Latest news with #Dhs1.2
Gulf Today
2 days ago
- Business
- Gulf Today
UAE records remarkable housing achievements with support exceeding Dhs63 billion
The UAE continues to make remarkable accomplishments in the federal housing sector, enhancing its leadership in urban development and social stability, and strengthening its position among the best countries in the world in terms of quality of life. In H1 2025, the UAE Cabinet approved housing decisions for over 1,838 citizens, totalling Dhs1.2 billion as part of the Sheikh Zayed Housing Programme, which has provided assistance amounting to Dhs63 billion since its establishment to date. More than 93,000 Emirati citizens have benefited from this initiative so far, reflecting the country's commitment to empowering Emirati families and providing suitable housing as one of the key pillars of societal stability. In recent years, the programme has witnessed a series of strategic developments that have enhanced the effectiveness of the housing system, accelerated the process of obtaining housing support, and increased customer satisfaction. Additionally, there has been an expansion in partnerships with the banking sector and financial institutions, in line with the country's focus on financial sustainability and innovation in service delivery. Between 2021 and 2024, the programme achieved remarkable results in terms of performance indicators. The time required to obtain a housing support decision was reduced by more than 50%. The percentage of citizens owning homes increased to 91% - a 17% increase compared to 2017, while private sector funding accounted for 76% of the total, confirming the effectiveness of the adopted financial policies. Customer satisfaction surveys also showed that happiness levels regarding housing services doubled today—an increase of 100% compared to 2021—indicating a significant improvement in the efficiency of the government service system. In this context, the UAE Cabinet has approved a new financing policy for the Sheikh Zayed Housing Programme extending until 2041. The policy aims to issue 40,000 housing support decisions, divided into four phases. The first phase includes the issuance of 13,000 decisions at an estimated cost of Dhs11.5 billion, effectively doubling the number of annual decisions compared to previous years. This comes as part of the country's efforts to enhance resource sustainability and improve the efficiency of public spending. The new policy is based on an integrated model between the federal government and national banks, contributing to reducing the financial burden on the public treasury while providing flexible financing alternatives for citizens. Additionally, the Ministry launched several regulatory initiatives in cooperation with the Central Bank of the UAE to address challenges associated with implementing the new policy. These include the 'Flexible Loan,' which allows citizens to obtain housing finance that aligns with their financial capabilities, with the possibility of benefiting from the finance gap for up to four years. Another initiative is the 'Reuse of Housing Assistance Value,' enabling citizens to re-utilise the assistance in case their living conditions change. Moreover, the policy includes an 'Exemption of Retirement Contributions from Total Salary,' which enhances the process of assessing monthly income and expands opportunities for obtaining housing support. As part of the government's efforts to streamline procedures, the Ministry launched the 'Manzili' bundle, which was recognised in the Zero Bureaucracy Awards as the Best Team across the UAE Government in the 'Impact on People's Lives' category. The package contributed to reducing the number of entities a customer must deal with from 11 to just one, the number of procedures from 14 to three, and the required documents from 10 to just one. This was made possible through integration and coordination with 28 partner entities, resulting in saving over 9 million working hours, reducing fuel consumption by 55,000 liters, and cutting carbon dioxide emissions by approximately 586,000 kilograms—based on calculations for an estimated 5,000 users annually. The Ministry also launched the national platform 'Darak' as a unified window for offering advisory services and construction packages to citizens. This was done in collaboration with the Ministry of Possibilities, the Social Solidarity Fund for Ministry of Interior employees, and local housing programmes. In a new achievement that reflects the UAE's global standing in the housing sector, the country won the presidency of the General Assembly of the United Nations Human Settlements Programme (UN-Habitat) and secured membership in its Executive Board. This recognition strengthens the UAE's role in supporting international efforts in housing and sustainable urban planning. UN-Habitat is an international UN agency headquartered in Nairobi, the capital of Kenya. It works towards a better urban future, with a mission to ensure adequate shelter for all by promoting the sustainable development of human settlements in social and environmental dimensions. UN-Habitat includes a membership of 193 countries from around the world. