Latest news with #Dh5.4
Khaleej Times
29-04-2025
- Business
- Khaleej Times
e& revenue grows 18.7% to Dh16.9 billion in first quarter
e& has delivered a strong start to 2025, continuing its trajectory of growth and digital leadership. The group posted strong performance across key financial indicators, reflecting the strength of its strategy and rising impact as a global technology group. Consolidated revenue increased to Dh16.9 billion, growing 18.7 per cent year-on-year (YoY), while consolidated net profit increased to Dh5.4 billion — a growth of 129.9 per cent compared to the same period last year. The Group's EBITDA reached Dh7.4 billion, growing 15.4 per cent YoY. The group's total subscriber base reached 194.8 million, an increase of 12.9 per cent YoY, while the number of e& UAE subscribers reached 15.3 million, underscoring the continued demand for e&'s next-generation connectivity, AI-powered solutions, and innovative digital experiences. Hatem Dowidar, Group Chief Executive Officer of e&, said: 'Q1 2025 marks another milestone in e&'s journey, with a strong performance across all fronts. We are translating our ambition into measurable performance via achieving robust financial performance, retaining our network leadership, scaling our footprint across high-potential markets and optimising our assets profile to create a sustainable value for our shareholders.'
Al Etihad
24-04-2025
- Business
- Al Etihad
Hub71 startups raised Dh8.02 billion in funding in 2024
25 Apr 2025 00:30 MAYS IBRAHIM (ABU DHABI)Hub71's startups have raised a cumulative Dh8.02 billion in funding and generated Dh4.5 billion in revenue in 2024, according to its 2024 Impact Report. The latest funding figure marks a 44.7% year-on-year increase from Dh5.4 billion in 2023, demonstrating strong investor confidence in Abu Dhabi's innovation economy. The revenues, which were up from Dh3.5 billion the previous year, reflected the sustained commercial traction across priority ecosystem is home to 371 startups spanning 24 sectors, of which 276 are onboarded in its programmes. Its community is notably diverse, with founders representing 60 nationalities and 67 female entrepreneurs actively contributing to the innovation capital pipeline into the ecosystem remains strong, with Dh1.2 billion raised via Hub71's venture capital partners and affiliates, and Dh948 million sourced from Abu Dhabi-based growth is underpinned by 106 partners – comprising 57 fund partners and 49 family offices – working collaboratively to fuel the UAE's innovation 2024 alone, 91 corporate deals worth Dh103 million were signed through 33 market partners. Specialist verticals are gaining momentum as well: Hub71 now hosts 29 Digital Assets startups and 26 ClimateTech startups under its 'Hub71+ Specialist Ecosystems' initiative. These sector-specific ecosystems are part of the broader mission to align with Abu Dhabi's economic vision and develop focused tech ecosystem's collaborative infrastructure continues to mature, with 23 government entities and 10 talent partners supporting growth across key CEO Ahmad Ali Alwan attributed much of Hub71's success to its collaborative model and regulatory agility'Our real value as Hub 71 is through the network of partners or through the network of opportunity we offer them through our partners, through access to capital, access to talent, access to market, and a great business and regulatory environment. And to that end, our partnerships continue to grow,' he said during a media roundtable hosted on Thursday to mark the report's 2024, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city's reputation as a gateway between established tech hubs and high-growth emerging markets. Looking ahead to 2025, Hub71's top priority will be strengthening Abu Dhabi's value proposition as a tech hub – through regulatory ease, faster market access, and an ever-growing network of partners, Alwan told Aletihad . 'Our focus continues to be largely in line with what started the mission; it's to continue creating an environment where we'll see globally enduring tech companies continue to thrive and scale out of Abu Abou Hachem, Head of Growth and Strategy, highlighted the deliberate push into sector-focused ecosystems. He described the success of Hub71+ Digital Assets, launched in 2022, as a key milestone: over 1,000 startups applied to join, making it Hub71's most popular funnel. This vertical attracted interest from major international players due to its alignment with ADGM's regulatory had also launched Hub71+ ClimateTech in conjunction with COP28 to provide a unified platform for green innovation by bringing together entities like ADNOC, ADIO, and UN Capital under a single AI revolution also catalyzed another major expansion in 2024: Hub71+ AI. Backed by powerhouses such as Google, NVIDIA, AWS, and Core42, this initiative aims to make Abu Dhabi a top global destination for AI AlBadi AlDhaheri, Head of Value Creation, detailed how Hub71 is enabling startups to scale globally through tailored support. In 2024, capital partners invested Dh238 million into startups, including new funds aligned with ClimateTech. Tech Barza, Hub71's private capital club, expanded by 10%, and the new angel investor package supported eight startups with early-stage market access, over 70 curated meetings were held between startups and top corporates such as FAB, ADNOC, Siemens Energy, and Bayer. Collaborations with entities like Emirates Development Bank and Abu Dhabi Islamic Bank are helping fintechs and Emirati founders gain traction both locally and also noted that Hub71 is a key player in leading the regulatory sandbox initiative, in collaboration with ITC, ADAFSA, enabling 11 startups to test their technologies in a controlled environment and navigate it through compliance Al Kaabi, Head of Operations and Corporate Services, shared Hub71 startups success stories from 2024, including a deal involving 44.01, which secured $37 million in Series A funding led by Sharouf Funnels, alongside Amazon's Climate Pledge Fund and Equinox Ventures. Meanwhile, Fuse and Bit2Me have teamed up to enhance their digital infrastructure, facilitating the adoption of their solution across multiple marketplaces. Fuse, which primarily operates in the MENA region, and Bit2Me, based in Latin America, are now collaborating to expand their reach into both markets, Al Kaabi explained.
Khaleej Times
29-01-2025
- Business
- Khaleej Times
Emirates Islamic profit before tax rises 46% to record Dh3.1 billion in 2024
Emirates Islamic on Wednesday reported a record profit before tax of Dh3.1 billion, a 46 per cent increase over the previous year. Net profit increased to a record Dh2.8 billion, up by 32 per cent. Total income increased 13 per cent to Dh5.4 billion as assets grew 27 per cent to Dh111 billion. Customer financing surged by an impressive 31 per cent to Dh71 billion and customer deposits increased by a very healthy 25 per cent to Dh77 billion in 2024. Total income rose 13 per cent year on year to Dh5.4 billion driven by higher funded and non-funded income. Expenses decreased seven per cent year on year. Impairment allowances decreased 28 per cent year on year due to improvement in credit quality. Customer financing increased by 31 per cent to Dh71 billion in 2024. Customer deposits increased by 25 per cent to Dh77 billion in 2024 with Current Account and Savings Account balances at 70 per cent of total deposits. Non-performing financing ratio improved to 4.4 per cent with strong coverage ratio at 142 per cent. Hesham Abdulla Al Qassim, chairman of Emirates Islamic said: 'Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020.' Farid AlMulla, chief executive officer of Emirates Islamic said: 'Looking ahead to 2025, Emirates Islamic will remain focused on advancing our strategic objectives to drive growth and deliver value for all stakeholders. We remain committed to enhancing customer experience, operational efficiency, risk management and sustainability.'
