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DUBAI, UAE, June 24, 2024 /PRNewswire/ -- Dar Global, the London-listed luxury international real estate developer, is excited to announce the awarding of the main works construction contract for the villas in the first phase of AIDA, a landmark urban development in Oman. This milestone underscores Dar Global's vision to create a world-class real estate marvel in Oman, working with best-in-class partners to deliver unmatched luxury and value. AIDA project masterplan and hanging pods AIDA, a joint venture with Omran Group, Oman's primary organisation for tourism development, integrates luxury golf, residential, and hospitality components. Set for Phase 1 completion in 2027, AIDA is strategically located by the sea and 130 metres above sea level, offering unparalleled sea views and residences that harmonise with the cliffside environment. The main works construction contract for Phase 1 villas has been awarded to Towell Construction & Co. L.L.C., with a contract value of OMR 14,242,810. Towell Construction will oversee the construction of the townhouses and villas, ensuring meticulous attention to detail and adherence to optimal quality standards. Ziad El Chaar, CEO of Dar Global, commented: "The villas will epitomize luxury and exclusivity, featuring modern designs and premium finishes that seamlessly complement AIDA's unique natural surroundings and topography. This contract marks a major leap forward in our mission to provide a world-class living experience in AIDA, reflecting our steadfast commitment to enhancing Oman's residential offerings and strengthening our portfolio of luxury developments in key global locations." Spanning 5 million square meters and situated just 10 minutes from Downtown Muscat, AIDA aims to redefine standards in architectural excellence, environmental sustainability, and bespoke living. Featuring opulent mansions, limited-edition villas, and sophisticated apartments, the project will elevate Oman's global standing as a premier tourist, residential, and investment destination. Residents and visitors of AIDA will enjoy exclusive amenities, including immersive experiences, enchanting residences, hospitality offerings, recreational facilities, spectacular outdoor landscapes, and exquisite dining options. Additionally, in collaboration with the Trump Organization, AIDA will boast a luxury Trump Golf Course, further enhancing its allure as a world-class destination. To register your interest in AIDA, visit: https://darglobal.co.uk/aida
With the completion of the grading and access package, Dar Global propels AIDA Phase 1 with infrastructure contract award to Oman Shapoorji Company LLC, advancing luxury living in Oman's premier urban development DUBAI, UAE, June 24, 2024 /PRNewswire/ -- Dar Global, the London-listed luxury international real estate developer, is pleased to announce the awarding of the infrastructure contract for the first phase of AIDA, a landmark urban development in Oman. This milestone underscores Dar Global's vision to create a world-class real estate marvel in Oman, working with best-in-class partners to deliver unmatched luxury and value. AIDA project masterplan and hanging pods AIDA, a joint venture with Omran Group, Oman's primary organisation for tourism development, integrates luxury golf, residential, and hospitality components. Set for Phase 1 completion in 2027, AIDA is strategically located by the sea and 130 metres above sea level, offering unparalleled sea views and residences that harmonise with the cliffside environment. The infrastructure work for AIDA's first phase has been awarded to Oman Shapoorji Company LLC. The contract, valued at OMR 9,345,653,entails designing and constructing essential infrastructure, including roads, water, and electricity networks, utility installations, drainage, and sewage systems as well as developing the surrounding road network within AIDA. These efforts ensure the highest technical standards, seamlessly complementing AIDA's luxurious offerings and supporting its residential and commercial phases. Ziad El Chaar, CEO of Dar Global, said: "Announcing the infrastructure contract marks a significant step towards realizing our ambitious vision for AIDA. We are excited to reach these pivotal stages of the project, which exemplifies our unwavering commitment to elevating Oman's tourism and real estate sectors. This contract strategically strengthens our portfolio of luxury developments in prime global locations. AIDA will set new benchmarks for luxury and innovation, reinforcing Oman's position on the global stage". Spanning 5 million square metres and situated just 10 minutes from Downtown Muscat, AIDA aims to redefine standards in architectural excellence, environmental sustainability, and bespoke living. Residents and visitors of AIDA will enjoy exclusive amenities, including immersive experiences, enchanting residences, hospitality offerings, recreational facilities, spectacular outdoor landscapes, and exquisite dining options. To register your interest in AIDA, visit: https://darglobal.co.uk/aida
NEW YORK, June 20, 2024 /PRNewswire/ -- 103 East 29th Street presents an unparalleled investment opportunity in the heart of NoMad, one of New York's most desirable neighborhoods. Development land is incredibly rare on the island of Manhattan - and even more so in one of its most desirable areas, NoMad. Named for its location North of Madison Square Park, NoMad has evolved into a vibrant hub for the young and affluent over the past two decades. Superb dining, shopping, and recreational amenities make it a magnet for international leaders like Jeff Bezos, who invests heavily in this area. No wonder NoMad commands some of the highest prices for rentals and sales in Downtown Manhattan. The property is now offered at an extraordinary discount of over $10 million off the recent listing price, making it an unbeatable deal at less than 45% of its recent appraisal value. This extremely rare proposition results from the overseas owners' decision to focus on their European portfolio. 103 East 29th Street boasts an unbeatable location, with three subway stations - one directly across the street -and five parks, Union Square and Grand Central Station, all within easy reach. Iconic landmarks like the Empire State Building, the Flatiron Building, New York University, and the Langone and Bellevue Hospitals are just around the corner, as well as the headquarters of many national and international organizations on nearby Park Avenue, making the location ideal for a wide range of applications. A future owner could hold the site just as an investment - for future development or resale, as buildable land in New York has seen a substantial increase in value in recent decades, making land banking very profitable. Or enter the New York market as a developer or investor. A new, highly profitable building on the site could have a size of up to 45,000 buildable square feet, allowing for a project that employs less capital than usual for new construction in New York City. "We would be happy to connect a future owner with world-class architects and organize professional support and construction services," says Thomas Guss from NYR.com, the company that has the listing. The site's flexible zoning allows for residential, commercial, or mixed-use development. It could also serve as the location for a school, medical, cultural, or religious facility and would be perfect as the New York office for an international company. NoMad, the birthplace of the world's first modern art exhibition in 1913, continues to be a cultural hub. It houses institutions like Fotografiska - a contemporary museum of photography, art, and culture - and numerous private membership clubs. A quality site for successful development and an outstanding investment for generations to come! Press Contact:Thomas GussTG@nyr.com+1 212.360.7000 ext.103
NEOM, Saudi Arabia, June 5, 2024 /PRNewswire/ -- The Board of Directors of NEOM has today revealed the development of Magna, its luxury lifestyle coastal destination. Part of NEOM's regional sustainable tourism portfolio, Magna is situated on the stunning Gulf of Aqaba coastline and comprises the recently announced premier destinations of Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gidori, Treyam and Jaumur. NEOM reveals Magna, its new coastal region. The twelve destinations will span 120 kilometers and are poised to set a new global standard in luxury sustainable tourism. As the physical embodiment of the ambitious and future-focused Saudi Vision 2030, Magna will be developed with a core focus on cutting-edge technology, world-class architecture, and ultra-modern amenities that effortlessly merge with nature. Each destination is individually unique, with its own distinct offering for residents and guests, yet seamlessly blends to form a unified destination. They will be woven together by the conservation, preservation, and rejuvenation of native flora, fauna, and the breathtaking natural landscape. The development will comprise 15 luxury hotels, 1,600 hotel rooms, suites and apartments, and over 2,500 premium residences across its destinations. Nadhmi Al-Nasr, Chief Executive Officer, NEOM, said: "NEOM's premier coastal region of Magna is a treasure of tomorrow, steeped in natural beauty and advanced technology. Aligned with our three pillars of redefining business, conservation, and livability, Magna will play a key role in building a strong tourism ecosystem within NEOM. Importantly, Magna will contribute positively to the national economic diversification efforts and to the broader Saudi Vision 2030 goals, helping to position the Kingdom as a global leader in luxury tourism." In line with the transformative Saudi Vision 2030, Magna and its destinations will stimulate the Kingdom's economy by creating 15,000 jobs across the tourism, leisure, and hospitality sectors. The development is projected to contribute SAR2.6 billion to the Kingdom's GDP by 2030, accommodate 14,500 residents, and welcome more than 300,000 overnight visitors annually. Magna presents an unprecedented opportunity for investors and developers to be part of one of the world's most pioneering projects, with sustainability embedded in every stage from design to construction, and long-term maintenance. Magna is NEOM's newest region within the evolving giga-project development in the northwest of Saudi Arabia, following Sindalah, THE LINE, Trojena, and Oxagon. Press Kit: https://fileshare.neom.com/s/4kn7Qiys5BzaL2n Password: NEOMMagna123 About NEOM NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation. NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity. For further information email media@neom.com or visit www.neom.com and www.neom.com/en-us/newsroom. This material is distributed by Teneo Strategy LLC on behalf of NEOM Company. Additional information is available at the Department of Justice, Washington, DC.
