Latest news with #Dhs1bn
Gulf Business
20-05-2025
- Business
- Gulf Business
Dubai launches PropTech Hub to double sector value to Dhs4.5bn by 2030
Image: Dubai Media Office Dubai has launched the Dubai PropTech Hub in a move to fast-track on the directive of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Higher Committee for Future Technology and Digital Economy. The initiative, launched during a committee meeting chaired by Sheikh Hamdan, is aimed at accelerating innovation and digital transformation within the real estate sector, aligning with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033. Dubai's PropTech market was valued at approximately Dhs2.2bn in 2023. The new hub targets over Dhs1bn in investments by 2030, supporting more than 200 proptech companies and attracting 20 investment funds. Hamdan bin Mohammed chaired a meeting of the Committee for Future Technology and Digital Economy and issued directives to launch the Dubai PropTech Hub. This initiative aims to accelerate the growth of the PropTech market in the emirate, targeting more than a doubling of its… — Dubai Media Office (@DXBMediaOffice) PropTech Hub will support startups, digital economy Sheikh Hamdan described the launch as a strategic step toward strengthening one of Dubai's key economic sectors. 'Dubai has laid a strong foundation for a fully integrated digital economy,' he said, adding that the hub will empower talents and entrepreneurs to turn ideas into ventures, enhancing Dubai's global competitiveness. He highlighted the emirate's flexible legal framework, advanced infrastructure, and strong startup ecosystem as enablers for the integration of real estate with emerging digital platforms. The Dubai PropTech Hub will offer a comprehensive environment for startups, including advanced incubators, interactive workspaces, smart outdoor areas, and infrastructure to develop and test AI-powered models. Read:
Gulf Business
27-04-2025
- Business
- Gulf Business
Nord Lifestyle Development launches Dhs500m HENGE Residences
Image: Supplied The project, which marks the debut of Italian design house HENGE in the UAE real estate market, features a limited collection of 10-storey branded residences. The development is located 20 minutes from Downtown Abu Dhabi and is near the Saadiyat Cultural District and NYU Abu Dhabi. HENGE Residences: Key details Situated in the Marina District, the development features 166 units, including studios, one-, two-, and three-bedroom apartments, and two duplexes, with a total built-up area of over 400,000 sqft. Unit prices start at Dhs1.1m for studios and range up to Dhs4.7m for three-bedroom residences. Interiors and furnishings are exclusively crafted by HENGE's master artisans. Each element, from bespoke furniture to material selection, is designed to reflect HENGE's globally recognised aesthetic. Lifestyle amenities include a health club with sauna and steam rooms, a temperature-controlled swimming pool, a dedicated children's pool, indoor and outdoor play areas, a padel court, 24/7 security, full concierge services, and smart home automation. Selected finishes incorporate natural marble, sintered stone, and natural wood accents, reflecting a commitment to design integrity and craftsmanship. Completion is expected in Q1 2028. Nord's projects and brand promise 'Saadiyat Island is the cultural epicentre of Abu Dhabi, and partnering with a global icon in design allows us to offer a truly differentiated product that complements the island's vibrancy, architecture, and global ambition,' said Maher Rahabi, CEO of Nord Lifestyle Development. 'We are making a clear statement about the value of creativity and hand-finished quality in every detail. We don't mass-produce; what we're creating is bold, soulful, and a true reflection of Nord's long-term promise,' Rahabi added. Nord Lifestyle Development projects approximately Dhs1bn in revenue over the next three years and currently holds Dhs342m in assets across Abu Dhabi. The company plans to expand its development pipeline with three new projects scheduled for launch before the end of the year.
Gulf Business
24-03-2025
- Business
- Gulf Business
UAE's Majid Al Futtaim posts 2024 results, reports Dhs33.9bn in revenue
Image: Majid Al Futtaim Majid Al Futtaim has reported its financial results for 2024. The company said it achieved a consolidated revenue of Dhs33.9bn, down 2 per cent, while EBITDA grew 1 per cent at Dhs4.6bn, through growth in key business areas across the portfolio and prudent financial discipline. Despite tough circumstances, the group achieved a net profit of Dhs2.5bn, down 6 per cent year on year, a result of currency devaluation, anticipated tax changes and one-off items. However, excluding UAE corporate income tax, valuation gains and impairments, net profit was up 18 per cent. While on a constant currency basis, EBITDA increased 3 per cent, and revenue grew by 1 per cent. Within the group's varied operating companies, revenues grew significantly in key divisions including Properties, Retail Digital and Lifestyle, while overall revenue in the UAE grew by 7 per cent, offsetting challenges in other operating companies and economic headwinds in certain markets. The company also bolstered its financial position by increasing free cash flow by 270 per cent to Dhs2.8bn and cutting net debt by Dhs1bn, reinforcing its BBB credit rating with a stable outlook. Growth across divisions Majid Al Futtaim's Properties division led growth, posting a 25 per cent increase in net revenue, fueled by strong demand for its malls and residential projects. Net revenue grew by 25 per cent year-on-year to Dhs8.7bn and EBITDA increasing by 16 per cent to Dhs4.2bn. The newly launched Meanwhile, the Retail division initiated a turnaround strategy in Q3. Its brick-and-mortar business reported revenue at Dhs22.2bn and EBITDA at Dhs381m while its digital business achieved full-year EBITDA profitability. Majid Al Futtaim's shopping malls continued to thrive with leasing occupancy hitting 97 per cent and footfall remaining stable from record growth in 2023 across its 29 malls. The newly optimised Hotels portfolio also performed well. Majid Al Futtaim results reflect the group's resilience, says CEO Ahmed Galal Ismail, CEO of Majid Al Futtaim, said the results reflect the group's resilience amid macroeconomic challenges and its commitment to long-term value creation. 'Despite geopolitical headwinds and higher corporate tax costs, we delivered strong financial performance, underscored by record free cash flow and robust growth across our key business segments,' he noted. The company also made significant strides in sustainability, achieving a 13 per cent Emiratisation rate — earning the NAFIS award for the second consecutive year — and maintaining a low-risk ESG rating from Sustainalytics.
