Posts filtered by tags: Hussain Sajwani[x]


 

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


MIDEAST STOCKS Most major Gulf bourses in red; financials aid #Saudi | Reuters

MIDEAST STOCKS Most major Gulf bourses in red; financials aid Saudi | Reuters Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index leading the losses, while financial shares bolstered the Saudi bourse.Dubai's main share index (.DFMGI) declined 1%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU) both losing 1.4%.Elsewhere, DAMAC Properties (DAMAC.DU) retreated 1.5%.Last week, United Arab Emirates prop...
Tags: Travel, Qatar, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Riyad Bank, Tasi, Rupert Neil Bumfrey, ADCB, QSI, Hussain Sajwani, Gulf Egypt, DFMGI


Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition

Mideast Stocks: Major Gulf bourses subdued in early trade | ZAWYA MENA Edition Major stock markets in the Gulf were in negative territory early on Wednesday, with property shares weighing on the Dubai index.Dubai's main share index lost 0.5%, with blue-chip developer Emaar Properties dropping 1% and DAMAC Properties falling 0.8%.Last week, United Arab Emirates property tycoon Hussain Sajwani made an offer to buy out minority shareholders in DAMAC, which he has run for nearly two decades. The a...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Emaar Properties, Qatar National Bank, Rupert Neil Bumfrey, Hussain Sajwani, Masraf Al Rayan, Major Gulf, Qatar Financial Markets Authority, Sulaiman Al Habib Medical Services, First Abu Dhabi Bank Abu Dhabi


MIDEAST STOCKS Major stock markets in the Gulf end mixed | Reuters

MIDEAST STOCKS Major stock markets in the Gulf end mixed | Reuters Major stock markets in the Gulf ended mixed on Tuesday, with financial shares weighing on the Saudi index and property stocks bolstering Dubai.Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 2.1% decline in Al Rajhi Bank (1120.SE) and a 2.3% slide in Saudi Telecom Company (7010.SE).The kingdom's inflation rate rose for the second consecutive month in May, climbing to 5.7% from 5.3% in April, again refl...
Tags: Travel, Qatar, Middle East, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Reuters Major, Dubai Saudi Arabia, Tasi, Saudi Telecom Company, Rupert Neil Bumfrey, QSI, Hussain Sajwani, Al Rajhi Bank


#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


Analysis: DAMAC delisting plan piles pressure on shrinking Dubai market | Reuters

Analysis: DAMAC delisting plan piles pressure on shrinking Dubai market | Reuters Dubai’s stock market is set for another delisting, raising a question mark over the future of one of the Gulf’s major exchanges, which was launched two decades ago.A $595 million bid to take DAMAC Properties (DAMAC.DU) private by the firm’s founder Hussain Sajwani is the latest blow to the exchange, even as the Gulf city state’s property market showed signs of life in the first quarter."It is not that Dubai is b...
Tags: Travel, London, Saudi Arabia, Dubai, Abu Dhabi, Gulf, Reuters, Emaar Properties, Dubai Financial Market DFM, Arabtec, Rupert Neil Bumfrey, Hussain Sajwani, Reuters Dubai, DFM, Nasdaq Dubai, Reuters Analysts


MIDEAST STOCKS Major Gulf bourses ease in early trade as financial shares drag | Reuters

Major stock markets in the Gulf were subdued in early trade on Tuesday, mostly hurt by losses in financial shares in the absence of fresh factors to trade on.Saudi Arabia's benchmark index (.TASI) fell 0.4%, with Al Rajhi Bank (1120.SE) losing 0.9%, while Saudi Arabian Mining Company (1211.SE) retreated 1.2%.The kingdom's inflation rate rose for the second consecutive month, climbing to 5.7% in May from 5.3% in April, again reflecting a tripling of value-added tax to 15% last year, official data...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Adi, Tasi, Rupert Neil Bumfrey, Hussain Sajwani, Al Rajhi Bank, First Abu Dhabi Bank, DFMGI, Qatar National Bank QNBK, Emirates NBD Bank ENBD


#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


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


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


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


#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


#UAE News: #Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg

UAE News: Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.“We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put th...
Tags: Travel, Bloomberg, Middle East, Dubai, Emaar, Rupert Neil Bumfrey, Emaar Properties PJSC, Hussain Sajwani, Mohamed Alabbar, Nakheel PJSC, Alabbar, Sajwani, Meraas Holding LLC, Damac Properties PJSC, COVID, Bloomberg Dubai


