Dubai investments posts dh657.55m profit in 2019
Dubai Investments has said that its annual net profit increased to Dh657.55 million last year compared to Dh651.43 million in the corresponding period.
In a statement, the Dubai-based group said that 2018 profit included a one-off gain of Dh33 million on merger and acquisition transaction.
“Net operating profit increased from Dh1.07 billion to Dh1.1 billion while revenues fell from Dh3 billion to Dh2.8 billion year-on-year,” according to the preliminary un-audited results of the company.
Total assets stood at Dh20.88 billion last year as against Dh19.5 billion in the previous year, the statement said.
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US-Headquartered corporate connections debuts in UAE
The UAE’s approach to boost entrepreneurs and encouraging them to unlock potential that the nation offers is evident with US-headquartered Corporate Connections (CC) – global network of business owners and C-Level executives – launching its first chapter in Dubai today.
This falls in line with Dubai’s strategies to connect with the world and accelerate business growth with the Expo 2020 Dubai. The chapter in Dubai is Corporate Connections’ first in the region.
The organisation connects successful business executives, who are active in high-performance teams that focus on advanced referral, relationship marketing and networking strategies and has currently signed up 15 businesses so far with goal of 50 by end of the current year.
The members of first Corporate Connections chapter in the UAE represent a wide range of businesses – from hardware supplies to chemical supplies and automotive sales to manufacturing. The organisation has set a target of Dh200 million business to be raised from the UAE chapter by end of 2020.
Robert Gervais, global president, Corporate Connections, said, “We are pleased to launch here in the UAE, as the part of expanding operations across the Middle East. Our aim is to help the world of business and individuals continue to flourish by providing members with a well-structured referral business development system based on relationships. The UAE is an ideal nation with visionary rulers and progressive minded business leaders with entrepreneurial zeal. At times, these leaders feel lonely at the top and are missing the company and counsel of like-minded business owners. The UAE is a business hub and, hence, the value of connections is higher.”
The target profile for Corporate Connections is a business owner or a C-Level executive, who is in business for over five years and a top line of over $5 million. Corporate Connections provides global business leaders the ideal setting for generating exceptional and measurable results through executive networking opportunities. The international community of networking has active chapters in USA, Canada, Switzerland, Japan, India, Mexico and growing.
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Saudi Arabia says aiming to be world’s ‘most innovative’ golfing market
Majed Al Sorour, CEO of the Saudi Golf Federation and Golf Saudi, said the Gulf kingdom aims to become the sport’s most innovative market within the next 10 years.
Following the conclusion of the Saudi International, won by Northern Ireland’s Graeme McDowell, Al Sorour said:
“Golf requires commitment. Dedication to mastering the basics. The sport demands self-governance, etiquette, discipline and self-governance. As a result of these values, I want golf to become part of the fabric of modern-day Saudi Arabia.”
Speaking at the inaugural Golf Saudi Summit, he said he had a number of over-arching aspirations for golf in the kingdom, adding: “I want golf to help develop the leaders of tomorrow, in government, in business and in all walks of life.
”The summit is the brainchild of Yasir Al-Rumayyan, chairman of the Saudi Golf Federation and Golf Saudi, and has been established to bring the leading business figures in global golf together to debate how Saudi can pioneer new benchmarks in mass participation, design and management.
Al Sorour added: “We want to debate how we drive true golfing success in Saudi Arabia. How we introduce the game at every level. To children and to adults. To men and to women. Right across the kingdom.
”Other headline names speaking at this week’s summit include Major winners Gary Player and Greg Norman plus award-winning golf course architects Robert Trent Jones Jnr and Tim Schantz, CEO of Troon and one of the game’s most powerful figures.
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DXB retains ‘number one’ title
Dubai International (DXB) has retained its position as the world’s number one hub for international passengers for the sixth consecutive year by welcoming 86.4 million passengers in 2019.
Latest official data shows that the DXB received six million more passengers compared to second-placed London Heathrow airport despite a slight decline of 3.1 percent in annual traffic due to temporary runway closure, collapse of India’s Jet Airways, and the worldwide grounding of the Boeing 737 MAX aircraft.
Analysts and aviation experts said Dubai International will overcome these challenges and surpass 90 million passengers this year.
“While customer numbers in 2019 were lower than the preceding year, the impact of the 45-day closure of the runway, the bankruptcy of Jet Airways, as well as the grounding of the Boeing’s 737 MAX accounted for an estimated 3.2 million passengers over the course of the year, and indicate underlying growth at DXB,” Paul Griffiths, CEO of Dubai Airports, said in a statement on Wednesday.
Saj Ahmad, chief analyst at London-based StrategicAero Research, said Dubai International experienced a fall in traffic during 2019, but it still remained by far and away the world most busiest international airport, catering for over 86.4 million passengers. The airport received 89.15 million passengers in 2018.
“A slew of factors impacted traffic during the year, starting off with the collapse of Jet Airways quickly followed by over a months worth of runway repairs, leaving the airport short on capacity as it operated with just one runway for both take-offs and landings,” Ahmad told.
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After a slow start, UAE on recovery track
The UAE non-oil private sector output failed to grow for the first time in 10 years in January with the latest purchasing managers index showing a decline in orders, according to a survey by IHS Markit.
Most analysts, however, believe that the UAE’s non-oil sector is poised to recover this year as global growth bottoms out and the World Expo rolls into Dubai. The Expo 2020, which is anticipated to attract 25 million visitors (14 million from overseas), is forecast to contribute up to 1.5 percent of the UAE’s overall GDP in 2020.
