Dubai World would consider selling some of its shareholding in DP World (DPW) if the planned listing of the ports group in London is successful, a DPW executive said yesterday.
The news came as Dubai World announced it had completed a major part of its US$24.9 billion (Dh91.45bn) restructuring after the formal signing of agreements with its financial creditors for $14.7bn of debt. The debt will be repaid in two tranches - $4.4bn over five years and $10.3bn over eight years.
Yuvraj Narayan, DPW's chief financial officer, confirmed the company's commitment to a London listing and said: "I would imagine if the valuation becomes more attractive and there is more liquidity, they [Dubai World] may well consider selling down some of their shares sometime in the future."
Dubai World holds 80 per cent of DPW's shares, which were floated in 2007 at $1.20 on the Nasdaq Dubai market.
They closed yesterday 0.3 per cent lower at 59.6 cents, after positive results for the 2010 financial year. There was no comment from the parent company.
A 35 per cent jump in net profits to $451 million signalled a "return of volume growth", said Mohammed Sharaf, DPW's chief executive, after a year of depressed global trade following the financial crisis.
The outlook for the current year was also positive, said Sultan bin Sulayem, the chairman of DPW.
"In the first two months of 2011 we have seen 12 per cent volume growth across our consolidated portfolio with further margin improvement from the previous year," Mr bin Sulayem said.
"It is particularly pleasing to see the UAE region continuing the strong performance seen at the end of last year. Despite continuing economic fragility and political turbulence in many parts of the world, given the spread of our portfolio, we remain confident that we will make further progress in 2011."
Mr Sharaf said the earthquake in Japan and political upheaval in some parts of the Middle East "would have no direct impact" on DPW's business. The company has no ports in Japan.
Analysts said the results were positive and the prospects for the London listing were good.
Nabil Ahmed of EFG-Hermes said: "We expect global trade growth of 6 per cent this year, so the fact they have done 12 per cent so far is a very good sign. Jebel Ali [the main UAE port run by DP World] tends to attract more business from other regional ports when there is instability."
The London listing is on track to take place before the end of the second quarter and is likely to comprise a listing of depository receipts, without raising any new money. The London Stock Exchange has to receive and approve yesterday's financial statements before it approves the listing, which will be voted on at DPW's annual meeting in May.
DPW had $2.5bn in cash at year end, and has since completed the sale of its Australian ports business for $1.5bn.
From earnings of 2.01 cents a share, DPW is paying a dividend of 0.86 cents a share, a 5 per cent increase.
Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dubai World since December, thanked the banks and creditors for their co-operation in the restructuring negotiations.
"The agreement signed today is a true reflection of the exemplary partnership between Dubai's corporations and local and international financial institutions," Sheikh Ahmed said. "Dubai World has now moved into a new phase of growth."
The balance of the total $25bn under restructuring relates to the property group Nakheel. The company said yesterday it had completed two important steps towards the completion of its restructuring of about $10bn of debts and liabilities to contractors and customers.
Nakheel said it would soon begin issuing agreements to trade creditors, including the terms of a sukuk to replace their debt, and it would also be issuing terms to the bank co-ordinating committee for their approval.
It said it expected the final restructuring to be completed by the end of June.
fkane@thenational.ae
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Killing of Qassem Suleimani
Killing of Qassem Suleimani
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
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The%20specs
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
THE%20FLASH
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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)
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 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.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
more from Janine di Giovanni
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RIVER%20SPIRIT
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INDIA SQUAD
Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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
The years Ramadan fell in May
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
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
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
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Pathaan
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