Latest news with #Dhs1.1
Gulf Today
30-04-2025
- Gulf Today
5 break into a Dubai firm's warehouse, cut open safe and steal Dhs1.1m
Dubai Civil Court has ordered five Asian nationals to pay Dhs1.1 million to a Dubai-based company, along with a 5% legal interest from the date of the judgment. This ruling follows the suspects' criminal conviction for stealing from the company's warehouse. According to court documents, the company filed a civil lawsuit seeking Dhs7 million in compensation after the Public Prosecution charged the five suspects with nighttime robbery under threat of weapons. The suspects allegedly broke into the company's warehouse late at night using an electric saw, stole a safe containing Dhs1 million and various mobile phones, and fled. Dubai Misdemeanour Court previously sentenced the five suspects to 6 months in jail, imposed a collective fine of Dhs1.1 million (the stolen money), and ordered their deportation after serving their sentences. The ruling became final, prompting the company to file the civil suit for material and moral damages resulting from the theft. Dr Alaa Nasr, the company's legal representative, stated that under the law, no one may take another's property without lawful cause. If taken, it must be returned.
Gulf Today
23-04-2025
- Business
- Gulf Today
T-Sukuk auction for April 2025 attracts bids worth Dhs6.12b
The Ministry of Finance (MoF), in its capacity as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and payment agent, successfully completed the auction of UAE Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) amounting to Dhs1.1 billion. This issuance forms part of the T-Sukuk issuance programme for the year 2025, as published on the MoF's official website. The auction attracted robust demand from eight primary dealers across both tranches maturing in May 2027 and September 2029. The total bids received reached Dhs6.12 billion, reflecting an oversubscription rate of 5.6 times, underscoring the strong confidence of investors in the UAE's creditworthiness and Islamic finance auction results highlighted competitive, market-driven pricing with a Yield to Maturity (YTM) of 3.83% for the May 2027 tranche and 3.93% for the September 2029 tranche. These yields represent a tight spread of 5 and flat basis points, respectively, above comparable US Treasuries at the time of issuance. The Islamic T-Sukuk programme plays a vital role in supporting the development of the UAE's Dirham-denominated yield curve, offering secure investment instruments for a wide range of investors. Furthermore, it reinforces the local debt capital market, contributes to the development of the broader investment landscape, and supports the UAE's long-term economic sustainability and growth objectives. The results of the Islamic Treasury Sukuk (T-Sukuk) auction denominated in UAE dirhams, amounting to Dhs1.1 billion for February. This issuance is part of the Islamic T-Sukuk issuance programme for the first quarter of 2025 as published on the Ministry's website. The auction witnessed a strong demand from the eight primary dealers for both tranches maturing in August 2028 and September 2029, of the Islamic T-Sukuk, with bids received worth Dhs7.1 billion and an oversubscription by 6.5 times. The success is reflected in the attractive market driven prices, with a Yield to Maturity (YTM) of 4.18 per cent for the tranche maturing in August 2028 and 4.21 per cent for the tranche maturing on September 2029, representing a spread of one basis point above US Treasuries with similar maturities at the time of the auction. The Islamic T-Sukuk issuance programme will contribute to building the UAE dirham denominated yield curve, providing safe investment alternatives for investors, strengthening the local debt capital market, developing the investment environment, as well as supporting sustainable economic growth. ADIB profit rises 18%: Abu Dhabi Islamic Bank (ADIB) reported a Q1 2025 net profit before tax of Dhs1.9 billion, rising 18% year-on-year, reflecting a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth. Q1 2025 net profit before tax increased 18% compared to Q4 2024, reflecting significant growth and reinforcing the positive trajectory we have built over recent quarters. Net profit after tax for Q1 2025 was Dhs 1.7 billion, reflecting a 18% increase compared to Q1 2024. Revenue for Q1 2025 improved by 14% to Dhs2.9 billion compared to Dhs2.5 billion for Q1 2024. This exceptional growth reflects broad-based performance across all key segments. This was supported by an increase in both income from financing activities and non-funding income. The strong business volumes along with continued strength in fee-based businesses, played a significant