Latest news with #AED10.2
Canada Standard
5 days ago
- Business
- Canada Standard
Dubai International Chamber establishes new international representative office in Toronto
DUBAI, 18th June, 2025 (WAM) -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has officially launched a new representative office in Toronto, Canada. The strategic move reflects the chamber's commitment to bolstering economic ties and exploring avenues to increase bilateral trade and investments between Dubai and Canada. The office was inaugurated during a ribbon-cutting ceremony in Toronto in the presence of Maninder Sidhu, Minister of International Trade for Canada, together with Eng. Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, Abdulrahman Al Neyadi, Ambassador of the UAE to Canada, and members of the Canadian business community. The opening further strengthens the chamber's expanding global network and is considered the first representative office in North America. The new office comes as part of the 'Dubai Global' initiative, which seeks to establish 50 representative offices around the world by 2030. Al Mansoori commented, "The launch of our new office in Toronto marks a significant milestone in strengthening the economic ties between Dubai and Canada. The office will serve as a strategic platform to connect businesses, facilitate investment flows, and open new channels for bilateral trade. We are committed to helping Canadian businesses leverage Dubai's strategic location and competitive advantages as a gateway to global growth." The launch of the Toronto office comes at a time of strong and growing business relations between Canada and Dubai, with the value of non-oil bilateral trade exceeding AED10.2 billion last year. By the end of 2024, a total of 4,112 Canadian companies were registered as active members of Dubai Chamber of Commerce, representing annual growth of 29%. This momentum has continued into 2025, with 289 new Canadian companies joining during the first quarter. The Toronto representative office will serve as a vital resource for businesses in both Dubai and Canada. The chamber's team will actively engage with the Canadian business community, cultivate strategic partnerships with key public and private sector stakeholders, and promote Dubai's unique advantages as a global business destination. The office will provide Canadian companies with valuable market intelligence and practical support to establish and grow their presence in Dubai. In addition, it will assist Dubai-based businesses looking to expand into the Canadian market by offering targeted insights, identifying high-potential trade and investment opportunities, and connecting them with reliable local partners to ensure a smooth and successful market entry.
Trade Arabia
27-03-2025
- Business
- Trade Arabia
Emaar Development approves $740m dividend for 2024
Emaar Development, the UAE's premier property development company specialising in build-to-sell assets and majority-owned by Emaar Properties, has announced that its shareholders have approved the Board of Directors' proposal to distribute a dividend of AED2.7 billion ($740 million), representing 68% of the share capital. The announcement came during the Emaar Annual General Meeting, where the Board of Directors reviewed the company's financial performance for 2024 and discussed its future growth strategy. The Board's report on the company's activities and financial position, as well as the Auditor's report, were also approved. Emaar Development reported property sales of AED65.4 billion ($17.8 billion) in 2024, reflecting a 75% increase compared to the previous year. Total revenue for the year amounted to AED19.1 billion ($5.2 billion), up 61% from 2023, while net profit before tax increased by 20% to AED10.2 billion ($2.8 billion). Mohamed Alabbar, Founder of Emaar, said: "Our 2024 results are a testament to our focus on excellence, innovation, and customer satisfaction. Every project we launch is about more than just real estate - it's about building communities that enhance the lives of residents and contribute to Dubai's global appeal."
