Category Archives: Business & Investments

Business & Investments

Union Coop’s Al Khawaneej Mall Announces 70% of Retail Space Leased

High Demand for Union Coop’s Upcoming Mall in Al Khawaneej-2 

Dubai, UAE:

Dr. Suhail Al Bastaki, Chief Community Relations Officer at Union Coop, has announced the initiation of construction for the Al Khawaneej Mall project located in Al Khawaneej 2, Dubai. The mall is expected to be completed and open in the second quarter of 2025. Dr. Al Bastaki confirmed that 70% of the mall’s retail space has already been leased following the start of construction.

The new mall in Al Khawaneej 2 aligns with the ongoing development in Dubai’s retail sector. The mall will have a total construction area of approximately 70,698.69 sq. ft., featuring a spacious parking area for up to 92 vehicles. It will house a Union Coop hypermarket, covering about 28,253.09 sq. ft., along with 6 kiosks and 19 retail stores. This variety of retail options aims to meet the needs of all residents in the area.

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Business & Investments

Andromeda extends loan distribution network into the Middle East to cater to NRI financial needs

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  • Andromeda, India’s largest loan distributor, makes strategic move to serve the Middle East’s NRI population after steep growth in FY24
  • Dubai-based Wealth Link Solutions to bring its financial expertise in the region as strategic partner
  • Andromeda’s loan portfolio, which eclipsed $9000 million in FY24, expected to help 9.55 million NRIs with real estate investments in India

August 7, Dubai, UAE: Andromeda Sales & Distribution, India’s premier loan distribution network, is pleased to announce its strategic expansion into the Middle East, a move fuelled by its exceptional domestic performance. The company recorded over 23% growth in loan disbursals, reaching $9,048 million (Rs. 75,397 crore) during the Financial Year 2023-24. This notable growth was primarily driven by the home loan segment, which increased by over 22% to approximately $4,070 million (Rs. 33,918 crore) in FY24 from $3,336 million (Rs. 27,798 crore) in FY23.

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Business & Investments

ADNOC DISTRIBUTION RECORDS DOUBLE-DIGIT EBITDA AND NET PROFIT GROWTH IN Q2 2024

  • EBITDA increased by 15.0% year-on-year to $267 million and net profit rose by 12.9% year-on-year (YoY) to $170 million in Q2 2024.
  • Non-fuel retail gross profit increased by 13.5% year-on-year in Q2 2024, supported by a 10.9% growth in non-fuel transactions and a convenience store conversion rate exceeding 26% for the first time in four years.
  • The Company’s free cash flow stood in H1 at $488 million, representing 46.7% YoY growth.
  • The Company expects to pay a $350 million dividend for H1 2024 in October, fully covered by the H1 cash flow.
  • The Company is actively pursuing over 20 innovative AI projects in 2024 and has established partnerships with leading global AI technology firms to maintain its market-leading position.
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Business & Investments

Telr Elevates E-Commerce with Mastercard’s Click to Pay

Dubai, UAE – 08 August –Telr, the award-winning online payment gateway, has announced its strategic collaboration with Mastercard to introduce its digital checkout solution, Click to Pay, across its extensive network of merchants in the UAE. Through this partnership, Telr will deploy cutting-edge payment technologies to enhance the customer experience.

Click to Pay is an innovative, seamless, and secure payment method designed to enhance customer confidence and reduce cart abandonment. Powered by Mastercard, Click to Pay streamlines the purchasing process while upholding the highest security standards. Customers enroll only once, eliminating the need to repeatedly enter card details or passwords for every online purchase. This convenience fosters more frequent purchases, improves conversion rates, and boosts customer satisfaction.

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Business & Investments

Binance Records $1.2 Billion Net Inflow in the Past 24 Hours, According to DeFiLlama Data

In a remarkable display of investor confidence, Binance has recorded a net inflow of $1.2 billion USD in the past 24 hours, as per data from DeFiLlama’s CEX Transparency metrics. This significant influx of capital highlights the trust users have in Binance and their positive outlook on the longer-term direction of the cryptocurrency market, even amid recent volatility.

The data from DeFiLlama underscores Binance’s robust position in the centralized exchange (CEX) sector, showcasing its ability to attract substantial investments despite broader market downturns. This trend is particularly noteworthy given the current economic climate and the fluctuating nature of digital asset prices.

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