Latest news with #InvestmentCorporationofDubai
Al Etihad
18-05-2025
- Business
- Al Etihad
Cable supplier Ducab eyes global footprint expansion guided by UAE vision
18 May 2025 21:56 SARA ALZAABI (ABU DHABI)Cable technology supplier Ducab has been rapidly expanding its global footprint through innovations and partnerships and, at the same time, it ensures it remains firmly rooted in its commitment to the UAE's industrial it participates in Make it in the Emirates this year, the company - one of the UAE's leading end-to-end energy solutions providers - showcases its latest advancements alongside its recent successes in the delivers high-quality cable and metal solutions to industries across 75 markets worldwide. "As a key contributor to the UAE's industrial growth, we are aligned with the country's national industrial strategy; and exports account for 60% of our production today. Jointly owned by ADQ and the Investment Corporation of Dubai (ICD), we are committed to localising materials and manufacturing," said Gert Hoefman, Interim Group CEO of Ducab, in an interview with Aletihad. The company has achieved a 96.89% ICV score and 40% local content, underscoring its dedication to local manufacturing, infrastructure, and strategic partnerships across the Middle East. For Ducab, Make it in the Emirates serves as a strong platform for its plans to accelerate export growth and reinforce the UAE's position as a global manufacturing hub. "The forum supports local industrial growth, encourages innovation, and opens new channels for collaboration - all of which enhance Ducab's ability to scale production, increase competitiveness, and expand its reach into international markets," Hoefman said. Even as it scales operations, the company's products have consistently reflected Emirati innovation throughout its 45-year journey."Ducab's products are made in the UAE and engineered with a focus on performance, sustainability, and adaptability to regional conditions. Our R&D team consistently pioneers new cable technology prototypes, and we have a portfolio of 85,0000 cable variants," Hoefman said. Its latest product for the GCC - the UAE's first high-voltage fibre optic cable - has been put together in line with the country's vision for sustainability and the company's decarbonisation among the key enablers of industrial development, Ducab regularly invests in R&D and expands its local production capacity as necessary, Hoefman said. For instance, it has doubled its aluminium output to meet the global demand and reinforce the UAE's position as an industrial its partnerships with UAE entities such as EGA & Borouge, Ducab can guarantee the timely supply of top-grade materials. The company also continues to hold the highest local and international certifications in quality, health, and environmental systems. "Our products are attested at world-class labs and independently verified by global bodies such as BASEC, LPCB UK, Lloyd's Register, UK and KEMA. We hold the ISO 9001 certification that ensures consistent quality of our products, making us a trusted name across 75-plus markets," Hoefman said. Aligned with the UAE's VisionAt its manufacturing facilities, Ducab makes it a point to minimise environmental impact. "We have implemented a circular economy model, and our manufacturing operations comprise scrap metal recycling, solar power generation, and elimination of waste."Ducab's dedicated cables for wind, solar and nuclear energy support the energy transition in the UAE by complying with high-quality requirements and contributing to national decarbonisation efforts. Overall, the company backs UAE Vision 2031 by leveraging its manufacturing strengths and sustainability initiatives, contributing to the nation's economic diversification goals. "Our advanced manufacturing capabilities and focus on clean and sustainable processes, export growth, and innovation directly contribute to strengthening the country's knowledge-based economy as envisioned in the country's 'We the UAE 2031' and 'Dubai Clean Energy 2030'," Hoefman said.
