Alpha Dhabi Holding, a subsidiary of Abu Dhabi-listed conglomerate International Holding Company, has increased its stake in Aldar Properties to become the parent company of the property developer.
The move reaffirms Alpha Dhabi’s position as the single largest shareholder in the emirate's biggest-listed real estate company, as it continues to expand its property investment portfolio, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The additional shareholding came through Alpha Dhabi’s acquisition of an entity that held shares in Aldar.
The deal has received necessary regulatory approvals, Alpha Dhabi said, without providing any further details.
Alpha Dhabi bought a 12.8 per cent stake in Aldar Properties from Mubadala Investment Company for Dh3.5 billion ($953 million) in April last year. Mubadala remained a long-term strategic investor in the developer with a 25 per cent stake, it said at the time.
In January, Alpha Dhabi bought an additional 17 per cent stake in the developer, increasing the size of its stake to 29.8 per cent.
Alpha Dhabi completed the deal through the acquisition of Sublime 2, Sogno 2 and Sogno 3, which together controlled 17 per cent of Aldar, it said in a statement at the time.
With the completion of the latest deal, Aldar will be treated as a subsidiary in Alpha Dhabi’s consolidated financial statements, the impact of which will be reflected in its financial results from the second quarter of this year onwards.
“We are firm believers and supporters of Aldar’s equity story, vision and strategy, as well as the positive and strong strides it continues to make in growing and scaling [up] its platforms,” said Alpha Dhabi chief executive Hamad Al Ameri.
“As a long-term strategic shareholder, Alpha Dhabi will continue to support Aldar’s management team as they execute its transformational growth agenda.”
Aldar reported a 23 per cent jump in first-quarter profit as revenue climbed on the back of record property sales amid the continued recovery of the UAE’s property market and expansion of the developer's business.
We are firm believers and supporters of Aldar’s equity story, vision and strategy, as well as the positive and strong strides it continues to make in growing and scaling [up] its platforms
Hamad Al Ameri,
chief executive of Alpha Dhabi
Net profit for the three months to the end of March climbed to Dh668m as revenue rose 31.5 per cent to Dh2.68bn.
The company's strong financial performance was driven by its maturing Abu Dhabi business and its diversified asset base.
Aldar, which has added to its land bank in the UAE, has also expanded into Ras Al Khaimah and Egypt.
“The macroeconomic environment across the UAE and the region remains strong, supported by a rise in oil prices and, with it, sustained economic growth,” Mr Al Ameri said.
The economic, social and regulatory policies and initiatives unveiled by the UAE — such as property ownership laws and long-term residency visas options — are further supporting the real estate market, he said.
“The result is an in-demand asset class across the UAE, the key market in which Aldar operates, as well as new markets it has recently entered into such as Egypt,” he said.
The move to consolidate its stake in Aldar is in line with Alpha Dhabi’s future expansion strategy.
The company seeks to invest Dh8bn in property, hospitality, health care and petrochemicals, as well other promising sectors within and outside the UAE.
In January, Alpha Dhabi acquired a 25.24 per cent stake in Q Holding (previously Al Qudra Holding), which focuses on sustainable development and invests in fundamental growth sectors including property, services and hospitality.
Alpha Dhabi reported sharp rise in its first-quarter net profit driven by a surge in net income, which rose to more than Dh1.97bn, compared with Dh100m in same period in the previous year.
Its revenue during the January-March period rose eight times on an annual basis to about Dh8.2bn.
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
Zayed Sustainability Prize
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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Mary Beard
Profile Books and London Review of Books
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
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
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UAE currency: the story behind the money in your pockets
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Rating: 3/5
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
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Rating: 4.5/5
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
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- 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
