MUMBAI // In 2007, Emaar-MGF, a joint venture between Emaar Properties of Dubai and MGF Development of India, was an object of envy among its competitors.
Despite just two years of operational experience in the Indian property market, it managed to outbid entrenched rivals to bag the coveted 7 billion rupee (Dh569.2 million) Commonwealth Games village contract.
Emaar-MGF envisioned the village as a once-in-a-lifetime dream project, mirroring the Indian government's enthusiasm at hosting the event. It was meant to be a showcase for a new company trying to make a dent in a crowded market.
Instead, the project spawned a multitude of problems for Emaar-MGF, which is blamed by the government for allegedly poor-quality construction and project delays. While this year will be chiefly remembered by most as the year the country hosted the games, it will also be one that Emaar-MGF would rather forget.
The company is embroiled in a bitter legal dispute with the Delhi Development Authority (DDA) and risks forfeiting the remainder of a 1.83bn rupee bank guarantee deposited when it won the games village contract. But more than the financial loss, the legal dispute is hurting the joint venture's image, analysts say.
The DDA is being investigated by the Indian authorities over alleged mismanagement and misappropriation of funds. Paranjoy Guha Thakurta, a commentator on Indian business who is based in New Delhi, says "DDA is not particularly known for its probity", adding that making Emaar-MGF pay damages was a sign the government was eager to deflect blame.
But the legal ruckus could not come at a worse time for Emaar-MGF. The company is short of cash and weighed down by mounting debts. In the year that ended in March, it reported a net loss of 951.2m rupees on an income of 9.6bn rupees. The company's outstanding loans amounted to 58.07bn rupees as of August 31.
It has completed only one project so far - the games village - and has 38 others in the pipeline,but those are not expected to generate much-needed cash in the near future.
More significant, the company is struggling to launch an initial public offering (IPO), the proceeds of which could lighten its debt burden. It has aborted three IPO attempts since 2008 because of weak market sentiment.
In September, it more than halved the size of its proposed IPO with the Indian market regulator to 16bn rupees. The IPO would value the company at about US$3.5bn (Dh12.85bn), down from $15bn two years ago when it first planned to sell shares. Emaar-MGF will have to price its fourth IPO attempt attractively to succeed, warns the property services company Jones Lang LaSalle India.
But a number of problems continue for the company's fund-raising efforts. Most property IPOs, it says, are struggling to raise equity as the Bombay Stock Exchange Realty Index fell almost 20 per cent over the past month due to investor concerns related to debt, demand and a slew of government and corporate scandals. For its latest attempt at a flotation, Emaar-MGF says it expects to raise capital to pay off 6.14bn rupees of debt, redeem preference shares worth 6.27bn rupees and pay development charges.
Jones Lang LaSalle India estimates it is unlikely that property companies will find a conducive investor climate to float IPOs before March next year.
Repeated IPO problems have hurt investor confidence, analysts say.
Amit Goenka, the national director of capital transactions at Knight Frank India, a property advisory company, says Emaar-MGF needs to generate liquidity to pare down debt. Although some of its upcoming projects have registered rising sales amid a buoyant market scenario, "delivery and execution" are a matter of concern, he says.
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Company%20Profile
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
COMPANY%20PROFILE
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Company%20Profile
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How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
Getting%20there%20
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Company%20profile
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SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
COMPANY%20PROFILE
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
Company%20Profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE%20
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
All or Nothing
Amazon Prime
Four stars
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
