Emaar Properties PJSC, the global property developer, has announced its financial results for the first nine months of 2023, showcasing a trajectory of strong growth and operational excellence.

The company’s diverse portfolio, encompassing real estate, retail, and leisure, has delivered impressive results with significant year-over-year increases including an impressive AED 18.4 billion (US$ 5.0 billion) in revenues, with a net profit of AED 8.2 billion (US$ 2.2 billion), marking a 42% increase compared to the same period last year. This robust performance is attributed to a surge in tourism, higher retail sales, and a rising demand in real estate. Emaar’s EBITDA also saw a 29% increase, reaching AED 10.8 billion (US$ 2.9 billion).

The company’s group property sales reached AED 31.1 billion (US$ 8.5 billion), up 16% year-over-year. The revenue backlog from property sales stood at a staggering AED 69.5 billion (US$ 18.9 billion) as of September 30, 2023, indicating a strong future revenue stream.

Mohamed Alabbar, the Founder of Emaar, commented on the results, “Our sustained growth and operational excellence highlight Emaar’s commitment to innovation and customer satisfaction. The surge in tourism and our new attractions, like the Dubai Mall Chinatown, have contributed significantly to our success.”

Emaar Development PJSC (DFM: EMAARDEV) reported strong sales momentum in Dubai’s property market, with sales of AED 28.9 billion (US$ 7.9 billion), reflecting a 25% increase over the previous year. The company’s revenue backlog in the UAE has risen by over 60%, promising enhanced future revenues.

In retail, Emaar’s malls and commercial leasing operations reported revenues of AED 4.3 billion (US$ 1.2 billion), a 36% increase over the previous year. The Dubai Mall’s new extension, Dubai Mall Chinatown, has further solidified Emaar’s position in the retail sector.

Emaar’s international real estate operations, particularly in Egypt and India, contributed AED 2.1 billion (US$ 572 million) in revenues, accounting for over 11% of the total revenue. The hospitality sector also saw a rise, with revenues of AED 2.5 billion (US$ 681 million), driven by the recovery in tourism and strong domestic spending.

Emaar’s recurring revenue-generating portfolio, which includes malls, hospitality, and commercial leasing, generated revenues of AED 6.8 billion (US$ 1.9 billion), representing 37% of the total revenue and showing a 26% increase from the previous year.

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Source: ME Construction News

Tabreed in partnership with Ireland-based HT Materials Science (HTMS), has successfully completed a groundbreaking pilot project using a revolutionary nanofluid technology named ‘Maxwell.’

This initiative, a first of its kind globally, has shown promising results in significantly enhancing energy efficiency in cooling systems.

The technology, named after 19th-century scientist James Clerk Maxwell, involves an engineered nanofluid – a suspension of sub-micron aluminium oxide particles in a base fluid. Applied across Tabreed’s extensive network of 89 district cooling plants, Maxwell has the potential to increase energy efficiency by up to 15%. This translates to a substantial environmental impact, theoretically preventing around 200,000 metric tons of greenhouse gas emissions annually, equivalent to powering 20,000 homes or taking 43,500 cars off the road.

Tested at a Tabreed district cooling facility in Khalifah City, Abu Dhabi, during the summer of 2023, Maxwell demonstrated a remarkable 13.6% increase in chiller efficiency and a 9.0% overall plant efficiency improvement. This was achieved by enhancing the thermal capacity of water in the chilled water system, leading to more efficient operation of chillers and other cooling equipment.

Khalid Al Marzooqi, CEO of Tabreed, expressed his pride in leading such innovative and impactful initiatives, aligning with the UAE’s Net-Zero strategy. He emphasized the importance of this development in accelerating the energy transition and providing efficient cooling solutions globally.

Maxwell’s non-toxic, non-corrosive nature, along with its recyclability, adds to its appeal for widespread application in both new and existing HVAC systems. It is anticipated to be a game-changer in reducing the environmental impact of cooling systems, which account for a significant portion of energy consumption worldwide.

