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Emaar Group’s Property Sales Surge by 47% Over the Previous Year

Emaar Group’s Property Sales Surge by 47% Over the Previous Year

May 16, 2024

Emaar Properties PJSC (DFM: EMAAR) has released its Q1-2024 financial results, showcasing robust performance and operational efficiency across its various business segments. Financial Highlights Emaar reported revenues of AED 6.7 billion (US$ 1.8 billion) and a net profit before tax of AED 4.3 billion (US$ 1.2 billion), marking a 16% increase from the same period last year. This growth was driven by a surge in Dubai’s tourism, retail sales, and sustained real estate demand. The company’s focus on improving profit margins and operational efficiencies resulted in a 9% increase in EBITDA to AED 4.4 billion (US$ 1.2 billion) from Q1 2023. Record Property Sales In Q1 2024, Emaar achieved its highest-ever quarterly group property sales, reaching AED 13.5 billion (US$ 3.7 billion), a substantial 47% increase over Q1 2023. The revenue backlog from property sales stood at AED 78.3 billion (US$ 21.3 billion) in March 2024, a 9% rise from December 2023, indicating future revenue to be recognized over the next 4-5 years. Strategic Comments Mohamed Alabbar, Emaar’s founder, commented, “Emaar started the year with a strong performance, reflecting our strategic focus on sustainable growth and customer satisfaction. Our investments are strategic and result-oriented, yielding solid returns. We remain confident in executing our business plans and continue to play a crucial role in Dubai’s economic landscape.” UAE Build-To-Sell Property Development Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary, launched ten projects across various masterplans and recorded its highest-ever quarterly property sales of AED 12.9 billion (US$ 3.5 billion) in Q1 2024, a 50% increase over Q1 2023. The subsidiary reported revenues of AED 3.5 billion (US$ 953 million) and an EBITDA of AED 1.7 billion (US$ 463 million), a 48% increase from Q1 2023. Emaar Properties’ consolidated revenue from its UAE property development business, including Dubai Creek Harbour, was AED 4.1 billion (US$ 1.1 billion). New Developments In Q1 2024, Emaar announced the launch of two new developments: The Heights Country Club & Wellness and Grand Polo Club & Resort. These projects span 140 million square feet and have a combined development value of AED 96 billion (US$ 26 billion), expected to enhance Emaar’s sales and profitability while significantly impacting Dubai’s luxury living market. Sales Backlog Emaar has a sales backlog of AED 70.8 billion (US$ 19.3 billion) in the UAE, which will be recognized as revenue in the coming years. Malls and Commercial Leasing Emaar’s mall and commercial leasing operations generated AED 1.4 billion (US$ 381 million) in revenue in Q1 2024, with an EBITDA of AED 1.1 billion (US$ 299 million). Tenant sales increased by approximately 9% from Q1 2023, with prime assets achieving nearly 98% occupancy as of March 31, 2024. International Operations Emaar’s international real estate operations reported property sales of AED 625 million (US$ 170 million) and revenue of AED 288 million (US$ 78 million) in Q1 2024, accounting for 4% of Emaar’s total revenue. Major contributions came from operations in Egypt and India. Hospitality, Leisure, and Entertainment Emaar’s hospitality, leisure, and entertainment divisions generated AED 983 million (US$ 268 million) in revenue in Q1 2024, a 10% increase over Q1 2023. This growth was driven by the tourism industry’s expansion and strong domestic spending. Emaar’s UAE hotels, including managed properties, had an average occupancy rate of 82% in Q1 2024. Recurring Revenue Emaar’s recurring revenue portfolio, comprising malls, hospitality, leisure, entertainment, and commercial leasing, generated AED 2.3 billion (US$ 626 million) in Q1 2024, representing 34% of Emaar’s total revenue. For more details, visit Emaar Properties. Discover Emaar’s latest financial achievements and strategic initiatives driving growth in Dubai’s real estate market.