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, 'Thanks to the directives of the UAE's wise leadership, the country continues to achieve significant milestones in the housing sector. The housing support decisions, during the first half of 2025, reflect the country's unwavering commitment to providing suitable housing for citizens, as it represents a fundamental pillar in the path of comprehensive development.' He added, 'These remarkable achievements are the result of a strategic vision in which government efforts are integrated with the banking sector under the new funding policy, aimed at empowering Emirati families, enhancing quality of life, and ensuring resource sustainability.' He pointed out that the Ministry, in the coming phase, aims to develop innovative housing projects that align with future needs, reinforce principles of sound financial management, and redefine traditional concepts of homeownership—contributing to improved quality of life, family stability, and the social and economic growth of the nation. For his part, Eng. Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, emphasised that these achievements reflect the forward-looking vision of the wise leadership, which places people at the heart of development plans. He noted that the programme is a fundamental pillar in empowering and stabilising Emirati families. He said, 'We continue working to develop a flexible and innovative federal housing system that integrates government and private sector efforts, aligns with citizens' aspirations, and enhances the UAE's global competitiveness in quality of life and urban development indicators.' WAM
Gulf Today
08-04-2025
- Business
- Gulf Today
BEEAH, KSQF join hands to protect vulnerable children
BEEAH, the region's leading sustainability pioneer, has partnered with the Khalid Bin Sultan Al Qasimi Humanitarian Foundation (KSQF), an independent global organisation dedicated to protecting and empowering vulnerable children, to champion the rights and well-being of vulnerable children in the Global South. Through a signed Memorandum of Understanding (MoU), BEEAH becomes a Founding Legacy Partner, pledging Dhs1.2 million in direct financial support and in-kind contributions to advance KSQF's critical mission. This significant partnership will amplify the Foundation's work in addressing the critical needs of children impacted by conflict, poverty and natural disasters, targeting abuses such as exploitation, forced labour, and child trafficking. In addition to direct funding, BEEAH will mobilise its platforms and resources to engage employees and community networks in advocacy and fundraising efforts, promote awareness campaigns, and provide complimentary advertising spaces that further KSQF's cause. The MoU signing ceremony took place at BEEAH Headquarters and was attended by Khaled Al Huraimel, Vice-Chairman and Group CEO of BEEAH, and Lujan Mourad, Director of KSQF. Khaled Al Huraimel stated: 'At BEEAH, we believe in the power of partnerships to drive meaningful change. By supporting KSQF, we are reinforcing our commitment to social responsibility and extending our impact beyond environmental sustainability to development programmes that protect and empower vulnerable children.' Lujan Mourad expressed gratitude for BEEAH's commitment, highlighting the transformative impact this partnership will have. She said: 'This collaboration is more than just monetary support — it is a testament to the shared values of KSQF and BEEAH to create a world where children are safe and protected. 'With BEEAH's generous contribution and advocacy efforts, we will expand our reach, amplify awareness, and implement sustainable solutions that protect children, prevent exploitation, and equip communities with the tools to uphold children's rights.' The announcement will further support KSQF's on-going efforts to mitigate risks such as forced labour, and child trafficking, based on the Foundation's three core pillars – safeguarding initiatives, advocacy programmes, and capacity building. In February, BEEAH and Greenthesis, an Italian-owned global leader in industrial waste management and environmental services, signed a landmark cooperation agreement to develop the Middle East's first polyethylene (PE) film recycling facility in Sharjah. According to the agreement, the two organisations will establish the PE film recycling facility within BEEAH's integrated waste management complex in the Al Sajaa area of Sharjah. This facility will mark a significant step forward in sustainable waste management of PE film, a lightweight plastic commonly used in protective packaging and labels that is difficult to recycle and often ends up in natural environments. By converting PE film into a sustainable alternative to plywood, the facility will support the development of green infrastructure while preserving the environment, reducing landfill dependency, and enhancing resource efficiency. Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH, underscored both companies' commitment to advancing circular economy practices and sustainability, stating, 'Our collaboration with Greenthesis Group marks a pivotal step in tackling challenges that are yet to be solved in integrated waste management. 'By uniting our expertise on the PE film recycling facility in Sharjah, we will not only tackle the challenge of a hard-to-recycle waste and contribute to sustainable infrastructure, but we will also demonstrate a circularity solution that that can serve as a model for tomorrow's zero-waste cities. We look forward to our collaboration with Greenthesis Group, driven by our mutual vision for positive impact and shared spirit of innovation.' Simona Grossi, CEO of Greenthesis, added, 'We are very proud to be able to dedicate a joint venture to the study, introduction and development of innovative technologies in the field of circular economy, making available our consolidated experience in the context of a highly synergic collaboration with a leading operator in the Middle East in integrated waste management, a circumstance that will also allow us to further expand the operations of our Group on an international scale.'
