Latest news with #DFM
Belfast Telegraph
5 hours ago
- Business
- Belfast Telegraph
Emma Little-Pengelly defends Wimbledon trip after calls for £1k cost to be repaid
The Deputy First Minister has defended her trip to Wimbledon after calls for the £1,000 she billed the taxpayer to be returned. Emma Little-Pengelly said it was 'hugely positive' that she could represent Northern Ireland by attending the tournament. Ms Little-Pengelly and her husband, Education Authority chief executive Richard Pengelly, were pictured at the event last month. The pair were snapped in centre court's Royal Box alongside celebrities including US pop star Olivia Rodrigo, England football boss Thomas Tuchel and wrestler John Cena. It later emerged the taxpayer footed the bill for Ms Little-Pengelly's attendance. Some £980 was spent on flights and accommodation. On Friday Alliance deputy leader Eóin Tennyson urged her to repay the money. Mr Tennyson said it "beggars belief that the Deputy First Minister saw fit to take a jolly to Wimbledon on the taxpayers' dime.' His statement added: 'The only decent thing to do, at this point, would be for the Deputy First Minister to pay the money back.' Ms Little-Pengelly addressed the controversy for the first time in a post on X on Friday night. She said her role as Deputy First Minister involved 'leading from the front', saying she has 'worked tirelessly to champion Northern Ireland at every opportunity'. 'In this role we have the huge privilege too of being invited to attend Northern Ireland, Irish and UK events of national significance, including sporting events,' she said. 'I count it a huge honour to have been invited as DFM to attend the Royal Box at Wimbledon at the invitation of the chair of the club. 'The organisers invite a mix of political, government, investors, business along with the world of sport and entertainment, and of course royalty, as part of the official aspect of the tournament in the Royal Box. 'It is hugely positive that Northern Ireland is invited to be represented at this significant UK British national sporting event, of huge global impact. News Catch Up - Friday 8th August 'Wimbledon generates over £200million for the UK economy. I was hugely honoured to be asked to support the event and to represent officially as DFM. 'I will always be the biggest champion of this wonderful place of Northern Ireland. 'I will always do my best to promote us at every opportunity and it is the biggest honour of my life to ensure our voice is heard. 'As a unionist, I am determined too to play my part in supporting and promoting all that is fantastic about our UK. 'Some will criticise, some will try and attack. It will not diminish nor distract me from my drive and determination. It will not stop my positivity and championing Northern Ireland.'
Mid East Info
2 days ago
- Business
- Mid East Info
Emaar Development reported 37% growth in Property Sales reaching to AED 40.6 billion (US$ 11 billion); Backlog increases by 59% to AED 117.7 billion (US$ 32 billion) in the first half of 2025
Revenue increased by 35% to AED 10 billion (US$ 2.7 billion) EBITDA increased by 47% to AED 5 billion (US$ 1.4 billion), at a healthy 50% margin Net Profit before tax increased by 50% to AED 5.5 billion (US$ 1.5 billion); a net margin of 55%. Dubai, United Arab Emirates – August 2025: Emaar Development PJSC (DFM: EMAARDEV), the UAE's premier build-to-sell property development company and majority-owned subsidiary of Emaar Properties PJSC (DFM: EMAAR), delivered strong results in first half of 2025 (January to June), demonstrating sustained operational strength and market leadership. Key Highlights of the Results: Sales Growth: Emaar Development achieved property sales of AED 40.6 billion (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an increase of 37% . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. (US$ 11 billion); compared to AED 29.7 billion (US$ 8.1 billion) during first half of 2024 (January to June), an . This growth is supported by the successful launch of 25 new projects across key masterplans during first half of 2025, reinforcing Emaar's dominant market position. Backlog Growth: Enhanced by record sales during first half of 2025, revenue backlog has now increased to AED 117.7 billion (US$ 32 billion) as of 30 June 2025; an increase of 59% compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. (US$ 32 billion) as of 30 June 2025; an compared to the same period last year, indicating a significant increase in revenue in the forthcoming years. Revenue Growth: Emaar Development recorded Revenue of AED 10 billion (US$ 2.7 billion) in first half of 2025, a 35% increase compared to first half of 2024. of AED 10 billion (US$ 2.7 billion) in first half of 2025, compared to first half of 2024. Profitability: The company recorded Net Profit (before tax) of AED 5.5 billion (US$ 1.5 billion); an increase of 50% as compared to first half of 2024, supported by operational efficiencies and robust project execution. (US$ 1.5 billion); an as compared to first half of 2024, supported by operational efficiencies and robust project execution. Customer Satisfaction: Emaar continues its commitment to delivering exceptional quality and enhancing customer satisfaction, reinforcing trust and long-term relationships. Sustainability: The company advances its sustainable development practices, focusing on energy efficiency, resource management, and environmental responsibility. Mohamed Alabbar, founder of Emaar, stated: 'Our results for first half of 2025 demonstrate the resilience and dynamism in a competitive market. Beyond financial metrics, we remain dedicated to elevating lifestyles and creating communities where people can truly grow. Our innovation-driven approach and customer-centric focus continue to be key pillars of our success.' He added: 'Rather than reacting to market shifts, Emaar is actively shaping what the future of urban living looks like. By blending visionary design with sustainability and cutting-edge technology, we are creating spaces that reflect the aspirations of today and the possibilities of tomorrow, and this is how we turn growth into legacy.' About Emaar Development PJSC: Emaar Development is a developer of prime residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley, The Oasis, Emaar Beachfront and Grand Polo Club and Resort. It has delivered over 77,500 residential units since 2002. The company has a sales backlog of AED 117.7 billion. It is a high cash flow generating business, highlighting the company's robust fundamentals with over 45,500 residential units under development to be delivered.
