Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Arada H1 property sales up

Arada is currently building 6,500 homes.
  • The first half results saw completion of the company's first public financing deal, a $350 million sukuk issuance.
  • The results come against Sharjah's booming property market, which saw a 65 percent increase in the total value of property sold in 2021.

Property development company Arada has reported a 30 percent growth in the value of the property sold in the first six months of 2022.

The developer sold homes valued at AED1.49 billion ($405 million) at its two Sharjah megaprojects, Aljada and Masaar, thanks to ongoing demand for spacious, green integrated communities.

The first half results saw completion of the company’s first public financing deal, a $350 million sukuk issuance.

The results also come against the continuing strong performance of the Sharjah property market, which saw a 65 percent increase in the total value of property sold in 2021 to AED26.2 billion, compared to the previous year, according to data released by Sharjah Real Estate Registration Department.

Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said, “Our performance in the first half of the year is proof once again of both the resilience of the Sharjah market, which continues to see steady and sustainable growth, and of the interest in our product. In particular, Arada is witnessing exceptional demand for well-designed homes, with great facilities and competitive pricing.”

Ahmed Alkhoshaibi, Group CEO of Arada, said, “These strong results put us firmly on track for our overall sales target of AED3 billion in property sold by the end of this year. As we look ahead to the second half of 2022, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales further and achieve the ambitious targets we set for ourselves earlier this year.