|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 […]
October 10, 2014 Open Source By ROBERT MACKEY The American-led coalition’s bombing campaign against Islamist militants in Syria has focused new attention on the Westerners among their ranks. In television interviews broadcast this week, American, Australian and Dutch citizens who traveled to Syria to take part in the jihad against President Bashar al-Assad’s government expressed bitterness at the airstrikes their nations have carried out against Islamist rebels. […]
JPMorgan Chase & Co. (JPM) hired senior bankers from Rothschild and Standard Chartered Plc (STAN) for its investment banking business in the Middle East. The New York-based bank named Majed Al Mesmari, previously at Rothschild, as head of investment banking coverage in the United Arab Emirates, it said in a statement today. Fahad Al-Deweesh has joined from British lender Standard Chartered to lead investment banking coverage in […]
Emerging market-focused private equity firm Abraaj Group has bought a majority stake in Liberty Star Consumer Holdings (Libstar), a South African food and personal care product manufacturer, it said on Wednesday. Dubai-headquartered Abraaj bought shares in unlisted Libstar from its existing shareholders including Metier, Old Mutual Private Equity, Development Partners International and Lereko, it said in a statement. Abraaj said it would continue to support Libstar’s pan-African […]
|By TAP Staff| The herd mentality on the UAE stock market is once again visible, with a flurry of new stock listings that could scupper the market’s nascent revival. Prospective companies do not seem to be in a mood to wait and want to go to the market ahead of others. The first IPO in five years came when Emaar Malls Group floated an issue and attracted […]
|TAP Special| The oil market scene is turning murky, with indications of a price war developing among major producers to defend their market shares. Crude futures tumbled to a 17-month low on signs that global supply is outstripping demand and by all indications, crude oil is poised to extend the biggest slump in more than two years. To make things worse, Saudi Arabia is said to be […]
|By TAP Staff| RAK Petroleum said it would offer shares worth $25 million to institutional and retail investors in Norway and a private placement to certain international institutions. The IPO would be listed on the Oslo exchange. Current shareholders will be able to place their shares in the offer as well, the company said in a statement. RAK Petroleum said its assets included a 42.8 percent stake in DNO ASA, an […]
The planned merger of the United Arab Emirates’ two main stock exchanges, home to the second-best performing share gauge in the world, will take more time to complete, according to a Dubai government official. “It’s still on the table,” Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai, the emirate’s main state-owned holding company, said in an interview today at a Dubai conference. “We were […]
Emaar Malls Group jumps 20pc on listing DUBAI, 1 days ago Shares in Dubai’s Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai’s main stock exchange and drained liquidity from the rest of the emirate’s market. EMG shares, which were sold at Dh2.90 in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 per cent to Dh3.30 after […]
A trading screen on the floor of Dubai Financial Market shows the bid and offer levels for Emaar Malls Group shares. Asa Fitch for The Wall Street Journal Shares of Emaar Malls Group started trading on the Dubai Financial Market on Thursday, marking the first significant new share sale in Dubai since the global financial crisis. Emaar Malls isn’t a big deal globally. But traders here say […]
|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, […]
|By TAP Staff| Emaar Malls Group, the shopping mall operator based in Dubai, said Monday that it had raised $1.6 billion in its initial public offering. Emaar Malls, which owns the Dubai Mall, one of the largest shopping centers in the world, with 3.7 million square feet in leasable space and 75 million visitors last year, is being spun off from Emaar Properties, the property giant that […]
The Dubai Mall … a key property of Emaar’s malls unit. Emaar malls unit IPO priced at top of range DUBAI, 12 hours, 27 minutes ago Dubai’s Emaar Properties confirmed on Monday that the initial sale of shares in its malls unit priced at the top of the proposed range amid massive demand from investors, making it the largest stock offer in a Gulf Arab economy since […]
