Government support has helped Abu Dhabi's number one developer report profits up 150 per cent.
Government support has helped Abu Dhabi's number one developer report profits up 150 per cent.

Abu Dhabi's Aldar builds profits with Government support



Aldar has reported a 150 per cent increase in net profit during the first quarter, as government rescue packages worth almost $10 billion continue to prop up the developer.

Abu Dhabi's flagship property firm reported a net profit of Dh478.2 million in the first three months of this year, up 153 per cent on the same period in 2011, when it made Dh189.1 million.

Sales stood at Dh3.59 billion for the quarter, up from Dh784.7 million during the same period in 2011.

Around Dh2.2 billion of Aldar's revenues were made up of sales contracts with the Abu Dhabi government and related entities, the company said.

Aldar has received government support worth billions of dirhams, as the developer - like many others in the UAE - was hit hard by the downturn.

In December, Aldar said it had sold some of its prized assets, including Central Market and hundreds of homes on Al Raha Beach, to the Abu Dhabi Government for Dh16.8 billion.

Under a separate deal announced in January 2011, the Abu Dhabi Government said it would buy Dh10.9bn of the company's Yas Island infrastructure assets, including the Ferrari World theme park, as well as Dh5.5bn of residential units and land. The company also issued a Dh2.8bn convertible bond.

The total assistance provided by the Abu Dhabi government amounts to around Dh36 billion ($9.8 billion).

Aldar said today that it has handed over to the government 606 completed residential units and land plots at the Al Raha Beach development, under an agreement signed last year.

"Further unit handovers as part of the Government sales agreements signed in 2011 are expected to take place over the course of 2012," the company said in a statement.

bflanagan@thenational.ae

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Director: Jake Kasdan

Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas 

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

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Publisher: Namco Bandai
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Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
List of alleged parties
  • May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
  • 27 Nov 2020: PM gives speech at leaving do for his staff
  • Dec 10 2020: Staff party held by then-education secretary Gavin Williamson 
  • Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
  • Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters 
  • Dec 15 2020: PM takes part in a staff quiz
  • Dec 18 2020: Downing Street Christmas party 
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Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

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