Latest news with #Dhs2.5bn
Gulf Business
05-05-2025
- Business
- Gulf Business
IMTIAZ announces Khabib Nurmagomedov as brand ambassador at launch of Beach Walk 4 in Dubai Islands
Pictured: Imtiaz Developments CEO Masih Imtiaz and Khabib Nurmagomedov. Dubai-based prime luxury developer Imtiaz Developments marked a major milestone with the official announcement of global sports icon and former UFC champion Khabib Nurmagomedov as its brand ambassador. The announcement was made during the grand launch of Beach Walk 4 Residence, the latest addition to the Beach Walk series by Imtiaz — a collection of ultra-luxury developments on Dubai Islands valued at Dhs2.5bn. During a special press conference attended by members of the media and key industry figures, Imtiaz Developments CEO Masih Imtiaz and Khabib Nurmagomedov formalised the brand ambassadorship with an official signing ceremony. 'Today is a special day for IMTIAZ,' said Masih Imtiaz, CEO of Imtiaz Developments, during his address to the press. 'I'm incredibly proud to announce that Khabib Nurmagomedov is officially joining us as our brand ambassador. Khabib is more than just a world champion—he's a symbol of discipline, humility, and integrity. These are the same values we hold close at IMTIAZ, as we build homes and communities that truly matter. Having someone of his stature believe in our vision means a great deal to us—and we're honoured to welcome him to the IMTIAZ family.' Following the signing ceremony, Imtiaz and Nurmagomedov engaged with members of the press during a brief Q&A session. In his official statement, Nurmagomedov stated: 'I'm truly honoured to be part of the IMTIAZ family. From the very first conversation, I felt a strong connection—not just to the brand, but to the people behind it and the values they stand for. Discipline, vision, and commitment to excellence—these are things I've lived by in my own journey, and it's what I see in IMTIAZ. I'm excited for this partnership and to be part of a journey that's just getting started.' The press conference was followed by a spectacular launch event that featured an unforgettable evening of elegance and grandeur. Kicking off with a VIP red carpet experience, the event welcomed royalty, high-net-worth investors, and influential business leaders from across the region. Attendees were treated to an exclusive unveiling presentation of Beach Walk 4 Residence in Dubai Islands. Beach Walk 4 is the fifth project in IMTIAZ's sold-out Beach Walk series valued at AED 2.5 billion Dhs. A special highlight of the evening was the on-stage recognition of IMTIAZ's top-performing channel partners, where 12 awards were presented by Nurmagomedov and Imtiaz in honour of their outstanding contributions. About Beach Walk 4 Residence Beach Walk 4 is the fifth project in IMTIAZ's sold-out Beach Walk series, valued at Dhs2.5bn. Following the successful launches of BW1, BW2, BW3, and BW Grand, Imtiaz has now unveiled Beach Walk 4 . Positioned on Dubai Islands, this fully furnished, ultra-luxury development offers exclusive waterfront residences with floor-to-ceiling glass façades, bespoke interiors, and private terraces. Residents will enjoy access to world-class amenities, including private beach access, infinity pools, rooftop lounges, wellness retreats, and a vibrant marina promenade. Imtiaz Developments is currently working on six projects in JVC, five within the Dubailand Residential Complex, and an impressive 18 waterfront developments on the highly anticipated Dubai Islands. About Dubai Islands: Aligned with Dubai's 2040 vision, Dubai Islands is set to be home to over 80 hotels, ranging from luxury and wellness resorts to vibrant cultural hubs and boutique offerings, creating a distinctive and dynamic enclave. With a variety of branded projects, villa communities, and the area's largest shopping mall set to open in the next three years, Dubai Islands is poised to become a premier destination. To capitalise on this growth, Imtiaz Developments will be unveiling ultra-luxury projects in the area this 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.
Gulf Business
25-02-2025
- Business
- Gulf Business
Dubai Taxi Company, Dubai Airports ink exclusive 5-year partnership
Image: Supplied Dubai Taxi Company (DTC) has signed a five-year strategic partnership with Dubai Airports to become the exclusive provider of taxi services at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC). The agreement reinforces DTC's position as the leading provider of premium mobility services in Dubai. The partnership underscores a long-standing relationship between DTC and Dubai Airports to accommodate the growing number of passengers. In 2024, Dubai Airports welcomed 93 million guests across DXB and DWC, resulting in six million limousine and taxi trips. Annual trips are projected to exceed eight million by 2029, with revenues expected to reach Dhs2.5bn over the five years. DTC's collaboration with Dubai Airports began in 1997 with a fleet of just 100 taxis. Over the years, the company has grown into Dubai's largest taxi operator. Currently, it operates approximately 900 airport taxis, including 700 dedicated airport taxis, pink taxis catering to women and families, and accessible vehicles for People of Determination. The fleet also includes around 500 premium limousines. Read: Dubai Taxi Company: Smart transportation services on offer Dubai Taxi Company's taxi and limousine services at Dubai Airports are equipped with smart dispatch systems and instant booking technology through user-friendly apps, enabling cashless transactions. The fleet is monitored by DTC's control centre to ensure safe and efficient transportation. 'The agreement demonstrates the strength of our relationship with Dubai Airports, which began in 1997. As the exclusive provider of taxi services at Dubai's airports for more than two decades, we are committed to showcasing Dubai at its best to all passengers,' said Alfalasi. 'With a team of well-trained drivers backed by sophisticated technology, DTC is committed to enhancing its operational capacity to align with the rapid growth and development at Dubai Airports, ensuring the continued delivery of world-class transportation services,' he added. In 2024, DTC doubled its dedicated airport taxi fleet to support transportation services, increasing trip numbers by 30 per cent and reducing reliance on the city fleet. Dubai Airports focused on enhancing the passenger experience He added: This partnership with Dubai Taxi Company ensures that guests at DXB and DWC experience world-class mobility solutions from the road to the air, reflecting the speed, convenience, and service excellence we uphold across the entire airport journey.'