Gulf Today
28-03-2025
- Business
- Gulf Today
Abu Dhabi GDP shows significant annual economic growth in 2024
The Statistics Centre - Abu Dhabi (SCAD) has released preliminary statistical estimates for Abu Dhabi's Gross Domestic Product (GDP) for 2024, showing significant annual economic growth driven by the thriving non-oil sector. The 2024 GDP data highlights Abu Dhabi's sustained economic momentum, with total GDP and non-oil GDP reaching record values for the third consecutive year. The emirate's real GDP expanded by 3.8 per cent in 2024 compared to 2023, reaching an all-time high value of Dhs1.2 trillion, driven by the non-oil economy which recorded a strong growth rate of 6.2 per cent, marking its highest-ever annual contribution of 54.7 per cent to total GDP. This underscores Abu Dhabi's continued success in implementing economic diversification strategies and fostering sustainable, long-term growth. The non-oil sector remained the primary driver of economic momentum, with total non-oil GDP added value reachingDhs644.3 billion, setting a record for the third consecutive year. Key sectors including manufacturing, construction, finance and insurance, information and communication, wholesale and retail trade, education, and health, achieved their highest-ever values, reflecting the emirate's commitment to industrial development, infrastructure investment, and human capital enhancement. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, 'The consistent, remarkable performance of the Falcon Economy in the past years is a testament to Abu Dhabi's forward-thinking economic strategies, progressive policies, and proactive responses to an evolving global landscape.' He added that with a record-breakingDhs1.2 trillion GDP and a 6.2 per cent growth of non-oil sectors- accounting for 54.7 per cent of total GDP in 2024, this steady growth further enhances Abu Dhabi's status as a rising economic powerhouse and a premier destination for global talent, high-value investments, and world-class enterprises. 'Guided by our visionary leadership, we are future proofing Abu Dhabi's economy through pioneering initiatives that drive industrial transformation, stimulate sustainable growth, and reshape tomorrow's economy. The Economic Diversification 2.0 strategies are accelerating the transition towards a smart, diversified, and sustainable economy. We remain committed to unlocking new opportunities, empowering human capital, and forging strategic partnerships that will shape the economy of the future,' Al Zaabi stated. Abdulla Gharib Alqemzi, Director-General of SCAD, said, 'The annual GDP statistical estimates confirm Abu Dhabi's steady progress in economic transformation, with non-oil activities reaching a record 54.7 per cent contribution to GDP. This milestone reflects the emirate's commitment to fostering an investment-friendly environment, empowering entrepreneurs, and enhancing business opportunities across various high-growth sectors.' The strong performance of Abu Dhabi's economy in 2024 underscores the success of economic policies that facilitate business expansion and global trade, which resulted in around a 300 per cent increase in foreign investments in Abu Dhabi over a decade. The manufacturing sector remained one of the largest non-oil contributors to GDP, maintaining a stable 9.5 per cent share, with its added value reachingDhs111.6 billion-the highest on record. This sector achieved an annual growth rate of 2.7 per cent in 2024 compared to 2023, reflecting the success of the Abu Dhabi Industrial Strategy's (ADIS) programmes in driving industrial growth to strengthen the emirate's position as the region's most competitive industrial hub. The construction sector followed closely, contributing 9.1 per cent to total GDP, with an impressive growth rate of 11.3 per cent and a record high ofDhs107.4 billion. The financial and insurance sector also experienced significant expansion, growing 10.7 per cent year-on-year to reachDhs77.8 