Zawya
09-05-2025
- Business
- Zawya
Guinea aims to pull EGA's licence over alumina refinery row, sources say
CONAKRY - The Guinean government's move to revoke Emirates Global Aluminium's (EGA) mining license stemmed from the company's failure to fulfil its commitment to construct an alumina refinery, people familiar with the matter have told Reuters. Reuters reported on Wednesday that Guinea has launched a process to revoke the EGA licence, escalating a dispute that began in October with the suspension of the Emirati company's bauxite exports and mining operations. The move by Guinea, the world's second-largest bauxite exporter, threatens to further disrupt global aluminium supply chains and signals the resource-rich country's hardening stance toward foreign miners as the junta that seized power in September 2021 pushes for more local processing of minerals. "The Guinean government's action was taken following EGA's failure to keep its promise to build an alumina refinery," a source close to the situation said, requesting anonymity because they were not authorized to speak. A second source within Guinea's Ministry of Mines told Reuters that officials had sent a final reminder letter to EGA regarding its refinery commitments, but the company did not respond. A key point of the letter revolved around financing for the refinery, the source said. Emirates Global Aluminium, equally owned by Abu Dhabi sovereign wealth fund Mubadala, and Dubai sovereign wealth fund, the Investment Corporation of Dubai, began operating in Guinea in 2019 through its Guinea Aluminium Corporation subsidiary, and exported around 14 million metric tons of bauxite in 2022. In May 2022, the government extended a deadline for bauxite miners to present their refinery plans, and signed a non-binding agreement with EGA's local subsidiary in June 2024 for a 2 million metric ton capacity refinery to be constructed by September 2026. The company was forced to declare force majeure after its bauxite exports were suspended in October last year, ultimately putting hundreds of employees on furlough, according to sources and a company contracted to carry out mining operations. The company said in a statement to Reuters on Wednesday that it was working with Guinea to reach a resolution and resume operations. (Reporting by Saliou Samb in Conakry, Hadeel Al Sayegh in Dubai and Maxwell Akalaare Adombila in Dakar Writing by Bate Felix; Editing by Sharon Singleton)
Int'l Business Times
08-05-2025
- Business
- Int'l Business Times
Emirates Airline Group Announces Record $6.2 Bn Gross Profit
Dubai's Emirates Group, which includes the Middle East's biggest airline, announced on Thursday gross annual profit of $6.2 billion, its third record in three years. The 18 percent rise in profit, based on strong customer demand, slimmed to $5.6 billion after the UAE's recently introduced corporate tax, which was applied for a full financial year for the first time. "The Emirates Group has raised the bar to set new records for profit, revenue and cash assets," chairman Sheikh Ahmed bin Saeed Al Maktoum said in a statement. The group invested $3.8 billion in new aircraft, infrastructure and technology "to support its growth plans", the statement said. Its workforce grew by 9 percent to an unprecedented 121,223 employees. The group declared a $1.6 billion dividend to its owner, the Investment Corporation of Dubai (ICD). Emirates airline, excluding the group's other businesses, posted a record $5.8 billion pre-tax profit, up 20 percent from the year before. Its revenue grew by 6 percent, reaching $34.9 billion. Emirates' ground services arm Dnata also boasted a record pre-tax profit of $430 million, up 2 percent from last year. State-owned Emirates Group operates the world's largest long-haul carrier. As of March, it had 314 aircraft pending delivery, including 61 A350s and 205 Boeing 777x, the statement said. It said it was retrofitting 219 aircraft at a cost of $5 billion to make up for delayed aircraft orders. Sheikh Ahmed had previously said the group was retrofitting 90 percent of its fleet to make up for the delays.
Economy ME
08-05-2025
- Business
- Economy ME
Emirates Group sets global benchmark with $6.2 billion profit in 2024-2025; highest in aviation history
The Emirates Group has achieved its strongest-ever financial performance, reporting a record-breaking AED 22.7 billion ($6.2 billion) profit before tax for the financial year ending March 31, 2025. This marks an 18 percent increase from the previous year, cementing the Group's position as the most profitable aviation conglomerate globally. The Group's 2024–25 Annual Report highlights a historic year across all key financial metrics: Revenue surged 6 percent to AED 145.4 billion ($39.6 billion) EBITDA reached a record AED 42.2 billion ($11.5 billion), up 6 percent Cash assets grew 13 percent to AED 53.4 billion ($14.6 billion) After applying the UAE's new corporate tax introduced in 2023, the Group posted a net profit of AED 20.5 billion ($5.6 billion). In recognition of this exceptional performance, a dividend of AED 6 billion ($1.6 billion) will be paid to its owner, the Investment Corporation of Dubai (ICD). Emirates Airline reported pre-tax profit of AED 21.2 billion ($5.8 billion), up 20 percent year-on-year Read: Emirates-flydubai alliance hits new high: 5 million passengers on combined network in the past year Emirates Airline sets industry benchmark Emirates Airline led the Group's stellar results, posting the highest profit in its history. It reported: Pre-tax profit of AED 21.2 billion ($5.8 billion), up 20 percent year-on-year Revenue of AED 127.9 billion ($34.9 billion), a 6 percent rise Cash assets totaling AED 49.7 billion ($13.5 billion), up 16 percent compared to March 31, 2024 The airline carried 53.7 million passengers in 2024–2025, a 3 percent increase over the previous year, and