Latest news with #Dhs4.5
Gulf Today
19-05-2025
- Business
- Gulf Today
Hamdan directs launch of ‘Dubai PropTech Hub' to boost digitisation
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, on Monday chaired a meeting of the Committee and issued directives to launch The Dubai PropTech Hub. The move seeks to fast-track the expansion of the PropTech market in the emirate, aiming to more than double its value to surpass Dhs4.5 billion over the next five years. It also reinforces Dubai's position as a global leader in real estate innovation, in line with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033. During the meeting, Sheikh Hamdan reviewed the committee's business report, which detailed the results of past projects, evaluated the progress of ongoing initiatives, and examined new proposals aimed at fostering innovation and accelerating the growth of digital enterprises within a supportive and integrated economic environment. Sheikh Hamdan said that Dubai, guided by the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has become a leading global hub for high-value investments and top talent, with the real estate sector being no exception. The emirate has developed a unique model that balances sustainable development with digital transformation, enhancing its readiness for future challenges. Sheikh Hamdan described the launch of the Hub as a strategic move to accelerate digital transformation in one of Dubai's key economic sectors. He highlighted that Dubai PropTech Hub will foster a supportive environment for real estate innovation, empowering talents and entrepreneurs to turn ideas into successful ventures. He added that it aims to strengthen Dubai's PropTech sector, attract quality investments, and enhance the emirate's global competitiveness. Sheikh Hamdan said Dubai has laid a strong foundation for a fully integrated digital economy through ambitious initiatives to advance technological innovation. He stressed that adopting the latest technologies is a strategic necessity to create a business environment that is geared for future challenges and growth in a rapidly evolving, competitive world. He said that Dubai's digital economy has become a distinct reality, underpinned by a flexible legal framework, advanced infrastructure, and robust support for startups and innovators. He emphasised that integrating key sectors such as real estate, commerce, and industry with emerging digital platforms is essential for sustainable growth and achieving the emirate's economic and social goals. The Dubai PropTech Hub aims to drive rapid growth in the property technology sector by adopting cutting-edge digital solutions, aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which seek to double Dubai's economy and rank it among the world's top three cities within a decade. Dubai's PropTech market was valued at around Dhs2.2 billion in 2023, and the Hub aims to attract over Dhs1 billion investments by 2030, supporting more than 200 PropTech companies, and drawing 20 investment funds. The Hub offers a comprehensive ecosystem for startups, featuring advanced incubators, interactive workspaces, and smart outdoor areas that foster collaboration and innovation, alongside state-of-the-art infrastructure for developing and testing AI-driven business models. Sheikh Hamdan Bin Mohammed reviewed the committee's report, which outlined progress on major digital initiatives, including the '5,000 Digital Talents' initiative aimed at placing students in top global tech firms. The meeting also covered results from the previous Expand North Star, the world's largest event for startups and investors, and preparations for its next edition. Sheikh Hamdan was also updated on the IGNITE platform, which was launched recently, and seek to connect founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem. The meeting was attended by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, and Vice Chairman of the Committee, as well as other members of the Committee including Helal Saeed Al Marri, Director General of Dubai Department of Economy and Tourism; Hamad Obaid Al Mansoori, Director General of the Dubai Digital Authority; Khalfan Belhoul, CEO of the Dubai Future Foundation; Eng. Marwan bin Ghalita, Director General of Dubai Municipality, Malek Al Malek, Director General of the Dubai Development Authority and Chairman of TECOM Group; Arif Amiri, CEO of the Dubai International Financial Centre (DIFC), and Hasher bin Dalmook, Reporter of the Committee. WAM
Gulf Today
24-03-2025
- Sport
- Gulf Today
Sheikh Mansoor fetes sponsors and rpartners of NAS Sports Tournament
Sheikh Mansoor Bin Mohammed Bin Rashid Al Maktoum, Chairman of the Dubai Sports Council, has expressed his gratitude and appreciation to all national establishments, companies and institutions that sponsored the 12th edition of the Nad Al Sheba Sports Tournament, which marked another hugely successful year under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai. The contributions of the sponsors right through the tournament and their active role in realising the goals of the largest sports tournament of its kind drew lavish praise. The tournament has been instrumental in popularising diverse sporting disciplines amongst the community and enhancing the performance of local athletes by providing a stage for them to compete across a variety of sports alongside top professional and amateur athletes from around across the UAE and the world. Sheikh Mansoor honoured a number of partners and sponsors from government departments, institutions, and companies, presenting each of them a special tournament shield. Partners and sponsors thus feted included Damac Properties, Al Tayer Motors, Dubai Municipality, the Roads and Transport Authority, and Dubai Duty Free. Dr. Sultan Al Neyadi, Minister of State for Youth Affairs, also honoured a number of sponsors and partners associated with the tournament, including Insurance Tadawi Healthcare Group, Dubai