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MIDEAST STOCKS #Dubai bourse extends losses as Egypt outperforms | Reuters

MIDEAST STOCKS Dubai bourse extends losses as Egypt outperforms | Reuters Dubai's stock market ended lower on Tuesday, extending losses for a second consecutive session, while investors in Egypt were optimistic about the central bank keeping interest rates on hold.Dubai's main share index (.DFMGI) fell 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) losing 1.2%, whereas Emirates NBD Bank (ENBD.DU) closed 0.4% lower.The emirate's bourse continues its price correction weighed...
Tags: Travel, Saudi Arabia, Egypt, Dubai, Abu Dhabi, Uae, Reuters, U S Federal Reserve, Saudi Basic Industries Corp, Riyad Bank, Tasi, Rupert Neil Bumfrey, QSI, Reuters Dubai, Aldar Properties, Aldar


#UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters

UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority (FRA) to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA), they said on Tuesday.The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said the companies, which are seeking a minimum of 51% of SODIC.Aldar accounts for 70% of the consortium while ADQ, a state-backed holding ...
Tags: Travel, Egypt, Uae, Reuters, FRA, Rupert Neil Bumfrey, Aldar Properties, Aldar, SODIC, ADQ, Financial Regulatory Authority FRA, SODIC Aldar


#Dubai Shares Gain Most in Gulf as Real Estate Rallies: Inside EM - Bloomberg

Dubai’s benchmark stock index advanced the most among Gulf peers as real estate shares extended gains.The Dubai Financial Market General Index rose as much as 1.3%, up for a fifth day in its longest winning streak since March. The sub-index tracking Dubai-based real estate shares climbed as much as 2.4% on Sunday, touching the highest level since November 2019. Those shares are trading higher amid a residential property price rally Morgan Stanley sees lasting for years.Vaccinations are “helping ...
Tags: Travel, Saudi Arabia, Israel, Qatar, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Morgan Stanley, Kuwait, Uae, Gulf, Riyadh, Emirates NBD, Saudi Arabia Bahrain, Emaar Properties


#AbuDhabi's Reem Investments to raise $1.6bln debt, fresh equity  | ZAWYA MENA Edition

Abu Dhabi's Reem Investments to raise $1.6bln debt, fresh equity  | ZAWYA MENA Edition UAE-listed Reem Investments is looking to raise 6 billion dirhams ($1.6 billion) in debt and fresh equity to fund new real estate developments, according to a bourse filing on Wednesday.The company’s real estate arm, Reem Developments, currently has two mega projects, a 16-million-square-foot township in Najmat and another mixed-use project in Rawdhat which will target more than 18,000 residential and commer...
Tags: Travel, Abu Dhabi, Reem, Yas Island, Rupert Neil Bumfrey, Aldar, Abu Dhabi Securities Exchange ADX, Reem Investments, MENA Edition UAE, AbuDhabi s Reem Investments, Reem Developments, Najmat, Rawdhat, Najmat Reem Island, Najmat The UAE


Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters

Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters Abu Dhabi's Aldar Properties (ALDAR.AD) posted an 80% rise in first-quarter net profit, partly helped by a one-off gain from completion of a property transaction with state-backed ADQ.Net profit jumped to 544 million dirhams ($148.12 million) in the quarter that ended March 31, from 302 million dirhams in the same period a year earlier.Aldar late last year agreed to take over the management and development of go...
Tags: Travel, Reuters, Reuters Abu Dhabi, EFG Hermes, Rupert Neil Bumfrey, Aldar Properties, Aldar, Aldar Properties ALDAR


Aldar to invest in European PropTech fund run by venture capital firm Fifth Wall | The National

Aldar to invest in European PropTech fund run by venture capital firm Fifth Wall | The National Aldar Properties is partnering with US venture capital firm Fifth Wall to invest in a fund focused on supporting property technology start-ups in Europe.Through the investment, Aldar plans to tap into Fifth Wall’s network of PropTech start-ups in Europe and "gain access to the latest technology and trends that are driving the evolution of the real estate sector”, the developer said on Monday.Aldar i...
Tags: Travel, Europe, US, Uae, Rupert Neil Bumfrey, Aldar, Fifth Wall, Aldar Ventures, Maan Al Awlaqi Aldar


