briefs

Aldar Properties provided yesterday its latest quarterly update on its projects under development across key destinations in Abu Dhabi.

On Yas Island, Aldar has begun the handover process for the first 300 homes West Yas, the island’s first villa community.  At Yas Acres, Aldar’s golf and waterfront development, construction at all 652 villas launched to date are in various stages of completion. On Reem Island, Meera is nearing completion ahead of the scheduled handover later this year with all cladding and glazing work now substantially complete. Mamsha Al Saadiyat, a 1.4 km mixed-use project located at the Saadiyat Cultural District, is on track to be completed and handed over next year with cladding, glazing work and promenade construction all underway.

Suhail Al Mazrouei, Minister of Energy and Industry, has visited Calgary in Canada's western Province of Alberta from July 8th-11th, to attend the several conferences and meet officials from the Canadian federal government.

Alberta's Minister of Economic Development & Trade Deron Bilous announced that the government of Alberta will be opening a representational office in the UAE this autumn to broaden Alberta-UAE ties.

Al Mazrouei commended the decision and remarked, "We welcome this step from the Alberta government to establish a representation office in the UAE, which will promote new opportunities."

Mr Bilous spoke of the establishment of this new office as a next step in UAE-Alberta bilateral relations following his impressive visit last year to the UAE, and stressed the importance of the UAE market for Alberta; referring to the UAE and Canada as 'natural partners'.

ENBD Reit, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, has announced that Ben Coombe is stepping down as Senior Portfolio Manager at ENBD REIT, after nearly ten years with the team. Ben will hand over the position to Melanie Fernandes. ENBD REIT has identified further staffing opportunities to build up its asset management team.

Melanie Fernandes has over 25 years of experience in the UAE with Emirates NBD, of which the last ten years has been in real estate, with four years as a portfolio manager within the ENBD REIT management team.

ENBD REIT holds a total of 11 properties across Dubai’s office, residential and alternative asset classes. As at 31st March 2018, the REIT’s total property portfolio value stood at $463 million, with a Net Asset Value of $300 million or $1.18 per share, and total occupancy of 89 per cent.

Sharjah Islamic Bank reported a 4 per cent increase in first half net profit to Dh283.0 million compared to Dh272.9m during the same period last year.

Total assets reached Dh42.8 billion at the end of the first half 2018 compared to Dh38.3bn at the end of 2017, representing an increase of 12 per cent.

On the asset side of the balance sheet, customer financing reached Dh22.6bn at the end of the first half 2018 compared to Dh21.7bn at the end of 2017, an increase of 4.1 per cent. Also investment in securities, which mainly represent investment in sovereign and investment grade rated tradable Sukuk, increased significantly by 20 per cent to reach Dh6bn compared to Dh5bn at the end of 2017.