role in this improvement. Total assets increased by 25% year-on-year to reach Dhs244 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment financing grew by 28% year-on-year, representing Dhs33 billion increase compared to last year and Dhs8 billion increase year to date. This reflects market share gains across key segments and wholesale banking closing landmark deals. Customer deposits rose by 25% year-on-year to Dhs200 billion, compared with Dhs160 billion at Q1 2024. This growth maintained a healthy funding mix, with a 12% year-on-year growth in Current and Savings Accounts (CASA), which now comprise 69% of total deposits. Jawaan Awaidah Al Khaili, Chairman of ADIB, said: ''We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline.' He concluded, 'This outstanding performance was underpinned by strong revenue growth across all segments, improved cost efficiency and the best asset quality metrics we've seen to date.' In 2024, ADIB achieved a record performance a with Net Profit after tax totalling Dhs6.1 billion, an increase of 16 percent compared with Dhs5.25 billion in 2023. Net Profit before tax increased by 26 per cent year-over-year (YoY) to Dhs6.9 billion. During the last quarter of 2024 (Q4 2024), net profit before tax reached Dhs1.6 billion, up 7 percent YoY. WAM
Gulf Today
17-04-2025
- Business
- Gulf Today
Dhs5 billion expansion plan announced for Mall of the Emirates
Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has announced a landmark DHS 5 billion investment to transform Mall of the Emirates into a next-generation lifestyle destination. Marking the mall's 20th anniversary, the project represents a bold refounding of a regional retail icon, building on the Group's enduring legacy of creating great moments, and delivering world-class experiences. The 'Mall of New Possibilities' vision will introduce new retail, dining, wellness, entertainment, and cultural offerings. As part of the transformation, 20,000sqm of additional retail space will be added, welcoming 100 new stores across luxury, fashion, and lifestyle categories. Dhs1.1 billion has already been allocated to major enhancements currently underway, including a new wellness club, cultural hub, dining precinct, and infrastructure upgrades. Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim Asset Management, said: 'Two decades ago, Mall of the Emirates set a new benchmark for retail and entertainment in the region. Today, we're building on that legacy with a bold investment that redefines what a mall can be. This transformation goes beyond physical expansion — it's about creating new ways for people to connect, unwind, and be inspired, all in one destination.' 'As we mark 20 years, our focus is firmly on the future. By introducing world-class wellness, cultural, and dining experiences, we're enhancing quality of life and supporting Dubai's vision as a global city — all while remaining committed to innovation and sustainability at every step.' Among the upcoming features is the SEVEN Wellness Club, bringing premium fitness, spa, and recovery experiences to the Kempinski Hotel. The 'New Covent Garden' cultural hub, developed with Dubai Performing Arts Academy, will open in early 2025 and include a 600-seat theatre and rehearsal spaces. As part of the transformation, a new indoor-outdoor precinct will introduce a dynamic mix of fast-casual dining and interactive entertainment, designed to foster social connection and vibrant lifestyle experiences. At its heart will be the mall's first-ever outdoor F&B courtyard, set to debut in early 2027. This adaptable space will transform into a lush green oasis during the cooler months, offering visitors a refreshing new way to enjoy the mall's evolving culinary scene. Majid Al Futtaim is also redefining its entertainment portfolio to cater to all ages, with four new entertainment concepts set to launch by late 2026. VOX Cinemas has further enhanced its offering at the mall, debuting the world's most advanced IMAX experience to deliver cutting-edge cinema for its audiences. The investment also includes a full revamp of the West End district, modernising its design and atmosphere to create a vibrant social hub. Infrastructure enhancements are already underway, including the rollout of the Parkin barrierless parking system, improved access roads, and bridge upgrades in collaboration with Dubai's RTA, expected by September. With sustainability at its core, the transformation will integrate energy-efficient technologies, smart systems, and eco-conscious design—reinforcing Majid Al Futtaim's commitment to shaping spaces that are innovative, inclusive, and future-ready. Mall of the Emirates is poised to redefine the retail experience for a new era.
