Real estate

Dubai – Mubasher: Emaar Malls achieved an increase of 12% in net profits to AED 602 million ($164 million) during the third quarter of 2019 when compared to AED 537 million ($146 million) in the same period last year.

Revenues grew by 5% to AED 1.185 billion ($323 million) in Q3-19 from AED 1.129 billion ($307 million) in Q3-18, according to a bourse disclosure on Sunday.

During the nine-month period that ended on 30 September 2019, net profit reached AED 1.732 billion ($472 million), 6% higher than 1.639 billion ($446 million) in the corresponding period last year.

Revenue for the nine-month period this year increased by 6% to AED 3.412 billion ($929 million), compared to AED 3.232 billion ($880 million) in the same period in 2018.

Emaar Malls is a retail business majority-owned by Emaar Properties.

Commenting on the profitable quarter, Mohamed Alabbar who is the chairman of Emaar Properties and board member of Emaar Malls said, "Emaar Malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve sustained growth - both through our Malls and Namshi, our fully owned online business.”

It is worth noting that during the first half of 2019, the company achieved a net profit of AED 1.130 billion ($308 million).

Dubai – Mubasher: DAMAC Properties Dubai Company has confirmed reports regarding non-distribution of dividends due to the decline in profits and the conditions of the market, according to a bourse statement released on Wednesday.

The company added that the management view may be changed as the date of dividend distribution approaches.

“The management will look at the circumstances at that time, make a recommendation to the board of directors and the latter will make a recommendation to the shareholders,” DAMAC said.

In the first half of 2019, DAMAC Properties disclosed net profits worth AED 82 million. Gross profits for the same period stood at AED 502 million, reflecting gross profit margins of 27%.

Smart Dubai has signed a memorandum of understanding with real estate portal Property Finder promote the use of advanced technologies in the real estate sector.

Under the agreement, the two parties will collaborate to demonstrate the value from public and private sector data assets through the creation of advanced real estate data products, according to an official statement released on Saturday.

“Smart Dubai has a mandate to transform Dubai into a full-fledged smart city. With that in mind, we have committed ourselves to introducing advanced technologies into every sector and redesigning every aspect of people’s lives to make it easier and ensure their happiness,”  assistant director general of Dubai Smart City Office, Younus Al Nasser, said.

The protocol will see both entities also conducting analysis and thought leadership projects.

“By utilising the various data sets from Smart Dubai and coupling them with our rich data sets, we will be able to create tools and offer more data to the consumers, which is needed to make better-informed decisions during their real estate journey,” general manager of Property Finder, Michael Lahyani, commented.

UAE - Mubasher: Azizi Developments, a leading private developer in the UAE, on Thursday announced that it will be sponsoring the Solar Decathlon Middle East (SDME) in order to promote a culture of youth innovation and bolster educational initiatives to achieve sustainable development.

SDME has been organised by the Dubai Supreme Council of Energy and Dubai Electricity and Water Authority (DEWA) as part of an international competition launched by the US Department of Energy, according to a press release.

Under the competition, universities from all over the world meet to design, build, and operate a grid-connected, solar-powered house, Azizi Developments noted.

Alexandros Pounentis, Head of Construction Operations at Azizi Developments, said: “As an international competition aimed at promoting research and innovation in the green building sector through effective partnership-building between academia and the industry, SDME promotes a culture of localised innovation in line with the vision of our leadership to promote sustainable development.

Pounentis further added, "Supporting initiatives with such a monumental importance to the youth, education and sustainability allows us to catalyse change and drive a tangible impact.”

“Our support of Team Tawazun, which is participating in the ‘Olympics of Sustainable Buildings,’ underlines our focus on encouraging young talents to innovate and create solutions that add value to our industry and future,” he added

Through SDME’s second edition, Azizi Developments supports the Manipal Academy of Higher Education Dubai Campus for its Tawazun project in line with Expo 2020’s theme ‘Connecting Minds. Creating the Future’.

Underpinning the three sub-themes of Expo 2020, ‘opportunity, sustainability, and innovation,’ the SDME will showcase innovative projects by young talents, the Emirati developer highlighted.

Along with Team Tawazun, Azizi Developments is currently working to extend the project's technical expertise and industry insights.

“The project proposed by the team is truly a hallmark of innovation and sustainability. It not only involves passive design, unique technologies, and niche materials but also addresses cost and energy efficiency as well as carbon and water scarcity, which is truly commendable,” Pounentis said.

Through Azizi’s sponsorship, SDME plans to empower the youth, promote innovation, boost creativity, and encourage environmental sustainability to guarantee clean, healthy, and safe environments for future generations.

“As part of SDME, more than 225 unique, sustainable homes will be developed with participation from over 38 countries,” Azizi Developments indicated.