Latest news with #776
Hi Dubai
5 days ago
- Business
- Hi Dubai
UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre. Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification. Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness. Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains. Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse. News Source: Emirates News Agency
Gulf Today
5 days ago
- Business
- Gulf Today
UAE's GDP reached Dhs1,776 billion in 2024 with 4% growth
The UAE's real gross domestic product (GDP) reached Dhs1,776 billion in 2024, marking a 4 per cent increase compared to that of 2023. Non-oil GDP grew by 5 percent, totalling Dhs1,342 billion, while oil-related activities contributed Dhs434 billion to the overall economy. Abdulla bin Touq Al Marri, Minister of Economy, emphasised that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75.5 per cent of the UAE's GDP by the end of last year, Al Marri emphasised that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies. Al Marri said, 'Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to Dhs3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.' Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward‑looking vision focused on sustainable, non‑oil‑driven growth. Hanan Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators. The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147,8 million passengers—an increase of approximately 10 percent. The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth. With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP. WAM
Yahoo
11-06-2025
- Business
- Yahoo
SBGI Q1 Earnings Call: Ad Market Caution and Shifting Regulatory Landscape Shape Outlook
Media broadcasting company Sinclair (NASDAQ:SBGI) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 2.8% year on year to $776 million. The company expects next quarter's revenue to be around $797 million, coming in 2% above analysts' estimates. Its GAAP loss of $2.30 per share was significantly below analysts' consensus estimates. Is now the time to buy SBGI? Find out in our full research report (it's free). Revenue: $776 million vs analyst estimates of $774.3 million (2.8% year-on-year decline, in line) EPS (GAAP): -$2.30 vs analyst estimates of -$0.91 (significant miss) Adjusted EBITDA: $113 million vs analyst estimates of $101.8 million (14.6% margin, 11% beat) Revenue Guidance for the full year is $797 billion at the midpoint, above analyst estimates of $3.17 billion fix-here1 EBITDA guidance for Q2 CY2025 is $99 million at the midpoint, below analyst estimates of $129 million Operating Margin: 1.8%, down from 5.3% in the same quarter last year Market Capitalization: $943.4 million Sinclair's first quarter results were shaped by a mix of steady core advertising, growing distribution revenues, and disciplined cost management. CEO Chris Ripley noted that core advertising trends 'remain among the best in the industry,' even as macroeconomic uncertainty and tariff-related pressures weighed on some key categories. Distribution revenues grew year-over-year, aided by recent renewal activity, though subscriber churn improvements were slower than anticipated. Adjusted EBITDA outperformed internal expectations, largely due to organization-wide efforts to control SG&A and promotional expenses. CFO Lucy Rutishauser credited the entire team for these cost controls, emphasizing that savings came from multiple departments. Meanwhile, the company's local media segment benefited from stronger-than-expected political advertising tied to the Wisconsin Supreme Court race, signaling potential momentum ahead of the midterm cycle. Looking ahead, Sinclair's guidance is influenced by mixed visibility into advertising demand and evolving industry regulations. Management acknowledged limited near-term clarity, with COO Rob Weisbord describing current advertiser sentiment as 'cautiously optimistic with limited visibility,' especially as several key clients have suspended their own outlooks due to economic and tariff uncertainties. CEO Chris Ripley highlighted ongoing regulatory developments, including potential FCC deregulatory actions that could alter broadcaster ownership rules and network programming fees. He stated, 'We are seeing a groundswell of deregulatory support for the broadcast industry that we believe is well overdue.' The company is also positioning itself for growth through digital expansion, notably by appointing Jeff Blackburn to lead Tennis Channel's next phase and by scaling its Compulse digital platform. These initiatives, along with upcoming sports programming and potential deregulatory tailwinds, set the stage for Sinclair's evolving competitive landscape. Sinclair's management attributed the first quarter's performance to resilient core advertising, expansion of digital assets, and disciplined expense controls, while also discussing sector-wide regulatory changes and leadership transitions. Core advertising stability: Management reported that core advertising revenue outperformed many peers despite broader uncertainty, with political and sports-related campaigns providing incremental strength. However, categories like automotive showed hesitation due to tariffs and supply chain concerns. Distribution revenue growth: Distribution revenues increased, supported by successful renewals, including with YouTube TV. Subscriber churn moderated, but improvements lagged expectations, as the company continues to monitor industry trends around streaming and linear bundling. Expense management focus: Lucy Rutishauser emphasized enterprise-wide cost discipline, with savings achieved across multiple departments. Management indicated that further expense reductions remain possible if market conditions require, but the current approach balances investment in growth areas with efficiency elsewhere. Digital and sports expansion: The acquisition by Compulse and the appointment of Jeff Blackburn as Tennis Channel CEO highlight Sinclair's push into digital and sports media. The company