Gulf Today
23-02-2025
- Business
- Gulf Today
Sharjah records 1,246 sales transactions covering 10.4 million square feet
The Sharjah real estate achieved a solid and exceptional performance in the first month of 2025, as the volume of real estate transactions reached Dhs7 billion during January, while the total number of transactions reached 11,116, and the total area traded in sales transactions reached 10.4 million square feet. Generally, the Sharjah real estate has witnessed remarkable development in recent years, which reflects an ambitious vision that combines innovation, sustainability and high quality. This development is the result of Sharjah Government's wise policies and the major investments in infrastructure, which made the emirate an attractive real estate destination that combines a modern civilized character with an authentic cultural identity. These real estate projects are also distinguished by their diversity, from luxury residential units to integrated commercial complexes and upscale tourism projects, providing a wide range of options that meet the needs of investors and residents alike. In addition, Sharjah has paid great attention to sustainable and environment-friendly projects, which enhanced its position as a smart futuristic city. Thanks to these efforts, this sector has become a fundamental pillar in promoting economic growth, improving the quality of life, and a point of attraction for investors from all over the world. The monthly statistical data issued by the Sharjah Real Estate Registration Department further showed that the total number of transactions reached 11,116, with the number of sales transactions reaching 1,246, which represented 11.2% of the total number of transactions. As for the number of mortgage transactions, they reached 677, which represented 6.1% of the total transactions, and with a value of Dhs1.1 billion. Additionally, the number of initial contract transactions reached 2,817, representing 25.3%, while the number of property certificate transactions reached 4,177, representing 37.6%, and the number of title deeds transactions reached 2,199, representing 19.8% of the total number of transactions. Sales transactions took place in 114 areas distributed across the various cities and regions of Sharjah, and these transactions included residential, commercial, industrial and agricultural lands and properties. In terms of the type of traded real estate, they were 651 transactions for vacant lands, 332 for sub-divided towers, and 263 transactions for built-in lands. The 'Muwailih Commercial' area recorded the highest real estate deal which was on built-in land and worthed Dhs 46.5 million. In mortgages transactions, the 'Warehouses Land' area also recorded the highest transaction on built-in land, and it worthed Dhs 330 million. The total sales transactions in Sharjah reached 1,132, and the 'Muwailih Commercial' area continued to lead the list of areas with the highest number of sales transactions, which reached 179, followed by 'Hay Hoshi' area with 98 transactions, 'Al-Khan' area with 91, and 'Um Fanain' area with 76 transactions. As for the areas with the highest cash trading volume, 'Muwailih Commercial' area also topped the list with a trading value of Dhs 239.4 million, followed by 'Al-Sajaa Industrial' area with AED187.9 million, 'Um Fanain' area with Dhs 141.3 million, and 'Hay Hoshi' district with Dhs 109.7 million of cash trading volume. In the Central Region, the total sales transactions reached 77, most of which were concentrated in the 'Industrial Area 1', which recorded 35 transactions, and was also the highest area in terms of trading volume, which worthed Dhs 19.9 million. As for the city of Khorfakkan, 23 sales transactions took place, with 'Al-Harai Industrial' and 'Hayawa 4' areas having the highest number of transactions, 4 transactions each. Meanwhile, 'Al-Gharb' district recorded the highest cash trading volume, which reached Dhs 8.7 million. Finally, in Kalba city, 13 sales transactions were carried out, led by 'Al-Tarif 5' area with 4 transactions, while 'Al-Tarif 4' area was the highest in terms of cash trading volume, which amounted to Dhs 2 million.
Gulf Today
15-02-2025
- Business
- Gulf Today
TAQA revenues up 6.7% to Dhs55.2 billion
Abu Dhabi National Energy Company (TAQA) has reported its earnings for the period ending 31st December 2024. The company's revenues increased 6.7 per cent year-on-year to Dhs55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS). Net income was Dhs7.1 billion, up 1.5 per cent compared to the prior year, excluding one-off items (Dhs10.8 billion) related to the acquisition of a 5 per cent stake in Adnoc Gas and an Dhs1.1 billion deferred tax charge due to the introduction of the UAE corporate tax. Including these one-off items, net income recorded an Dhs9.6 billion year-on-year decline. Ebitda was Dhs21.4 billion, up 5.9 per cent compared to the prior year, excluding the Dhs10.8 billion related to the acquisition of a 5 per cent stake in Adnoc Gas. Capital expenditure increased by 63.8 per cent to Dhs9.2 billion, primarily driven by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects, timing and phasing of project execution within T&D and the inclusion of TAQA WS. Free cash flow generation amounted to Dhs2.6 billion, down from Dhs13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas. Mohamed Hassan Alsuwaidi, TAQA's Chairman, commented, '2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA's strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this.'
