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MIDEAST STOCKS #Dubai index up on property shares as major Gulf bourses ease | Reuters

Dubai's stock market ended higher on Wednesday, buoyed by gains in real estate stocks, while other major Gulf markets were little changed.Dubai's main share index (.DFMGI) rose 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.4%, while logistics firm Aramex (ARMX.DU) advanced 1.5%.Dubai repaid $500 million in bonds due on Tuesday in what the government said was a sign of fiscal stability despite the coronavirus-driven economic downturn. read moreElsewhere, DAMAC Propertie...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Tasi, Rupert Neil Bumfrey, Saudi Telecom, Damac, Abu Dhabi Commercial Bank ADCB, Public Investment Fund, Gulf Egypt, Emaar Properties EMAR


Damac founder delays share acquisition for SCA review | ZAWYA MENA Edition

Damac Properties founder Hussain Sajwani’s offer to acquire shares and take the firm private has been delayed after UAE’s securities regulator, Securities & Commodities Authority (SCA), has started a review of the transaction.The UAE’s stock market regulator is to review the prospective acquisition, which would see Maple Invest Co, owned by Sajwani, owning no less than 90 percent and up to 100 percent of Damac’s shares, the company notified Dubai Financial Markets. Sajwani’s offer to buy Damac P...
Tags: Travel, Uae, SCA, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, DFM, Sajwani, Securities Commodities Authority SCA, Maple Invest Co, Dubai Financial Markets Sajwani


Damac Hires Advisers to Assess $599 Million Offer to Go Private - Bloomberg

Damac Hires Advisers to Assess $599 Million Offer to Go Private - Bloomberg Damac Properties PJSC hired advisers to assess an offer to take the Dubai-based real estate developer private after backlash from investors.An independent valuer and financial adviser have been appointed to help the board determine the financial fairness of the offer from the perspective of shareholders, Damac said in a statement to the stock exchange on Sunday.Billionaire Hussain Sajwani offered to take the rest of Da...
Tags: Travel, Bloomberg, United Arab Emirates, Dubai, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Al Tamimi Co, Maple Invest Co Limited, Bloomberg Damac Properties PJSC, Sofyan Al Khatib


#Dubai's Damac appoints top-level committee to assess $599m shares offer - Arabianbusiness

Dubai-based developer Damac has appointed an independent committee of board directors to assess the offer from former chairman Hussain Sajwani to take the company private by buying out the minority shares.In a filing to Dubai Financial Market, Damac said it has also appointed KPMG Lower Gulf Limited as valuer and Arqaam Capital Limited as financial advisor to evaluate the offer to acquire 100 percent of its issued and paid up ordinary share capital.Maple Invest Co Limited, an investment vehicle ...
Tags: Travel, Dubai, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest Co Limited, Dubai Financial Market Damac, KPMG Lower Gulf Limited, Arqaam Capital Limited, Farooq Arjomand, Ali Malallah Binjab


#Dubai developer Damac's shareholders to know of opening and closing dates of buy offer in 21 days | Property – Gulf News

Damac's mintority shareholders will have 21 days and then some to make up their mind on the Dh2.2b offer to buy  them out. Image Credit: Bloomberg In another 21 days, the Hussain Sajwani owned Maple Invest will inform Damac’s Board of Directors and shareholders the opening and closing date for its open-ended offer to acquire the 27.285 per cent not held by it.Maple made the formal approach to Damac on June 9, a day after signaling its intention to acquire the balance stake. If al...
Tags: Travel, Bloomberg, Dubai, Gulf News, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest, Damac 's Board of Directors


Founder of #Dubai property firm DAMAC makes $255 mln take private bid | Reuters

Founder of Dubai property firm DAMAC makes $255 mln take private bid | Reuters Emirati property tycoon Hussain Sajwani has made a 935.4 million dirham ($255 million) offer to buy out minority shareholders in DAMAC Properties (DAMAC.DU), which he has run for nearly two decades.The all cash offer for DAMAC comes amid a years-long slump in Dubai's once hot property market, which has been exacerbated by the pandemic that hit the local economy hard last year.DAMAC is best-known for building the Mid...
Tags: Travel, London, Middle East, Dubai, Donald Trump, Maple, Trump, Reuters, Reuters Emirati, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Emaar Properties Dubai, Maple Invest Co, DAMAC Maple Invest Co


MIDEAST STOCKS Gulf markets up as oil prices rise; deals boost #UAE, Bahrain | Reuters