added new destinations including Bogotá and Madagascar. It also reinstated flights to key cities such as Phnom Penh, Lagos, Adelaide, and Edinburgh, bringing its global network to 148 destinations across 80 countries and territories. Passenger capacity rose 4 percent to 60 billion ATKMs, with a seat factor of 78.9 percent. Emirates also reported a strong operating cash flow of AED 40.8 billion ($11.1 billion), reinforcing its commercial strength. Cargo operations remained robust, with Emirates SkyCargo carrying 2.3 million tonnes of freight, up 7 percent. The cargo division generated AED 16.1 billion ($4.4 billion), contributing 13 percent of the total revenue for the Group. Despite currency headwinds amounting to AED 718 million ($196 million), the airline effectively managed fuel costs. The fuel bill decreased slightly to AED 32.6 billion ($8.9 billion), aided by a 10 percent drop in average fuel prices and efficient hedging. Dnata delivers across global operations Dnata also posted record performance, contributing: Pre-tax profit of AED 1.6 billion ($430 million), up 2 percent Revenue of AED 21.1 billion ($5.8 billion), a 10 percent increase Cash assets of AED 3.7 billion ($1 billion) All of dnata's business segments reported strong results, particularly airport operations and catering and retail services. Airport services revenue rose to AED 9.9 billion ($2.7 billion), while dnata's international operations maintained a 75 percent share of total revenue, led by growth in Australia, Europe, the UAE, UK, and US. Operating costs grew in line with the business, increasing 10 percent to AED 19.7 billion ($5.4 billion). Dnata posted a record performance, with revenue reaching AED 21.1 billion ($5.8 billion) Strategic investments and workforce expansion The Emirates Group invested AED 14.0 billion ($3.8 billion) in new aircraft, infrastructure, and technology to support its long-term growth. Its total workforce grew 9 percent to a record 121,223 employees, reflecting the scale of its global expansion. Leadership excellence His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, attributed the exceptional results to decades of strategic execution and sustained investment. 'It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata. Dubai's aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners, and all the people of Dubai,' Sheikh Ahmed said. 'When the government set up Emirates 40 years ago and we began expanding dnata's capabilities to support the city's growth, we had a clear mission – be the best at what we do; and deliver value to Dubai, our stakeholders, and the communities we serve. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group 'With that in mind, we've kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and our customers, and we work hard to positively impact our communities. We don't cut corners, and we don't take shortcuts that put our future at risk for short term gains. By building our business models around these principles and Dubai's unique strengths, the Emirates Group has thrived and stayed resilient through geo-political and socio-economic challenges over the years. 'For 2024-25, the Emirates Group has raised the bar to set new records for profit, revenue, and cash assets. Through the year, Emirates and dnata were able to move quickly to meet the strong demand for air transport services across markets and win over customers – thanks to our non-stop investments in our people, in building partnerships, and in delivering great products and services,' Sheikh Ahmed added. For more news, click here
Arabian Business
31-03-2025
- Business
- Arabian Business
UAE's ALEC reports 29% growth as Saudi expansion pays off
ALEC Engineering and Contracting LLC (ALEC), one of the largest construction firms in the Middle East, reported a 29 per cent year-on-year revenue growth for 2024, driven by its Saudi Arabia expansion and strong performance from its subsidiaries. The Dubai-based company, part of the Investment Corporation of Dubai (ICD), increased its workforce by 46 per cent to nearly 40,000 workers and established new facilities in Ras Al Khaimah, according to a company statement on Tuesday. 'Having established a robust ecosystem of talent, production facilities, supply chains, and logistics in the UAE, replicating this success in Saudi Arabia was the next logical step,' said Barry Lewis, CEO at ALEC. 'In just two years, we have grown to be recognised as one of the most trusted construction firms in the Kingdom. This success has been driven not by volume but by a portfolio of complex, high-value developments,' Lewis added. ALEC has secured several landmark projects in Saudi Arabia, including the Qiddiya Waterpark and Qiddiya Speedpark, as it continues to diversify across sectors and expand its regional footprint. The company's subsidiaries have also contributed significantly to its growth. AJI Rentals, ALEC's heavy equipment rental arm, established operations in Saudi Arabia last year while expanding its UAE presence with a new facility in Dubai. TARGET Engineering, which ALEC acquired previously, won multiple large-scale engineering, procurement, and construction projects in 2024, including contracts with MMBD, Borouge, and the Dalma Gas Development, according to the statement. The company plans to focus on consolidation in 2025 as several large contracts move into 'the phase of significant activity', said John Deeb, COO and CFO of ALEC. The construction firm is also pushing into new technologies, aiming to automate 5 per cent of its construction activities through advanced robotic solutions by 2030, as part of its recently unveiled Robotics Strategy. ALEC offers services across construction, MEP (mechanical, electrical and plumbing), fit-out, marine, oil and gas, modular construction and other related fields, serving sectors including airports, retail, hotels and resorts.
