Strong results from Aldar with healthy projections for the market.

14 February 2019

Aldar Properties, the Abu Dhabi real estate developer, posted a 2 per cent revenue rise for full-year 2018, attributed to higher returns from revenue raising assets and new acquisitions.

Net profit attributable to equity holders slipped 5 per cent year-on-year to Dh1.8 billion in 2018, while revenues rose to Dh6.3bn, boosted by Dh2.6bn of development sales, the company said in a filing to Abu Dhabi stock exchange, where its shares are traded, on Wednesday.

The net profit decline was partly due to … Read more ›

AED5bn contract awarded by ADNOC to NMDC

07 February 2019

State-owned Abu Dhabi National Oil Company has awarded a contract worth Dh5 billion to a UAE-based company for dredging, land reclamation and marine construction for artificial islands being developed as part of its offshore ultra sour Ghasha concession.

The National Marine Dredging Company (NMDC) will execute the project for the first phase of the scheme which includes construction of ten new islands, two causeways as well as expansion on an existing island, Al Ghaf over the course of 38 months.

“This award … Read more ›

Positive news for Abu Dhabi and wider UAE economy

05 February 2019

Brent is expected to average $75 per barrel for 2019, trending at a bullish monthly average of $77 per barrel for the second half of the year, according to Fitch Solutions.

A tightening of supply and the assumption of a high level of compliance by the Opec+ alliance in the first half of the year, are some of the factors supporting the ratings agency’s fundamentally bullish outlook for the oil markets.

“Saudi Arabia is shouldering the bulk of the cut and, as … Read more ›

Super banking merger moves ahead!

30 January 2019

The boards of Abu Dhabi Commercial Bank and Union National Bank have agreed to a merger to create an entity that will take over Al Hilal Bank and become the third largest lender in the UAE.

The merged entity will have an asset base of Dh420 billion, the lenders said in a joint statement on Tuesday to the Abu Dhabi bourse, where ADCB and UNB shares are traded.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the … Read more ›

Encouraging outlook for UAE real estate

06 January 2019

While the pace of new project launches eased last year as developers adopted a more cautious approach in response to market conditions, the outlook for 2019 is “encouraging”, a new report from property services firm Asteco found.

According to Asteco’s UAE Real Estate Report Q4 2018, transactional volumes and values declined across all sectors and emirates, although a number of government initiatives, including residency visa changes and 100 per cent ownership of companies outside free zones, will have a positive effect … Read more ›

Miral invests Dh6.2 billion in Yas Island

20 December 2018

Abu Dhabi: Abu Dhabi-based Miral is currently undertaking projects worth Dh6.2 billion on Yas Island to boost tourism and attract more visitors to the island, the company’s chief executive officer said on Tuesday.
“We want Yas Island to be top 10 family destination by 2022. We want to have enough attractions and facilities for families to enjoy the time on the island,” said Mohammad Al Zaabi speaking to reporters in Abu Dhabi.
The privately owned company supported by Abu Dhabi … Read more ›