The Dubai Mall and The Address Dubai Mall hotel. The luxury property is one of five hotels that ADNH is acquiring from Emaar Hospitality Group. Gabriela Maj / Bloomberg
The Dubai Mall and The Address Dubai Mall hotel. The luxury property is one of five hotels that ADNH is acquiring from Emaar Hospitality Group. Gabriela Maj / Bloomberg

Abu Dhabi National Hotels secures Dh1.6bn loan for acquisitions



Abu Dhabi National Hotels secured a Dh1.6 billion loan from First Abu Dhabi Bank to fund its acquisition of a number of Dubai hotels, the company said on Tuesday.

The statement did not name the acquired hotels but ADNH said in November that will buy five hotels from the Emaar Hospitality Group, a subsidiary of Dubai’s biggest listed developer Emaar Properties. The value of the deal was not disclosed and the transaction was expected to be completed by late 2018 or early 2019.

""This landmark agreement reflects our ambition to ensure sustainable growth through strategic acquisitions in our core markets," Sheikh Ahmed Al Dhaheri, vice chairman of ADNH, said in a statement on Tuesday.

ADNH has agreed to buy from Emaar Properties the Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown. Together, they account for around 1,000 hotel rooms.

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As part of the deal, ADNH - one of the biggest hotel owners in the emirate of Abu Dhabi - will enter into long-term management agreements with Emaar Hospitality to operate the assets under the Address and Vida brands.

ADNH is seeking to strengthen its presence in Dubai and expand its portfolio of luxury hospitality assets, the company said in November.

Emaar Properties chairman, Mohamed Alabbar, said in July that the Dubai-listed developer planned to sell some of its non-core portfolio to finance growth and focus on hotel management rather than asset ownership, in an interview with CNBC Arabia.

Emaar Hospitality is moving towards an "asset-light" model to help the business unlock its potential, Mr Alabbar said when the hotels sale to ADNH was announced.

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars

Company profile

Company: Wafeq
Started: January 2019
Founder: Nadim Alameddine
Based: Dubai, UAE
Industry:
software as a service
Funds raised: $3 million
Investors: Raed Ventures and Wamda, among others

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

Favourite book: ‘The Art of Learning’ by Josh Waitzkin

Favourite film: Marvel movies

Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence

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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
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Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

IPL 2018 FINAL

Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)

Chennai win by eight wickets

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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