Alpha Dhabi Holding, a subsidiary of Abu Dhabi-listed conglomerate International Holding Company, has bought an additional 17 per cent stake in Aldar Properties as it continues to expand its property investment portfolio.
The acquisition brings Alpha Dhabi’s overall stake in Abu Dhabi’s biggest developer to 29.8 per cent, it said in a statement on Monday to Abu Dhabi Securities Exchange, where its shares are traded.
Alpha Dhabi Holding completed the deal through the acquisition of Sublime 2, Sogno 2 and Sogno 3, which together controlled 17 per cent of Aldar, making it one of the biggest shareholders in the company. It did not disclose the purchase prices.
Aldar's shares ended the trading day at Dh3.99 on December 30 after having climbed 0.75 per cent to Dh4.02 at 11am.
"Aldar’s rapid growth, strategic expansion plan and project pipeline represent the right investment for ADH and our shareholders,” said Hamad Al Ameri, managing director and chief executive of Alpha Dhabi.
“Aldar's many projects vary between local, regional and international markets and align with our vision for ADH to explore new markets.”
In April, Alpha Dhabi bought a 12.8 per cent stake in Aldar Properties from Mubadala Investment Company for Dh3.5 billion ($953 million). The company made the acquisition through its subsidiary, Sublime Commercial Investment, Mubadala said at the time.
Mubadala remain a long-term strategic investor with a 25 per cent stake. The transaction was carried out through the transfer of about 1 billion shares in a block trade, which was one of the largest private share purchases in a UAE-listed company.
The move to boost its stake in Aldar is in line with Alpha Dhabi's expansion plan and future strategy. The company seeks to invest Dh8bn in property, hospitality, health care and petrochemicals and other promising sectors within and outside the UAE.
“The real estate sector has been witnessing an outstanding recovery during 2021; demand for residential, commercial, hospitality and logistics units continues to grow as a result of the resilience and agility of the country’s post-pandemic strategy,” Mr Al Ameri said on Monday.
The UAE property market, which softened due to a three-year oil price slump that began in 2014 over supply concerns and the Covid-19 pandemic, has made a strong recovery as people upgrade to larger homes with outdoor amenities amid a surge in remote working and online learning.
Economic support measures and government initiatives – such as residency permits for those who have retired and remote workers, in addition to the expansion of the 10-year golden visa programme – have also helped to improve sentiment.
Aldar is a master developer of integrated communities in areas including Yas Island, Saadiyat Island, Al Raha, and Reem Island.
The company last year overhauled its business model and now has a group operating structure managing its core development and investment businesses. Its fourth-quarter net profit rose 28 per cent to Dh729m while revenue grew 19 per cent to Dh2.53bn.
The real estate sector has been witnessing an outstanding recovery during 2021; demand for residential, commercial, hospitality and logistics units continues to grow as a result of the resilience and agility of the country’s post-pandemic strategy
Hamad Al Ameri,
managing director and chief executive , Alpha Dhabi
The Abu Dhabi property developer is also expanding regionally. Last month, Abu Dhabi holding company ADQ and Aldar said it was acquiring 85.52 per cent of Egyptian developer Sixth of October Development and Investment Company for 6.1 billion Egyptian pounds ($386.8m) after a successful mandatory tender offer.
The Abu Dhabi-based consortium, of which Aldar controls 70 per cent and ADQ 30 per cent, plans to strengthen Sodic’s position as a leading national developer and growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.
Alpha Dhabi, which has a market value of Dh273bn and was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021.
It fully acquired Murban, a company with investments in the hospitality, facility management services and oil and gas services sectors. It also bought a 70 per cent stake in Mawarid Holding Investment, which is engaged in Sharia-compliant financing and investing activities through Aafaq Islamic Finance.
Its latest acquisition of Sublime 2, Sogno 2 and Sogno 3 also gives it an additional 3.38 per cent share in National Marine Dredging Company on top of its 65.11 per cent stake. The deal also gives it 25.24 per cent stake in Al Qudra Holding, it said in a separate bourse filing.
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Mohammed bin Zayed Majlis
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