MIDEAST STOCKS Gulf markets up as oil prices rise; deals boost UAE, Bahrain | Reuters Gulf stock markets rose in early trade on Wednesday tracking oil prices, with merger and acquisition deals providing an additional boost to the markets in the United Arab Emirates and Bahrain.Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran w...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Tehran, Bahrain, Gulf, Reuters, State, U S, Tasi, Reuters Gulf, Rupert Neil Bumfrey, ADCB, Damac


#Dubai's DAMAC Properties lifts sales but first-quarter loss widens | Reuters

Dubai's DAMAC Properties lifts sales but first-quarter loss widens | Reuters Dubai developer DAMAC Properties’ on Sunday posted a first-quarter net loss of 189.6 million dirhams ($51.6 million), widening from 106.1 million dirhams a year earlier despite a pick-up in sales.The owner of the Middle East’s only Trump-branded golf course, located in Dubai, said this was mainly because it had yet to account for revenue from projects about to be completed.Gross profit fell to 139 million dirhams from...
Tags: Travel, Middle East, Dubai, Trump, Reuters, DAMAC Properties, Rupert Neil Bumfrey, Damac, Reuters Dubai


DAMAC delivered 32,000 units since 2002; market recovery will take 12-24 months - Hussain Sajwani | ZAWYA MENA Edition

DAMAC delivered 32,000 units since 2002; market recovery will take 12-24 months - Hussain Sajwani | ZAWYA MENA EditionDAMAC chairman Hussain Sajwani has announced that his company has crossed the threshold of 32,000 units since inception. The leading Dubai-based developer also stated that recovery of the UAE real-estate market could take 12 to 24 months. In a statement to the Dubai Financial Market (DFM), DAMAC confirmed it delivered 3,000 units in Akoya and Business Bay this year and that it ha...
Tags: Travel, Dubai, Uae, Business Bay, Rupert Neil Bumfrey, Damac, Hussain Sajwani, MENA EditionDAMAC, Dubai Financial Market DFM DAMAC


MIDEAST STOCKS-Most Gulf stocks gain in early trade on bank boost | Nasdaq

MIDEAST STOCKS-Most Gulf stocks gain in early trade on bank boost | Nasdaq A rally in banking shares lifted major Gulf stock markets early on Monday, with the Saudi index leading the gains.Saudi's benchmark index .TASI rose 0.6%, recovering from its biggest intraday fall since February in the previous session.Underpinning the gains, Al Rajhi Bank 1120.SE climbed 1.2%, after proposing a 1 riyal per share dividend for 2020, and Saudi Basic Industries 2010.SE advanced 1.2%.In Qatar, the index .QSI ...
Tags: Travel, Qatar, Dubai, Gulf, Tasi, Rupert Neil Bumfrey, Damac, QSI, Emirates NBD ENBD DU, Al Rajhi Bank, COVID, Qatar International Islamic Bank QIIB QA, Amanat Holdings AMANT, Cambridge Medical and Rehabilitation Center, TVM Capital Healthcare The Abu Dhabi, Adnoc Distribution ADNOCDIST


Major Gulf indexes end mixed, few fresh factors | Reuters

Major Gulf indexes end mixed, few fresh factors | Reuters Major stock markets in the Gulf ended mixed on Sunday, in the absence of fresh factors to trade on, with property shares weighing on the Dubai index.Saudi Arabia’s benchmark index added 0.7%, ending two sessions of losses, with Al Rajhi Bank rising 1% and Banque Saudi Fransi climbing 3.8%.The kingdom’s food and drug administration has approved the COVID-19 vaccine made by AstraZeneca, Reuters reported on Thursday, citing state TV.Dubai’s ...
Tags: Travel, Saudi Arabia, Middle East, Dubai, Abu Dhabi, Gulf, Trump, Reuters, Reuters Major, Emaar Properties, Commercial Bank, Etisalat, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Banque Saudi Fransi


Damac chairman mulls #Saudi presence after kingdom's regional HQ ruling - Arabianbusiness

Damac chairman mulls Saudi presence after kingdom's regional HQ ruling - Arabianbusiness The chairman of Dubai-based developer Damac Properties has said he is looking into adding a regional office in Saudi Arabia following the kingdom's ruling aimed at attracting more foreign companies.Starting on January 1, 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign firms that base their Middle East HQ outside the kingdom.It is unclear whether that would im...
Tags: Travel, Saudi Arabia, Middle East, Dubai, Cnbc, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Arabianbusiness, Middle East HQ, Hadley Gamble


