TDIC to raise $1bn with bonds


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The Abu Dhabi Tourism Development and Investment Company (TDIC) is planning to raise another US$1 billion (Dh3.67bn) under an existing bond programme in the next year as it increases construction activity on Saadiyat Island.

The money is expected to be used to fund TDIC projects, which include additions to its destination hotels such as the Qasr al Sarab in the Empty Quarter.

In 2009, TDIC launched a facility that comprised $3bn of medium-term notes and a $1.45bn Islamic bond. The company issued $2bn of debt under that facility. A new issuance would be the first debt-raising for TDIC in about two years.

James Pringle, who became acting chief executive of TDIC in January, said the company was looking to begin raising this debt somewhere between July this year and the end of March next year. "We're looking for longer-term debt," he said. The company plans to issue debt with maturities of between seven and 10 years.

Martin Kohlhase, an analyst at Moody's Investors Service, said the move toward longer-term debt would match the company's pipeline of projects over the coming decades.

TDIC was also in negotiations with international developers from London, Singapore and Paris about plots of land in its Cultural District on Saadiyat Island.

The area is where the Louvre Abu Dhabi, Guggenheim Abu Dhabi and Zayed National Museum are under construction.

"The talks we had started in 2008 and 2009 have gone somewhat quiet," Mr Pringle said. "Now there are new talks, with companies in Europe and Asia, that are progressing well."

The companies were interested in developing properties in close proximity to the three museums. When complete, the result will be a place that is "unique on planet Earth", Mr Pringle said.

"Interest has gone up about 100 per cent in the last month," he said. "People realise Abu Dhabi is a commercial hub in the GCC. On the island, there are going to be a lot of opportunities for new projects."

TDIC yesterday debuted the show homes for its Saadiyat Beach Villas development, which is due to begin being handed over by the end of this year, Mr Pringle said. About two thirds of the homes, which range from Dh6.5 million to Dh40m in price, have been sold, although most of those sales took place in 2008 when they were first announced. The company did not make clear how many buyers were still making payments.

A major marketing effort is now beginning in a bid to sell the remaining homes, as the island nears a milestone in having its first residents and guests. Two hotels - the St Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi - should be finished by the end of this year.

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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.

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
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TV: Match on BeIN Sports

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The specs
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Price: From Dh192,500
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The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Manchester United 50 appearances, 5 goals

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UAE currency: the story behind the money in your pockets
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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.

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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).