Union Properties, Dubai's third-largest property developer by market value, hopes to finalise the sale of the Ritz-Carlton in the emirate this month as it seeks to raise cash to pay debts and finish projects.
Khalid bin Kalban, the chairman of Union Properties, said the company was "in serious talks" with two investors, one from the UAE and one from Saudi Arabia, and expected to get close to the asking price of Dh1.5 billion (US$408 million).
"We are going back and forth with the price and the conditions of the deal, such as the transfer of ownership," he said. "But I think we'll get it for close to the asking price ? It's one of the biggest deals to happen this year."
Mr bin Kalban said the money raised from the sale would be used to reduce the company's debt with banks as well as complete projects such as the multibillion-dollar Motor City in Dubai.
Union Properties will also sell other hospitality assets, including two Marriott Executive Apartment blocks, one in Deira and the other in the Green Community, "if the price is right", Mr bin Kalban said.
Union Properties returned to profit in the first quarter after losses totalling Dh498m last year. But its stock has lost more than 44 per cent of its value this year.
Simon Cooper, the president and chief operating officer of Ritz-Carlton Hotels, told The National at the Arabian Travel Market in May that he expected the Ritz-Carlton hotel to open by the end of the year. The hotel is located at Dubai International Financial Centre (DIFC).
He said the company's management contract would not be affected by the sale of the property. "Our contracts survive sales," said Mr Cooper. "Our hotels change hands but that doesn't impact us."
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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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
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
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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
