Shuaa Capital, an investment banking and asset management company in Dubai, has sold a plot of land in Business Bay to developer Danube Properties for Dh190 million ($51.73 million).
The Dubai-listed company said it has arranged the sale on behalf of its subsidiaries and other investors. The transaction is part of Shuaa's ongoing strategy to consolidate its asset portfolio, it said in a statement on Tuesday.
“This agreement underscores our dedication to generating shareholder value and participating in the advancement of Dubai's real estate sector. Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market,” said Fawad Tariq Khan, group chief executive of Shuaa Capital.
Boosted by its property and managed funds business, Shuaa reported a 60 per cent quarterly increase in first-quarter net profit.
Net profit attributable to shareholders in the first quarter climbed to almost Dh15 million. Total revenues climbed 1 per cent to nearly Dh60 million in the quarter, driven by recurring revenue generation across all segments.
“This purchase will help Danube Properties to create a more attractive project for investors and home buyers to invest and benefit from future price appreciation, due to its attractive location,” said Rizwan Sajan, founder and chairman of Danube Group.
“Business Bay forms the new business district ... purchase of this particular piece of land will help us strengthen Business Bay as a vibrant downtown where people will be able to live, work and do business – at a location next to Burj Khalifa, the world’s tallest tower,” Mr Sajan said.
Danube Properties plans to develop a residential tower on the acquired plot.
The company has launched six projects, worth Dh3.42 billion, between January 2022 and January 2023. The developer’s current development portfolio includes 22 projects and 10,713 units, with a combined sales value exceeding Dh10 billion.
The UAE property market made a strong recovery from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme and the economic boost generated by Expo 2020 Dubai and higher oil prices.
The performance of the Dubai property market last year was described as exceptional by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, as the value of deals jumped 76.5 per cent to a high of Dh528 billion.
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Creator: Jenna Lamia
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Power: 464hp at 5,200rpm
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Transmission: 10-speed auto
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
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By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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UAE currency: the story behind the money in your pockets
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
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
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- Disruption Lab and Research Centre for developing entrepreneurial skills
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Fuel economy, combined: 9.0L / 100km
Match info
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Dhadak
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MATCH INFO
Champions League quarter-final, first leg
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Price, base: Dh201,153
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Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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.
