DoorDash twitter account on a smartphone during the company's initial public offering on Wednesday, December 9, 2020. DoorDash opened 84% above its IPO price. That's the third-best opening pop of 2020, excluding deals that raised less than $1bn. Bloomberg
DoorDash twitter account on a smartphone during the company's initial public offering on Wednesday, December 9, 2020. DoorDash opened 84% above its IPO price. That's the third-best opening pop of 2020, excluding deals that raised less than $1bn. Bloomberg
DoorDash twitter account on a smartphone during the company's initial public offering on Wednesday, December 9, 2020. DoorDash opened 84% above its IPO price. That's the third-best opening pop of 2020, excluding deals that raised less than $1bn. Bloomberg
DoorDash twitter account on a smartphone during the company's initial public offering on Wednesday, December 9, 2020. DoorDash opened 84% above its IPO price. That's the third-best opening pop of 2020

Markets

DoorDash's stellar debut helps rewrite SoftBank's trackrecord

America's largest food delivery company saw its share price close up 86% on its first day of trading

Massoud A Derhally
Massoud A Derhally

December 10, 2020

  • English
  • Arabic

The Covid-19 pandemic upended businesses globally and led to millions of people losing their jobs, but the health crisis also accelerated digitisation and for DoorDash, the US’s largest food delivery service, that was manifested in its stellar debut on the New York Stock Exchange.

With its stock closing 86 per cent higher than its initial public offering price on its first day of trading on Wednesday, valuing the company just above $60bn, the listing could not have been more successful.

For SoftBank Group, which posted a net profit of about 628 billion yen ($6bn) for the three months to the end of September, compared with a loss of 700bn yen in the same period a year earlier, DoorDash’s listing is a blessing after a muted Uber IPO and the implosion of WeWork.

DoorDash will further boost the $10bn gain to the group’s bottom line from its Vision Fund investments, that resulted in a $12.7bn operating loss in its last fiscal year. The Vision Fund’s 20 per cent stake in DoorDash reaped an $11.2bn gain on its $680 million investment in the company.

The challenge for DoorDash, which reported $1.9bn of revenue in the first nine months of the year as food delivery orders surged during the pandemic, is what will happen once the health crisis subsides and life returns to normal. The company narrowed its net loss to $149m in the first nine months of the year from a $533m loss in the same period a year earlier.

SoftBank, which is sitting on $80bn of cash, is likely to see more upside on its investments as more companies backed by the Japanese conglomerate, go public.

In September, home-selling platform Opendoor said it plans to list through a merger with a blank-cheque company that values the combined entity at $4.8bn. SoftBank had previously invested $400m in Opendoor.

SoftBank made about $1bn off its investment in Slack before the company agreed to be bought by Salesforce. The messaging platform benefitted from the pandemic, which forced people to work from home and companies to operate remotely.

SoftBank's Vision Fund, a heavy investor in companies harnessing artificial intelligence and other technologies, is likely to see further gains as more companies it has stakes in go public by the end of next year and help rewrite the company's track record, its chief executive told The National in an interview last month.

SoftBank's Vision Fund expects up to seven companies that it has stakes in to go public by the end of next year, SoftBank Investment Advisers chief executive Rajeev Misra said.

“The acceleration of disruption went up dramatically due to Covid. The market share gain achieved by many of our companies that would have taken three years to happen, happened in the last nine months. Many of our companies have huge tail winds,” Mr Misra.

“AI is going to disrupt and be a bigger disruptor than the internet, which took 20 years to disrupt a lot of industries.”

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Patrick Chamoiseau

Translated from the French and Creole by Linda Coverdale

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THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

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2. Prayer

3. Hajj

4. Shahada

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1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Our commentary on Brexit
Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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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

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If you go...

Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.

Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.

if you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes. 

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes. 

More info

To keep up with constant developments in Portland, visit www.travelportland.com

 

MATCH INFO

What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

The years Ramadan fell in May

1987

1954

1921

1888

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