Emaar founder sees 'world of opportunities' despite $1bn drop in profits - Arabianbusiness

Emaar founder sees 'world of opportunities' despite $1bn drop in profits - Arabianbusiness The founder of Dubai-based giant Emaar Properties, Mohamed Alabbar, has said there are a “world of opportunities” in 2021, despite seeing year-on-year profits drop by almost $1 billion.The master developer behind the Burj Khalifa reported a net profit of $712m for 2020, down 58 percent from the $1.7bn announced 12 months previously; while revenues dropped almost 20 percent, from $6.7bn in 2019 to $5.366bn....
Tags: Travel, Dubai, Burj Khalifa, Emaar, Rupert Neil Bumfrey, Damac, Mohamed Alabbar, Alabbar


Mideast Stocks Trade Mixed With Earnings in Spotlight: Inside EM - Bloomberg

Mideast Stocks Trade Mixed With Earnings in Spotlight: Inside EM - Bloomberg Middle Eastern equity markets were mixed on Sunday as investors weighed earnings and after shares in developing economies rose to a record high last week.Saudi Arabia’s Tadawul All Share Index gained as much as 0.8%, with Al Rajhi Bank and Saudi Basic Industries contributing the most to the increase. Benchmarks in the United Arab Emirates, Oman and Qatar fell as much as 0.4%, while those in Bahrain and Kuwait were littl...
Tags: Travel, London, Saudi Arabia, Qatar, Bloomberg, United Arab Emirates, Dubai, Bahrain, Kuwait, United Arab Emirates Oman, Rupert Neil Bumfrey, Saudi Basic Industries, Damac, Al Rajhi Bank, Damac Properties PJSC, Bloomberg Middle Eastern


Damac Drops After Loss and Forecast for Slow #Dubai Recovery - Bloomberg

Damac Drops After Loss and Forecast for Slow Dubai Recovery - Bloomberg Damac Properties PJSC plunged on Sunday after posting a loss and its chairman saying it’ll take at least one to two years for the United Arab Emirates’ real estate market to get out of its downturn.“I anticipate it will take at least 12 to 24 months to see a substantial recovery,” Chairman Hussain Sajwani said in a statement after Damac posted its second consecutive full-year loss.“2020 was a very tough year for all property...
Tags: Travel, United Arab Emirates, Dubai, Rupert Neil Bumfrey, Damac, Hussain Sajwani, DFM, Slow Dubai Recovery Bloomberg


#Dubai partner 'very happy' with Trump Org despite Capitol chaos | Reuters

Dubai partner 'very happy' with Trump Org despite Capitol chaos | Reuters Donald Trump’s business partner in Dubai on Wednesday said he was interested in expanding their commercial relationship despite the storming of the U.S. Capitol last week.Trump has faced stinging criticism after encouraging supporters on Jan. 6 to march on the Capitol as Congress met to certify his defeat to Democrat Joe Biden. That led to a violent invasion during which five people died.“Our relationship with the Trump Or...
Tags: Travel, Congress, Joe Biden, Middle East, Dubai, Trump, Reuters, Capitol, U S Capitol, Eric Trump, Trump Organisation, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Reuters Donald Trump, Reuters Dubai


Damac sees #UAE property market recovery in two years, reports - Arabianbusiness

Damac sees UAE property market recovery in two years, reports - Arabianbusiness The recovery of the UAE property market to pre-crisis levels could take up to two years, an executive at Dubai-listed developer Damac Properties PJSC said.The recovery of the real estate market “will be a long one, perhaps 12 to 24 months”, Amira Sajwani, senior vice president at Damac, was cited as saying by the Zawya news site. “Property prices have dropped, and we are expecting further declines over the final quar...
Tags: Travel, Dubai, Uae, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Zawya, Damac Properties PJSC, Amira Sajwani


#Dubai Developer Damac Warns Against Property ‘Dumping’ Next Year - Bloomberg

Dubai Developer Damac Warns Against Property ‘Dumping’ Next Year - Bloomberg One of Dubai’s largest developers said 2021 would be another challenging year for the sector and warned against the risk of companies “dumping” property in a market already grappling with excess inventory.“I hope the big developers don’t start dumping supply just because they can sell another few hundred villas or apartments,” Damac Properties PJSC Chairman Hussain Sajwani said in an interview with Bloomberg TV. “We ver...
Tags: Travel, Bloomberg, Middle East, Dubai, Bloomberg TV, Emaar Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Mohamed Alabbar, Damac Properties PJSC


