Abu Dhabi-listed company Al Qudra Holding is permitting non-Emiratis to own a maximum of 30 per cent of its capital as it seeks to further diversify its holdings and shareholder base.
The decision to permit foreign ownership of its shares was passed in the company's general assembly meeting on December 12 and necessary approvals were secured, Al Qudra said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
Non-Emiratis have already begun trading in Al Qudra shares following the receipt of approvals, the statement added.
The company plans to expand its operations and tender for projects worth Dh20 billion ($5.4bn), Sheikh Abdulla bin Mohamed bin Butti Al Hamed, chairman of Al Qudra Holding, said.
“Over the past few months, the Board of Directors has been focusing on enhancing the company’s capabilities, expanding its operations and diversifying its portfolio through acquisitions and launching new projects in various sectors. Such efforts are in line with an ambitious strategic plan that aims to put Al Qudra Holding at the forefront of the UAE’s investment sector,” the company said.
Al Qudra Holding operates across sectors including real estate, services, hospitality and diversified investments, and has 12 subsidiaries.
The group has built a large portfolio since it began operations in 2005, including Manarah Bay, a multi-use project spanning about 52,000 square metres in Abu Dhabi, and Barary Ain Al Fayda Development in Al Ain, which includes 2,500 residential units.
Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company with consideration of mandatory convertible bonds worth Dh2.24bn, which will be converted into issued share capital of AI Qudra. The deal increased Al Qudra’s capital to Dh5.5bn.
Tamouh Investments is a primary developer of key projects in Abu Dhabi, including Marina Square, City of Lights, Fantasy Island and the Royal Group headquarters.
Earlier this week, Alpha Dhabi said it had acquired a 25.24 per cent stake in Al Qudra as part of its broader strategic investment plan.
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
MATCH INFO
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De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Killing of Qassem Suleimani
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Abu Dhabi Sustainability Week
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