billion, contributing 6.6 per cent to the total GDP in 2024, further cementing Abu Dhabi's position as a leading financial hub. The information and communication sector grew by 6.6 per cent year-on-year, achieving a record value ofDhs32.2 billion and contributing 2.2 per cent to Abu Dhabi's total GDP in 2024. The wholesale and retail trade sector also saw its highest-ever value atDhs62.7 billion, contributing 5.3 per cent to the emirate's GDP, reinforcing its vital role with a growth rate of 2.2 per cent in 2024. The transportation and storage sector achieved the highest growth rate among all industries in 2024 at 16.9 per cent, driven by infrastructure investments, logistics advancements, and increased trade activity. The sector's contribution to Abu Dhabi's economy stands at 2.4 per cent with a total value ofDhs27.8 billion. The real estate sector grew by 4.2 per cent in 2024, reflecting steady demand and investment in property development. Its contribution to the total GDP reached 3.5 per cent in 2024 with a total value exceedingDhs41.7 billion. Key service sectors also experienced notable expansion, with education and health reaching their highest-ever values atDhs20.4 billion andDhs17 billion, respectively, through growth rates of 2.5 per cent and 4.1 per cent in 2024, underlining Abu Dhabi's commitment to human capital development and social wellbeing. WAM
Khaleej Times
18-03-2025
- Business
- Khaleej Times
Crescent Group partners with Khalid Bin Sultan Al Qasimi Humanitarian Foundation
Crescent Group, a diversified family business group headquartered in Sharjah, with 25 diversified operating companies in nine sectors, has partnered with the Khalid Bin Sultan Al Qasimi Humanitarian Foundation (KSQF) to support the foundation's programmes aimed at protecting and empowering vulnerable children in the Global South. In a signing ceremony held on Monday at Crescent Group's offices in Sharjah, the organisations signed a Memorandum of Understanding (MoU) establishing the company as a Founding Legacy Partner, contributing Dhs1.2 million to support KSQF's work in reinforcing protection for children in the Global South. The agreement was signed by Ravi Kumar, Chief Corporate Officer, Crescent Petroleum and Member of the Board of Crescent Group, and Lujan Mourad, Director, KSQF, in the presence of Abdulla Al Qadi, Executive Director, Crescent Petroleum, and Abdullah Al Huraimel, Board of Trustees Member, KSQF. Ravi Kumar, Board Member, Crescent Group said: 'Crescent Group is proud to support KSQF to build a brighter future for children in the Global South by championing community-led solutions and policies that uplift at-risk children and youth worldwide. This partnership underscores our long-term focus on empowering young people in the region and preparing them to build a better world for future generations.' Lujan Mourad, Director, KSQF, said: 'This generous and significant financial contribution from Crescent Group is another step forward in Khalid Bin Sultan Al Qasimi Humanitarian Foundation's on-going efforts to provide vital support for children vulnerable due to conflicts, natural disasters, and poverty. Their unwavering support will significantly support the foundation's impactful programmes and initiatives that will protect and empower these children, ensuring their fundamental rights and welfare are upheld'. The announcement will further support KSQF's on-going efforts based on three core pillars – safeguarding initiatives, advocacy programmes, and capacity building. Since its establishment in 2024, KSQF has been focused on building strategic global partnerships that address the needs of children in conflict zones, poverty-stricken communities, and areas affected by natural disasters. Crescent Group's partnership with KSQF builds on the company's ongoing support of numerous organizations across the region that enable children and young people to reach their full potential through capacity building and education.