Mideast Stocks: Qatari shares outperform on broad-based gains; #Saudi eases | ZAWYA MENA Edition

Most major stock indexes in the Middle East ended higher on Sunday, with Qatari shares outperforming thanks to broad-based gains, while petrochemical shares weighed on the Saudi index.Saudi Arabia's benchmark index eased 0.3%, hit by a 4.9% fall in Advance Petrochemical and a 3% drop in Jabal Omar Development.The kingdom's economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions, but the pandemic-hit oil sector continued to struggle, data showed on Th...
Tags: Travel, Saudi Arabia, Qatar, Middle East, Dubai, Emaar Properties, DAMAC Properties, Rupert Neil Bumfrey, Damac, First Abu Dhabi Bank the United Arab Emirates, Advance Petrochemical, London The Abu Dhabi


#UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition

UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition Dubai’s real estate developer DAMAC Properties clarified on Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85%, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.It was reported last week that more than a third (33.82 percent) of the company, representing a little ov...
Tags: Travel, Uae, Emirati, Dubai Financial Market DFM, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, MENA Edition Dubai


#Dubai's DAMAC loses $148.3 million in third quarter | Reuters

Dubai's DAMAC loses $148.3 million in third quarter | Reuters Dubai developer DAMAC Properties DAMAC.DU on Thursday reported a 544.6 million dirham ($148.3 million) third-quarter loss, warning a recovery from the coronavirus crisis was possibly still some time away.The pandemic is adding pressure to Dubai’s already weakened property market that for years has seen supply outstrip demand for new houses and apartments.While revenue climbed 43% to 1.3 billion dirhams in the July-September period, th...
Tags: Travel, Middle East, Dubai, Trump, Reuters, Rupert Neil Bumfrey, Damac, Reuters Dubai


MIDEAST STOCKS-Major Gulf markets mixed in early trade, #Dubai index up | Nasdaq

MIDEAST STOCKS-Major Gulf markets mixed in early trade, Dubai index up | Nasdaq Major stock markets in the Gulf were mixed early on Thursday, in the absence of fresh factors to trade on, with top lender Emirates NBD ENBD.DU boosting the Dubai index. Saudi Arabia's benchmark index .TASI fell 0.2%, hurt by a 0.8% drop in National Commercial Bank 1180.SE and a 1.4% retreat in Etihad Etisalat (Mobily) 7020.SE despite reporting a higher third-quarter profit.Saudi Telecom Company 7010.SE, however, g...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Adi, Tasi, Etihad Etisalat, Saudi Telecom Company, Rupert Neil Bumfrey, Damac, Hussain Sajwani Damac, QSI, Emirates NBD ENBD, Qatar National Bank QNBK


Damac to turn focus away from tall towers, says chairman Hussain Sajwani - Arabianbusiness

Damac to turn focus away from tall towers, says chairman Hussain Sajwani - Arabianbusiness:Damac Properties chairman Hussain Sajwani has revealed the Dubai-based giant will be “avoiding” building tall towers in the future, with a concentration more on villas and developments up to a maximum of 15 stories.Damac’s collection of high-rise properties includes the Paramount Tower Hotel and Residences Dubai; the 84-storey Damac Heights tower; three residential towers at Bellavista at Damac Hills; and ...
Tags: Travel, Cnn, Dubai, BellaVista, Business Bay, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani, DAMAC Hills, Hussain Sajwani Arabianbusiness, Paramount Tower Hotel, Damac Heights, Zada Residence, Zain Asher Sajwani


#Dubai's DAMAC loses $84.5mln in Q2, warns of difficult years ahead | ZAWYA MENA Edition

Dubai's DAMAC loses $84.5mln in Q2, warns of difficult years ahead | ZAWYA MENA Edition:Dubai developer DAMAC Properties on Thursday warned it saw a difficult market for up to the next two years due to the COVID-19 pandemic, as it reported a second-quarter loss of 280 million dirhams ($76.2 million).While revenue increased 18% to 1.1 billion dirhams, the owner of the only Trump-branded golf club in the Middle East swung to a quarterly loss from a 50.5 million dirham profit in the same period a y...
Tags: Travel, Middle East, Dubai, Trump, Rupert Neil Bumfrey, Damac, Hussies Sajwani