Mubadala Seizes on 144% Stock Rally to Sell Stake in Top Builder - Bloomberg

Mubadala Seizes on 144% Stock Rally to Sell Stake in Top Builder - BloombergAbu Dhabi wealth fund Mubadala Investment Co. sold a $950 million stake in Aldar Properties PJSC, cashing in on a surge in the developer’s shares after it was awarded contracts worth billions of dollars.Mubadala, the $232 billion sovereign wealth fund, sold a 12% stake in Aldar to Alpha Dhabi Holding, a name little known to investors. Mubadala will remain the largest shareholder in the company, which is the biggest devel...
Tags: Travel, United Arab Emirates, Abu Dhabi, Rupert Neil Bumfrey, Aldar Properties PJSC, Mubadala, Mubadala Investment Co, Aldar, Mohammed Ali Yasin, Al Dhabi Capital Ltd, Alpha Dhabi Holding, Stock Rally to Sell Stake in Top Builder Bloomberg, Stock Rally to Sell Stake, Top Builder BloombergAbu Dhabi


Alpha Dhabi unit buys $953 million stake in Aldar from Mubadala | Reuters

Alpha Dhabi unit buys $953 million stake in Aldar from Mubadala | ReutersAbu Dhabi state fund Mubadala has sold a 3.5 billion dirham ($953 million) stake in property developer Aldar to a subsidiary of investment firm Alpha Dhabi Holding, the fund said in a statement on Wednesday.The subsidiary, Sublime Commercial Investment, acquired a 12.21% strategic stake in Aldar, the statement said. Mubadala will remain Aldar’s largest shareholder with 25%, it said.“Institutional investor interest in Aldar ...
Tags: Travel, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Mubadala, Aldar, ReutersAbu Dhabi, Alpha Dhabi, Alpha Dhabi Holding, Sublime Commercial Investment


Mideast Stocks: Oil bolsters #Saudi index as other Gulf markets slip | ZAWYA MENA Edition

Mideast Stocks: Oil bolsters Saudi index as other Gulf markets slip | ZAWYA MENA Edition Most Middle East stock markets ended lower on Sunday, with financials weighing on the Dubai index, while Saudi extended gains for a seventh consecutive session on rising oil prices.Oil, a key catalyst for the Gulf's financial markets, hit its highest levels in more than a year on Friday on hopes a U.S. stimulus will boost the economy and fuel demand.Brent crude settled up $1.29, or 2.1%, at $62.43 a barrel b...
Tags: Travel, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Qatar Islamic Bank, DAMAC Properties, Rupert Neil Bumfrey, Aldar Properties, Al Rajhi Bank, Aldar, Mashreq Bank, Saudi Arabian Mining Company Dubai, Emirates NBD Bank Elsewhere Dubai


Aldar Shares Jump as #AbuDhabi Signs Off on $12 Billion in Deals - Bloomberg

Aldar Properties PJSC climbed the most in almost three months after Abu Dhabi signed off on deals worth $12.3 billion.The company will take on management of 30 billion dirhams ($8.2 billion) in developments and provide oversight for projects worth 10 billion dirhams in education, health-care and infrastructure. Aldar will also manage 5 billion dirhams of projects that were awarded by the government in 2019.The shares rose as much as 15% shortly after trading started, and trimmed their gains to 8...
Tags: Travel, Bloomberg, Abu Dhabi, Rupert Neil Bumfrey, Aldar


MIDEAST STOCKS-Major Gulf markets steady; #Qatar extends losses | Nasdaq

MIDEAST STOCKS-Major Gulf markets steady; Qatar extends losses | Nasdaq Most major Gulf markets were little changed in early trade on Wednesday, with Qatar extending losses for a third straight session.Saudi Arabia's benchmark index .TASI traded flat, with oil behemoth Saudi Aramco 2222.SE dropping 0.4% and Al Rajhi Bank 1120.SE losing 0.3%.Dubai's main share index .DFMGI added 0.1%, with its largest lender Emirates NBD Bank ENBD.DU rising 0.5%, while blue-chip developer Emaar Properties EMAR.DU...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Adi, Saadiyat Island, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Aldar, Pfizer PFE N, First Abu Dhabi Bank, DFMGI


Aldar Properties profit rises 8% as development business outperforms | Reuters

Aldar Properties profit rises 8% as development business outperforms | Reuters Aldar Properties ALDAR.AD, Abu Dhabi's biggest property firm, posted an 8% rise in third-quarter net profit, helped by strong sales of completed residential units and income from its third-party development management business.Aldar recorded a net profit of 416 million dirhams ($113.27 million) in the quarter ended Sept. 30, up from 387 million dirhams a year earlier, it said in an announcement late on Wednesday.Sales...
Tags: Travel, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Greg Fewer, Aldar, Reuters Aldar Properties ALDAR AD Abu Dhabi


