The UK-based construction consultancy Sweett Group said it is considering “strategic options” for its struggling Middle East division after announcing a deal with Currie & Brown to sell its Asia Pacific and India businesses for £9.3 million (Dh52.8m).
The company said that its Middle East arm, which employs 90 people across four offices in Abu Dhabi, Dubai, Doha and Muscat, has had a “challenging first six months” of its current financial year. In its last financial year, the company’s Middle East arm reported an operating loss before goodwill write-offs and exceptionals of £1.2m as revenues fell by one-third to £6.6m.
Sweett Group is the subject of an investigation by the UK’s Serious Fraud Office, which is looking into allegations that a former Dubai-based executive had sought payments from an architecture company in return for the award of a contract to build a hospital in Morocco. The company has had to hire its own independent investigators, and it racked up £1.7m in exceptional expenses last year which it said were mainly incurred as a result of both its own and the Serious Fraud Squad’s investigations.
The sale of the Asia Pacific division will lead to a writedown in its accounts of about £10m as it had a book value of £19m. However, Sweett Group’s chief executive Douglas McCormick said the deal “will allow us to reduce debt significantly, improve the working capital dynamics of the group and invest in our growing and cash generative businesses in Europe”, as well as helping to rebalance its risk profile.
Sweett Group has had a presence in the Middle East for almost 10 years and has worked on high-profile projects including the Masdar City master plan and the Four Seasons hotel in Abu Dhabi, as well as the Dubai Metro project and the new Capital Markets Authority tower within Riyadh’s King Abdullah Financial District. Current projects include advising Emaar’s hospitality business on the rollout of its mid-market Rove Hotels brand. The Middle East business also oversees an office in Sri Lanka.
mfahy@thenational.ae
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Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
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)
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