Damac, Arabtec stock rallies keep #UAE markets buzzing | Markets – Gulf News

Damac, Arabtec stock rallies keep UAE markets buzzing | Markets – Gulf News:Major UAE real estate sector stocks are on a tear with Arabtec rallying 14.85 per cent and Damac gaining 8.25 per cent for the day.The wider DFM is in the black by 0.10 per cent, while ADX closed 1.06 per cent higher. The real estate sector has been outperforming the general indices since the lows in March. From the third week of March, DFM has rallied 20 per cent while the DFM Real Estate index is up a staggering 40 per...
Tags: Travel, Abu Dhabi, Uae, Arabtec, Rupert Neil Bumfrey, Damac, Mubadala, DFM, Al Muhairi, Damac Arabtec, DFM Real Estate


Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition

Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition:United Arab Emirates stocks ended higher on Sunday, lifted by banks and property shares, while losses at oil giant Saudi Aramco limited Saudi Arabian gains.Dubai's main share index closed up 0.3%, led by a 6.1% surge in DAMAC Properties and a 0.5% gain in Emirates NBD Bank.DAMAC Properties confirmed that Port Investment Limited which transferred its shares to Omran Group is owned by DAMAC International Limited, a...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Aramco, Saudi Aramco, DAMAC Properties, Rupert Neil Bumfrey, Damac, Al Rajhi Bank, First Abu Dhabi Bank, Bank Albilad, International Holding, Mideast Stocks Major Gulf, Emirates NBD Bank DAMAC Properties


#Oman's tourism arm ends deal with Damac for waterfront project - Arabianbusiness

Oman's tourism arm ends deal with Damac for waterfront project - Arabianbusiness:Omran, the investment arm of Oman’s tourism ministry, will end a partnership with Port Investment Ltd. owned by Damac International.Omran will buy the 70 percent stake it doesn’t already own in Muttrah Tourism Development Co., established to redevelop Sultan Qaboos port for $1 billion. It will make the acquisition at “a value as documented in the shareholders agreement,” Omran said in a statement on Saturday.Damac I...
Tags: Travel, Oman, Omran, Rupert Neil Bumfrey, Damac, Dico Group, Port Investment Ltd, Damac International Omran, Muttrah Tourism Development Co, Damac PJSC, Mina Al Sultan Qaboos Waterfront


MIDEAST STOCKS-Most Gulf bourses end higher as DAMAC lifts #Dubai - Agricultural Commodities - Reuters

MIDEAST STOCKS-Most Gulf bourses end higher as DAMAC lifts Dubai - Agricultural Commodities - Reuters:Most major Gulf markets closed higher onSunday, as investor focus turned to corporate earnings startingthis week, while a surge in DAMAC Properties helped the Dubaibourse.Dubai's main share index ended 0.2% up, with DAMACProperties surging 11.6%, its biggest intraday gainsince March 25.On Thursday, Maple Invest said that on behalf of DAMACfounder and chairman Hussain Sajwani and his group, it wa...
Tags: Travel, United States, Gulf, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Dubai Agricultural Commodities Reuters, Dubaibourse Dubai, Kingdom Europe


MIDEAST STOCKS-Gulf bourses gain ahead of earnings, #Dubai's DAMAC surges - Agricultural Commodities - Reuters

MIDEAST STOCKS-Gulf bourses gain ahead of earnings, Dubai's DAMAC surges - Agricultural Commodities - Reuters:Most major stock markets in the Gulf rose in early trade on Sunday ahead of the usual flurry of corporate results that begins after July 15 each year, with DAMAC Properties leading Dubai shares higher.Last Thursday, an investment firm said that on behalf of Hussain Sajwani - founder and Chairman of DAMAC Properties - and his group, it was exploring the possibility of his buying out minor...
Tags: Travel, Saudi Arabia, Vodafone, Dubai, Gulf, Riyad Bank, DAMAC Properties, Rupert Neil Bumfrey, Saudi Telecom, Damac, Hussain Sajwani, Al Rajhi Bank, Vodafone Egypt, Agricultural Commodities Reuters


DAMAC shares up 11% early on planned privatisation news | Nasdaq

:Shares of Dubai's DAMAC Properties DAMAC.DU surged nearly 11% to 0.761 UAE dirham ($0.2072) in early trade, after Reuters reported that its chairman is weighing buying out minority shareholders and taking the company private.Hussain Sajwani, who founded the company nearly two decades ago, has been exploring the deal since late 2019 after DAMAC's share price plunged over the past two years, Reuters reported on Tuesday citing a source. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Dubai, Uae, Reuters, Rupert Neil Bumfrey, Damac, Hussain Sajwani