The decision by DP World to seek a second listing on the London Stock Exchange is one of the most sensible and value-enhancing moves to come out of Dubai for a long time. It has been an objective of senior DPW executives for at least the past year, and the only real surprise is that it has taken quite so long to put it into effect.
Let's be clear at the outset what this is not. DPW's desire to have its shares listed in London, as well as Dubai, is not a reaction to the situation at Dubai World, its parent company which owns 77 per cent of the shares. DPW is a commercially and financially sound operation, and is ring-fenced from the current restructuring negotiations between Dubai World and bank creditors owed US$22 billion (Dh80bn). It is very firmly in the box marked "good Dubai World".
Neither is the London move necessarily a death-knell for Nasdaq Dubai, the exchange on which the shares have been traded since 2007. True, their performance on ND has not been that impressive, still lingering round the 40 cent level compared with a flotation price of $1.30, but that is largely a function of the market itself, rather than the fundamentals of the DPW stock.
The structural problem is anyway being addressed by the proposed merger between Dubai Financial Market and Nasdaq Dubai, and DPW will retain the Dubai listing.
Rather, the move to London is a commendable attempt to inject into DPW shares what they have lacked on Nasdaq Dubai financial liquidity. Although they are Nasdaq Dubai's biggest traded stock, in global terms the amount of trade in DP World shares has been minuscule.
The main reason for this is that the big institutional players, who would normally want a slice of one of the leading ports and shipping companies in the world, are deterred (or often absolutely forbidden by their articles of association) from investing in "emerging" or "frontier" markets such as Dubai.
Having them traded in London wipes out that disadvantage at a stroke. Now the big global players can evaluate, research and trade DP shares just as they can any US or European-owned market leader.
Finally, although it must be repeated that the London initiative is not a reaction to the problems at Dubai World, it might have the desirable side-effect of helping to solve them. The government-owned conglomerate's stake in DPW is worth some $6bn, and it could sell a big chunk of that on the global markets, either in a new flotation or a trade sale, and still retain control.
If, as could be expected, the London listing leads to a lift in the share price, that proposition becomes all the more attractive. A windfall of $3bn or so from the sale of a further 25 per cent stake in DPW would be very welcome indeed for cash-strapped Dubai World.
One of the recurring themes of the new decade, and one which will have more than a passing relevance for the UAE, will be the issue of sovereign debt.
Nouriel Roubini, the Turkish-American economist who predicted the credit crisis, believes over-borrowed governments are the world's next big economic problem, and already late last year there were signs that his fears were justified. The problems of Dubai in November, though not strictly speaking sovereign-debt related, sparked fears that Greece, Hungary and the Baltic states might default on their government-issued debt.
Other previously blue-chip countries, including Britain, have also come under pressure in the global debt markets and could have their credit-worthiness reassessed.
So it is interesting to contrast the attitude of two small bit-players in the ongoing debate. On the one hand, the president of Iceland earlier this week told British and Dutch investors that he would not allow his country to give back some $5bn of assets lost by public investors in those countries when Iceland's banks went bust in 2008, despite the fact his parliament approved the handover.
Meanwhile, in Kuwait, the parliament has approved a $24bn government bail-out of losses incurred by its own citizens during the credit crisis. The Kuwaiti government has said such a move is grossly irresponsible, citing the risk of "moral hazard", and said it would not enforce the decision.
From one of the oldest democracies in the world (Iceland), to a country that is making tentative moves towards more representative government (Kuwait), and across very different cultures and political systems, the explosion of global indebtedness will continue to reverberate. Dubai's problems are just one facet of that worldwide phenomenon.
@Email:fkane@thenational.ae
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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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
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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ARSENAL IN 1977
Feb 05 Arsenal 0-0 Sunderland
Feb 12 Manchester City 1-0 Arsenal
Feb 15 Middlesbrough 3-0 Arsenal
Feb 19 Arsenal 2-3 West Ham
Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)
Mar 01 Everton 2-1 Arsenal
Mar 05 Arsenal 1-4 ipswich
March 08 Arsenal 1-2 West Brom
Mar 12 QPR 2-1 Arsenal
Mar 23 Stoke 1-1 Arsenal
Apr 02 Arsenal 3-0 Leicester
