Real Estate

Asteco 2023 Q4 Report: UAE Real Estate Market Surges Amid Global Uncertainties

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Asteco 2023 Q4 Report: UAE Real Estate Market Surges Amid Global Uncertainties

Abu Dhabi, 07February2024–According to the Asteco 2023 Q4 real estate report,the UAE market witnessed unprecedented growth during 2023despite the variousglobal challenges.The report anticipates continued positive trajectory over 2024. Key strategic initiatives, including the UAE Tourism Strategy 2031 and ‘We the UAE 2031,’ are expected to fortify the UAE’s standing as one of the premier destinations globally.

2023 Highlights

In 2023, record-breaking figures were observed in terms of individual unit sales values, transactional volumes and project launches. The luxury market attracted significant attention, showcasing some of the most remarkable transactions to date.

The surge in transitioning annual leases into short-term rental properties for short-term gains and the lag in new deliveries stemming from Covid related development delays have amplified the supply-demand dynamics at play, and ultimately resulted in heightened rental pressure.

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Entertainment & Celebrity

BANDAI NAMCO TO PARTICIPATE AT MIDDLE EAST FILM & COMIC CON 2024

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BANDAI NAMCO TO PARTICIPATE AT MIDDLE EAST FILM & COMIC CON 2024

  • For the first time Bandai Namco will be joining at MEFCC 2024 made possible by Jazeel Distribution

6th February 2024, Dubai, United Arab Emirates:For the first time ever, Bandai Namco, a popular Japanese brand recognized worldwide for its iconic video games, Japanese and anime products, will be participating at the Middle East Film & Comic Con (MEFCC) at ADNEC, Abu Dhabi this February 9-11, 2024. This is made possible by Jazeel Distribution – the Middle East’s leading toy and collectible distributor.

Among the featured brands are Banpresto, Ichibankuji, MegaHouse, Tamagotchi, and more, each promising a treasure trove of delights for enthusiasts. Bandai Namco’s presence at MEFCC 2024 is a testament to its commitment to delivering cutting-edge entertainment and merchandise that resonates with a diverse audience.

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Beauty

Crafting Heritage: Ajmal Perfumes’ Factory for Kids at KidZania Dubai

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Crafting Heritage: Ajmal Perfumes’ Factory for Kids at KidZania Dubai

  • Ajmal Perfumes partners with KidZania Dubai to introduce an interactive perfume-making workshop, aiming to educate children about the significance of perfumes.
  • This collaboration offers a hands-on learning experience where children can engage in the entire process of perfume creation.

5th February 2024, Dubai, United Arab Emirates: Ajmal Perfumes, known for its exquisite fragrances, has joined hands with KidZania Dubai, The Dubai Mall, to create a special opportunity for kids to learn about perfume making. Ajmal Perfumes, with its rich heritage and expertise in the art of perfumery, stands as a notable name in the fragrance industry of the GCC.

KidZania Dubai is an innovative, interactive city designed specifically for children, offering a dynamic and educational environment where kids can explore various careers and activities through role-playing. This partnership brings together Ajmal’s legacy in perfumery with KidZania Dubai’s unique, interactive learning space for children.

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Business & Investments

Presight Announces Profitable and Consistent FY2023 Growth

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Presight Announces Profitable and Consistent FY2023 Growth, as it Closes out its First Year Post Listing
  • FY2023 revenue up 14.7% to AED1,780.6M compared to AED 1,552.0M in FY2022
  • FY2023 net profit increased 5.1% to AED570.6M compared to FY2022 at AED 543.0M
  • Q4’23 revenue (AED713.5M) increased by 23.3% over Q4’22 as major domestic projects went live

Abu Dhabi, UAE 7thFebruary 2024 – Presight AI Holding PLC (“Presight”, ADX: PRESIGHT) today announced its FY2023 results,which showedstrong, consistent revenue growth with revenues up 14.7% (+AED228.6M) to AED1,780.6M compared with FY2022. Net Profit increased by 5.1% (+AED27.6M) over the same period, with FY2023 Net Profit of AED570.6M compared to AED543.0M for FY2022. FY2023 Net Profit margin was 32.0%.

The FY2023 results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year which lifted Q4’23 revenues by AED713.5M – an increase of 23.3% over Q4’22. In the same period Q4’23 Net Profit (AED300.6M) marginally increased by 0.4% over Q4’22. The Q4’23 Net Profit margin was 42.1%.

The Company’s balance sheet remains highly liquid and debt free, providing Presight with significant financial flexibility to fund its operations and fuel future growth. In FY2023 AED336.6M of cash was generated from operations.

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Business & Investments

UAE’s first integrated battery recycling plant unveiled as Dubatt invests AED 216 million at Dubai Industrial City

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UAE’s first integrated battery recycling plant unveiled as Dubatt invests AED 216 million at Dubai Industrial City

  • His Excellency Abdulla bin Touq Al Marri, Her Excellency Dr Amna Al Dahak, Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, and His Excellency Omar Al Suwaidi preside over inauguration ceremony
  • Musataha agreement signed to accelerate recycling plant’s 50,000 sq.ft. expansion at Dubai Industrial City
  • Fully integrated battery recycling plant will contribute to the goals of the UAE Circular Economy Policy 2031 and Dubai Integrated Waste Management Strategy 2041

Dubai, UAE, 7 February 2024: Dubatt Battery Recycling’s fully integrated battery recycling plant – the first of its kind in the UAE – has been formally inaugurated at Dubai Industrial City, part of TECOM Group PJSC, in the presence of His Excellency Abdulla bin Touq Al Marri, Cabinet Member and Minister of Economy; Her Excellency Dr Amna Al Dahak, Cabinet Member and Minister of Climate Change and Environment; Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, Head of the International Affairs Office at the Presidential Court; and His Excellency Omar Al Suwaidi, Undersecretary of the Ministry Industry and Advanced Technology.

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