Emaar Properties said on Thursday its hotel sales deal is worth around Dh2.2 billion and the effect of the transaction is expected to be reflected in its first quarter results.
The sales price is “subject to certain adjustments relating to working capital of these hotels,” Emaar said in a statement to the Dubai Financial Market, where its shares are traded.
“There is no separate value for each hotel.”
Emaar Hospitality Group, a subsidiary Emaar Properties, said in November it is selling five of its hotels, including the flagship Address Dubai Mall and Address Boulevard, to Abu Dhabi National Hotels and the deal is expected to be completed either late 2018 or early 2019.
“The transaction is subject to occurrence of a number of conditions. If the conditions are met, the impact of the transaction is expected to occur in the first quarter of 2019,” Emaar said in the bourse filing.
The other hotels in the deal include Address Dubai Marina, Vida Downtown and Manzil Downtown. Together, they account for around 1,000 rooms.
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Read more:
Emaar Hospitality to sell five hotels to Abu Dhabi National Hotels
Emaar confirms discussion over sale of hotel assets is ongoing
Emaar Properties third quarter profit plunges 29% on higher cost
Emaar asset sale could help fund Dubai Creek plans, says chairman
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“The reason for the transaction is to implement the company’s strategy and enable Emaar Hospitality to focus on management and operation of hotels while remaining asset light,” said Emaar. “The proceeds of sales will be used to finance commercial properties, which generate higher return on investment.”
As part of the deal, ADNH - one of the biggest hotel owners in the emirate of Abu Dhabi - will enter into long-term management agreements with Emaar Hospitality to operate the assets under the Address and Vida brands.
UAE real estate developers such as Emaar are seeking more efficiency as they continue to tackle the fallout from a three-year slump in oil prices, which has driven down property prices and squeezed their profit margins.
Emaar Properties’ third-quarter net profit declined 29 per cent year-on-year to Dh1.1bn, below analysts’ forecasts.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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The%20specs
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COMPANY%20PROFILE
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