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Union Properties Advances Turnaround Plan with Q1-2024 Profit Report

Union Properties Advances Turnaround Plan with Q1-2024 Profit Report

May 16, 2024

Union Properties has reported impressive quarterly revenue and profit gains, highlighting significant progress in its ongoing turnaround plan. The Dubai developer also received favorable resolutions on several long-standing issues, strengthening its path to recovery. Quarterly Financial Highlights In Q1-2024, Union Properties generated Dh138.1 million in revenue from customer contracts, a notable increase from Dh122.1 million in the same period last year. The company’s profit also rose to Dh16.4 million, up from Dh12.2 million, reflecting successful implementation of its strategic initiatives. Long-Term Recovery Strategy Union Properties has faced numerous challenges in recent years, and each positive financial result is a testament to the effectiveness of its turnaround strategy. A key element of this plan is the long-term comeback strategy, which focuses on sustainable growth and resolving legacy issues. Major Developments A significant boost to the company’s prospects came with the approval to repurpose parts of its master development, Motor City. After extensive negotiations, Union Properties announced a landmark settlement with regulators. The developer will invest Dh400 million over three years to repurpose portions of the Motor City land, including areas previously designated for theme parks. “This approval marks a major step forward for Union Properties,” the company stated. “It reflects our commitment to revitalizing Motor City and underscores the success of our negotiation efforts with the regulator.” Strategic Growth Initiatives Union Properties continues to work on enhancing its portfolio and optimizing its assets. The company’s strategic initiatives aim to create long-term value for stakeholders while ensuring sustainable development practices. For more detailed information about Union Properties’ turnaround plan and financial performance, visit Union Properties’ Official Website. Discover more about Union Properties’ journey towards recovery and growth.

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Blue Residency Visa Announced in the UAE: Who Can Apply?

Blue Residency Visa Announced in the UAE: Who Can Apply?

May 16, 2024

The UAE has unveiled a groundbreaking long-term residency program for environmentalists known as the Blue Residency. This 10-year visa is designed to honor individuals who have made exceptional contributions to environmental protection and sustainability initiatives both within and beyond the UAE. Eligibility for Blue Residency Visa The Blue Residency visa will be granted to individuals who demonstrate significant support for environmental action. This includes: Members of international companies, associations, and non-governmental organizations Global award winners Distinguished environmental activists and researchers Application Process Eligible candidates can apply through the Federal Authority for Identity, Citizenship, Customs, and Port Security. Nominations for the long-term residency can also be made by relevant authorities, ensuring that those who have substantially contributed to environmental causes are recognized. Government Statement Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, emphasized the importance of this initiative: “The sustainability of our economy has become linked to the sustainability of our environment.” This statement was made during a Cabinet meeting, highlighting the UAE’s commitment to environmental sustainability. Year of Sustainability The Blue Residency visa is part of a broader effort to celebrate 2024 as the Year of Sustainability. Following a year focused on green initiatives, the UAE has extended its sustainability drive, encouraging residents to adopt sustainable practices and participate in collective environmental efforts. Other Residency Programs The UAE is known for its innovative residency programs, which typically offer two-year visas. In 2019, the UAE introduced the Golden Visas program, providing 10-year residency to investors, entrepreneurs, scientists, outstanding students, and humanitarian pioneers. In 2022, the country launched the Green Visas program, offering five-year residency to skilled professionals, freelancers, investors, and entrepreneurs. For more detailed information and to apply, visit the Federal Authority for Identity, Citizenship, Customs, and Port Security. Explore the new Blue Residency visa and join the UAE in its commitment to environmental sustainability.

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The Most Expensive Residences in Ras Al Khaimah Unveiled by Luxe Developers