Zawya
2 days ago
- Business
- Zawya
Dubai Investments intends to list one subsidiary by year-end: report
UAE-based investment company Dubai Investments, listed on the Dubai Financial Market (DFM), intends to divest from some of its subsidiaries either through an initial public offering (IPO) or a private sale, Vice Chairman and CEO Khalid bin Kalban told CNBC Arabia. He said the DFM-listed company is looking to list one of its subsidiaries in the real estate or services sector on the DFM by the end of this year. Kalban said that several banks will be invited following the summer break to participate in the IPO process, with the stake offloaded reaching 25 percent. The CEO said the company plans to replicate Dubai Investments Park in other emirates, starting with Abu Dhabi and Ras Al Khaimah. The Group's diverse portfolio consists of wholly and partly owned companies within real estate, manufacturing, healthcare, education, investments and services. (Writing by P Deol; Editing by Anoop Menon) (
Web Release
3 days ago
- Business
- Web Release
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP), through its subsidiary ServeU, a leading facilities management (FM) solutions provider in the UAE, has announced the strategic acquisition of House Keeping (LLC) and House Keeping Domestic Workers (LLC), including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships. –
Mid East Info
4 days ago
- Business
- Mid East Info
7.5% increase in revenue and 3.4% increase in net profit during the first half of 2025 compared to the same period in 2024
EBITDA reached AED 719 million Pre-tax net profit amounted to AED 442 million, and net profit after tax reached AED 403 million Consolidated revenues of AED 3.36 billion for the twelve-month period until 30, June 2025 'Our sustained success is driven by the forward-looking strategy, operational excellence and the continued momentum in Dubai's real estate sector' – Bin Shafar Dubai, UAE,August 2025: Emirates Central Cooling Systems Corporation PJSC, the world's largest district cooling services provider (DFM: EMPOWER), (ISIN: AEE01134E227), announced its financial results for the first half of 2025. The company reported a total revenue of AED 1,453 million, marking a 7.5% increase compared to the same period in 2024. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached AED 719 million, with a growth of 3.6% and the pre-tax net profit amounted to AED 442 million marking 3.3% growth compared to the first half of last year. The net profit after tax reached AED 403 million marking a 3.4% increase compared to the same period in 2024. 'Empower's exceptional performance in the first half of 2025 reflects the strength of our integrated business model and the ability to efficiently adapt to changing market dynamics and customer needs. Our sustained success is driven by the forward-looking strategy, operational excellence, and the ability to extract long-term value from the continued momentum in the real estate sector. Through our ongoing efforts and commitment to innovation and latest technologies, Empower continues to support the sustainable development of Dubai, contribute to achieving global climate goals and the UAE's Net Zero 2050 targets, while reinforcing the nation's global leadership in climate action and green infrastructure,' said HE Ahmad Bin Shafar, CEO of Empower. Bin Shafar noted Empower's continued growth and development on all fronts, including the expansion of its infrastructure and project portfolio, and its consistent integration of innovation and digital transformation across operations. He reaffirmed the company's prominent presence in global district cooling forums, reflecting Empower's international leadership and commitment to sharing expertise in sustainable cooling. He further emphasised Empower's long-term commitment to creating added and sustainable value for all stakeholders, and to strengthening its position as a global benchmark in environmentally friendly district cooling. Sustained Financial Performance Empower reported consolidated revenues of AED 3.36 billion for the twelve-month period from July 2024 to June 2025, compared to AED 3.16 billion in the period from July 2023 to June 2024; an increase of 6.3%. EBITDA for the same period reached AED 1.58 billion, compared to AED 1.50 billion previously, reflecting a growth of 5.1%. Empower Dividend Distributions Empower's Annual General Meeting, which was held in March with a quorum of 89.9%, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024, amounting to AED 437.5 million in total, equivalent to 4.375 fils per share or 43.75% of the company's paid-up capital, which was paid in April, 2025 Business Growth in H1 2025 The first half of 2025 