Alpha Dhabi Reports Robust Q1 Results with Strategic Growth and Technological Innovation
Alpha Dhabi Holding has released its financial results for the first quarter of 2024, revealing significant contributions from key sectors and strategic initiatives aimed at expanding its market presence.
2 min
Alpha Dhabi Holding has announced a remarkable increase in revenue of 11% to a new high of $3.87 billion (AED14.2 billion) and a net profit of $1.25 billion (AED4.6 billion) for the first quarter of 2024. This represents a year-on-year revenue growth and a significant 232% rise in net operating profit compared to the same period last year. Additionally, the company’s cash balance rose by 29% to $5.85 billion (AED21.5 billion).
The company attributes its robust quarterly performance to organic growth and strategic acquisitions. Hamad Al Ameri, CEO of Alpha Dhabi Holding, commented on the achievements, stating that Alpha Dhabi has commenced 2024 robustly, continuing the strong performance from 2023 and maintaining the aggressive growth trajectory. The top-line growth and the substantial increase in net operating profit demonstrate the company’s rapid progress in seizing opportunities across the diverse portfolio and the broader investment landscape.
However, the total gains for the quarter did not reach the levels of the same period in 2023 due to the de-recognition of Pure Health and the new corporate tax regulations introduced in the UAE in 2024, which affected the overall net profit. Despite this, Alpha Dhabi maintains a strong financial standing with total assets valued at $40.14 billion (AED147.4 billion) and equity of $21.0 billion (AED79.0 billion).
In a statement to the Abu Dhabi Securities Exchange (ADX), the company outlined its strategic position to drive further growth, including additional acquisitions and geographic diversification. The diverse nature of Alpha Dhabi’s portfolio continues to drive revenue growth and increase net operating profit.
The earnings of the company were notably enhanced by its industrial, real estate, and construction sectors, which contributed 37%, 33%, and 18% to the totalrevenue, respectively. Al Ameri highlighted the company’s strategic focus for the future, expressing that as they progress into 2024, their aim is to leverage new opportunities both domestically and globally. By incorporating innovations like Artificial Intelligence into their portfolio, they plan to advance the growth story of Alpha Dhabi to new and unprecedented levels.
Founded in 2013, Alpha Dhabi Holding now encompasses over 250 businesses across various sectors including healthcare, renewable energy, petrochemicals, real estate, construction, and hospitality, and employs more than 95,000 people.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.
3 min
The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.
Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.
Key Highlights
During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.
The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.
The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.
The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.
Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.
Investment and Future Impact
Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.
Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”
During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.
Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.
The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.
Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.
This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.
By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
