Gulf General Investment Company (GGICO) reported a full-year loss of almost Dh1 billion for last year, compared with a profit of Dh197 million in 2009, and is seeking to restructure its debts.
In addition, the Dubai conglomerate said in a statement to the Dubai stock exchange it had "closed or exited" five of its subsidiaries, which were losing money. The company attributed the earnings decline to a drop in the fair value of equities held and impairments on property.
GGICO's remaining 19 subsidiaries were "performing well and will be further focused for organic growth", the company said. "The company has put in place a financial framework for long-term sustainable growth and as part of that has appointed HSBC Bank Middle East as its financial adviser for restructuring debts due to banks," it said. It did not provide a value for the amount being restructured. GGICO mainly buys and sells property but also manufactures prefabricated houses and trades a wide range of products including lubricants and perfumes.
Revenue fell 37 per cent to Dh2.94bn last year, compared with Dh4.71bn in 2009. Shares of GGICO, which are thinly traded on the Dubai Financial Market, were down 2.9 per cent to 29 fils yesterday. In January, the company said it would delay a US$300m bond issue to the end of the first quarter because the cost of issuing debt was too high.
The five-year bond was to be used for general corporate purposes and to trim short-term debt. Moody's Investors Service assigned a "B1" rating to the proposed debt issue, with a "negative outlook".
Two weeks ago, Moody's downgraded the company to "B2" and placed it "under review", meaning a downgrade was possible within three months. Three days later the company requested that Moody's terminate its coverage.
"The company's gearing is fairly high, and was reflected in our rating," said Franck Nowack, an analyst at Moody's in Dubai. "Most of the debt, worth Dh3bn, with local banks were mainly roll-over, short-term lines."
halsayegh@thenational.ae
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
UAE currency: the story behind the money in your pockets
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20profile
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