Following the successful pilot, Tabreed and HTMS are planning to extend Maxwell’s application to other district cooling facilities within Tabreed’s portfolio. This move is timely, considering the anticipated tripling of global cooling demand by 2050. With district cooling already recognized as up to 50% more energy-efficient than conventional methods, Maxwell’s adoption could mark a major step forward in sustainable cooling.

Thomas Grizzetti, CEO of HTMS, highlighted Maxwell’s potential to significantly reduce energy usage and carbon footprint across various industries. He commended the partnership with Tabreed as a strategic move towards achieving broader adoption of this cutting-edge technology.

This initiative represents a major stride in sustainable cooling technology, offering a blueprint for energy-efficient practices in an industry critical to global environmental goals.

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Source: ME Construction News

Founded over a decade ago, the Ahl Masr Foundation and Hospital is a leading not-for-profit hospital and research center that offers free treatment of trauma and burn victims in Egypt, the Middle East, and Africa. The Ahl Masr Hospital serves burn and trauma victims with comprehensive, advanced medical treatments. The hospital also strives to uplift the human spirit through personalised care that not only heals the body but also offers hope, love, and a helping hand during life’s most challenging moments.

The Ahl Masr Foundation and Hospital is located in New Cairo with a built-up area of 45,245sqm and eventually aims to receive over 300,000 patients per year, operating an intensive care unit, an incubator department, a surgical department, specialised clinics, and laser treatment.

Designing a High-Performance Healing Environment

Determined to improve patient outcomes and experiences, the hospital has made significant investments in its site over the past ten years, developing several new services and pathways. However, the management feels like there is room to grow to provide a better experience for patients. The engineering department of the hospital continues to innovate the infrastructure to create a safer, more comfortable, and improved experience for patients. Besides building infrastructure, medical furniture also has a greater impact on almost every aspect of a healthcare facility, from functionality to aesthetics.

Leveraging ZWCAD’s Specialized Toolsets for Planning, Design, and Construction

Due to the massive size of the hospital, it was a tedious task for the hospital’s engineering team to handle facility management, manage hospital infrastructure data provided by architects and contractors associated with the hospital, work on building maintenance projects, and redesign interiors and furniture. Most of the data available was in the form of AutoCAD (.dwg) file format. Ahl Masr’s team started searching for an integrated solution that combines powerful 2D functionalities and helps them in their design workflow while at the same time optimizing the cost of procuring and maintaining software. After a precise study of the hospital’s needs, the team selected ZWCAD.

“During our search for alternatives to AutoCAD, we explored several options. However, we discovered that ZWCAD stood out due to its remarkable user-friendliness, appropriate functionalities that align with our team’s needs, provision of a perpetual license, and affordability,” said Eng. Islam Abdelsamie, Senior Project Engineer.

When the hospital’s engineering team approached ZWSOFT, after learning more about Ahl Masr’s noble work in serving the humanity with utmost compassion and with selfless devotion. In response, ZWSOFT decided to donate ZWCAD licenses to Ahl Mahr Foundation to fulfil its role of social responsibility towards burn victims.

Upon transitioning to ZWCAD, Ahl Masr’s engineering team initiated the renovation of the hospital’s sixth-floor furnishings. The goal was to establish an environment that prioritised patient safety, comfort, and overall experience. Through close collaboration with the medical staff, the engineering team designed and executed healthcare furniture and facilities that were carefully crafted to support the healing process effectively.

Leveraging ZWCAD’s specialised toolsets provided the ability to create, edit, and annotate the 2D models within the interface. The existing floor plan drawings were used to modify, analyse, and rearrange the furniture. ZWCAD facilitated creativity through 2D drawings for both wooden and metal furniture, thus increasing the overall speed and precision of manufacturing.

Additionally, Ahl Masr’s team regularly ensures the efficient functionality of the hospital within the built-up area and in accordance with local laws and planning guidelines. This is necessary to ensure full compliance with international hospital quality accreditation. The engineering team at Ahl Masr employs ZWCAD to produce construction documents that adhere to the relevant regulations and standards. They collaborate with medical staff and patients to make improvements to the existing infrastructure, using feedback to guide their efforts. ZWCAD is used to edit available architectural drawings and apply forward-looking ideas to existing facilities, which play a significant role in the patient recovery process.

