Day: August 15, 2021

DUBAI, Amanat Holdings, a healthcare and education investment company, has reported a total income of AED255.6 million, a significant nine-fold increase from the AED28.2 million in H1-2020, according to the company’s financial results for the first half ended 30th June 2021.

The income from investments similarly grew at a stellar pace to AED251.9 million versus AED21.3 million this time last year, the company’s press release said on Sunday.

The performance filtered down to the company’s bottom-line profitability with a net profit of AED235.3 million in the first half of 2021 compared to AED0.6 million in the same period last year.

The company’s profitability was also bolstered by the AED160.0 million gain on sale of Amanat’s share of Taaleem Holdings in April 2021, along with robust contributions made from Amanat’s new healthcare investment, Cambridge Medical and Rehabilitation Centre (CMRC).

Excluding the impact from Taaleem’s gain on sale, net profit would record AED75.3 million emphasising the strong and sustained recovery when compared to the same period last year and reflecting management’s cost optimisation and efficiency efforts. Amanat’s total expenses stood at AED20.2 million in H1-2021, down by 26.8 percent year-over-year (y-o-y).

Commenting on the results, Amanat’s Chairman, Hamad Alshamsi, said, “I am delighted with Amanat’s performance in the first six months of the year, which saw us continue to deliver impressive growth and profitability across both platforms further enhanced by our exit of Taaleem during last quarter. The company’s performance exemplifies our ability to realise value for our shareholders and the effectiveness of our revamped corporate strategy. This has enabled us to fully capitalise on the post-COVID-19 rebound as we continue to drive long-term growth and value creation.”

Source: Emirates News Agency

DUBAI, Dubai witnessed a notable rise in residential transactions over Q2 of 2021, with positive market sentiment and continued international buyer interest driving sales, according to the latest research by leading international real estate services firm, Chestertons.

The findings, revealed in the latest Observer: UAE Q2 2021 Market Report, showed that total residential transaction value in Dubai increased by almost 50% Quarter-on-Quarter (Q-o-Q) to AED31.02 billion, up from AED20.77 billion the previous quarter.

Total residential transaction value reached its highest level since Q4 2013, when residential sales totalled AED 31.67 billion. Residential transaction volume totalled 14,426 units, a rise of 35.48% from Q1 2021.

Completed property sales accounted for 71% of total transaction value and 59% of volume in Q2 2021, with off-plan sales yet to approach their pre-pandemic share.

Chris Hobden, Head of Strategic Consultancy, Chestertons MENA, said: “With residential transactions at near-record levels, increased international interest has been a key factor, with Dubai’s handling of Covid-19 supporting post-lockdown demand from buyers drawn by visa reforms, the emirate’s quality of life and comparatively attractive pricing.

“We have seen a clear improvement in market sentiment among UAE residents this year, with a desire to buy ahead of anticipated price rises, coupled with favourable mortgage rates and generous developer incentives, spurring sales.”

In Dubai’s villa sales sector, strong end-user demand and continued international buyer interest underpinned prices in Q2 2021. As a result, average villa prices increased by 5.7% Q-o-Q, supporting a 9.1% rise Y-o-Y.

The Meadows/The Springs saw the highest quarterly increases at 6.6% with average prices reaching AED 885 per sqft, up from AED 830 per sqft in Q1 2021. The Lakes followed closely behind with a 6.5% increase to AED1,065 per sqft from AED 1,000 the previous quarter. Jumeirah Park saw prices rise by 5.4%, while Palm Jumeirah and Arabian Ranches saw 4.9% increases Q-o-Q.

On an annual basis, Palm Jumeirah was the only location to see a double-digit rise, with average prices increasing by 12.4% Y-o-Y. The Lakes and The Meadows/The Springs also saw notable gains at 8.7% and 8.6%, respectively.

Meanwhile, apartment prices in Dubai saw a modest increase, with average values rising by 0.8% Q-o-Q, although performance varied by location and prices remained 3.7% below their Q2 2020 level.

