August 2019

Dubai – Mubasher: DAMAC Properties Dubai Company (DAMAC Properties) disclosed net profits worth AED 82 million during the first half of 2019.

Gross profits for the same period stood at AED 502 million, reflecting gross profit margins of 27%, according to the company’s filing to the Dubai Financial Market (DFM) on Wednesday.

Total assets of the DFM-listed firm stood at AED 24.7 billion during H1-19, compared to AED 25.2 billion as of 31 December 2018.

DAMAC’s total revenues reached AED 1.9 billion during the six-month period ended June, while booked sales reported at AED 1.8 billion over the same period.

Moreover, DAMAC has reduced its gross debt by AED 1.4 billion in the last 12 months, as gross debt stood at AED 4.1 billion by the end of June.

It is worth noting that DAMAC delivered 1,476 units in the first half of the year, including the first-ever handover in AKOYA, the Company’s largest master development.

“We have made significant progress in our master communities, DAMAC Hills and AKOYA, and both communities are welcoming many more residents this year. We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Hussain Sajwani, chairman of DAMAC Properties, commented.

Abu Dhabi – Mubasher: Manazel Real Estate posted a 3% year-on-year profit rise during the first half of 2019.

Net profits stood at AED 136.9 million in H1-19, compared to AED 132.9 million in H1-18, according to the company’s filing to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

General expenses of the real estate developer fell by 27% to AED 25.4 million during the first six months of 2019, from AED 34.9 million in the corresponding period last year.

As for revenues, they inched down by 2% to AED 506.2million during the six-month period ended June, versus AED 516.6 million in the same period a year ago.

By: Mahmoud Gamal

Dubai – Mubasher: Damac Properties Dubai Company is considering investment opportunities outside the UAE to maximise its profits, head of investor relations at the Dubai-listed developer, Amr Aboushaban, told Mubasher on Wednesday.

The company is planning to expand in both Saudi Arabian and British markets, the top official added.

Aboushaban revealed that Damac has completed small projects in five countries, including Saudi Arabia, Qatar, and Lebanon, during the last five years.

There are good opportunities in Britain and Saudi Arabia, but the company is facing some challenges in the latter, on top of which the overpricing of lands and the slowdown in the luxurious properties market, he remarked.

Aboushaban maintained that his company is not currently attracted to the Egyptian market because its nature is not compatible with the company’s mechanisms.

He revealed to Mubasher that Damac’s debt has declined by 30% to reach $1.05 billion, adding that the company’s liquidity went down to $1.52 billion (AED 5.6 billion), from $2 billion (AED 6.1 billion).

The real estate company is planning to deliver 4,000 residential units in 2019, which will increase the number of units delivered by Damac since its establishment to more than 25,000, Aboushaban said.

Damac Properties’ net profit dropped 91% year-on-year during the first half of 2019, recording AED 81.6 million.

Translated by: Muhammad Abdul-Wakeel

Dubai – Mubasher: Damac properties’ stock, listed on the Dubai Financial Market (DFM), rose marginally following the company’s clarification regarding the acquisition of two land plots in Al Sufouh and Business Bay areas in Dubai.

By 10:56 am UAE time, the stock added 0.02 points, or 1.83%, to AED 0.93 after seeing a trading volume of 3.053 million shares that were exchanged at a turnover of AED 2.871 million through 16 transactions.

Earlier this day, Damac announced that negotiations regarding the acquisition of two plots of lands in Al Sufouh and Business Bay areas in Dubai offered by DICO Properties Co LLC have not been finalised yet.

Moreover, the company will announce the value of the transaction once completed and its impact on the company’s financial status in terms of income and profits.

It is worth noting that Damac Properties had reported a net profit of AED 82 million for the six-month period ended 30 June 2019.

The Abu Dhabi-based developer IMKAN announced the appointment of the Chinese construction company CNTC as its main contractor for its Pixel project in Makers District on Reem Island.

This partnership comes in line with the UAE capital’s support for the China Belt and Road Initiative, according to a press release.

An official signing ceremony has been held at IMKAN’s head office, where Abu Dhabi Capital Group’s (ADCG) CEO Abubaker Seddiq Al Khoori, board member in Royal Strategic Partners LLC Hamad Abdulqadir Al-Ali, IMKAN’s CEO Walid El-Hindi, and vice president of CNTC Xinrong Xu tackled the first major steps to construct Pixel’s seven towers.

Walid El-Hindi commented: "CNTC is one of the biggest construction companies in China, and their experience combined with our commitment to developing research-based communities, gives us confidence that Pixel’s seven towers will be delivered utilizing some of the most innovative and diverse construction solutions in the region.”

Meanwhile, Xinrong Xu said: “Through this partnership, CNTC and IMKAN will translate our shared foresight for Pixel into reality. China and the UAE enjoy a symbiotic relationship that encompasses culture, investment and trade and is underpinned by a deep understanding of the important role we both play in the region’s economic development and prosperity."

Work on the seven towers of the Pixel project will start immediately, the release noted.

The project, which comprises 525 residential units, is set for completion in the fourth quarter of 2021.

The towers will feature nearly 26 exciting amenities, including homegrown food and beverage, retail, interactive public areas, co-working spaces, and creative hubs.

Cairo – Mubasher: Cairo is set to host the fifth annual Intelligent Cities Exhibition & Conference (ICEC) on 23-24 October, according to a statement.

The Middle East and Africa region’s leading smart and sustainable cities event will be organised by ROOT Technologies.

“ICEC is a must attend event for those committed to achieving an urban future by developing smart and sustainable cities,” CEO of ROOT Technologies, Ahmed Issa, said.

The event attracts senior-level decision makers including real estate investors, developers, architects, technology providers, government authorities, and contractors.

ICEC is supported by key industry leaders including El Sewedy Electric, HitekNOFAL Solutions, Engineering Consultants Group (ECG), Giza Systems, iHome Future, SAS for Electrical Industries, OT Solutions, Legrand, Bticino, and ADTRAN.