Gulf Today
11-03-2025
- Business
- Gulf Today
Tecom shareholders approve Dhs400 million cash dividend for H2
Tecom Group shareholders have approved the financial statements for the year that ended December 31st, 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of Dhs400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to Dhs800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of 2025. The announcement came during the Annual General Assembly Meeting, where shareholders re-elected the Board of Directors and approved the financial statements for the year that ended Dec.31st, 2024. Malek Al Malek, Chairman of Tecom Group, said, 'Tecom Group's strong performance through 2024 has allowed us to implement our strategic investments. This includes Dhs2.7 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai's economic success whilst providing increased returns for our shareholders.' Tecom Group announced an 11 per cent year-on-year (YoY) increase in revenues to Dhs2.4 billion, with occupancy and retention rates of 94 per cent and 92 per cent, respectively. Full year net profits grew by 14 per cent YoY to Dhs1.2 billion with funds from operations (FFO) of Dhs1.6 billion, led by improved collections and income-generating assets' performance. Tecom Group announced last month a record Dhs2.4 billion in revenue, representing an 11 per cent year-on-year (YoY) increase, resulting in a 14 per cent YoY increase in net profit to Dhs1.2 billion for the financial year ended 31st December 2024 (FY 2024). The figures reflect the impact of the Group's strategy to further strengthen its core business proposition in Dubai through targeted portfolio expansion and increased operational efficiencies, as well as its robust occupancy and retention rates through 2024. The Board of Directors has proposed a dividend payment of Dhs400 million (8 fils per share) for the second half of 2024, subject to shareholders' approval at the upcoming Annual General Meeting on 10th March 2025, and in line with the dividend policy valid through the first half of 2025. The Board of Directors has also reviewed the interim cash dividend for the second half of 2025 which is expected to increase by 10 per cent. Malek Al Malek, Chairman of Tecom Group, said, 'Tecom Group's strong results in 2024 reaffirm our commitment to leveraging Dubai's robust economic fundamentals and contributing to its knowledge economy by attracting global companies and skilled talent across six key sectors.' 'The Dhs2.7 billion of investments announced through 2024 will further expand the Group's portfolio, enabling its continued sustainable growth and reinforcing its role as a strategic driver in Dubai's business sector. We are investing in Tecom Group's future while delivering exceptional financial results, carefully managing costs, and maintaining high levels of customer satisfaction.' Abdulla Belhoul, Chief Executive Officer of Tecom Group, said, 'Led by dynamic non-oil GDP growth, Dubai and the UAE are delivering sustained growth across the commercial real estate and the industrial sectors. 'Driven by robust asset performance, strong customer demand, prudent cost management, and increased customer satisfaction, Tecom Group delivered substantial growth across revenue, Ebitda, and property valuation in 2024. Our success through 2024 is demonstrated in our strong share price performance, with a YoY increase of 15 per cent representing positive shareholder returns as well as the sustainable, long-term value of Tecom Group's proposition.' Revenue increased by 11 per cent YoY to more than Dhs2.4 billion, driven by a 5 per cent YoY rise in occupancy to 94 per cent, an impressive retention rate of 92 per cent, and higher rental rates. The fair value of the Group's Investment Properties (IP) portfolio, conducted by CBRE, ascertained a fair value of Dhs28 billion as of 31st December 2024, representing a like-for-like increase of 11 per cent compared to 2023 levels and a YoY increase of 22 per cent, including new acquisitions during the year. In Q4 2024, revenue increased 11 per cent YoY to Dhs643 million, while Ebitda grew by 9 per cent compared to FY 2023, reaching Dhs458 million, with an Ebitda margin of 71 per cent. Tecom Group earlier announced its financial results for the second quarter (Q2) and first half (H1) of the year ending June 30th, 2024. The Group's H1 net profit grew by 24 per cent to Dhs603 million, with revenues rising 9 per cent year-on-year (YoY) to reach Dhs1.1 billion. The performance follows solid results reported in the first quarter of the year and reaffirms Tecom Group's role in enabling Dubai's knowledge-based economy by attracting global and regional companies across six vital sectors to its ten specialised business districts. For H1 2024, outstanding topline growth contributed to a 9 per cent YoY surge in Ebitda, which reached Dhs896 million.
