Real Estate Deyaar trebles profits to $120m in 2023 By Pramod Kumar January 23, 2024, 4:12 AM Deyaar Tria is Deyaar’s first luxury residential tower in Dubai Silicon Oasis Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), recorded preliminary unaudited net profit of AED440.7 million ($119.98 million) in 2023, an annual increase of 206 percent. Total revenue in 2023 increased 56 percent year on year to AED1.25 billion as income from the sale of properties reached AED412 million, mainly due to higher construction progress in its developments. Landlords keep upper hand in Dubai rental market Dubai’s smaller homes more affordable than global rivals Dubai is building bricks-and-mortar appeal, says Jumbo CEO “We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule,” Saeed Mohammed Al Qatami, CEO of Deyaar Development said in a statement. “Additionally, we successfully handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timeline.” Al Qatami said 2024 looks “even more promising”, with the developer starting sales of Rosalia Residences, its third project at Al Furjan. The Dubai-listed developer expanded its hospitality portfolio with the launch of Millennium Talia Residences, a hotel apartment tower in Al Furjan, and broke ground at Mar Casa at Dubai Maritime City. It also signed a memorandum of understanding with Arady Properties to establish a joint development project at Al Reem Island in Abu Dhabi.
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] 4 hours ago
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] 4 hours ago
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] 4 hours ago
Tech Elm buys PIF’s technology unit for $907m Saudi Arabia’s Elm Company has agreed to buy Thiqah Business Service Company, a wholly owned unit of the Public Investment Fund (PIF), for SAR3.4 billion ($906 million). Elm says the buyout will support its growth in the digital services space, localise technology and drive innovation. The completion of the acquisition will be subject to obtaining regulatory […] 3 hours ago
