in the 3 months and over of 2025. Whenever the actual launch takes place, the project, estimated to cost Dh2 billion and with Dar Global as developer, is set to be the signature event in Q2-2025 for Dubai's property market. Its location will be somewhere off Sheikh Zayed Road and in the 'wider' Downtown area. 'Thus, two landmark skyscraper launches will define Dubai property in the first six months of 2025 – the Burj Azizi and (when it happens) Trump International Tower,' said an estate agent. 'Whatever be the state of global markets with Trump tariffs, the Trump tower already has created high anticipation for more signature projects in Dubai.' A penthouse at Burj Azizi sold for Dh71 million, the priciest one in the development to date. A 47-storey Trump tower was launched recently in Jeddah, with completion set for 2029. Unit prices start from SR1.7 million. There are other Trump-branded projects in Dubai, but this will be the first tower. Offplan launches by the day There have already been quite a few in Dubai already this year, with March, when this year's Ramadan was observed, seeing another rush of new offplan launches vying for investors' eyes and funds. According to Reidin-GCP data, there were 23 new residential projects launched in Dubai March – and a further 49 announced. It's clear that there was to be now launch slow down during Ramadan. 'Emaar led the activity with the highest number of launches, while developers such as Imtiaz and Sobha also contributed,' says the Reidin-GCP report. The March stats also show Dubai Islands as being the most prominent location for new launches – four projects seeing start of sales and another eight announced. 'Dubai Islands is gaining prominence as a coastal extension of 'Old Dubai' with more than 7,000 residential units under construction. 'Other notable launch clusters include Satwa, Al Furjan and Emaar South.' A higher volume of sales at Dubai Islands – and Palm Jebel Ali – in the coming months should offer evidence that demand for luxury homes in the city is holding its own. 'Based on Land Department data, the Burj Azizi and some of the homes near the Dubai Canal are doing fine,' said an estate agent. 'Once the Trump Tower gets into the sales mix, that too will provide clarity on where the Dubai property market is heading. Throw in a few record deals in Jumeira Bay – whether it's a home or plot – and it's all good. 'Even if property prices stabilize at current levels, that's still a plus for the market.' Also read: UAE Reports Success of Unlicensed Weapons Campaign
Khaleej Times
29-01-2025
- Business
- Khaleej Times
Emirates Islamic profit before tax rises 46% to record Dh3.1 billion in 2024
Emirates Islamic on Wednesday reported a record profit before tax of Dh3.1 billion, a 46 per cent increase over the previous year. Net profit increased to a record Dh2.8 billion, up by 32 per cent. Total income increased 13 per cent to Dh5.4 billion as assets grew 27 per cent to Dh111 billion. Customer financing surged by an impressive 31 per cent to Dh71 billion and customer deposits increased by a very healthy 25 per cent to Dh77 billion in 2024. Total income rose 13 per cent year on year to Dh5.4 billion driven by higher funded and non-funded income. Expenses decreased seven per cent year on year. Impairment allowances decreased 28 per cent year on year due to improvement in credit quality. Customer financing increased by 31 per cent to Dh71 billion in 2024. Customer deposits increased by 25 per cent to Dh77 billion in 2024 with Current Account and Savings Account balances at 70 per cent of total deposits. Non-performing financing ratio improved to 4.4 per cent with strong coverage ratio at 142 per cent. Hesham Abdulla Al Qassim, chairman of Emirates Islamic said: 'Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020.' Farid AlMulla, chief executive officer of Emirates Islamic said: 'Looking ahead to 2025, Emirates Islamic will remain focused on advancing our strategic objectives to drive growth and deliver value for all stakeholders. We remain committed to enhancing customer experience, operational efficiency, risk management and sustainability.'