“ZWCAD proves to be a robust and flexible tool, boasting an impressive range of features that greatly facilitated the achievement of our precise design goals for hospital infrastructure and interiors.” concluded Eng. Mostafa Seleem, IT Director.

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Source: ME Construction News

The Big Project Middle East (BPME) editorial team has made the decision to postpone its forthcoming Critical Infrastructure Summit (CIS), on the back of growing interest from key regional stakeholders to get involved, and a desire to expand the event’s agenda.

Originally scheduled to take place on 15 November at the Two Seasons Hotel in Dubai, the event will now take place in Q2 2024 – a specific date will be announced in the coming weeks, the BPME team said.

The CIS aims to shine a light on the region’s infrastructure, specifically airports, seaports, road and rail and data centre, all of which regional governments and private sector companies are investing heavily into. In addition to new builds, existing infrastructure is being expanded to keep pace with growing demands and a desire for more sustainable operations. The Middle East and Africa infrastructure market is said to be valued at $48bn and is forecast to grow at a CAGR of 3.5% between 2023 and 2028, according to Mordor Intelligence.

“I’ve been pleased with the response to the first edition of our Critical Infrastructure in terms of attendance and buy-in from key public and private sector entities. Taking this significant interest into account, the editorial team and I decided to move the event into 2024, so we could not only expand the event’s agenda but accommodate all our public and private sector speakers. There’s significant infrastructure work taking place in the UAE and across the Middle East and there’s a real appetite to highlight and debate opportunities and challenges, as stakeholders strive to balance growing requirements and sustainable development and operations,” explained Jason Saundalkar, Head of Content at Big Project Middle East.

The event in 2024 will comprise a mix of panel discussions and high-level presentations, and is supported by:

Gold Sponsor: KEO International Consultants
Strategic Content Partner: ALEC
Silver Sponsor: AECOM
Endorsed by: The Chartered Institute of Building (CIOB)

To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship inquires can be addressed to Raz Islam on raz.islam@cpitrademedia.com.

Read more about the Critical Infrastructure Summit by clicking here.

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Source: ME Construction News

In a significant move reshaping the transportation landscape of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, has enacted Law No. (21) of 2023, marking the evolution of Dubai Taxi Corporation into a public joint-stock company, now known as ‘Dubai Taxi Company (PJSC).’

This transformation, which includes the initiation of an Initial Public Offering (IPO), grants the company financial and administrative independence, heralding a new era in Dubai’s transportation sector.

Accompanying this law, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, approved Council’s Resolution No. (93) of 2023, outlining Dubai Taxi Company’s Articles of Association. These documents define the company’s objectives, including the introduction of futuristic transportation services like self-driving and flying taxis, and establish regulations for the operation and governance of the company. This includes the election procedures for the Company’s Board of Directors, now chaired by Abdul Mohsin Ibrahim Younis, with Ahmed Ali Al Kaabi as the Vice Chairman.

This rebranding from ‘Dubai Taxi Corporation’ to ‘Dubai Taxi Company (PJSC)’ is mandated across all existing legal references in the emirate. The law also stipulates the company’s longevity, setting its duration to 99 years, subject to automatic renewal under the conditions outlined in the Company’s Articles of Association.

The Dubai Taxi Company (PJSC) is set to provide a range of transportation services, adhering to current emirate regulations. These services extend beyond traditional taxi operations to include leasing vehicles with or without drivers, offering specialised transportation using self-driving vehicles, and potentially operating flying taxi services.

Furthermore, the company is authorised to engage in contractual agreements for passenger transportation services with other entities, provided these contracts align with the new law and existing regulations.

These landmark resolutions, effective from their date of issuance and to be published in the Official Gazette, supersede Executive Council Resolution No. (48) of 2016 and any contradictory legislation. Until new decisions and bylaws are issued, existing regulations and decisions from Resolution No. (48) of 2016 remain effective, provided they don’t conflict with the new law’s articles.

The introduction of Law No. (21) of 2023 represents a strategic step towards modernizing Dubai’s transportation infrastructure, leveraging technological advancements to enhance services and expand the emirate’s global footprint in the transportation sector.

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Source: ME Construction News