Abu Dhabi's second biggest listed property developer Sorouh announced a Dh507.5 million net profit for 2012 as it prepares to merge with rival Aldar.
In its last ever full year results posted on the Abu Dhabi Securities Exchange today, Sorouh said that consolidated net profits showed a 32 per cent hike on 2011 figures.
Profits for the three months to the end of December 2012 were 21 per cent higher than for the same period the previous year at Dh118.9 million.
The company whose flagship projects include Sun & Sky Towers on Reem Island which completed last year and the 3,500 apartment The Gate, also on Reem, which is set to be completed this year, said that 2012 revenue of Dh3 billion was mainly driven by its National Housing projects such as Al Watani, Al Ghuraibah in Al Ain and Al Silla in the Western Region.
Revenues from National Housing projects for the final three months of the year stood at Dh443m, a 41 per cent increase on the same period in 2011.
Sorouh, which agreed to sell around 700-800 flats in The Gate and infrastructure works at Shams Reem Island to the Abu Dhabi government for Dh3.2 billion as part of its merger agreement last month, said that the company had Dh1.3 billion on its balance sheet on 31 December 2012.
It added that leasing income increased by 25 per cent over the year to Dh217 million as more tenants signed up to its Boutik shopping mall on Reem Island, and its Sun & Sky and Al Murjan schemes.
In the final quarter alone the leasing portfolio generated revenues of Dh67 million - 43 per cent more than during the same period the previous year.
The company said the value of its investment properties portfolio increased by nearly Dh800m during the year to Dh4.1bn, mainly as a result of it completing work on its Boutik Al Ain shopping centre and Sun and Sky flats.
"Sorouh's delivery pipeline for 2013 is very strong, with over 7,000 units coming to market," said Sorouh managing director, Abubaker Seddiq Al Khouri.
"These deliveries will strengthen cash flow and improve profitability. Meanwhile, the proposed merger with Aldar will enhance shareholder value by bringing together two complementary businesses that will have a more diversified and balanced portfolio along with significant future growth opportunities."
Meanwhile it was good news for tenants at Sorouh's Al Rayyana scheme close to Abu Dhabi golf course. The development which was evacuated after a section of the car park collapsed in autumn 2012 has remained empty as the developer undertakes remediation design. Sorouh said it believed tenants would be able to move back to the scheme in the third quarter of 2013.
It said The Gate scheme was now 95 per cent complete while its Alghadeer scheme on the Dubai border was 90 per cent complete and on track to start delivery during the first three months of the year. It said it had completed infrastructure works at its Saraya development close to the Abu Dhabi Corniche and sub contractors were currently constructing five plots of land.
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4.35pm: Tilal Al Khalediah
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
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The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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COMPANY PROFILE
Name: Kumulus Water
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Founders: Iheb Triki and Mohamed Ali Abid
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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Director: Jared Hess
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