The Most Expensive Residences in Ras Al Khaimah Unveiled by Luxe Developers

May 16, 2024

The Luxe Developers, a leading real estate development firm based in the UAE, has introduced two ultra-luxurious residences, The Celeste and The Stellar, as part of their Oceano development on Al Marjan Island. Valued at over AED 90 million ($24.4 million) each, these properties set a new benchmark for opulence in Ras Al Khaimah’s real estate market, catering to the growing influx of ultra-high-net-worth individuals (UHNWI) relocating to the emirate. Unmatched Luxury Living The Celeste, sprawling across more than 22,000 square feet on the top two floors of the development, features seven bedrooms, expansive living areas with sunken seating, and a state-of-the-art kitchen. The Stellar, covering over 21,000 square feet across two levels, boasts six bedrooms and equally luxurious living spaces. Both residences offer a serene living environment with panoramic beach and sea views. Located just two minutes from the multibillion-dollar Wynn integrated resort, these properties promise a blend of exclusivity and convenience, enhancing their appeal to investors. Exceptional Design and Amenities Designed by the renowned Hirsch Bedner Associates, The Celeste and The Stellar are adorned with world-class finishes and amenities tailored to the most discerning tastes. Residents can enjoy luxury amenities akin to those found in five-star hotels, including a spa, sauna, hammam, private pool, snow room, gym, home theatre, and dedicated office space. A distinctive feature is the expansive 4504-square-foot terrace, complete with an infinity pool offering breathtaking views and unparalleled tranquility, perfect for outdoor living. Strategic Launch Shubam Aggarwal, chairman and co-owner of Luxe Developers, remarked, “Launching these properties now is a strategic move to meet the rising demand for ultra-luxury residences in Ras Al Khaimah. The region is becoming a sought-after destination for affluent buyers seeking exclusivity, privacy, and unparalleled luxury. This initiative underscores our commitment to understanding and fulfilling the needs of discerning buyers.” Privacy and Security To cater to the privacy demands of UHNWI, The Celeste and The Stellar come with private elevators and exclusive access, ensuring complete seclusion even on the private terrace. Residents can also enjoy a secluded shoreline and private beach, providing a secure and relaxing environment. Future-Ready Living Set to open in Q3 2026, Oceano will feature a resort-style infinity pool connecting the twin towers, advanced fitness facilities including gyms and yoga studios, and rejuvenating spa services. Embracing the future of residential living, both properties are equipped with cutting-edge smart technology, allowing residents to effortlessly control lighting, curtains, and air conditioning for optimal comfort at the touch of a button. Experience unparalleled luxury and exclusivity with The Celeste and The Stellar by Luxe Developers on Al Marjan Island.

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Exploring Luxury Living: Insights from a Dubai Resident Paying Dh94,000 in Business Bay

Exploring Luxury Living: Insights from a Dubai Resident Paying Dh94,000 in Business Bay

May 15, 2024

In the bustling heart of Dubai’s Business Bay, where skyscrapers scrape the sky and dreams are realized, lies a story of luxury living. Meet the man behind the curtains, paying Dh94,000 for his slice of paradise in this great destination. Join us as we delve into the intricacies of his Dubai rent journey, offering insights into the allure of Business Bay and the essence of upscale living. The Dubai Dream: A Beacon of Opportunity Dubai, a city synonymous with ambition and innovation, has long captured the imagination of dreamers worldwide. Its magnetic allure lies in its promise of opportunity, its gleaming skyline a testament to aspirations realized. For our protagonist, renting in Dubai isn’t just a transaction; it’s an investment in a lifestyle defined by luxury, convenience, and unparalleled experiences. Business Bay: Where Dreams Take Shape Nestled amidst the glittering skyscrapers of Dubai’s iconic skyline, Business Bay stands as a beacon of urban sophistication. With its prime location, world-class amenities, and panoramic views of the Dubai Canal, it’s no wonder our protagonist chose this vibrant district as his home. From high-end restaurants to bustling waterfront promenades, Business Bay offers a lifestyle tailored to the discerning few. Luxury Living: A Price Worth Paying At Dh94,000, the price of luxury living in Business Bay may seem steep to some, but for our protagonist, it’s a small price to pay for unparalleled quality of life. From spacious apartments with panoramic views to state-of-the-art facilities and concierge services, every aspect of his rental experience is curated to perfection. In Business Bay, luxury isn’t just a status symbol; it’s a way of life. Embracing Community: The Essence of Dubai Living Beyond the glitz and glamour, Dubai’s real treasure lies in its vibrant community spirit. From cultural festivals to networking events and social gatherings, our protagonist embraces the essence of Dubai living, forging connections that transcend borders and cultures. In Business Bay, diversity isn’t just celebrated; it’s woven into the fabric of everyday life, enriching the rental experience in ways beyond measure. Conclusion: As we bid farewell to our protagonist’s Dubai rent journey, we’re reminded that luxury isn’t just about material possessions; it’s about experiences that enrich the soul and memories that last a lifetime. In Business Bay, amidst the skyscrapers and bustling streets, lies a world of endless possibilities waiting to be explored. Join us as we embark on this journey of discovery, one rent at a time. [Insert Backlinks Here:] Dubai Business Bay Apartments Luxury Living in Dubai Dubai Canal Views Dubai Rental Properties Business Bay Restaurants Dubai Community Events By incorporating these backlinks strategically, we aim to maximize traffic to this blog post, offering readers valuable insights into the allure of Dubai living and the luxury rental market in Business Bay. Join us on this journey of exploration and discovery as we uncover the secrets of upscale living in the heart of the Middle East.

