|By Arabian Post Staff|Emaar Chairman Mohamed Alabbar said that the new digital marketplace Noon, founded by him, will be rollled out in Saudi Arabia before the end of this year. He was addressing a media briefing with Faraz Khalid, Chief Executive Officer of Noon, on the sidelines of the Future Investment Initiative in Riyadh. Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund […]
|By Arabian Post Staff| Emaar chairman and leading Dubai businessman Mohammed Alabbar followed up the launch of his $1 billion online retailing venture Noon with a joint venture for online luxury sales. Alabbar announced at a press conference in Dubai that the firm Symphony Investments, owned by him, was taking 40 percent stake in the joint venture with Milan-based online retailer Yoox Net-a-Porter to profit from luxury […]
|By Arabian Post Staff| Emaar Chairman and leading Dubai businessman Mohammed Alabbar’s investment consortium Adeptio is learnt to have secured commitments worth $1.5 billion to fund its pursuit of regional KFC operator Americana. The banks lending money for the acquisition reportedly include Citigroup, Standard Chartered , Credit Suisse Group AG, National Bank of Abu Dhabi, Emirates NBD, First Gulf Bank and Bahrain-based Ahli United Bank. Earlier this year, Adeptio had […]
As chairman of Emaar Properties, Mohamed Alabbar has shaped much of Dubai’s skyline, but rapid growth in his outside real estate interests is raising the possibility of a rarity in the Gulf – open shareholder dissent. Speculation persists that Alabbar and Emaar, the company he founded in 1997, could soon part ways despite a categorical denial from the firm last month. His involvement in other firms’ projects, […]
Arabian Post Special Americana Group’s Initial Public Offering (IPO) is poised to be a landmark event for the UAE stock market. The company, the largest quick-service restaurant operator in the Middle East, boasts a brand portfolio that includes regional favorites like KFC and Pizza Hut. This offering is expected to inject a significant amount of capital into the market, raising $1.8 billion according to reports. This influx […]
DUBAI// One of the country’s major education providers defended the high cost of school fees as necessary if schools are to attract the best teachers. Clive Pierrepont, director of communications for education provider Taaleem, said schools had to strike a balance between paying for the highest quality teaching staff available and keeping fees affordable for parents. “It is an absolute truth that the quality of a school […]
Dubai’s Emaar Properties intends to reopen its landmark Address Downtown hotel by the end of the year, some two years after the skyscraper was gutted by fire following an electrical fault, its chairman told Al-Arabiya TV on Tuesday. Mohammed Alabbar was speaking after the developer reported a 56 percent rise in fourth-quarter net profits, boosted by higher revenue from property developments as well as the performance of […]
The landscape of public transport is changing across the world. Not long ago, the only option for people who did not have their own car was to queue for a paper ticket and squeeze into a sardine-can bus or train. Today, the new normal is to download a ‘smart’ app and book a point-to-point ride for an ever-diminishing cost. Ride-hailing apps such as Uber and Careem are […]
| By Arabian Post Staff| Amazon.com Inc. and India’s Flipkart Online Services Pvt have walked away from talks to acquire Dubai-based Souq.com after disagreeing over price, Bloomberg reported quoting sources. Souq is now seeking other potential investors and is negotiating with mall-operator Majid Al Futtaim, it further said. Amazon reportedly entered talks with Souq.com last year in a deal that would have been worth about $1 billion. […]
|By Arabian Post Staff| Continuing tough conditions in the Dubai real-estate market is prompting leading Dubai developer Emaar to look overseas for growth, chairman Mohammed Alabbar disclosed. Despite the correction in the domestic market, the company is expecting to grow next year Alabbar said at the Bloomberg Markets Most Influential summit in Abu Dhabi. The growth markets are expected to be India and Egypt, which remains a […]
|ARABIAN POST SPECIAL|By K Raveendran| As predicted, Emaar chairman Mohammed Alabbar’s foray into e-commerce has already started creating waves in the regional and global online retailing market. In an apparent move to retain its clout, global e-commerce leader Amazon.com is reportedly in talks to acquire Dubai-based online retailer Souq.com. Amazon is reportedly considering a bid for all of souq.com, which had initially planned to sell a minority stake. […]