The Views recorded the highest quarterly price rise, at 5.3%, with prices averaging AED1,085 per sqft, up from AED 1,030 the previous quarter. Downtown Dubai prices also increased by 4.5% Q-o-Q.

Both Jumeirah Lake Towers (JLT) and The Greens saw quarterly price rises of 3%, reaching AED 765 and AED 860 per sqft, respectively.

Dubai Marina, Motor City, Business Bay and International City achieved more moderate quarterly price hikes of 2.2%, 1.8%, 1.5% and 0.7%, respectively. All other locations recorded quarterly declines of between 1.0% to 5.1%. Dubailand saw the sharpest quarterly fall, at 5.1% to AED 590 per sqft, followed by Discovery Gardens, at 2.6%, to AED 483 per sqft.

Annually, Downtown Dubai, The Views, The Greens, and Business Bay saw prices rise by 4.4%, 3.3%, 2.9% and 0.3%, respectively with all other locations experiencing price declines of 0.2% to 12.4 Y-o-Y.

In Dubai’s villa rental market, average rents rose by 2.6% Q-o-Q, a modest increase in the 2.3% growth witnessed in Q1. Annually, villa rents surpassed their Q2 2020 average, rising by 3.5% Y-o-Y.

“The rise in villa rents was principally driven by continued tenant demand for more open space and outside areas, with agents reporting a sustained increase in villa enquiries since the easing of social distancing restrictions last year,” Hobden said.

“With work-from-home policies continuing across the private sector, even if on a part-time basis, we expect villa rents to outperform the wider residential average over the months ahead,” he added.

Palm Jumeirah saw the highest increase in villa rents, at 3.9% Q-o-Q, followed by Jumeirah Golf Estates, Victory Heights and The Lakes, which recorded increases of 3.4%, 3.1% and 3%, respectively. All other locations saw quarterly increases between 1.6% to 2.3%.

Meanwhile, average apartment rents in Dubai recorded modest declines over Q2, with a continued tenant preference for villas, coupled with long-standing oversupply, placing downward pressure across secondary locations. Apartment rents fell by 0.5% on average and remained 8.7% below their Q2 2020 level.

However, Downtown Dubai recorded a slight increase in average rents, at 1.7% Q-o-Q, followed by Dubai Marina at 1.5% and JLT at 1.1%. DIFC saw the highest quarterly decline, at 3.4%, followed by Discovery Gardens at 2.8%. Both Dubai Silicon Oasis and Dubailand recorded 2.5% declines Q-o-Q.

“While we expect apartment rents to face continued pressure medium-term, improvements in employment levels noted over Q2, along with continued take-up of the UAE’s remote-working visa, should serve to support demand,” Hobden concluded.

Source: Emirates News Agency

DUBAI, Emirates, renowned for its world-leading air transport services, has also been recognised for its outstanding ground transport services with three gold citations from the RoSPA Health & Safety Awards.

The only airline to have receive an award two years in a row, the Emirates team took gold awards in three categories: Fleet Safety Award, Health & Safety Award, and Leisure Safety Award, demonstrating tangible outcomes in its operational safety performance, health and safety governance systems, and extensive COVID-19 precautions to safeguard its people and customers.

In the UAE, Emirates operates a fleet of just over a thousand vehicles to transport its crew and other employees to and from the workplace, averaging 2.5 million road trips in a normal year. It also puts in place standards and protocols for service providers to transport premium customers to and from the airport in comfort and safety as part of its signature Emirates Chauffeur Drive service.

RoSPA (Royal Society for the Prevention of Accidents) is a UK organisation that focusses on promoting and facilitating occupational health and safety, and road, home, leisure and education safety around the world.

The annual RoSpa Awards are reviewed by a panel of independent assesors, with stringent submissions requiring demonstrable evidence of an entrant’s health and safety management systems, including aspects such as risk assessments, safety audits, and safety education initiatives.

In 2021, the awards saw more than 2,000 entries from companies globally.

Source: Emirates News Agency