Police General Command, Dubai Corporation for Ambulance Services, Pocari Sweat and Dubai Health. On the final day of the tournament, Khalfan Belhoul, Vice Chairman of the Dubai Sports Council, also honoured supporters, sponsors and partners, including the General Directorate of Residency and Foreigners Affairs in Dubai, DP World, and Dubai Sports Channel. The tournament, in its 12th edition, witnessed a notable increase in the number of participants, topping 8,000 athletes, male and female, also recording a jump in the number of sporting disciplines across which competitions were held, at 11. The total prize money offered during the tournament also rose to Dhs4.5 million. This included more than Dhs.4 million for winners of various sporting showpieces held over the three weeks of the tournament. The prize money was distributed in such a manner as to encourage all manner of sports, with Dhs1.5 million allocated for the volleyball competition, Dhs.764,000 for the various Padel events, Dhs500,000 for cycling, Dhs370,000 for tug-of-war, Dhs350,000 each for road races and the Obstacle Challenge, Dhs210,000 for wheelchair basketball, Dhs150,000 for Jiu-Jitsu and Dhs60,000 each for fencing, badminton and Laser Run. The annual tournament presents a significant organisational, technical, and logistical challenge as events are held across several locations at the same time with the sprawling Nad Al Sheba Sports Complex as its focal point. Other major venues this year included the Meydan Racecourse along with the streets of Meydan within the Mohammed Bin Rashid City, and the Dubai Club for People of Determination in Al Ghusais. The importance of a well-coordinated operation involving partners and sponsors from various departments and institutions is therefore critical to the success of the organising committee's efforts. The safety and wellbeing of audiences is given paramount importance while at the same time providing an ideal environment for athletes to compete, win, and advance their skills. The focus on developing home-grown talent is equally crucial and the tournament always makes it a point to provide excellent exposure to local competitors to enhance their technical skills and equip them with the big-stage experience for bigger challenges ahead. The tournament also promotes a sporting culture in society while raising awareness about the benefits of an active lifestyle for health, vitality, and the overall happiness of the community. It is worth noting that, over the past 12 years, the Nad Al Sheba Sports Tournament has attracted nearly 60,000 athletes, both male and female, and amateurs and professionals, from within and outside the country. The competitions down the years have featured 99 different events under various sporting disciplines. The tournament has witnessed remarkable growth each year since starting off with just over 1,500 participants in the inaugural edition in 2013. The second edition hosted more than 3,000 athletes, while there were 4,000 participants in the third edition, 5,000 in the fourth, 6,000 in the sixth and 7,000 in the seventh year. Even during the COVID outbreak, the eighth edition still attracted 2,500 participants, while the next one had more than 6,000 joining in. There were 5,000 participants in the tenth edition, while the eleventh edition registered a record 7,149 male and female athletes. That record was broken at this year's edition as it witnessed more than 8,000 athletes competing across the 11 sporting disciplines.
Gulf Today
10-03-2025
- Business
- Gulf Today
Borouge annual dividend yield at 6.7%, offering strong investor returns
The annual dividend for Borouge, a leading petrochemicals company, reached 6.7 per cent based on the closing price on 7th March, offering strong investor returns and reinforcing the company's attractive dividend profile. Borouge's financial results for 2024 underline the company's resilience and profitability, with net earnings of Dhs4.5 billion ($1.24 billion), marking a 24 per cent year-on-year increase. The company also reported an industry-leading EBITDA margin of 41 percent, further cementing its reputation as one of the most efficient and profitable players in the petrochemicals sector. Shareholders of Borouge are expected to approve an Dhs2.4 billion ($650 million) cash dividend for the second half of 2024 at the company's upcoming Annual General Meeting (AGM) on 7th April 2025. This final payment will bring Borouge's total dividends for the year to Dhs4.8 billion ($1.3 billion), reinforcing its position as an attractive investment opportunity in the region. Investors seeking eligibility for the final dividend must hold Borouge shares by 15th April 2025, with payments set for distribution on 28th April 2025. Hazeem Sultan Al Suwaidi, Borouge CEO, said, 'This is an exciting time for Borouge shareholders, as the company continues to deliver strong dividends, underscoring our commitment to driving value for our shareholders. With a solid business model and continuous innovation, Borouge remains a strong contender for investors looking for value opportunities.' Beyond its strong dividend profile, Borouge's growth trajectory is poised to accelerate following the recently announced merger of Borouge and OMV's Borealis to create Borouge Group International and the acquisition of NOVA Chemicals. This consolidation will create the world's fourth-largest polyolefins company, valued at Dhs220+ billion ($60 billion), significantly enhancing Borouge's global profile. The newly formed Borouge Group International is expected to benefit from a higher dividend payout, expanded market access, advanced technological capabilities, and complementary product lines. With commercial and manufacturing operations spanning North America, Europe, Asia, the Middle East, and Africa, Borouge Group International presence in the global petrochemicals industry is set to strengthen, offering further opportunities for growth and value creation.