#UAE’s Largest Developer on the Prowl for Assets to Boost Income - Bloomberg

UAE’s Largest Developer on the Prowl for Assets to Boost Income - Bloomberg Aldar Properties PJSC is looking into buying assets that would boost its management units as the largest listed developer in the United Arab Emirates aims to take advantage of strains in the market.“Times of crisis and dislocation always give rise to opportunities for corporate action or combination,” Chief Financial Officer Greg Fewer said on a conference call Thursday. “When you’re a landlord, the cost of capital is on...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Uae, Burj Khalifa, Emaar, Rupert Neil Bumfrey, Greg Fewer, Aldar, Boost Income Bloomberg, Bloomberg Aldar Properties PJSC


MIDEAST STOCKS- #Saudi index leads losses with most Gulf markets subdued | Nasdaq

Major Gulf markets ended lower on Wednesday with the Saudi index leading losses, while Egypt's bourse was hurt by a blue-chip selloff.Saudi Arabia's benchmark index .TASI fell 0.9%, with Saudi Electricity 5110.SE shedding 3.7% and National Gas and Industrialization Company 2080.SE dropping 1%.However, National Commercial Bank (NCB) 1180.SE advanced 1.3% after it reported on Tuesday a nearly 24% rise in third-quarter net profit.The kingdom's largest lender posted a net profit of 3.16 billion riya...
Tags: Travel, Saudi Arabia, Qatar, Egypt, Dubai, Gulf, Adi, Tasi, Rupert Neil Bumfrey, Gulf Egypt, Aldar, DFMGI, Emaar Properties EMAR DU, Etisalat ETISALAT, Industries Qatar IQCD, Aldar Properties ALDAR


Emaar Eclipsed as Top #UAE Developer After $8 Billion Aldar Deal - Bloomberg

Emaar Eclipsed as Top UAE Developer After $8 Billion Aldar Deal - BloombergAldar Properties PJSC became the biggest listed developer in the United Arab Emirates after its shares rose the most in six years on the back of an $8.2 billion deal with a state-owned entity in Abu Dhabi.The stock climbed as much as 15% to trade at 2.54 dirhams ($0.69), the highest level since early 2017. The rally lifted Aldar’s market value to about 20 billion dirhams, taking it past Burj Khalifa developer Emaar Proper...
Tags: Travel, Bloomberg, United Arab Emirates, Dubai, Abu Dhabi, Uae, Burj Khalifa, Gulf, Emaar, Rupert Neil Bumfrey, Aldar, Talal al Dhiyebi, Emaar Properties PJSC Aldar


Aldar, ADQ Sign Pact on $8.2 Billion of #AbuDhabi Projects - Bloomberg

Aldar, ADQ Sign Pact on $8.2 Billion of Abu Dhabi Projects - BloombergAldar Properties PJSC will take over the development and management of projects worth 30 billion dirhams ($8.2 billion) in Abu Dhabi as part of an agreement with a state entity.The developer signed a memorandum of understanding with ADQ on projects including the Riyadh City, Baniyas North development, and others in the Al Ain and Al Dhafra regions, according to a statement.Aldar will also have management oversight of Musanada ...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Al Ain, Al Dhafra, Rupert Neil Bumfrey, Aldar, Talal al Dhiyebi, AbuDhabi Projects Bloomberg, Abu Dhabi Projects BloombergAldar Properties PJSC, Riyadh City Baniyas North, Musanada


#AbuDhabi's Aldar second-quarter profit rises 2% - Reuters

Abu Dhabi's Aldar second-quarter profit rises 2% - Reuters:Abu Dhabi developer Aldar Properties (ALDAR.AD) reported a 2% rise in second-quarter profit on Thursday, although the company did not provide outlook for the rest of the year due to the COVID-19 pandemic.The state-linked builder of Abu Dhabi’s Formula One circuit made 484 million dirhams ($132 million) in the three months to June 30, compared with 476 million dirhams a year earlier.Revenue increased by 21% to 2 billion dirhams, driven by...
Tags: Travel, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Abudhabi, Aldar, Aldar Properties ALDAR


