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  • Middle East Unrest Update

  • Talk of the Town

    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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Dubai Investments (DI) willing to sell 40 % units

Posted by 7starsdubai on December 28, 2008


original published EmiratesBusiness24/7

http://www.business24-7.ae/articles/2008/12/pages/12282008_2f73da95bdf04af689137facd29682d5.aspx

Dubai Investments (DI) is willing to sell up to 40 per cent stakes in any of its subsidiaries when the market situation improves, a top official said. He added that the global economic crisis is not expected to have a significant impact on future cash flows.

“We are open to selling stakes in any of our subsidiaries and possible buyers could include sovereign wealth funds,” DI Chief Executive Officer Khaled Kalban told Emirates Business.

DI has also put all plans for launching initial public offerings (IPOs) for any of its subsidiaries on hold, owing to market conditions. The company, with 46 subsidiaries, had said it would launch an IPO for M’sharie, its private equity arm, within 12 to 18 months, but has put the plans on hold.

“The market for IPOs is dead at the moment. Currently, it is difficult to predict where the market is heading and we will only make definite headway when the market situation improves,” said Kalban.

DI has surplus cash of more than Dh2.2 billion and will be investing it in term deposits with major banks. “Cash today is valuable as assets have been depreciating. The global crisis has hit companies in Dubai and now we are trying to react to what has happened.

“We do not expect the financial crisis to have any significant impact on our future cash flow. As 2009 rolls round there are several contracts in the pipeline for our companies and so far none has been put on hold,” he added.

Kalban said DI is weathering the storm unleashed by the liquidity crisis and its liabilities are low compared to its overall capital of Dh7.5bn.

“We are maintaining high liquidity and our debt-to-equity ratio is less than 30 per cent. Our debt consists mainly of short-term borrowings against inventories. The current economic environment does require businesses to be fiscally prudent, examine their projects and adopt new strategies.

“Our group of companies are assessing their expenses and reviewing future projects in order to formulate strategies and set targets that reflect the new market realities,” he said.

According to Kalban, the company has postponed plans to launch any new real estate projects next year. “So far, our real estate projects have remained by and large unaffected, as most of our units had been sold prior to September just before the financial crisis began,” Kalban said

 

 

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