Abu Dhabi Commercial Bank, the UAE’s third-largest lender by assets, said it has received a binding offer for a majority stake acquisition in Abu Dhabi Commercial Properties (ADCP), the lender’s wholly owned property management services subsidiary.
The bank has received the offer from Nine Yards Plus Holding, a subsidiary of Abu Dhabi-based Ethmar International Holding (EIH), the company said on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
ADCB, which will retain a 20 per cent stake in ADCP, said it is expecting to receive Dh400 million ($108.90 million) after the sale of the majority stake to Nine Yards Plus Holding.
However, the potential partnership is subject to the "transaction agreements, approvals and any relevant closing conditions," and is expected to be completed during the fourth quarter of this year.
The transaction aligns with ADCB’s strategy to focus on “growth and diversity building on strategic partnerships” with the UAE companies.
The potential acquisition will position ADCP on an “accelerated growth path”, ADCB said in a statement. ADCP will retain its separate corporate legal status and brand, ensuring continuity of its processes, operations and services, it added.
Established in January 2006, ADCP is a property management company. Following the merger in 2019, Union National Bank’s Al Wifaq Properties and the real estate division of Al Hilal Bank were successfully integrated into ADCP, enhancing its customer reach and offering a broader portfolio.
Nine Yards is the real estate vertical of EIH that operates in nine different sectors ranging from property, energy, technology, alternative investments, hospitality, healthcare, travel and tourism, financial services, automotive and trading.
ADCB reported a 22 per cent increase in its third-quarter net profit to Dh1.94 billion. Total net interest income – what banks earn from their lending activities minus the interest they pay to depositors – surged 28.6 per cent to Dh2.65 billion, while net income from Islamic financing and investing products rose 6.2 per cent to Dh531 million.
The bank had grown its assets by 7.8 per cent to nearly Dh537 billion at the end of September.
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
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UAE currency: the story behind the money in your pockets
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MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
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