Category: Trading

DUBAI: Arada has reported a doubling of sales during 2023 to AED7.02 billion following unprecedented demand for its premium communities in Sharjah and Dubai.

The master developer saw a 100 percent increase in the total value of property sold compared to the previous 12 months, buoyed by continued international interest in the UAE property markets.

In total, Arada sold 2,824 homes in 2023, a 25 percent gain on the previous year, once again reflecting the recent trend of buyers investing in larger and higher-value villas and apartments.

During the year, Arada also completed 2,610 homes at the AED35 billion Aljada megaproject, Sharjah’s largest mixed-use destination and the AED9.5 billion Masaar forested master community in the Suyoh district of Sharjah. A total of 3,300 homes are currently under construction across Aljada, Masaar and the Jouri Hills at Jumeirah Golf Estates community in Dubai.

HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: ‘Our strategic vision involves creating spa
ces that enable people to lead happier, healthier, more sustainable and more meaningful lives. A long-term approach that focuses on people has once again yielded exceptional results, reinforced by continuing strong demand for high-quality communities in Dubai and Sharjah.’

Ahmed Alkhoshaibi, Group CEO of Arada, said ‘Another robust sales and delivery performance has set the foundation for 2024, where we have set a target of AED10 billion in terms of the value of total property sold. We continue to monitor locations across the UAE, and will be launching another two luxury projects in the first half of this year.’

Arada’s best-performing project in terms of sales in 2023 was Masaar, the high-end forested community located in Al Suyoh district of Sharjah. In total, the developer sold property valued at AED3.64 billion at the project.

Demand for property in Aljada, Sharjah’s largest ever mixed-use project, remained high with the value of property sold during 2023 reaching AED1.53 billion. In Dubai, Jouri Hills
at Jumeirah Golf Estates sold out in 2023, achieving AED1.88 billion in sales.

Arada’s sales figures have been bolstered by the strong performances of property markets in both Sharjah and Dubai.

Recent data issued by the Sharjah Real Estate Registration Department showed a 14.6 percent rise in the value of property sold in the first nine months of 2023 to AED19 billion, compared to the same period a year previously. Meanwhile the Dubai real estate reached at a ten-year high in 2023 in terms of annual transactions, which reached 112,000, compared to 92,000 in the previous year.

Since its foundation in 2017, Arada has sold more than 13,000 units with a combined value of AED16.3 billion. The master developer manages a portfolio of five projects across Dubai and Sharjah, including the recently launched Armani Beach Residences at Palm Jumeirah, worth a combined value of AED52 billion.

Source: Emirates News Agency

ABU DHABI: EDGE, a leading advanced technology and defence groups, has signed a landmark contract to supply 200 HT-100 and HT-750 unmanned helicopters to the UAE Ministry of Defence, as part of a milestone deal, which is the largest ever order for unmanned helicopter systems, to enhance their VTOL capabilities.

The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA, which specialises in the development and manufacturing of autonomous aerial capabilities.

The compact HT-100 and larger HT-750 are multi-role unmanned performance helicopters for ISR (Intelligence, Surveillance and Reconnaissance) and logistics missions, designed to transport heavy payloads while maintaining exceptional flight stability – setting the standard for autonomous flying.

Khaled Al Zaabi, President of Platform and Systems of Edge Group, said, “This landmark deal marks an important milestone both for the HT-100 and HT-750 systems and for EDGE. This landmark order represents the first order by the UAE Mi
nistry of Defence for these advanced aircraft, and the largest order ever for ANAVIA, reinforcing the confidence placed in these exceptional products from customers around the world.

“It also exemplifies EDGE’s strategy of pursuing mutually beneficial partnerships worldwide, as we have done with ANAVIA, which allows us to expand the scope of our technological capabilities across multiple domains while ensuring sustainable growth for both partners, and playing our role in the development of sovereign capabilities across the air, land, and naval domains.”

In November 2023, EDGE acquired a 52% majority shareholding in ANAVIA, which develops and manufactures unmanned helicopters capable of carrying out mission-critical surveillance, reconnaissance and transportation, as well as being readily adaptable across EDGE’s diverse portfolio of air, land, and maritime capabilities.

Source: Emirates News Agency

HONG KONG: Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, announced that the ministry’s issuance of bonds and Sukuk in 2023 totalled around $2 billion (AED7.7 billion).

For Q1 2024, the ministry is planning to issue bonds and Sukuk valued at AED5 billion, he noted.

Speaking to the Emirates News Agency (WAM) at the ongoing Asian Financial Forum in Hong Kong, Al Khoori highlighted the success of the Islamic Treasury Sukuk launch in 2023. The Sukuk, valued at AED1.1 billion, experienced robust demand, with bids received worth AED8.3 billion, and an oversubscription by 7.6 times.

Addressing the significance of the ministry’s participation in the Forum, Al Khoori emphasised its role in enhancing global financial relationships and contributing to international efforts for economic growth solutions.

He underscored the UAE’s status as Hong Kong’s largest trading partner in the Middle East, with non-oil trade reaching AED22.2 billion in the first half of 2022. The 2019 agreement between the two
sides aims to encourage and protect investments, fostering a favourable investment environment.

