SABIC wins Edison Awards for innovations that are helping build a better world

For the first time, Mastercard’s global partnership with the McLaren Formula 1 Team took center stage at the Formula 1 Saudi Arabian Grand Prix in Jeddah.

“The new partnership marks the coming together of two preeminent brands known for their focus on innovation and setting the standard in offering incredible experiences for the fans,” a statement said.

As an official primary partner of the McLaren Formula 1 Team, Mastercard seamlessly integrated its brand into the at-track experience, transforming the McLaren Lounge at the Jeddah Corniche Circuit into the McLaren Priceless Lounge. This marked a significant step in connecting Mastercard’s global partnerships with fans in the Kingdom — celebrating Saudi Arabia’s growing presence on the world motorsport stage.

“Across the world, fans of all ages and backgrounds have developed an affinity for motorsport, not just for the high-speed energy, but for the rich culture and sense of community that surround it,” said Raja Rajamannar, chief marketing and communications officer, Mastercard. “At Mastercard, we take great pride in connecting people to their passions and our partnership with the McLaren Formula 1 Team helps us do just that. We’re thrilled to bring more racing fans across Saudi Arabia closer to the action.”

Estithmar Holding Q.P.S.C. announced a net profit of 170 million Qatari riyals ($46.7 million) for Q1 2025, reflecting a significant 50 percent increase compared to the same period last year. The company highlighted a 64 percent surge in revenue, reaching 1.3 billion Qatari riyals compared to 797 million Qatari riyals in Q1 2024. The gross profit rose to 416 million Qatari riyals, from 196 million Qatari riyals in Q1 2024. The EBITDA reached 273 million Qatari riyals, marking a 53 percent increase. The earnings per share also grew by 57 percent, reaching 0.047 Qatari riyals.

These strong financial indicators reflect the effectiveness of Estithmar Holding’s investment strategy, driven by continued growth across investment diversification, geographical expansion, and operational efficiency. International projects previously announced by Estithmar Holding started to have a tangible impact on its financial performance in revenue, profits and assets.

The results also reflect the achievement of one of the strategic objectives: a balanced contribution to profits and revenues from all four clusters — healthcare, services, tourism and real estate development, and contracting and industries — highlighting the clusters’ ability to pursue developmental and expansion plans under the company’s strategic vision. The rise in net profit stems from Estithmar Holding’s effective capital management and operational efficiency, aimed at delivering strong financial results and sustainable profitability while effectively managing risks. 

The healthcare cluster posted significant growth in Q1 2025 driven by the cluster’s hospitals outside Qatar which contributed to revenue as new income streams, including Imam Al-Hassan Al-Mujtaba Hospital in Karbala, Al-Nasiriyah Teaching Hospital in Dhi Qar, Iraq, and Misrata Heart and Vascular Center in Libya. Moreover, the growing number of hospitals outside Qatar in Iraq, Algeria and Libya reflects the confidence that governments across the MENA region have placed in the quality of services provided by Apex Health, the healthcare subsidiary of Estithmar Holding. 

The services cluster maintained market leadership in Qatar, especially in facilities management and catering. Expansion into Saudi Arabia, Jordan and Iraq also significantly contributed to the cluster’s profitability and the development of new income streams. These achievements reflect Estithmar’s growing role in supporting national strategies, operational excellence, tailored solutions, and long-standing client partnerships, which has positioned it as a trusted partner in both public and private sectors. As the region continues to prioritize quality service provision and sustainability, Estithmar is uniquely placed to meet rising expectations and scale its offerings to match demand.

The tourism and real estate development cluster stayed on track with project delivery, including Rixos Baghdad (Iraq) and Rosewood Maldives Resort, driving a 600-million-Qatari-riyal increase in company assets in Q1 2025. Additionally, enhanced efficiency boosted profitability in existing projects such as Lusail Winter Wonderland and Al-Maha Island. The cluster introduced a new operating model applied in flagship projects like Katara Hills, Maysan LXR Doha, and Al-Maha Island, contributing to profit stability.

The contracting and industries cluster also made a notable contribution to revenue and profit growth, especially at the peak phase of project deliveries in Saudi Arabia, including major projects such as the Red Sea Airport and the Yacht Club. The cluster also secured new projects with the Kingdom’s PIF companies and improved local operational efficiency, enhancing profitability in Qatar. These achievements reinforce the cluster’s position as a key player in regional infrastructure development, delivering large-scale projects with precision and consistency.

Overall, Estithmar Holding’s Q1 2025 results highlight sustained growth aligned with its strategy to increase shareholder value in the short and long terms. This performance reflects the company’s ability to execute with discipline, adapt to market shifts, and maintain a forward-looking approach that supports continuous innovation, regional expansion, and strategic partnerships across its core business clusters.

Commenting on the results, Group CEO Juan Leon said: “The exceptional rise in all financial indicators reflects the dedication of Estithmar’s team, and I look forward to working closely with them to build on Estithmar Holding’s growth story in Qatar and abroad. Estithmar Holding has demonstrated the ability to deliver sustained, diversified growth — both vertically and horizontally — paving the way for further expansion as investor confidence strengthens and our footprint continues to grow both locally and internationally, supported by a bold vision and strategic execution.” 

For more information, visit https://www.estithmarholding.com/