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Gulf Today
24-05-2025
- Business
- Gulf Today
Real estate deals in five UAE emirates reach Dhs239 billion in Q1
Real estate transactions across five emirates in the UAE surged to over Dhs239 billion in the first quarter of 2025, underpinned by investor confidence, flexible regulations, and expanding project pipelines, official data showed. More than 94,719 sales, purchase, and mortgage deals were recorded from January through March in Abu Dhabi, Dubai, Sharjah, Ajman, and Ras Al Khaimah, marking a robust start to the year for the UAE's property sector. Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said the UAE's real estate boom is fuelled by the country's broader economic and cultural progress, making it one of the world's most attractive destinations for living, working, and investing. In statements to the Emirates News Agency (WAM), he said that Aldar reported Dhs8.9 billion in Q1 sales, a 42 per cent year-on-year increase, with portfolio occupancy rates exceeding 95 per cent by the end of the quarter. Abu Dhabi posted Dhs25.3 billion in total real estate transactions, up 34.5 per cent from Q1 2024. This included 3,819 sale deals worth Dhs15.51 billion-up 26.7 per cent-and 3,077 mortgage transactions totalling Dhs9.8 billion, a 49 per cent increase, according to the Abu Dhabi Real Estate Centre. Dubai accounted for the largest share, with Dhs193 billion in real estate transactions, resulting from 58,039 transactions, a growth of 16.2 per cent in value and 31.5 per cent compared to 2024. The Dubai Land Department reported Dhs142 billion in sales from 45,077 deals, marking a 30 per cent increase in value compared to the same period last year. Mortgages reached Dhs41 billion from 10,949 transactions, up 27 per cent in volume. The remainder came from grants and exchanges. Sharjah recorded AED13.2 billion in property transactions from 24,597 deals, up 31.9 per cent year-on-year, data from the Sharjah Real Estate Registration Department showed. The growth reflects increasing investor confidence in Sharjah's stable and investor-friendly environment, supported by advanced infrastructure and a diverse range of investment opportunities. A total of 8,123 sales transactions were recorded during the quarter, a 32.2 percent increase from 6,146 in Q1 2024. The transactions were spread across 169 areas, covering 46 million square feet and amounting to Dhs10.7 billion. The highest number of sales was recorded in Muwailih Commercial with 1,787 transactions worth Dhs1.9 billion, followed by Al-Belaida (902 transactions, Dhs851 million), and Al-Khan (536 transactions, Dhs665 million). Residential properties dominated the sales segment, accounting for 78.9 per cent of transactions (2,894 deals). Industrial properties followed with 477 transactions (13 per cent), commercial properties with 259 (7.1 per cent), and agricultural properties with 39 (1 per cent). The department recorded 1,417 mortgage transactions worth Dhs2.4 billion, executed through 21 financial institutions. The highest number was in Um Fanain (113 mortgages, Dhs170.6 million), followed by Muwailih Commercial (66 mortgages, Dhs246.5 million), Al-Hamriyah West (65 mortgages, Dhs158.6 million), and Al-Sajaa Industrial (60 mortgages, Dhs148.2 million). Four new residential projects were registered in Muwailih Commercial, Al-Tay, and Al-Tay West. Investors from 97 nationalities participated in Sharjah's real estate market during Q1 2025. Emiratis led with Dhs5.2 billion (39.8 percent of total investments). GCC nationals invested Dhs509.8 million (3.9 percent), while Arab nationals invested Dhs3 billion (22.3 percent). Foreign investors contributed Dhs4.5 billion (34 per cent). The number of foreign investors rose 25.3 per cent year-on-year to 3,725, with 3,951 properties traded by non-UAE nationals, up 25.2 per cent. The growth is attributed to legislative reforms allowing foreign ownership in designated areas of Sharjah. Emirati investors topped the list with 7,198 properties, followed by Indian (796), Syrian (502), Egyptian (391), Iraqi (318), and Jordanian (303) investors. Ajman registered Dhs5.55 billion in total transactions, reflecting a 29 per cent increase. Of this, Dhs3.69 billion came from 3,132 2 sales and purchase transactions, and Dhs905 million from 498 mortgage transactions, with the remainder comprising grants and property exchanges. Meanwhile, real estate transactions in Ajman reached Dhs2.06 billion in March 2025, marking a significant increase of over 41 per cent compared to the same period in 2024. Omar Bin Omair Al Muhairi, Director-General of the Ajman's Department of Land and Real Estate Regulation, said the emirate recorded 1,025 real estate transactions in March, with trading volume totalling Dhs1.03 billion. He noted that 'Al Heliow 1' recorded the highest property sale at Dhs43 million. He added that March also witnessed 156 mortgage transactions amounting to Dhs299 million. The highest mortgage value, Dhs40 million, was recorded in the 'Al Nuaimiya 3' area. In Ras Al Khaimah, residential off-plan sales exceeded Dhs2.4 billion from more than 1,300 transactions, according to a report by CBRE, highlighting continued demand in the northern emirate's housing market. WAM
Zawya
09-04-2025
- Business
- Zawya
February sales of AED 709mln ($194mln) lift Dubai Duty Free first quarter over 2024
