All posts by uaenews247

Featured

RAKBANK’s H1 2024 Financial Results Unveiled

Income, Profit & Balance sheet growth continues into 2024 as the Bank’s strategy embeds further. Record Net Profit before tax of AED 1.2B up 33% YoY

Ras Al Khaimah, United Arab Emirates, July 29, 2024 – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first Halfof 2024.

HighlightsTotal Income AED 2.3B +8.7% YoYTotal Assets AED 80.4B +11.9% YoYDeposits AED 58.5B
+19.4% YoY		Return on Equity
20.4% YTD		Return on Assets 2.9%  YTD

Key Financial Highlights – H1 2024

RAKBANK delivers record net profit after tax of AED 1.1B, growth of 21% YoY, driven by diversified growth in balance sheet, continued sales momentum and strong credit quality.

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Featured

Multiply Group registered AED 439 million in EBITDA excluding fair value changes in Q2 2024

Multiply Group registered AED 439 million in EBITDA excluding fair value changes in Q2 2024, a 33% increase YoY, with 60% Revenue Growth across its operating portfolio

ABU DHABI, 29 July 2024 – Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based holding company that invests in and operates businesses globally, today reports its Q2 2024 results with a net profit excluding fair value changes of AED 319 million, representing 49% growth compared to the same period last year (AED 214 million Q2 2023). Robust underlying profit growth was largely led by the consolidation of new acquisitions as we deliver on our vertical building strategy. Reported net profit of AED 992 million includes AED 673 million unrealized fair value gains from the public investment portfolio.

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Business & Investments

Americana Restaurants announces H1 2024 results, reports $1.05 billion in Revenue

  • Reported Revenue of $1.05 billionand Adjusted EBITDA of $232.7million, resulting in 22.1% EBITDA margin
  • Net profit attributable to the Shareholders of the Parent Companystood at $80.0 million
  • 81 gross new store openings during first half of 2024, increasing the total Restaurant count to 2,477. 36new restaurants under construction

Abu Dhabi and Riyadh, 30 July 2024:Americana Restaurants International PLC (“AmericanaRestaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol:6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the six months ended 30 June 2024.

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Real Estate

DAMAC Properties Hosts Emirati Brokers Event in Association with Dubai Land Department

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  • Around 300 brokers attended the event
  • DAMAC’s latest project, LAGOON Views showcased, garnering high interest

Dubai, UAE, 29 July 2024: DAMAC Properties, one of the leading luxury real estate developers in the region, has held a key event organised in collaboration with the Dubai Land Department (DLD) to support and recognise the contributions of Emirati realty brokers in the UAE community.

The Emirati Brokers Eventgathered around 300 brokers, as well as DAMAC staff.

The congruence, which aligns with the Dubai Real Estate Broker Programme initiated by DLD, a pivotal initiative under Dubai’s Social Agenda 33,held the spotlight on one of DAMAC’s latest luxury developments, the DAMAC LAGOON Views. This cluster of apartments is located in the developer’s third and upcoming master community DAMAC Lagoons

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Business & Investments

du, Nokia, and MediaTek Pioneer Next-Level 5G Uplink Performance in MEA

Collaboration significantly enhances 5G Advanced uplink speeds and network efficiency through a trial that combines multiple frequency bands with innovative features like three transmitter antennas and 2CC.

Dubai, UAE, 29 July 2024: du, from Emirates Integrated Telecommunications Company (EITC), in collaboration with Nokia and MediaTek, today announced a major milestone in the integration and enhancement of 5G technologies in the Middle East and Africa (MEA). This innovative trial, a first in the region, has successfully boosted uplink (UL) performance by 70% on du’s 5G Advanced network, simultaneously offering expanded indoor coverage to premium customers.

Executed in Abu Dhabi utilizing du’s operational 5G Advanced network, the trial achieved significant advancements in UL speeds and coverage. This technology promises robust connectivity and superior network efficiency by integrating multiple frequency bands and enhancing transmission pathways, essential for high-demand applications such as video conferencing, live streaming, and substantial data uploads.

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