announced a new business unit focused on unified sponsorships across major tennis tournaments, with Verizon as the first sponsor. Regulatory environment and leadership transition: Management expressed optimism about potential FCC deregulation, which could impact M&A and programming fees. The company also announced the upcoming retirement of CFO Lucy Rutishauser, who will remain during the transition and has played a key role in recent refinancing and strategic moves. Sinclair's future performance will be shaped by advertiser spending visibility, regulatory shifts, and digital expansion, all of which influence both revenue and margin prospects. Advertising demand uncertainty: Management noted that visibility into core advertising trends remains low, with many major clients pulling their guidance amid ongoing macroeconomic and tariff risks. Sinclair expects advertising to grow year-over-year but emphasized that forecasts are subject to rapid change as conditions evolve. Regulatory and M&A developments: CEO Chris Ripley pointed to pending FCC actions that could relax ownership rules and cap network programming fees, potentially enabling more flexible M&A and portfolio optimization. These regulatory shifts are expected to play a significant role in shaping industry structure and Sinclair's growth strategy. Digital and sports portfolio growth: The company is investing in digital assets like Compulse and expanding the Tennis Channel's digital reach under new leadership. These moves are intended to diversify revenue streams and position Sinclair for long-term growth as audience habits shift toward digital and live sports content. Key areas to watch in coming quarters include (1) signs of recovery or further softness in core advertising demand, (2) the progress and integration of digital and sports media initiatives such as the Compulse expansion and Tennis Channel leadership changes, and (3) regulatory developments that may influence M&A activity or industry economics. The sustainability of recent cost controls and the trajectory of distribution revenues will also be key performance indicators. Sinclair currently trades at a forward EV-to-EBITDA ratio of 2.2×. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it's free). Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Daily Express
20-05-2025
- Daily Express
Misuse of over RM430k: Man charged
Published on: Tuesday, May 20, 2025 Published on: Tue, May 20, 2025 By: Jo Ann Mool Text Size: Each charge under Section 403 of the Penal Code carries a jail term of between six months and five years, whipping and liability of a fine, on conviction. Kota Kinabalu: A man was charged in the Magistrate's Court here with two counts of misappropriation of property amounting to RM431,700.90. Jonathan Benjamin, who appeared before Magistrate Dzul Elmy Yunus pleaded not guilty to both charges. Advertisement On the first count, Jonathan was accused of dishonestly misusing a company property, specifically daily sales cash amounting to RM222,776, between January 2023 and December the same year at the KK Garden Seafood Restaurant Gaya branch. Jonathan was accused of dishonestly using the company's money, namely daily sales cash totalling RM208,924.90 between January and December 2024 at the KK Garden Seafood Restaurant's Gaya branch. Each charge under Section 403 of the Penal Code carries a jail term of between six months and five years, whipping and liability of a fine, on conviction. Prosecuting Officer Inspector Mohamad Hamidi Mohamad Hamzah, proposed bail at RM4,000. Advertisement Jonathan's counsel applied for a lower bail amount. The court fixed July 4 for pre-trial case management (ptcm) and released the accused on a bail of RM2,000 in two sureties. In another case, a 35-year-old man was charged with attempting to shoplift. Rabsun Saranglali pleaded not guilty to trying to steal 12 different types of grocery items at Servay Jaya, OneBorneo Mall in Manggatal, on March 4, this year, at 5.52pm. He was charged under Section 380/511 of the Penal Code. The court set July 4 for ptcm and offered the accused RM1,800 bail in two sureties. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
USA Today
23-03-2025
- Sport
- USA Today
Saints to host highly productive Colorado wide receiver at local pro day
Saints to host highly productive Colorado wide receiver at local pro day The New Orleans Saints local prospect day is coming up in the near future, with this year's event set to take place on March 29. This gives the team a chance to look at players in the upcoming 2025 NFL draft class who were originally from the Louisiana area. One of those players has been added to the list of attendees for this offseason, coming from a high-profile Colorado Buffaloes team with a litany of top-end prospects this year. That player is wide receiver Will Sheppard, a five-year collegiate player who split time between Vanderbilt and Colorado. A recent report from Aaron Wilson of KPRC 2 Houston shared some of the information surrounding Sheppard, including some career stats, how he performed at the Big 12 pro day, and that he will be coming in for the Saints local prospect day later this month. Sheppard has had a strong career throughout his college days, with 2022 likely being considered his best season, as he would accrue 60 receptions for 776 yards (12.9 average) and 9 touchdowns, though his production remained extremely efficient from 2021 to 2024. In his most recent season, he had 48 receptions for 621 yards (12.9 average) and 6 touchdowns. At the Big 12 pro day, he had a 38.5-inch vertical jump, a 10-foot-6 broad jump, and a 4.5-second 40-yard dash, which went down as low as 4.4 seconds in training, as was also reported by Wilson. This is relatively strong given he is 6-foot-3 and right around 200 pounds, and his success heavily comes from his ability to win jump-ball opportunities and catch over defensive backs. He could be a great addition to the Saints for the 2025 season, and someone to watch for in the later rounds of the draft.