Following record sales in 2024, Dubai Duty Free has announced first-quarter sales of Dhs2.06 billion (US$565 million). The sales growth was largely driven by an exceptional February, which set a new sales record for the month of Dhs709 million (US$194 million). Commenting on the first quarter sales performance, Ramesh Cidambi, Managing Director of Dubai Duty Free said: 'We are very pleased with our sales for the first three months of the year, especially in February when daily sales reached an average of Dhs25.3 million (US$6.93 million) and kept pace with passenger growth. A lot of credit goes to our hard-working team of staff who achieve sales targets on an ongoing basis.' Perfumes, Liquor, Tobacco, Gold and Confectionery held the top five spots category-wise with Perfume sales reaching Dhs371 million (US$102 million) and contributing 18% of total revenue. Liquor followed with sales of Dhs258 million (US$71 million), while Tobacco increased by 11% over the same period last year with sales amounting to Dh220 million (US$60 million). Gold increased marginally with sales amounting to Dhs212 million (US$58 million), contributing 10% of total revenue. Confectionery showed robust growth, taking the fifth spot for the first time with a 57% increase over the same period last year, with sales reaching Dhs207 million (US$57 million) and contributing 10% of total revenue. 'The remarkable success of the 'Dubai' chocolate offering has contributed significantly to the surge in the Confectionary category with specialty brands such as Fix Chocolate, Locali, I Love Dubai, Bateel and Al Nassma collectively generated sales of Dhs80.4 million (US$22 million). That figure represents over 1.2 million individual chocolate bars sold in the first quarter of 2025,' added Mr. Cidambi. In addition, recent renovations in the Arrivals shops have led to sales hitting Dhs125 million (US$34 million) in the first quarter. 'We are very pleased with the newly renovated and refurbished retail shops in Terminals 1 and l 2 Arrivals with Terminal 3 Arrivals shop 4 due for completion next month. These enhancements are already elevating our Arrivals business and strengthening the Liquor category,' said Mr. Cidambi. Looking ahead, Dubai Duty Free will continue to bolster its retail offering throughout 2025, which includes the opening of boutiques in Concourse A featuring luxury brands such as LV, Cartier and Chanel. The events calendar is also busy with upcoming events, including the Dubai Duty Free Spring Trials taking place at the Newbury Racecourse in the UK on 11th and 12th April, followed by the UAE Nationals Cup taking place at the Montgomerie Golf Club on May 3rd. -Ends-
Gulf Today
21-02-2025
- Business
- Gulf Today
Etihad Airways announces highest-ever profit of Dhs1.7 billion in 2024
Etihad Airways on Wednesday announced its results for the full year 2024, recording strong performance across all key metrics with an Dhs1.7 billion ($476 million) profit after tax driven by Dhs20.8 billion ($5.7 billion) passenger revenue and Dhs4.2 billion ($1.1 billion) Cargo revenue, alongside significant operational efficiency improvements. The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network. This growth was supported by a 28 per cent year-on-year increase in Available Seat Kilometres (ASK) and an improved passenger load factor, which reached 87 per cent in FY24, compared to 86 per cent in 2023. Total revenue saw a remarkable year-on-year increase of 25 per cent to Dhs25.3 billion ($6.9 billion). This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by Dhs4.2 billion ($1.1 billion), or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year. In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025. The airline's operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings. The airline invested in customer experience enhancements, driving a significant NPS increase, reflecting higher operational and service satisfaction. In 2024, the airline approved an Dsh3 billion retrofit programme—its largest-ever—which, once underway, is expected to further elevate cabin comfort, inflight experience, and NPS. Etihad also introduced a dedicated premium call centre, delivering faster and more personalised service for premium travellers, leveraging AI to boost productivity. Over 200 enhancements were made to the website and app to further improve the guest experience. Additionally, the airline's loyalty programme, Etihad Guest, reached a milestone of 10 million members. Recognising these achievements, Etihad received multiple industry awards from bodies such as World Travel Awards and Business Traveller Awards, including Best Cabin Crew, Best Customer Experience, Best Economy Class, and Best First Class Lounge. It was also named Environmental Airline of the Year by in 2024 for the third consecutive year. Etihad's team grew to over 11,000 employees, with more than 2,000 new hires and over 1,500 promotions. UAE National Talent initiatives progressed, with over 70 Emirati cadet pilots graduating and more than 3,000 applications received for the latest cadet programme. UAE Nationals now represent 20 per cent of the workforce, underscoring Etihad's support for the UAE talent strategy and its role in developing future aviation professionals. Mohammed Ali Al Shorafa, Chairman of Etihad Airways, said, 'We extend our gratitude to our guests and the dedicated Etihad family for allowing us to realise our ambitions and consistently delivering the reliable, best-in-class service that defines our operations. The unwavering commitment of our team has strengthened our airline, boosting efficiency while consistently improving our exceptional customer experience. 'As we expand our network and enhance our offerings, we remain focused on connecting more people with Abu Dhabi and supporting the Emirate's tourism ambitions, fulfilling our vision to be the airline that everyone wants to fly.' Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said, 'These results are testament to the dedication of our people who have worked together for a purpose, delivering our strategy. Their efforts have driven improvements in customer satisfaction measured across all cabin classes and numerous other touchpoints. Equally they have delivered sustainable, profitable growth while maintaining disciplined efficiency and a steadfast commitment to safety. 'Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholder's mandate, and contributing to the long-term prosperity and success of the UAE.' Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach. Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity. Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching Dhs4.7 billion ($1.3 billion), a 32 pe rcent year-on-year after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad's cargo operations, and a significant reduction in net finance costs – down by almost Dhs1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation. Recognising Etihad's strong improvement, credit rating agency Fitch upgraded Etihad's rating to A+ in July 2024, citing its materially stronger standalone credit profile.
