The banks got the ball rolling last year, followed by the sovereign wealth funds, and then the universities.
Now it is the turn of the real estate sector.
Yesterday’s announcement of the potential merger deal between Eshraq Properties and Reem Investments is the latest step in the ongoing consolidation of Abu Dhabi’s economy in the wake of lower oil prices.
The announcement of the merger last year of FGB and NBAD to create First Abu Dhabi Bank was the first step, followed soon after by the coming together of Mubadala Development Company and International Petroleum Investment Company to create Mubadala Investment Company.
Beyond the corporate world, three of the capital’s universities – Khalifa University, the Petroleum Institute and the Masdar Institute – have also come together.
The tie-up between Reem Investments and Eshraq, therefore, should come as little surprise, given what has gone before. Indeed, the impact of lower oil prices has been felt particularly keenly in Abu Dhabi’s real estate sector, with lower wages and a reduction of staff taking its toll on rents and prices.
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Read more:
Eshraq in merger talks with fellow developer Reem Investments
Eshraq Properties reports smaller loss for quarter
New Reem Island projects approved by Abu Dhabi city planners
Mubadala Investment Company set for next step on integration path
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Mubadala Investment Company set for next step on integration pathBrokers Core Savills last week said that prices were down as much as 15 per cent year-on-year to the end of June, with high-end developments particularly affected. Indeed, consolidation in the sector began even ahead of the downturn, with the merger of Aldar Properties with Surouh in 2013.
The marriage between Reem Investments, a master developer with a large bank of land, and Eshraq, a traditional developer, makes sense in theory. But while such a merger would create Abu Dhabi’s second-largest developer behind Aldar, the comparative lack of development experience between the two entities may count against the new company, as Ben Crompton of Crompton Partners has noted.
Such concerns haven not been felt yet by the market; Eshraq’s shares finished yesterday up 3.7 per cent at a two-and-a-half-week high of 87 fils.
Much about the deal has yet to be worked out, if indeed it still goes ahead. But the discussions between the two entities proves that the impulse among Abu Dhabi’s big businesses to consolidate remains as keen as ever. With a return to the high oil prices of 2014 increasingly unlikely, more mergers among the emirate’s big names are surely only a matter of time.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 