Discussing financial and economic matters at the forum, Al Khoori outlined the ministry’s commitment to supporting economic diversification in the UAE. He emphasised the country’s strides in reducing reliance on oil and transitioning toward a globally competitive, knowledge, and innovation-driven economy.

Al Khoori detailed the ministry’s focus on sustainable financing to alleviate financial burdens and achieve energy transition goals. He highlighted the role of the Sustainable Finance Working Group in the UAE, promoting environmentally friendly investments to mitigate long-term vulnerabilities to climate change and realising substantial economic gains.

Furthermore, Al Khoori shared the ministry’s initiative to expand the revenue base by implementing a corporate profit tax, effective from June 2023. The corporate tax system has been designed in accordance with best practices, demonstrating the country’s commitme
nt to meeting international standards for tax transparency and preventing harmful tax practices.

Source: Emirates News Agency

ABU DHABI: AD Ports Group announced today the signing of the shareholders’ agreement between its digital arm, Maqta Gateway, and the Aqaba Development Corporation (ADC) with regard to their existing joint venture company, Maqta Ayla.

Maqta Gateway will have a 51 percent stake in Maqta Ayla, while ADC will own 49 percent.

The joint venture company will revolutionise Aqaba’s port operations by implementing a Port Community System (PCS) that leverages Maqta Gateway’s expertise, also marking the first-ever export of Abu Dhabi’s key port digitalisation solution.

The PCS will facilitate communications and transactions between the Ports of Aqaba, its terminal operators, the Aqaba Special Economic Zone Authority (ASEZA), ADC, and other stakeholders within the port’s ecosystem, streamlining services and building next-level efficiencies for the port city of Aqaba and Jordan.

The solution is expected to be operational within twelve months, expecting to deliver carbon emission reductions worth 90,000 in-person visits
within a year of its implementation.

The shareholders’ agreement was signed in the UAE on the sidelines of the 20th Transport Middle East Conference in the presence of Nayef Al Fayez, Chief Commissioner of Aqaba Special Economic Zone Authority, and Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, by Hussein Ali Al Safadi, CEO of Aqaba Development Corporation, and Dr. Noura Al Dhaheri, CEO of Digital Custer and Maqta Gateway, AD Ports Group.

The Ports of Aqaba are situated at the crossroads of three continents and handle 80% of Jordan’s exports and 65% of its imports. Aqaba’s Container Terminal is the second busiest in terms of volume along the Red Sea and the fourth biggest in the region, with annual traffic of approximately 1.3 million TEUs.

In addition, it serves as a key transit point for trade demands of its neighbouring countries, necessitating constant expansion and digital transformation.

Source: Emirates News Agency

ABU DHABI: Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, emphasised the increasing global efforts towards achieving environmental sustainability. He highlighted the UAE’s outstanding global efforts in clean energy through innovative strategies and substantial investments, solidifying its position as a global hub for sustainable energy.

Minister Al Mazrouei’s remarks were made on the International Day of Clean Energy, observed on 26th January each year. The day commemorates the establishment of the International Renewable Energy Agency (IRENA) in 2009, a proposal jointly submitted by the UAE and Panama and later adopted by the United Nations.

“On this day, we reaffirm our commitment to building a sustainable future. As a global leader in the energy landscape, the UAE will continue to expand on its clean energy projects,” he said.

“The resounding success of COP28 reflects the pioneering role of the UAE in shaping a future fuelled by clean energy. COP28 delivered on its promises and so wi
ll the UAE. We will continue to work diligently to meet our ambitious climate commitments.”

He added that at the centre of these commitments are the updated targets of the UAE Strategy 2050 that ensure a balanced, sustainable, affordable energy supply with the ultimate goal of reaching net-zero by 2050.

In its first stage, the strategy calls for reducing emissions from the water and energy sectors and reaching a 0% contribution of clean coal in the energy mix. The strategy seeks to increase individual and institutional energy consumption efficiency by 42-45% by 2030, compared to 2019. Also, to triple the share of renewable energy by 2030, increase the installed clean energy capacity from 14.2 GW to 19.8 GW by 2030, surge the share of installed clean energy capacity in the total energy mix to 30% by 2030, and increase the contribution of clean energy generation to 32% by 2030 to ensure the country is on track to achieve its climate change mitigation goals.

The Minister highlighted that climate action is at
the heart of the UAE’s development plans. The country was the first Gulf country to sign and ratify the iconic Paris Agreement and to announce a Net Zero by 2050 Strategic Initiative. The UAE’s leadership realised early on the importance of a gradual, pragmatic transition in the energy sector and, over 20 years ago, charted a path for diversifying the national economy.

Al Mazrouei stated, “The UAE has an impressive track record in the energy transition field. So far, it has invested over US$57 billion in clean energy projects at home and abroad. Additionally, through the UAE-US Partnership for Accelerating Clean Energy (PACE), we seek to mobilise US$100 billion and deploy 100 new gigawatts of clean energy by 2035. The UAE aspires to be a role model for an ambitious, yet pragmatic transition to clean energy sources. We continue to meet today’s global energy needs, while investing heavily in the clean energy systems of tomorrow.

Source: Emirates News Agency