#AbuDhabi-based Aldar net profit rises to $539mln in 2019 | ZAWYA MENA Edition

Abu Dhabi-based Aldar net profit rises to $539mln in 2019 | ZAWYA MENA Edition:Aldar Properties today announced that it reported a 7 percent year on year increase in 2019 net profit to AED1.984 billion, driven by growth across both its development and asset management businesses.According to a statement issued by Aldar on Wednesday, the Company’s Board of Directors recommended a cash dividend of AED0.145 per share, representing a 4 percent growth on 2018’s dividend of AED0.14 per share.Mohamed K...
Tags: Travel, Abu Dhabi, Rupert Neil Bumfrey, Mohamed Khalifa Al Mubarak, Aldar, Company 's Board of Directors


#Abu Dhabi's Aldar hires banks for dollar sukuk - Reuters

Abu Dhabi's Aldar hires banks for dollar sukuk - Reuters:Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi’s largest developer Aldar Properties, has hired banks to arrange investor meetings ahead of a planned issue of U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks showed.Aldar, 37.3% indirectly owned by Abu Dhabi’s sovereign wealth fund Mubadala, has mandated a group of banks including Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Sta...
Tags: Travel, Standard Chartered, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Mubadala, Aldar Properties, Aldar, Aldar Investment Properties, Dubai Islamic Bank First Abu Dhabi Bank HSBC


REFILE- #UAE's Aldar Properties Q1 profit drops, plans $749 mln capex in 2019 - Reuters

REFILE-UAE's Aldar Properties Q1 profit drops, plans $749 mln capex in 2019 - Reuters:Aldar Properties, the largest property developer in Abu Dhabi, plans capital expenditure of 2.75 billion dirhams ($749 million) in 2019, its chief financial officer said after the company reported a 17.3% drop in first-quarter profit. The state-linked builder of Abu Dhabi’s Formula One circuit made a net profit attributable to owners of 553 million dirhams in the three months to March 31, it said on Tuesday. Th...
Tags: Travel, Abu Dhabi, Reuters, EFG Hermes, Rupert Neil Bumfrey, Greg Fewer, Aldar Properties, Aldar, SiCo


Aldar to acquire Etihad properties for Dh1.2b

Aldar to acquire Etihad properties for Dh1.2b:Aldar Investments announced on Wednesday it will be acquiring full ownership of Etihad Plaza and Etihad Airways Centre from Abu Dhabi’s Etihad Group for Dh1.2 billion.The transaction is expected to complete in the second quarter of this year, and will come in exchange for transfer of full ownership of Etihad Headquarters to Etihad Airways. The three buildings were previously held in 50/50 joint ventures between Aldar and Etihad.As part of the transac...
Tags: Travel, Abu Dhabi, Etihad, Etihad Airways, Rupert Neil Bumfrey, Aldar Properties, Aldar, Etihad Group, Aldar Investments, Etihad Plaza, Etihad Airways Centre, Etihad Headquarters


Aldar's stock surges 12% on rise in Q4 net profit and higher dividend for 2018 | ZAWYA MENA Edition

Aldar's stock surges 12% on rise in Q4 net profit and higher dividend for 2018 | ZAWYA MENA Edition:Shares in Aldar Properties surged on Thursday as the company announced a rise in fourth quarter (Q4) 2018 earnings and higher dividends for 2018.Aldar’s Q4 2018 earnings amounted to 318.8 million UAE dirhams ($86.8 million),a 125.5 percent year-on-year (y-o-y) increase on the 141.4 million UAE dirhams profit made in Q4 2017.The company proposed a cash dividend of 14 fils per share for 2018, subjec...
Tags: Travel, Rupert Neil Bumfrey, Aldar Properties, Aldar


UAE's Aldar Properties creates new subsidiary with $5.4 billion assets | Reuters

UAE's Aldar Properties creates new subsidiary with $5.4 billion assets | Reuters:Abu Dhabi’s largest developer Aldar Properties is spinning off its recurring-revenue assets worth 20 billion dirhams ($5.4 billion) into a new, fully-owned subsidiary as it seeks to achieve operational efficiencies and raise cheaper capital. The state-linked builder of Abu Dhabi’s Formula One circuit said on Wednesday the subsidiary, Aldar Investment Properties LLC, will take ownership of some of Aldar’s highest rev...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Reuters, Rupert Neil Bumfrey, Aldar Properties, Aldar, Aldar Investment Properties LLC


UPDATE 1-Stake sale helps lift UAE's Aldar Properties first-quarter profit | Reuters

