Abu Dhabi Commercial Bank, the UAE’s third-largest lender by assets, said it has received a binding offer for a majority stake acquisition in Abu Dhabi Commercial Properties (ADCP), the lender’s wholly owned property management services subsidiary.
The bank has received the offer from Nine Yards Plus Holding, a subsidiary of Abu Dhabi-based Ethmar International Holding (EIH), the company said on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
ADCB, which will retain a 20 per cent stake in ADCP, said it is expecting to receive Dh400 million ($108.90 million) after the sale of the majority stake to Nine Yards Plus Holding.
However, the potential partnership is subject to the "transaction agreements, approvals and any relevant closing conditions," and is expected to be completed during the fourth quarter of this year.
The transaction aligns with ADCB’s strategy to focus on “growth and diversity building on strategic partnerships” with the UAE companies.
The potential acquisition will position ADCP on an “accelerated growth path”, ADCB said in a statement. ADCP will retain its separate corporate legal status and brand, ensuring continuity of its processes, operations and services, it added.
Established in January 2006, ADCP is a property management company. Following the merger in 2019, Union National Bank’s Al Wifaq Properties and the real estate division of Al Hilal Bank were successfully integrated into ADCP, enhancing its customer reach and offering a broader portfolio.
Nine Yards is the real estate vertical of EIH that operates in nine different sectors ranging from property, energy, technology, alternative investments, hospitality, healthcare, travel and tourism, financial services, automotive and trading.
ADCB reported a 22 per cent increase in its third-quarter net profit to Dh1.94 billion. Total net interest income – what banks earn from their lending activities minus the interest they pay to depositors – surged 28.6 per cent to Dh2.65 billion, while net income from Islamic financing and investing products rose 6.2 per cent to Dh531 million.
The bank had grown its assets by 7.8 per cent to nearly Dh537 billion at the end of September.
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Company name: Suraasa
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The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Lexus LX700h specs
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
