Construction & Real Estate

Al Areen to launch promotional campaign for key Bahrain project

Al Areen Holding Company, a subsidiary of GFH Financial Group and the developer of Al Areen masterplan, is set to kick off a 10-day promotional campaign to highlight its pioneering Tilal Residential Project, in Bahrain.
 
A soon-to-be contemporary destination for those seeking an exceptional lifestyle close to scenic nature, Tilal Residential Project, boasts a panoramic view of Al Areen Wildlife Reserve, said the developer in a statement. 
 
Starting from September 19, Al Areen Holding Company will provide exclusive offers on residential units within the Tilal Residential Project.
 
Spanning over 93,000 sq m, the premium project will offer residents a range of luxurious villas and townhouses. The property is characterised by lavish modern design and spaciousness, with diverse options available between three-, four- and five-bedroom units.
 
Most of the townhouses are three-bedroom units with varying styles according to area and modern designs in line with contemporary trends, stated the developer. 
 
Unique, modern lifestyle requirements were taken into account, and each unit is marked by high-quality finishes while bearing in mind environmental sustainability, it added.
 
On the upcoming event, Ahmed Khalfan, the Chief Marketing and Sales Officer of Al Areen Holding and CEO of Tilal Residential Project, said: "We are excited to launch this promotional campaign for Tilal Residential Project, which represents a valuable addition to the real estate market in Bahrain. We believe that this project will be a destination for anyone seeking an integrated and distinctive lifestyle in a scenic natural environment."
 
"During this occasion, we will have the opportunity to highlight the singular features embraced by the project," he stated.
  
"We invite everyone to visit our platform at City Centre Bahrain during the campaign period and benefit from the exclusive offers available, as Tilal Residential Project represents a unique opportunity to own and invest in the heart of nature," said Khalfan. 
 
During the promotional campaign, Al Areen Holding Company will provide comprehensive information about the project, including details about available facilities and services, such as shared parks, walkways, and kids playgrounds, in addition to the upscale community atmosphere that enhances the quality of life. 
 
Interested parties will also have various financing options provided by Khaleeji Bank that correspond to their aspirations, stated Khalfan. 
 
The Tilal project is located in the Al Areen masterplan, within a new city that includes commercial offices, retail units, restaurants, hotels, health and educational facilities, and a range of residential communities. 
 
The project is distinguished by its proximity to Al Areen Wildlife Reserve in the southern region of the Kingdom of Bahrain, as well as the Bahrain International Circuit and Al Dana Amphitheatre. The masterplan also includes Raffles Al Areen Palace Bahrain and the Lost Paradise of Dilmun Waterpark.-TradeArabia News Service

Construction & Real Estate

Empower posts solid growth in 2024; revenue hits $898m

Emirates Central Cooling Systems Corporation (Empower) has delivered solid performance for FY 2024 with a revenue of AED3.3 billion ($898 million), thus reflecting an impressive 7.4% year-on-year growth.
 
Announcing its financial results for the 12-month period ended December 31, 2024, Empower said its profit before tax increased by 5.9% compared to 2023, reaching AED998 million for 2024. The company achieved a total net profit after tax of AED908 million last year.
 
In 2024, Empower distributed cash dividends amounting to AED850 million in two equal installments of AED425 million each, disbursed in April and October, as part of its commitment of annual payout of AED850 million during the first two fiscal years following its listing on the Dubai Financial Market.
 
Empower said it anticipates maintaining sustainable dividend payments in alignment with its business growth.
 
The contracted capacity increased by 6.9% compared to 2023 and reached 1.78 million refrigeration tonnes (RT) after signing 111 contracts during the year. 
 
The total length of Empower’s distribution pipeline network across various areas of Dubai has exceeded 418 kilometres, and the total number of district cooling plants reached 88.
 
Empower CEO Ahmad bin Shafar said the company has successfully leveraged Dubai’s vibrant economic landscape to achieve its strategic goals while capitalising on the significant growth in the real estate sector across residential and commercial, hospitality, and entertainment sectors.
 
The number of buildings being served by us reached 1,637 in 2024, up 7.2% compared to 2023. Out of the total number of buildings served, 67% are residential ones, 14% commercial and office spaces, while 13% are in the hospitality and hotel sector, and 2% in the healthcare sector.
 
Bin Shafar said the remaining 4% is distributed across the education, entertainment, and other sectors.
 
According to him, Empower had approved 42,735 applications for No Objection Certificates (NOCs) in 2024, marking a 22% increase compared to the previous year. 
 
The NOCs enable building owners, consultants and contractors to execute their desired projects easily, avoiding violations, damages, and fines and saving time and effort.
 
Empower pointed out that its customer base had surpassed 143,000, with district cooling consumption rising by 10% (in RTh) in 2024 compared to the previous year.
 
Additionally, the bill payments processed through the digital payment channels of Empower and its strategic banking and financial partners totalled 888,860 transactions in 2024, reflecting a 10 percent increase compared to 2023, it added.

Construction & Real Estate

Modon Holding delivers solid 2024 results; net profit hits $2.5bn

Abu Dhabi-based Modon Holding has announced that it has achieved exceptional growth in its full-year results for 2024, driven by strong performance across its four key sectors: real estate, asset management and hospitality as well as tourism and events.
 
The results reflect a transformative year with record-breaking growth and portfolio expansion in both the UAE and international markets. 
 
The Abu Dhabi group's net profit soared to AED9.4 billion ($2.5 billion), including a one-off bargain gain.
 
Its revenue rose to AED6.5 billion ($1.8 billion), posting a 637% year-on-year increase, primarily due to the acquisition of Adnec and Modon Properties, it stated.
 
Modon's gross profit increased to AED2.4 billion, a 500% year-on-year rise, demonstrating robust business fundamentals.
 
On its key achievements, Modon said five new real estate projects were launched on Hudayriyat Island and Reem Island, generating AED13 billion in sales, underscoring its real estate strength.
 
The revenue backlog reached AED 25.3 billion, ensuring long-term revenue security for the next three years, it stated.
 
On the tourism front, Modon said 12.2 million visitors were attracted to its destinations.
 
The Abu Dhabi group in 2024 also expanded its global footprint with strategic investments in Egypt, Spain, the United Kingdom, and Morocco.
 
"2024 was a defining year for Modon, delivering unprecedented growth and strengthening Abu Dhabi’s position as a global investment hub. Our acquisitions and strategic expansions lay the groundwork for the next phase of Modon’s transformation," remarked Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding. 
 
"We remain committed to sustainable urban development and unlocking opportunities across key markets," he added.
 
Group Managing Director Abdullah Al Sahi said: "Modon has surpassed expectations both locally and internationally with landmark projects such as our appointment as master developer for Ras El Hekma in Egypt, and the acquisition of La Zagaleta in Spain. As we look ahead, Modon is well-positioned to accelerate growth across all its sectors and geographies."
 
Group CEO Bill O'Regan said: "Modon’s record-breaking 2024 results across our resilient platform of business activities – Real Estate, Asset Management, Hospitality, Tourism, and Events – demonstrated strong growth in revenue and net profit."
 
"This reflects our solid fundamentals, disciplined capital allocation, and well-diversified portfolio. Strategic acquisitions have been a key driver of our performance, setting a strong foundation for future growth," stated O'Regan.
 
"With a robust balance sheet, liquidity, and an expansive land bank, Modon is well-positioned to capitalise on emerging opportunities and sustain long-term value creation," he added.-TradeArabia News Service