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


'Tough' months ahead for #Dubai's property market: DAMAC CEO | ZAWYA MENA Edition

'Tough' months ahead for Dubai's property market: DAMAC CEO | ZAWYA MENA Edition:The coronavirus pandemic has somewhat eased Dubai’s oversupply problems, but the months ahead will remain tough for the emirate’s real estate market, a top developer said.Hussain Sajwani, the founder and chairman of DAMAC Properties, said the rest of the year will remain challenging, as the economies worldwide are still reeling from the financial fallout of the outbreak. What he is optimistic about, he added, is the...
Tags: Travel, Cnn, Dubai, Uae, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani


Middle East News: #Dubai Property Braced for Two More Difficult Years Damac Says - Bloomberg

Middle East News: Dubai Property Braced for Two More Difficult Years Damac Says - Bloomberg: Damac Properties PJSC expects a “difficult” period of as many as two years for Dubai’s property market as the impact of the coronavirus drags real-estate prices down.“Travel restrictions impacted the economy and the real estate sector and we will see a difficult market for the coming 18 to 24 months,” Chairman Hussain Sajwani said in the company’s earnings release.“However, we are optimistic that the lea...
Tags: Travel, Bloomberg, Dubai, Rupert Neil Bumfrey, Hussain Sajwani, Moody 's Investors Service, Dubai Expo, Damac Properties PJSC


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 Properties says it has not received any acquisition requests - Arabianbusiness

Damac Properties says it has not received any acquisition requests - Arabianbusiness:Dubai-based developer Damac Properties has not received any acquisition requests, amid media reports that company chairman Hussain Sajwani is considering taking the company private, the company said on Wednesday.On Tuesday, Reuters reported that Sajwani is considering buying out minority stakeholders and taking the $1.1 billion Dubai-listed company private.Citing anonymous sources, the report said that Sajwani h...
Tags: Travel, Dubai, Reuters, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani, Niall McLoughlin Damac


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


Exclusive: DAMAC's chairman considers taking company private - sources - Reuters

Exclusive: DAMAC's chairman considers taking company private - sources - Reuters:The chairman of DAMAC Properties DAMAC.DU, owner of the only Trump-branded golf club in the Middle East, is weighing buying out minority shareholders and taking the $1.1 billion Dubai-listed company private, three sources familiar with the talks said.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, ...
Tags: Travel, Middle East, Dubai, Roberto Cavalli, Trump, Reuters, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani


#Dubai developer DAMAC reports second straight quarterly loss, takes large impairment charges - Reuters

Dubai developer DAMAC reports second straight quarterly loss, takes large impairment charges - Reuters:Dubai-based DAMAC Properties reported a loss for first-quarter on Wednesday, as the developer took more than 182 million UAE dirham ($49.55 million) in impairment charges.While the company’s revenue rose 37% to 1.2 billion dirhams, it posted a loss of 106.1 million dirhams compared with a profit of 31 million dirhams a year earlier - its second consecutive quarterly loss, according to Refinitiv...
Tags: Travel, Middle East, Dubai, Trump, Reuters, DAMAC Properties, Rupert Neil Bumfrey, Damac, Hussain Sajwani


Damac chairman expects Covid-19 to impact property prices and demand - Arabianbusiness

Damac chairman expects Covid-19 to impact property prices and demand - Arabianbusiness: Damac chairman Hussain Sajwani said profits were hit by non-cash items. Chairman of Dubai-based developer Damac Properties Hussain Sajwani believes the current coronavirus pandemic will impact prices and demand for property.It comes as the company reported a net loss of AED120 million ($32.7m) for the first quarter of 2020, compared to a AED31m ($8.4m) profit for the same period last year, which...
Tags: Travel, Dubai, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, COVID


Virus May Be a Welcome Reality Check for #Dubai’s Property Glut - Bloomberg

Virus May Be a Welcome Reality Check for Dubai’s Property Glut - Bloomberg: Chairman of Damac Properties is adamant that his company will  pull through.Hussain Sajwani spoke exclusively to Yousef Gamal el-Din.  ( Source: Bloomberg) While the coronavirus is wreaking havoc around the world, it could give Dubai’s long-slumping property market a much-needed break from new projects, a top developer said.“If there is a silver lining to this crisis, it’s that now everybody is going ...
Tags: Travel, Bloomberg, Dubai, DAMAC Properties, Rupert Neil Bumfrey, Hussain Sajwani, Sajwani, Damac Properties PJSC, Property Glut Bloomberg, Yousef Gamal