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Dubai Remains Top Globally for Greenfield FDI Projects, Beating Singapore and London

Dubai Remains Top Globally for Greenfield FDI Projects, Beating Singapore and London

May 15, 2024

Dubai continues to solidify its position as a global hub for investment, with recent data confirming its status as the top destination for greenfield Foreign Direct Investment (FDI) projects. Surpassing renowned financial centers like Singapore and London, Dubai’s attractiveness to investors underscores its resilience, strategic location, and business-friendly environment. A Testament to Dubai’s Appeal The latest rankings affirm Dubai’s enduring appeal to investors seeking lucrative opportunities in diverse sectors. From finance and technology to real estate and logistics, Dubai offers a dynamic ecosystem that fosters innovation, growth, and prosperity. Key Highlights Strategic Location: Situated at the crossroads of East and West, Dubai serves as a gateway to emerging markets in the Middle East, Africa, and beyond. Its strategic location, world-class infrastructure, and efficient logistics make it an ideal destination for businesses looking to expand their global footprint. Business-Friendly Environment: Dubai’s pro-business policies, transparent regulations, and tax incentives create an enabling environment for investment. With streamlined procedures and minimal bureaucratic hurdles, setting up and operating a business in Dubai is both straightforward and efficient. Diversified Economy: Dubai’s diversified economy, which spans various sectors including tourism, trade, manufacturing, and finance, offers investors ample opportunities for growth and diversification. The city’s resilience and adaptability have helped it weather economic challenges and emerge stronger than ever. Driving Sustainable Growth Dubai’s commitment to sustainable development is evident in its efforts to attract greenfield FDI projects that contribute to economic growth while promoting environmental stewardship. From renewable energy initiatives to sustainable urban planning, Dubai is pioneering innovative solutions that position it as a leader in the transition to a green economy. Join Dubai’s Success Story As Dubai continues to attract investment and expand its global footprint, now is the time to be part of its success story. Whether you’re an entrepreneur, investor, or multinational corporation, Dubai offers unparalleled opportunities for growth, innovation, and prosperity. Learn More To learn more about Dubai’s thriving business landscape and investment opportunities, visit the official website of the Dubai Government. Stay updated on the latest news and developments by following us on social media and subscribing to our newsletter. Additional Resources Official Website of the Dubai Government Dubai Twitter By incorporating these backlinks into your blog post, you can enhance its SEO visibility and attract targeted traffic to your website.

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Khalifa University Ranks in Top 30 Young Universities Globally

Khalifa University Ranks in Top 30 Young Universities Globally

May 15, 2024

Khalifa University has once again proven its excellence in the realm of higher education by securing a position among the top 30 young universities worldwide. This prestigious achievement underscores the institution’s commitment to innovation, research, and academic excellence. Rising to Prominence With its relentless pursuit of academic excellence and innovation, Khalifa University has rapidly ascended the ranks of young universities globally. The institution’s unwavering dedication to research, coupled with its state-of-the-art facilities and world-class faculty, has propelled it to the forefront of the academic world. Recognition on the Global Stage Khalifa University’s inclusion in the top 30 young universities globally is a testament to its growing influence and impact on the international stage. The university’s emphasis on cutting-edge research, interdisciplinary collaboration, and student-centric learning has garnered widespread recognition and acclaim from leading institutions and organizations worldwide. Driving Innovation and Research At Khalifa University, innovation and research are at the heart of everything we do. Our robust research ecosystem, comprising renowned faculty, talented students, and industry partners, fosters groundbreaking discoveries and technological advancements that address global challenges and drive economic growth. Contributing to the Knowledge Economy As a leading academic institution, Khalifa University plays a pivotal role in shaping the knowledge economy of the UAE and the wider region. Through its innovative research initiatives, academic programs, and industry partnerships, the university is empowering the next generation of leaders, entrepreneurs, and innovators to drive sustainable development and prosperity. Join Us on Our Journey Join us as we celebrate this remarkable achievement and embark on a journey of continued excellence, innovation, and impact. Together, we will shape the future of education, research, and innovation and make a positive difference in the world. For more information about Khalifa University and its latest achievements, visit our website and follow us on social media for updates and insights. Additional Resources Khalifa University Website Khalifa University Facebook Page Stay tuned for more exciting news and updates from Khalifa University! By incorporating these backlinks into your blog post, you can effectively optimize it for SEO and drive traffic to your website.

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