ACI to acquire Define



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
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. 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. 
  3. 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. 
  4. 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.
  5. 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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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Company%20Profile
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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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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
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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
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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 

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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

 


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