Emaar Development, the UAE's premier property development company specialising in build-to-sell assets and majority-owned by Emaar Properties, has announced that its shareholders have approved the Board of Directors’ proposal to distribute a dividend of AED2.7 billion ($740 million), representing 68% of the share capital.

 

The announcement came during the Emaar Annual General Meeting, where the Board of Directors reviewed the company’s financial performance for 2024 and discussed its future growth strategy.

 

The Board’s report on the company’s activities and financial position, as well as the Auditor’s report, were also approved.

 

Emaar Development reported property sales of AED65.4 billion ($17.8 billion) in 2024, reflecting a 75% increase compared to the previous year.

 

Total revenue for the year amounted to AED19.1 billion ($5.2 billion), up 61% from 2023, while net profit before tax increased by 20% to AED10.2 billion ($2.8 billion).

 

Mohamed Alabbar, Founder of Emaar, said: "Our 2024 results are a testament to our focus on excellence, innovation, and customer satisfaction. Every project we launch is about more than just real estate - it’s about building communities that enhance the lives of residents and contribute to Dubai’s global appeal."

 

By embracing technology and sustainability, Emaar aims to redefine modern living while ensuring lasting value for customers and stakeholders, he added.-TradeArabia News Service

Liebherr, a leading manufacturer of tower- and mobile construction cranes, has announced that it has received a major order from Bahrain-based Haji Hassan Cranes for supply of a LTM 1160-5.2 mobile crane and two LTM 1090-4.2 cranes.

 

A leading crane and lifting company in the Kingdom of Bahrain, Haji Hassan Cranes, has set itself the goal of meeting most of the country's demand for mobile cranes. The company has 30 employees and a fleet that includes all-terrain cranes with lifting capacities from 50 tonnes to 500 tonnes.

 

This significant investment by Haji Hassan comes as part of its fleet modernisation strategy. With this, the company now boasts 13 mobile cranes.

 

Haji Hassan Cranes plan to use these newly added cranes for their upcoming infrastructure development projects in the kingdom.

 

Manaf Al Sarabi, General Manager at Haji Hassan Cranes, said the group had picked up Liebherr mobile cranes for its quality, reliability and durability.

 

"Our previous purchases from Liebherr, the LTM 1500 8.1 and the LTM 1070-4.2, have proved to be a wise decision. Thanks to these cranes, we were able to safely plan and execute a wide range of lifting operations, giving us a competitive advantage in the market," he stated.

 

As part of its fleet modernisation plans, Al Sarabi said it was once again relying on the tried-and-tested crane manufacturer.

 

"The outstanding quality and reliability of both Liebherr cranes and Liebherr management are second to none," he added.

 

He pointed out the support they had received from Liebherr in terms of technical advice and supplies of spare parts which had boosted their confidence in the brand. 

 

"Liebherr customer service supports us around the clock. We also appreciate their transparency in all transactions," he added.

 

On the selection of LTM 1160-5.2 model, the Bahraini group said this crane type will fill the current gap between a 120-tonne and a 300-tonne crane and expand the company's range of services. 

 

The LTM 1160-5.2 offers an enormous maximum load capacity of 180 tonnes and is also characterised by its versatile range of applications. The two LTM 1090-4.2s will replace two ageing 80-tonne-cranes and bring the fleet up to date, it stated. 

 

Deepak Pillai, Operations Supervisor at Haji Hassan Cranes, said: "The 90-tonners impressed us with their short set-up time, 60-metre main boom and outstanding lifting performance. This enables us to carry out even the most challenging lifting operations safely and quickly."

 

"Both crane types are also characterised by Liebherr's innovative VarioBase and VarioBallast technologies," he explained.

 

"As Haji Hassan Cranes is involved in almost every major construction project in Bahrain, the new cranes will be used in a wide variety of areas," noted Pillai. 

 

"This includes lifting jobs in oil refineries, steelworks and petrochemical plants, general construction work, the assembly of prefabricated concrete parts, loading work, extensions of sewage treatment plants and the handling of heating, ventilation, and air conditioning systems," he added.-TradeArabia News Service

The real estate market in Ras Al Khaimah has witnessed unprecedented growth, with transaction volumes skyrocketing by nearly 25,000% over the past seven years, according to the latest data from the Ras Al Khaimah Statistics Centre.

 

The total value of real estate transactions in June 2024 reached an astonishing AED2.53 billion ($688 million) - an exponential leap from just AED10 million ($2.72 million) in June 2017.

 

Similarly, mortgage values have soared, recording AED3.47 billion in July 2024, compared to AED15.8 million in July 2017 - an unprecedented increase of approximately 21,849%.

 

 This surge underscores the growing investor confidence and the emirate’s rising prominence as a real estate powerhouse, said Andrei Charapenak, the CEO of Major Developers, a leading developer in Ras Al Khaimah.

 

"Ras Al Khaimah is no longer an emerging player, it has cemented itself as a prime investment destination. The staggering increase in real estate transactions and mortgage values reflects the emirate’s economic momentum, fuelled by visionary leadership, strategic infrastructure developments, and a strong appetite for premium residential and commercial spaces," he noted.

 

The surge in transactions, he stated ,comes at a time when Ras Al Khaimah is attracting heightened interest due to its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, hospitality and entertainment investments, and a strong push toward sustainable urban development.

 

"We are seeing a paradigm shift in investor sentiment - luxury, sustainability, and lifestyle integration are driving purchasing decisions. Major Developers is committed to shaping the future of real estate in Ras Al Khaimah," he added.-TradeArabia News Service