ACI Real Estate, a German property developer building a number of celebrity-endorsed projects in Dubai, is in talks to buy Define Properties.
Define was established in Dubai in June last year, just months before the global credit crunch started to impact on the emirate's property market.
Having acquired 12 plots of land at Nakheel's Waterfront development, the company pledged to spend Dh8 billion (US$2.1bn) on a range of residential and commercial projects in the emirate.
"We have entered negotiations for the sale of Define Properties with ACI," said a spokeswoman for Define, adding that the talks centred on the sale of land at Waterfront and other assets.
Walid Abdel Latif, the director of sales and marketing at Define, confirmed the move and said the sale could be finalised within a month. A spokesperson for ACI said "talks were ongoing".
Define was also responsible for delivering a commercial project endorsed by the former Formula One racing driver, Niki Lauda, in Dubai's Business Bay.
But the Niki Lauda Twin Towers have now been taken over by ACI, which launched and marketed the project originally, after Define struggled to finance the construction.
Saqer Engineering and Contracting Enterprises was awarded a Dh305bn contract last month to build the project and is expected to start construction soon.
"We've already mobilised to the site and are waiting for the local authorities to finalise the permit," said Mahmoud Younis, the company's managing director. "ACI is the client now, Define is out."
The spokeswoman for Define said the future of staff employed by the company was a key point of the sale discussions. "As with any merger or acquisition, it could mean layoffs in order to be able to best right-size the company."
The potential deal is a further sign of a trend towards consolidation in the property sector, something that will be a major feature of this year as cash-strapped developers struggle in a tougher economic environment.
"We'll see significant consolidation in the industry," said Blair Hagkull, the managing director in the Middle East for Jones Lang LaSalle, an international property consultancy.
"We'll also see a coming of age in the Dubai property market. Values have changed and there will be a flight to quality."
ACI, which was formed in 2004, has 16 projects on its books in Dubai, several of which are under construction.
The former tennis champion, Boris Becker, and the former Formula One driver, Michael Schumacher, have given their names to two commercial towers that ACI is building.
Boris Becker also owns a share in the Boris Becker Beach Resort and Tennis Academy, a Dh3bn resort planned for development by ACI on Al Marjan Island in Ras al Khaimah.
In August, ACI signed a deal worth Dh165 million with Ferretti, the Italian yacht company, to provide eight boats for the Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence, two properties planned at Waterfront for a total cost of Dh6bn.
The yachts will be for the sole use of residents.
agiuffrida@thenational.ae
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
'Cheb%20Khaled'
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Sour%20Grapes
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COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Company%20Profile
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COMPANY%20PROFILE%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
COMPANY%20PROFILE
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY%20PROFILE
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Killing of Qassem Suleimani
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Killing of Qassem Suleimani
COMPANY%20PROFILE
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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
Company%C2%A0profile
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
COMPANY%20PROFILE
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba