RAK Properties reported an 80 per cent rise in its H1 net profit, driven by higher sales and continued development at its Mina flagship development.

The UAE-based developer posted net profit of Dhs160.6m ($43.7m) for the six months to June 30, up from Dhs89.06m a year earlier.

Revenue for the period was Dhs774.79m.

RAK Properties H1: Key highlights

Sales value more than doubled to Dhs1.41bn from Dhs703m last year, supported by a 59 per cent increase in the number of units sold to 788.

The company’s development backlog rose 42 per cent to Dhs2.62bn.

Operating profit increased 47 per cent to Dhs204.15m, while EBITDA grew 42 per cent to Dhs239.25m.

Total assets rose 3.5 per cent to Dhs8.29bn, and capital and reserves increased 3 per cent to Dhs5.70bn.

RAK Properties’ share price has gained 26.3 per cent year-to-date, ending the first half at Dhs1.44, giving it a market capitalisation of Dhs4.32bn.

Chairman Abdulaziz Abdullah Al Zaabi said the results reflected the company’s growth and the appeal of Ras Al Khaimah as a property investment destination.

“The emirate’s diversified economy, investor-friendly regulations, and growing population reflect an increasing demand for a new kind of modern, urban-beachfront community with Mina as its vibrant heart,” Al Zaabi said in a statement.

Chief executive Sameh Muhtadi said the company’s performance was supported by new residential launches, hotel announcements, and international interest in Ras Al Khaimah.

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Preparations for cloud seeding during the winter season in the UAE are coming into sharp focus, as the country continues to strengthen its state-of-the-art meteorological capabilities.

Earlier this month, H.H. Sheikh Mansour bin Zayed Al Nahyan, vice president, deputy prime minister, and chairman of the Presidential Court, visited the National Centre of Meteorology (NCM) headquarters in Abu Dhabi.

He was briefed on the centre’s advanced infrastructure, including weather forecasting units, cloud seeding systems, marine monitoring operations, and renewable energy forecasting sections (WAM).

READ MORE – PHOTOS: Flying with UAE cloud seeding pilots

The NCM’s work is underpinned by one of the region’s most advanced supercomputers, which enables high-precision numerical weather prediction and improves early warning capabilities. Sheikh Mansour also reviewed the “Early Warning for All” platform, which provides real-time alerts to UAE citizens abroad during extreme weather events, and the NCM’s Science Dome, designed to raise public climate awareness.

Alongside these capabilities, the NCM runs one of the world’s most active rain enhancement programmes. The UAE has carried out 185 cloud seeding missions so far in 2025, including 39 in July alone, according to NCM data.

Using hygroscopic flares, nanomaterials, and electric-charge emitters, these flights aim to increase rainfall by 10 to 25 per cent under favourable conditions.

Research in npj Climate and Atmospheric Science estimates the programme generates 168–838 million cubic metres of additional rainfall annually, with 84–419 million cubic metres of usable water. A separate evaluation on ResearchGate found an average 23 per cent increase in annual surface rainfall over seeded areas compared to the pre-seeding era. The UAE spends about Dhs29,000 per flight hour, with more than 900 hours of missions conducted each year.

“Rainfall enhancement has historically been overlooked as a key component of sustainability and climate change adaptation strategies,” the authors of the npj report note.

Each mission can last up to three hours, with pilots circling the base of cumulus clouds and releasing salt particles from flares when updrafts are detected. The fleet comprises four dedicated aircraft and 12 specially trained pilots. The NCM says the materials used are harmless, relying on natural salts such as potassium chloride and sodium chloride.

The UAE now has more than 60 networked weather stations, an integrated radar network, and the Emirates Weather Enhancement Factory — the region’s first facility for producing high-quality flares. The government has also invested $20m in cloud seeding research and development, according to a recent CNBC report.

Cloud seeding in coming days?

The NCM forecasts partly cloudy to cloudy skies in the eastern and southern regions this weekend, with a chance of light rain despite daytime highs reaching 46°C in some areas.

The outlook follows recent moderate to heavy rainfall, dust storms, and cooler temperatures in parts of Abu Dhabi and Dubai.

With the UAE’s annual rainfall averaging just 6.7 billion cubic metres, officials say the cloud seeding programme remains a vital part of the nation’s water security strategy.

Pictured below are images from a cloud seeding mission that took place in January 2024.

EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), reported a 21 per cent year-on-year (YoY) revenue increase in Q2 2025 to EGP6.1bn, supported by strong results across all business lines—particularly EFG Finance, its non-bank financial institutions (NBFI) platform, and Bank NXT, its commercial bank.

Total operating expenses, including provisions and expected credit losses (ECL), rose 22 per cent YoY to EGP4.1bn, driven by higher provisions—mainly in EFG Finance—and increased general and administrative (G&A) costs, while employee expenses remained flat. With revenue growth outpacing expense growth, net operating profit rose 19 per cent YoY and net profit before tax increased 21 per cent YoY. Net profit after tax and minority interest grew 2 per cent YoY to EGP802m.

Group CEO Karim Awad said: “Our second quarter results demonstrate the continued resilience and strength with which EFG Holding operates, supported by its diversified platform and strong geographic footprint. EFG Holding’s first half of 2025 has been defined by meaningful milestones and strong momentum. Foremost among these is Valu’s listing on the Egyptian Exchange (EGX) in June, complemented by Amazon’s decision to exercise its Option Agreement with EFG Holding to acquire a direct stake in Valu. The period’s financial results highlight the standout performance of EFG Finance, driven by Valu and Bank NXT. Our Asset Management platform continues to expand, with assets under management growing, while the Investment Banking division closed transactions totaling more than $1bn in the quarter.”

Business line performance

• EFG Hermes posted flat revenues at EGP2.7bn, with a 131 per cent YoY increase in combined Holding & Treasury Activities, Brokerage, and Buy Side revenues. Holding & Treasury Activities rebounded to EGP397m from a loss of EGP503m in Q2 2024. Brokerage revenues rose 25 per cent YoY, led by Egypt, Kuwait, and UAE markets. Net profit after tax and minority interest fell 11% YoY to EGP268m, due to lower profitability in the Investment Banking division.

• EFG Finance revenues surged 66 per cent YoY to EGP1.8bn, driven by broad-based growth. Valu led with a 71 per cent YoY revenue increase, fueled by securitisation gains, higher fees, and a 60% rise in loan issuances to EG4.7bn. Tanmeyah and Corp-Solutions also saw growth, with Leasing’s portfolio doubling to EGP17.7bn. Operating expenses jumped 82 per cent YoY to EGP1.2bn due to inflation-driven costs, higher provisions, increased staff costs, and one-time listing expenses. Net profit after tax and minority interest fell 15 per cent YoY to EGP230m, due to higher minority interest after Valu’s share distribution and reduced ownership from 95 per cent to 67 per cent.

• Bank NXT delivered 30 per cent YoY revenue growth to EGP1.6bn, led by higher net interest income and interest-earning assets. Operating expenses rose 23 per cent YoY to EGP694m, offset by a 27 per cent decline in provisions and ECL. Net profit after tax and minority interest jumped 39 per cent YoY to EGP304m.

Awad concluded: “Amid ongoing geopolitical volatility and persistent macroeconomic headwinds, market dynamics across the MENA region remained varied, both in terms of liquidity and overall performance. Nonetheless, the Brokerage business delivered notable growth in total executions, driven primarily by robust activity in Kuwait and the UAE. Bank NXT continued to broaden its portfolio, diligently cultivating a strong base that will underpin future growth and generate lasting value. Anchored by a solid foundation, the firm is well-positioned to adeptly navigate changing market conditions and confidently capitalise on emerging opportunities for the benefit of clients and shareholders alike.”

UAE-based integrated facilities management provider, Emrill, has promoted Thomas Friswell to support services director, appointing him to the company’s executive leadership team.

In his new role, Friswell will lead key divisions, including Emrill Interiors and Heights, and oversee transport, accommodation, continuous improvement, business development, and the company’s Centre of Excellence. He will focus on strengthening integration across departments to advance Emrill’s strategic and operational goals.

Since joining the company three years ago, Friswell has shown adaptability and a strong results-driven approach. As associate director, he took on additional responsibilities, contributing to operational growth and enhanced service delivery. His operational background and close collaboration with on-site teams have enabled him to drive efficiencies, maintain service quality, and foster innovation across support functions.

Emrill CEO, Stuart Harrison, said: “Thomas has consistently gone above and beyond, taking on challenges with agility and always delivering results. His promotion reflects his significant contributions and the trust we place in his ability to further enhance Emrill’s operations. We are confident that under Thomas’ leadership, our support services will continue to evolve, enabling greater service excellence and operational alignment.”

Friswell said: “I’m incredibly proud to be appointed support services director and to join Emrill’s executive leadership team. Emrill has created a culture where people are empowered to grow, and I’ve been fortunate to benefit from this environment of opportunity, guidance and development. I’m looking forward to driving continued improvement across the business and delivering solutions that support our operations and clients.”

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He plans to integrate AI-powered tools and digital solutions to streamline operations, enhance employee engagement, and expand emerging business divisions, while fostering innovation-led service improvements.

“Support services play a vital role in enabling success across all parts of the organisation,” Friswell added. “In this role, I look forward to working collaboratively across departments to strengthen our service delivery, elevate performance and contribute to Emrill’s continued growth.”

Friswell is a Fellow of the Chartered Management Institute (FCMI) and a Member of the Institute of Workplace and Facilities Management (MIWFM). He holds a Level 7 Diploma in Strategic Management and Leadership.

UAE-based AI-powered fintech and financial services group Zand has signed a strategic agreement with Mastercard to enhance cross-border payment solutions using Mastercard Move’s money movement technology.

The partnership will enable Zand to offer seamless, secure and efficient cross-border money transfers to its customers.

In the first phase, Zand will provide deposits into bank accounts and wallets in multiple markets, along with cash pick-up services through Mastercard Move’s capabilities.

The collaboration is aimed at advancing the digital economy, driving innovation and expanding financial inclusion in the region’s financial services sector.

Zand-Mastercard collab to build financial inclusion

“At Mastercard, we are committed to driving innovation across the region’s payments landscape,” said J K Khalil, EVP and division president, East Arabia, Mastercard. “Our collaboration with Zand will connect more people and businesses to the financial system, helping drive greater financial inclusion and economic opportunity in the UAE and across the region.”

Michael Chan, CEO at Zand, said the partnership marked a “significant milestone” in the company’s mission to accelerate the digital economy. “The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain and payments technology,” he said.

Mastercard Move offers fast, secure and efficient fund transfers for a range of payment flows including person-to-person, business payments and disbursements.

Payout options include cards, bank accounts, mobile wallets and cash, with cash payouts available through Mastercard’s global network of pickup locations to serve unbanked and underbanked populations.