DUBAI, UAE, June 4, 2024 /PRNewswire/ -- Dar Global, the London-listed luxury international real estate developer today unveiled 'The Astera, Interiors by Aston Martin'¸ an exquisite new beachfront residential development bringing Aston Martin's renown for ultra-luxury interior design to the highly desirable Al Marjan islands in Ras Al Khaimah, UAE. The Astera, Interiors-by Aston Martin-Location The AED 900 million project is Aston Martin's first real estate collaboration in the Middle East, building on the successful opening of the Aston Martin Residences in Miami and other high-profile design collaborations in the US and Japan. Set in a pristine location near the highly anticipated Wynn Resort, the new luxury lifestyle destination brings the carmaker's signature blend of sophisticated design and high-performance precision craftsmanship to the property's interiors. Scheduled for completion by December 2028, the new waterfront property is infused with the spirit of British ingenuity, creating a seamless fusion of bespoke style, cutting-edge materials, meticulous artistry, and unparalleled functionality. Providing the benefits of a secluded private beach, the development offers expansive one-, two- and three-bedroom apartments and three-bedroom villas. Ziad El Chaar, CEO of Dar Global, said: "The launch of The Astera, Interiors by Aston Martin, on Al Marjan Island, furthers our brand vision to curate breathtaking living experiences for our exclusive clientele. "Combining this iconic British marque's heritage, innovation, and design mastery with Dar Global's expertise in providing exceptional investment opportunities through luxury homes for global citizens demonstrates yet another illustrious chapter in our trajectory to success." Stefano Saporetti, Director of Brand Diversification at Aston Martin, commented: "The Astera, Interiors by Aston Martin celebrates our partnership with Dar Global, bringing together two ultra-luxury lifestyle organisations with a shared passion for combining traditional craftsmanship with innovation and cutting-edge design. "Marking Aston Martin's very first real estate collaboration in the Middle East, The Astera, Interiors by Aston Martin provides an opportunity for our talented designers to help shape the interiors of an unparalleled development in the region, further elevating Aston Martin's brand and applying it to a beachfront lifestyle environment." Masterfully designed to harmonise with its tranquil surroundings on the majestic Al Marjan island, the new address boasts a range of world-class amenities including access to a private beach, an infinity pool, a scenic walk track, and lush, green communal spaces. An indoor cinema, fitness centre, children's play area, spa, yoga lawn, and multipurpose hall provide additional comforts. The Astera, Interiors by Aston Martin-Views The Astera, Interiors by Aston Martin
SHANGHAI, May 31, 2024 –Noah Holdings Limited (“the Company,” or “Noah”) (NYSE: NOAH and HKEX: 6686), a leading, pioneer wealth-management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the first quarter ended March 31, 2024. Taking a broad look at the global economic environment—and beginning with the situation at home—Noah has seen capital markets in China fluctuate during the first quarter. At the same time, the critical domestic real-estate market has been sluggish. This has put high-net-worth individuals in a more cautious and risk-averse mood in terms of their investment appetites. Overseas, persistent inflation during the past three months has eased expectations for a rate cut from the Federal Reserve. Zhe Yin, the Chief Executive Officer of Noah Holdings, said: “The macroeconomic environment has been a challenge, but we have responded with a strategic transformation that we believe will set us up for future success. From day one, we adhered to our core principles: a strict segregation of client capital, no maturity mismatches, and no cross-border movement of funds. Our decision in 2019 to shift to a more standardized product offering while winding down all non-standard private credit products—including domestic residential real-estate funds—has served Noah clients well in turbulent times. The restructuring of our domestic wealth management business is, at present, at a critical stage as we consolidate and further optimize our operations. At the same time, our expansion overseas remains on track—but will still require additional resources and investments in the near term. Taken as a whole, these measures will require more time, but once complete, we expect sales to stabilize in the second half of this year.” Noah generated first-quarter net revenues of RMB 650 million, a decrease of 19.2% from a year earlier. The wealth management business generated revenues of RMB 463 million, a decrease of 21.2% from a year