Talal Al Dhiyebi, the chief executive of Aldar Properties said "acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio". Victor Besa / The National 
Talal Al Dhiyebi, the chief executive of Aldar Properties said "acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio". Victor Show more

Aldar acquires real estate assets from TDIC in Dh3.7bn deal



Aldar Properties reached an agreement with Tourism Development & Investment Company to acquire real estate assets worth Dh3.7 billion, in one of the largest real estate acquisitions in the country’s history.

Aldar, the biggest-listed developer in Abu Dhabi with $10bn in assets, expects the deal to be completed by the end of June, it said in a statement to the Abu Dhabi Securities exchange, where its shares are traded.

The developer behind Abu Dhabi's Ferrari World theme park has acquired assets located in key destinations in the emirate, with a focus on Saadiyat Island. The 14 operating assets bought from the state-controlled TDIC range from hospitality and retail to residential and education. Other assets in the portfolio include prime land plots and some of underdevelopment projects on Saadiyat Island, Aldar said.

The acquisition “presents Aldar with an unprecedented opportunity to add significant value to its portfolio,” said Talal Al Dhiyebi, the chief executive of Aldar Properties. “We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level.”

Aldar’s move is the latest sign of consolidation efforts in the UAE’s real estate market. Abu Dhabi firms Eshraq Properties and Reem Investments in August said they are considering a potential merger to create the second-largest listed developer in the emirate. In March, Aldar and Emaar Properties, entered a joint venture to develop Dh30bn worth of projects pipeline with an initial focus on two developments in Abu Dhabi and Dubai.

Concerns of oversupply amid softer economic conditions reduced sale and rental values of properties. The headwinds over the past few years have prompted developers to solidify their recurring revenue lines and consider mergers and acquisitions or forge partnerships to gain scale in order to better cope with the market conditions.

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Read more:

Aldar plans Dh10bn Alghadeer extension near Dubai border

Abu Dhabi launches rental index to boost transparency

Abu Dhabi rents in Q1, 2018: All you need to know

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"If you look at the bigger picture ... the lower oil price environment has meant that cooperation...was almost inevitable:  we are [now] seeing it manifest itself in forms of different partnerships or exchange of assets," Faisal Durrani, the UK-based head of research at Cluttons said.

Such deals are "hugely positive. We are in a place where various entities had acted independently for long and the fact that they are sharing expertise and assets means that they are collectively coming together and presenting a more unified front." A bigger asset base, Mr Durrani said, is more appealing to the global investor base rather than stand alone entities.

The acquisition of TDIC’s operating assets will enhance Aldar’s asset management business with an additional stream of recurring revenue in line with its growth investment plan. The operating assets being acquired include Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi and Westin Golf & Spa, which Aldar said, will deliver an incremental net operating income of approximately Dh120 million to its asset management portfolio on an annualised basis.

The deal for the land and projects under development will form part of Aldar’s development destination strategy. The gross development value of these projects is Dh2.5bn, while the land being acquired is located on Saadiyat Island, is infrastructure enabled and includes approximately 1.1 million square metres gross floor area, the company said.

“The acquisition will immediately positively contribute to the performance of both the development and asset management business in 2018 and beyond,” Aldar said in the statement. “We’re well placed to take advantage, with the injection of these new assets.”

Saadiyat Island is regarded as one of the prime locations in Abu Dhabi’s real estate market. It is home to the Louvre Abu Dhabi, which opened its doors to visitors last year. The Islands’ cultural district will expand further through the development of the Zayed National Museum and Guggenheim Abu Dhabi, which clearly marks further growth opportunities, Aldar noted.

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

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Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq

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Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

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Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
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29 Oct, 3rd T20I, Lahore

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The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

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Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Name: Hassan Mohsen Elhais

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

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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.

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Developer: Treyarch, Raven Software
Publisher:  Activision
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

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Brief scoreline:

Manchester United 0

Manchester City 2

Bernardo Silva 54', Sane 66'

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”


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