Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Updated 28 June 2014

Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Yusuffali M.A., head of Lulu group, Middle East’s retail major, and non-resident India (NRI) businessman, won the Abu Dhabi Chamber election held yesterday with a thumping majority.
Ali who won previous two elections, retained his seat with 1,721 votes, highest among expatriate candidates. The elections during which 14,555 votes were cast also elected 13 local citizens to the board of directors for a four-year term.
Four panels — the Abu Dhabi Initiative, Abu Dhabi Excellence, Abu Dhabi Future and Abu Dhabi First — representing 70 Emiratis, including five women and eight expatriate candidates, participated in the elections. Huge turnout was witnessed during the election which was held at three different centers.
Abu Dhabi Chamber is the only government organization in the world where expatriates can get elected to the director board through a democratic election process.
Sheikh Nahyan bin Mubarak Al Nahyam, UAE minister for culture, youth and community development, on behalf of Abu Dhabi government and ruling family members congratulated Ali on his hat-trick victory and urged him to continue his work and contribute to the growth of the UAE in general and Abu Dhabi in particular.
“I am pleased with faith reposed on me by the business community of Abu Dhabi and I thank them wholeheartedly for helping me to come out victorious once again. I am fully aware of the responsibilities and I will strive to further enhance the business and investment relationship between India and UAE and work closely with all stake holders for mutual benefit,” said Ali after winning.
Abu Dhabi Chamber is an autonomous entity under government supervision, which works toward streamlining and regulating business and industrial affairs in Abu Dhabi. Chamber is also playing its role as a supporter of and contributor to the economic development process and as an economic partner in making contributions to Abu Dhabi’s economic growth.
Abu Dhabi's sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), currently estimated at $775 billion, is one of the world's wealthiest sovereign fund in terms of total asset value.


Saudi mall operator Arabian Centres bucks retail malaise as profits surge

Updated 21 August 2019

Saudi mall operator Arabian Centres bucks retail malaise as profits surge

  • Mall operator defies online shopping pressure by lowering discounts to tenants, boosting occupancy and rental revenues

LONDON: Arabian Centres, the Saudi mall operator which went public in May, said first-quarter consolidated net profit almost trebled to SR227 million ($60.53 million) as occupancy edged higher across its shopping centers. Revenues increased by about 2.5 percent over the year to SR572.5 million.

The results helped to propel the group’s shares 3 percent higher on Tuesday.

The group said that it boosted performance by offering lower discounts to its tenants which helped to drive rental revenues. Like-for-like occupancy across all malls increased  to 93.2 percent from 92.4 percent in the year earlier period. Finance costs fell by about 65 percent from a year earlier to SR73.9 million.

FASTFACT

 

27 - Arabian Centres plans to expand its mall portfolio to 27 within four years.

Retailers across the Middle East are coming under increased pressure as more consumers shop online, while at the same time, tourists are spending less in dollar-pegged economies because their purchasing power has been cut by the strength of the greenback. Still, in Saudi Arabia, the under-served retail market is expected to receive a boost from rising investment in the entertainment sector, especially new cinemas.

“Faced with the rising challenge of online shopping, the brick-and-mortar retail segment has sought to diversify its offering to secure its customer base, providing an increased range of leisure and entertainment facilities,” said Oxford Business Group, in a report analyzing emerging trends in the Saudi retail sector.

“The reintroduction of cinemas to the Kingdom in April last year ... is expected to increase retail footfall,” it said.

Arabian Centres, majority-owned by Fawaz Alhokair Group, listed its shares on the Tadawul stock exchange in May — the first to do so in the Kingdom under Rule 144a, allowing the sale of securities, mainly to qualified institutional buyers in the US.

The group aims to expand to 27 malls within four years.