|By Arabian Post Staff| Dubai Mall recorded 80 million visitor arrivals in 2015. Various Emaar malls together received more than 124 million visitors, registering an increase of 9 per cent compared to 2014. “The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up […]
|By K Raveendran| Given Dubai’s fame as one of the most happening cities of the world, the international media attention to the New Year-eve fire at the Address Hotel was quite natural. At the same time, it did not escape the attention of the discerning that some sections of the media lost no opportunity to use the unfortunate incident to show things in a rather poor light. […]
Emaar Properties PJSC, Dubai’s largest publicly-traded real estate developer, plans to sell shares in its hotels unit in the second half and hired Rothschild as an adviser, three people with knowledge of the matter said. The offering is planned for later in the year because of conditions on the Dubai Financial Market, two of the people said, asking not to be identified as the information is private. […]
|By TAP Staff| International Monetary Fund is pleased to note the moderation in the prices of Dubai’s properties, a senior IMF official said. The IMF has previously warned that rapid rises in Dubai real estate prices, which earlier this year were in some cases a third higher than they were 12 months previously, could lead to another bubble and then a crash in the emirate. But Masood […]
|By TAP Staff| Following the huge success of Emaar’s malls IPO, Chairman Mohammed Alabbar indicated the possibility of floating the group’s hotel business, which includes the signature Armani Hotel. Meraas Holding, a Dubai government-controlled developer, has picked banks to manage the IPO of its theme park unit, three people with knowledge of the matter said earlier this month. The company’s IPO is planned for the fourth quarter, […]
Emaar Properties, Dubai’s top listed company by market value, quietly replaced its Group Chief Executive Low Ping late last year, appointing Abdulla Lahej as her replacement, industry sources aware of the matter said. Neither Ping’s departure, which sources say happened towards the end of 2013, nor the appointment of Lahej was made public by Emaar, which has built the world’s tallest tower, the Burj Khalifa, and spearheaded […]
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, on Tuesday approved a proposal to distribute 10 percent of it share capital, equivalent to AED1.301 billion ($354 million), as a cash dividend to shareholders. Addressing shareholders, Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties, said the success of Emaar Malls is led by the UAE’s robust growth and the vision of Sheikh Mohammed […]
Saudi Arabia is boosting the firepower of its sovereign wealth fund to accelerate deal-making and lessen the country’s dependence on oil. The Public Investment Fund is receiving a 100 billion-riyal ($27 billion) transfer from official reserves, according to a statement Wednesday on the SPA official news agency, increasing its existing assets by about 17 percent. The injection will help the fund diversify investments and revenues, it said. The […]
|By TAP Staff| The Board of Directors of Emaar Properties has approved a Special Cash Dividend of AED 9 billion (US$ 2.45 billion) to be distributed to the company’s shareholders taking the total value of dividends distributed this year to over AED 17.12 billion (US$ 4.66 billion) – one of the largest announced by any listed company in the UAE. The total value of the dividends is […]
Dubai plans to almost double the number of hotel rooms by 2020 as it expects a surge of visitors to the desert sheikhdom ahead of that year’s World Expo. The emirate that spent more than $110 billion to transform itself into the Middle East’s commercial and entertainment hub is seeking to attract 20 million tourists annually by the end of the decade, Helal Saeed Almarri, director general […]
Dubai is far from ready to relinquish its status as home to the world’s tallest tower. Emaar Properties Chairman Mohammed Ali Alabbar has once again reiterated that a new tallest skyscraper in the world will be built in Dubai. “Emaar plans to build the tallest skyscraper in the world in Dubai,” Alabbar was quoted as saying in an interview to CNN, on the sidelines of launching of […]