witnessed a significant growth in Empower's business. The company signed 86 new contracts to supply over 99,000 refrigeration tons (RT) to various projects across Dubai. This boosted Empower's total contracted capacity to 1.86 million RT, reflecting growing demand among developers and building owners for the environmentally friendly district cooling solutions. Empower signed two major agreements during the first half of 2025. The first one is with DMCC (Dubai Multi Commodities Centre), the leading international business district that drives the flow of global trade through Dubai, to supply district cooling services to the next phase of Uptown Dubai, for a capacity of 24,675 RT. The second one is for the Island project, by Wasl to supply environmentally friendly district cooling services for a total cooling capacity of 23,853 RT. Moreover, the company's total connected capacity exceeded 1.6 million RT following the addition of approximately 38,000 RT during the reporting period. Empower also reported a notable increase in its service footprint, with the total number of buildings it serves reaching 1,684 in the first half of 2025. Added value for customers and stakeholders: As part of its commitment to enhancing customer experience and addressing their service needs, Empower launched its Mobile Application in April 2025. The feature-packed mobile app, which is available to download on the Apple Store and Google Play Store, is a hassle-free solution for managing its customers' District Cooling Services accounts right at their fingertips. Empower's annual summer campaign, which was launched in June for the twelfth consecutive year under the slogan, 'Set and Save at 24°C', aiming to reduce electricity consumption for cooling, saw a significant acceptance among the company's nearly 148,000 customers. The campaign is being conducted as part of Empower's sustainability strategies and will run until the end of summer. Expansion: Aligning with Empower's strategy to strengthen the district cooling infrastructure and expand its services in strategically important areas of Dubai, the company announced a new district cooling plant in Al Sufouh 2 area during the reporting period. The foundation work has already started for the new plant, while construction is scheduled to begin in the fourth quarter of 2025. This plant will be the first in a series of three future plant rooms that Empower plans to build in the area. The new plant will have a cooling capacity of 23,400 RT (RT) to serve several buildings, including the 'Innovation Hub,' one of the prominent landmarks in Al Sufouh. Strong Presence in International Forums: As a strong advocate of efficient cooling solutions globally, Empower continued strengthening its global presence during the reporting period. The company participated as a diamond sponsor in the International District Energy Association (IDEA) Campus Energy Conference 2025 in Boston, USA, in February, and the IDEA 2025 Annual Conference and Trade Show, in Minneapolis, Minnesota, USA, in June. IDEA is the world's leading organization in the field of district energy. During the IDEA 2025 Annual Conference, IDEA announced the reappointment of Bin Shafar as Member Emeritus on the Board of Directors of the Association for the seventh consecutive term. Accolades: Empower won three global awards at the IDEA 2025 Annual Conference and Trade Show. The company won two gold awards in the categories 'Total Number of Buildings Committed' & 'Total Building Area Committed' for district cooling services outside North America. Additionally, Empower received the prestigious 'Innovation Award Honorable Mention for District Cooling Plant Optimisation Using Machine Learning'. Moreover, the U.S. Green Building Council has awarded the Gold LEED (Leadership in Energy and Environmental Design) Certification to Empower's DLRC District Cooling Plant. The plant, with a production capacity of 47,000 RT, serves the Dubai Land Residence Complex. Empower received this certification after the DLRC district plant successfully met the Council's rigorous sustainability standards. This achievement further reinforces Empower's leadership in environmental protection and carbon footprint reduction, adding yet another prestigious recognition to its growing list of accomplishments. During the period, His Excellency Ahmad Bin Shafar was named among the 'Dubai 100,' Arabian Business's prestigious list of the most influential individuals shaping Dubai's future across sectors, including business, government, technology, and culture. This recognition highlights bin Shafar's remarkable contributions to advancing the district cooling sector and reinforcing Dubai's status as a global hub for green economy.