DubaiDino at the Dubai Mall – EMG’s flagship property in the emirate. Associated Press Retail giant Emaar Malls Group priced its $1.58 billion initial public offering–the biggest in Dubai in seven years–at the top of the range amid strong demand for its stock. Morgan Stanley is a joint global coordinator for the offering and also one of the joint bookrunners. Patrick Delivanis, its head of investment banking […]
BlackBerry Ltd Chief Executive Officer John Chen said he wants to return to the consumer market someday, though it’s too soon right now. The smartphone maker is focusing on business users, Chen told reporters yesterday at BlackBerry headquarters in Waterloo, Ontario. Already, the new Passport device for professionals has surpassed his expectations, selling 200,000 units since it was unveiled two days ago, according to Chen. “Over time […]
Dubai’s stock market looks set to see an influx of cash this week when Emaar Malls Group returns to investors the surplus funds from subscriptions to its initial public offer, which could boost the prices of other stocks. EMG, a subsidiary of Dubai’s largest listed developer Emaar Properties, closed subscriptions last Friday and will announce the final offer price on Monday, according to its prospectus. Sources familiar […]
|By TAP Staff| Shareholders of Dubai’s Amlak Finance have approved the issuance of a sharia-compliant instrument convertible into its stock worth up to 2.1 billion dirhams ($571.8 million), a statement from the mortgage provider said on Sunday. The instrument is a key part of the company’s $2.7 billion debt restructuring plan, agreed with creditors in August. Amlak, whose shares have not traded on the Dubai Financial Market […]
Shares of Marka started trading Thursday at a premium of 77% to its 1 U.A.E. dirham ($0.27) issue price. Asa Fitch for The Wall Street Journal Shares of Marka, a brand-new retail and hospitality company in the United Arab Emirates, began trading at a huge premium to their initial public offering valuation on the Dubai Financial Market Thursday, underscoring both a revival of confidence and what could […]
|By TAP Staff| The United Arab Emirates’ stock exchange plans to offer a trading platform for shares in private joint-stock companies so that they can raise capital with less disclosure of corporate information than publicly listed firms. Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said that trading would begin over the next few months on a special platform set up inside the country’s existing stock exchanges, state […]
| By Peter Garnry| What is clear post the Alibaba IPO is that the market is presumably mispricing Yahoo. Basically, it does not make sense if we assume markets are rational. Yahoo closed at $40.93 last Friday but based on a sum-of-the-parts (SOTP) analysis the stock should trade closer to $45. The table below outlines the SOTP analysis behind Yahoo’s fair value. The company has $3,408 million […]
The Dow Jones Industrial Average (DJIA) Index is the only stock market index that covers both the second and the third industrial revolution. Calculating share indexes such as the Dow Jones Industrial Average and showing this index in a historical graph is a useful way to show which phase the industrial revolution is in. Changes in the DJIA shares basket, changes in the formula and stock splits […]
|By TAP Staff| The success of Emaar’s malls IPO has prompted Nakheel to consider a flotation on the local stock market. Such a possibility was indicated by top Nakheel official Sanjay Manchanda, who spoke to reporters at the sidelines of Cityscape. “The market is definitely very receptive to Dubai IPOs now. The success of Emaar will be an encouraging sign for us. Should we decide to list […]
Just when you thought the drama was over. Apple is taking the iCloud hack that revealed naked selfies of celebrities seriously, adding new security tools to keep its cloud safe. But there’s still fallout from the early-September iCloud hack. Indeed, headlines report a new wave of naked photographs of celebrities leaked online. This wave includes movie star Gabrielle Union, pop star Rihanna, Disney Channel star Vanessa Hudgens, […]
Dubai World debt restructuring deal ‘soon’ DUBAI, 1 days ago One of Dubai’s top government officials said on Sunday that he expects state-owned conglomerate Dubai World to reach a deal on renegotiating its debt repayment schedule in the near future. “I can say for sure we will reach it. It is there and you will hear about it soon,” Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s […]