The headline seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI) dropped from 50.2 in December to 49.3 in January, falling below the crucial 50.0 no-change mark for the first time since August 2009.
The IHS Markit survey showed that workforce numbers dropped at one of the strongest rates on record, while selling prices were lowered for the 16th month running.
David Owen, Economist at IHS Markit, said the UAE PMI continued to worsen in January, and this month fell below the 50.0 mark that separates growth from contraction for the first time in over ten years.
“Key to the decline was firms’ efforts to reduce employment at one of the fastest rates on record in order to streamline costs. Input prices continued to rise while output charges dropped, placing notable pressure on margins,” said Owen.
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The survey report showed weakened business expectations though firms remained broadly upbeat. “Overall, the headline index signalled a slight deterioration in business conditions.”
The report said notable weakness was observed on the demand side again in January, with total new orders falling for the second time in three months. Firms reportedly struggled to gain sales amid a slow business environment, in particular within the domestic economy.
“Despite lower prices, new orders fell for the second time in three months in January, adding extra pressure on businesses and halting output growth. Looking ahead, it is hoped by many firms that the upcoming Expo 2020 will restore new business volumes and kick-start activity. Another bright note is growing momentum in export sales, which businesses have attributed to stabilisation in some international markets,” said Owen.
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Dubai’s real estate sector demonstrates its resilience
Dubai’s real estate sector has demonstrated its strength and resilience over the last few years and is set to enter a new phase of development with the approach of Expo 2020 Dubai, according to Sultan Butti bin Mejren, director general, Dubai Land Department (DLD).
The emirate’s real estate sector saw its turnover rising to Dh228 billion in 2019 from Dh221 billion in the previous year.
Giving an overview of the sector’s performance in 2019 at a ‘Meet the CEO’ event organised by the Government of Dubai Media Office (GDMO) on Tuesday, Mejren said Foreign Direct Investments (FDI) in Dubai’s real estate market grew to Dh106 billion in 2019 from Dh90.5 billion in 2018, signifying the emirate’s continued attractiveness as an investment destination.
“In recent decades, the real estate sector has added significant value to the emirate’s economic development and its global profile. Bolstered by a recovery in the market, the sector also contributed significantly to Dubai’s GDP growth this year,” said Mejren.
The UAE topped the list of five leading nationalities that invested in Dubai last year, followed by India, Saudi Arabia, Pakistan, and the United Kingdom. Real estate investments by women rose to Dh27.5 billion in 2019 from Dh21.8 billion in 2018, he said.
Bin Mejren underlined Dubai’s constant efforts to enhance the pace of its economic growth. “The Government of Dubai launched a series of initiatives and legislations aimed at accelerating growth, which contributed to raising the attractiveness of the real estate sector,” he said.
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Kuwait business town buys land at $62.43mln
Kuwait Business Town Real Estate signed a preliminary purchase agreement worth KWD 19 million for a plot of land that is designed to be used as an investment property.
Situated at Al Manqaf city of Kuwait, the land spans a total area of 12,285 square metres, according to a statement to the Kuwaiti bourse on Monday.
The purchase was facilitated through one of Kuwait Business Town’s subsidiaries.
The Kuwaiti firm, moreover, will announce further details when the ownership transfer procedures are completed.
In addition, the transaction’s material impact on the consolidated financials will be determined upon completion of the sale process.
It is worthy to mention that over the first nine months of 2019, the company achieved 22.8percent higher profits at KWD 1.88 million from KWD 1.53 million in the same period in 2018.
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Agreement inked to develop Oman’s ICT sector
IFS, the global enterprise applications company, has announced the signing of a new agreement with Oman ICT Group. The crucial partnership will help the Oman ICT Group achieve its key strategic objectives of developing the ICT sector for national advancement and includes Omanisation. It creates the path and provides a competitive IFS ERP solution into the Oman market while upskilling Omani consultants. Customers in Oman will now have a choice of an easy to deploy solution either on-premise or in the Cloud and benefit from a low total cost of ownership.
The Oman ICT Group is mandated to create synergies between various operating companies and is aligned with the National ICT Strategy to provide the necessary technology inputs whenever and wherever required. The partnership with IFS is focused on bridging the gap between the way business is done and technology while preparing for the changes that are taking place within the world of digital transformation. What is important is that IFS can provide flexible and tailor-made solutions across a wide range of sectors including, aerospace & defence, energy, utility & resources, engineering, construction & infrastructure, manufacturing and service industries. This covers some of the most vital sectors in Oman.
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Saudi Arabia evacuates students from virus-stricken Wuhan
Saudi Arabia has evacuated 10 students from the city of Wuhan, where the ongoing coronavirus outbreak originated, according to local media reports.
According to a Saudi diplomat cited by state television on Sunday, Chinese authorities approved a special flight to retrieve the students and transport them back to Saudi Arabia.
No details were provided as to when the evacuation operation took place.
In a separate announcement, Saudi Arabian Airlines announced that it would temporarily be suspending flights to China from the evening of Sunday, February 2.
“All guests holding current bookings will be cancelled and refunded without charges,” the Saudia statement said.
Wuhan– which is located in China’s Hubei province – is considered the centre of the coronavirus outbreak. To date, at least 304 people have died and 14,000 have been infected.
On Sunday, authorities in the Philippines reported the first death from the virus outside China.