earlier. The asset management business generated revenues of RMB 180 million, a decrease of 12.1% from a year earlier. These changes are in line with Noah’s strategic realignment and are part of a concerted effort to enhance the Company’s long-term growth trajectory. Noah’s overseas expansion has achieved solid results by contributing 77.1% of the revenue generated from new business and products, while the domestic business accounted for 22.9%. Operating profit for the first quarter of 2024 was RMB 121 million, and Noah reported an operating profit margin of 18.7%. Noah is committed to building a healthy and sustainable platform for growth outside of China. At the same time, it recognizes that its overseas relationship management team is currently too small to effectively service clients, leaving room to improve service quality and responsiveness. Noah is bolstering its teams in Hong Kong and Singapore with the goal of expanding this critical cohort to 200 relationship managers by the end of this year. Overseas assets under management (AUM) grew 11.6% from a year earlier to RMB37.3 billion, accounting for 24.4% of total AUM. Also, overseas assets under administration (AUA) grew 14.8% from a year earlier, accounting for 24.1% of total AUA. This reflected our ability to capture a larger share of our clients’ U.S. dollar wallets. Reflecting additional overseas success, as of the end of the quarter, Noah had more than 15,700 overseas registered clients, an increase of 17.1% from a year earlier. In addition, the number of overseas, active high-net-worth clients reached 2,745, an increase of 39.6% from a year earlier. Noah’s success, in spite of economic headwinds, reflects its international focus and the Company seeks to combine that with the latest asset allocation advice and a full suite of wealth management products and services. This strategic approach has resonated with clients during recent market volatility. As of the end of the first quarter, the number of Black Card clients increased by 8.7% year-over-year. The total number of our clients, of whom the overseas investment with Noah is over USD 2 million, grew around 5% compare with last quarter. On the technological front, Noah has expanded the products and range of client services offered through its iNoah app, its overseas wealth management app. This includes offering different solutions to clients, businesses, and agencies. As mentioned last quarter, Noah declared an annual dividend of RMB 509 million and a non-recurring special dividend of RMB 509 million for 2023, which is subject to final approval at Annual General Meeting (AGM) on June 12, 2024. Noah expects to pay out dividends before the end of July to Hong Kong stockholders and in early August to ADS holders. Noah looks forward to providing stable and sustainable returns to shareholders as it drives growth in its business. In the first quarter, Noah released its 10th annual ESG Report. This year’s report elaborated on Noah's management philosophy relative to corporate governance, society, and the environment, as well as its achievements related to those weighty topics. Since Noah was launched, it has been dedicated to providing high-quality asset allocation services to Mandarin speaking, high-net-worth investors. It has built lasting relationships with its clients and enhanced their understanding of wealth management and investing. Jingbo Wang, Co-Founder and Chairlady, said: "Noah was founded with a deep respect for financial principles and a steadfast commitment to investor education. In this volatile market environment, our strategy is anchored in the protection and security of our clients' assets. Our primary goal is the preservation of assets, which we do by identifying top-tier investment opportunities globally. Safeguarding our clients' interests is our paramount responsibility, and it is the foundation upon which we will pursue future growth.” Ms. Wang continued: “Confronting the evolving challenges to our domestic business, we are streamlining operations and concentrating our efforts in key strategic cities. As we transition, we are deploying advanced operational models and service philosophies from international markets to enhance our global competitiveness and strengthen our international profile. With a sharp vision and strong determination, we are navigating these strategic changes to become stronger, more agile, and better positioned to serve our clients globally.” As Mandarin-speaking, high-net-worth investors become more mature and globally oriented, the trust-based relationships that Noah has built at home will allow it to continue serving them as they look overseas. Noah’s full financial results for the first quarter ended March 31, 2024, are available at ir.noahgroup.com.
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