Multiply Group, an Abu Dhabi investment holding company focused on technology, said its 2022 full-year profit surged as revenue more than tripled.
Net profit attributable to the owners of the company for the 12-month period to the end of December surged to Dh18.4 billion ($5 billion), from about Dh185 million for the same period in the previous year, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the period rose more than three times to Dh1.12 billion, from about Dh372 million while investment and other income also soared last year.
Total assets more than tripled to Dh41.2 billion.
Chief executive Samia Bouazza said the past year was “transformative”.
“We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings,” she said.
“Our diverse portfolio has reached a scale that positions us well to continue growing our verticals and move forward with our strategy of focusing on cash-generating businesses with agile strategies.”
Multiply, a subsidiary of Abu Dhabi's International Holding Company (IHC), was listed on the ADX in December 2021 through a private placement deal that raised Dh3.1 billion and was 16 times oversubscribed.
Its investments include stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge and Getty Images.
Last year, it invested Dh92 million in musician and businesswoman Rihanna’s intimate apparel venture Savage X Fenty. It also bought 80 per cent of shares in IHC subsidiary International Energy Holding to expand its portfolio.
Multiply was added to the S&P UAE BMI Liquid 20/35 Capped Index and S&P UAE Shariah Liquid 35/20 Capped Index, in the third quarter.
The indices measure the performance of the S&P UAE BMI and the most liquid and Sharia-compliant stocks in the UAE, respectively.
The company was also added to the Chimera S&P UAE UCITS ETF and Chimera S&P UAE Shariah ETF.
“Multiply Group is well-positioned for 2023 and beyond to build on the strong performance of 2022 for a number of reasons,” chairman Andre Sayegh said.
“Firstly, the UAE economy is on strong growth momentum and secondly, corporate profitability will remain solid due to increasing economic activity that is supported by positive government regulations and projects.”
The UAE economy has made a strong rebound from the coronavirus-induced slowdown over the past two years and the pace of economic momentum has continued to improve on the back of government initiatives, higher oil prices, a strong property sector performance and a travel and tourism rebound.
The economy is estimated to have grown by 7.6 per cent last year — the highest in 11 years — after expanding by 3.9 per cent in 2021, according to the UAE Central Bank.
Overall, the country’s economy is projected to grow 3.9 per cent in 2023, while non-oil sector expansion is estimated at 4.2 per cent, according to the Central Bank.
“Looking ahead, with a liquidity position of Dh34.97 billion in liquid assets and Dh1.03 billion in cash and bank balances, moderate debt, a global network of deal origination partners, and while building an in-house team of vertical experts, Multiply Group will continue to capitalise on market trends and remains in a strong position to carry on with its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transitioning industries,” the company said.
RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
