Deyaar Development is in turnaround mode, again, and for shareholders, it is like deja vu.
In October 2008, just as the global financial crisis spread to Dubai, the property group hired a new management team.
The move came seven months after the company had become embroiled in a fraud investigation that saw Zack Shahin, the then-chief executive, being detained on allegations of corruption. He is still in prison while the case continues.
With Markus Giebel installed as the new chief executive, the "turnaround" team quickly embarked on a bold strategy to reduce the default rate of homebuyers, create a distressed assets fund to buy properties from struggling buyers and consolidate projects.
The plan started well, with Deyaar minimising the default rate to only about 5 per cent of its 5,000 customers.
Mr Giebel and his team also had plans to take the developer into new markets such as Lebanon and Saudi Arabia, as well as build retirement homes and affordable housing.
The fresh, transparent approach inspired confidence, leading some major international investors to commit Dh200 million (US$54.4m) towards Deyaar's Dh500m distressed property fund.
But the fund was put on hold at the end of last year when the investors lost confidence after the Dubai World conglomerate asked its creditors for a six-month standstill on its debts.
And yesterday, less than two years since his appointment, Mr Giebel left the company. The move was part of a management shake-up that is expected to see the departure of other senior executives.
Saeed al Qatami has replaced Mr Giebel in an acting capacity - and he has his work cut out for him.
"Coming up with a strategy is one thing but executing it is another," said Saud Masud, a property analyst with UBS.
Nomura Securities downgraded Deyaar yesterday from "neutral" to "reduce" with a price target of Dh50, down from Dh92, citing a host of negatives including its small market capitalisation status, foreign ownership restrictions and lack of clarity on strategy.
Deyaar's shares closed yesterday at 47 fils, down 0.62 per cent.
@Email:agiuffrida@thenational.ae
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Zayed Sustainability Prize
Company%20Profile
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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
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
UAE%20Warriors%2045%20Results
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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