UPDATE 1-Stake sale helps lift UAE's Aldar Properties first-quarter profit | Reuters:"Abu Dhabi’s largest developer Aldar Properties reported a 5 percent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab Emirates remains under pressure as a slowing economy in the last two years has depressed values and rentals, but Aldar said it was optimistic about sales of properties under development. “We contin...
Tags: Travel, United Arab Emirates, Abu Dhabi, Uae, Reuters, Rupert Neil Bumfrey, Aldar Properties, Aldar, Greg Fewer Aldar


Aldar Properties to acquire assets from Abu Dhabi’s TDIC | Reuters

Aldar Properties to acquire assets from Abu Dhabi’s TDIC | Reuters:"Aldar Properties (ALDR.AD) said on Monday it had reached agreement with Abu Dhabi’s Tourism Development & Investment Company (TDIC) to acquire real estate assets worth 3.7 billion dirhams ($1.01 billion), marking further consolidation of state-controlled entities in the emirate. The real estate developer agreed to buy 14 operating assets spanning hospitality, retail, residential and educational infrastructure. The acquisition wi...
Tags: Travel, Abu Dhabi, Reuters, Saadiyat Island, Rupert Neil Bumfrey, Aldar Properties, Aldar, Louvre Abu Dhabi, TDIC


Aldar raises foreign ownership limit by 9% | ZAWYA MENA Edition

Aldar raises foreign ownership limit by 9% | ZAWYA MENA Edition:"Aldar Properties (Aldar) today announced its Foreign Ownership Limit (FOL) has been increased to 49 per cent, from 40 per cent, following completion of all regulatory formalities and will be implemented for trading effective today. This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on 21 March 2018. “Active engagement with international investors has been an important focus for ...
Tags: Travel, Abu Dhabi, Rupert Neil Bumfrey, Aldar, Talal al Dhiyebi


Shareholders of Abu Dhabi's Aldar approve increasing foreign ownership limit to 49%- source | ZAWYA MENA Edition

:"Shareholders of Aldar Properties approved on Wednesday to increase foreign ownership of the Abu Dhabi-listed developer to 49 percent from 40 percent, said a source familiar with the matter.Aldar got approval from shareholders to raise the limit at its annual general meeting, the source said."'via Blog this' [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Abu Dhabi, Rupert Neil Bumfrey, Aldar Properties, Aldar


MIDEAST STOCKS-Blue-chips lift Saudi, UAE's Aldar and Emaar climb

MIDEAST STOCKS-Blue-chips lift Saudi, UAE's Aldar and Emaar climb:"Saudi Arabia’s stock market rose on Wednesday, lifted by its expected inclusion in the secondary FTSE emerging market index, while United Arab Emirates’ markets were boosted by its top two property companies.The Saudi index gained 0.5 percent to close at 7,762 points, backed by leading stocks that investors expect to attract foreign funds if the FTSE upgrade is confirmed at the end of this month.Al Rajhi Bank rose 1 percent, with...
Tags: Travel, Saudi Arabia, United Arab Emirates, Jarir, Emaar, Rupert Neil Bumfrey, Al Rajhi Bank, Aldar, Monday National Commercial Bank, Ma'aden


Aldar and Emaar shares climb after Dh30bn strategic alliance - The National

:"Shares in Aldar and Emaar Properties jumped in Wednesday, as further details emerged about the first projects to be developed under the Dh30 billion strategic partnership signed on Tuesday between the UAE’s two largest real estate developers. Aldar shares, listed on the Abu Dhabi Securities Exchange, rose by as much as 6.5 per cent to a seven week intraday high in the morning session, before slipping back to trade up around 3.7 heading into the final hour. Dubai-listed Emaar were up by around ...
Tags: Travel, Dubai, Uae, Emaar Properties, Emaar, Abu Dhabi Securities Exchange, Rupert Neil Bumfrey, Aldar


Emaar, Aldar to launch $8.2 billion in projects: Dubai ruler

Emaar, Aldar to launch $8.2 billion in projects: Dubai ruler:"United Arab Emirates property developers Emaar and Aldar are partnering to launch local and international projects worth 30 billion dirhams ($8.17 billion), Dubai’s ruler said on Tuesday.Sheikh Mohammed bin Rashid al-Maktoum, who is also Prime Minister and Vice-President of the UAE, made the announcement on Twitter. "'via Blog this' [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, United Arab Emirates, Dubai, Uae, Mohammed bin Rashid Al Maktoum, Emaar, Rupert Neil Bumfrey, Aldar, Emaar Aldar



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