Ongoing negotiations to ensure the Abdullah Brothers, the previous owners of Damas International, repay Dh1.8 billion to a collection of lenders and the company, have again been delayed.
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Back to business
A date for the agreement to be signed was previously fixed for the end of April, but this has now been extended to the end of May to allow one final bank to agree the terms of a deal, Damas said today in a statement today to Nasdaq Dubai.
The company, which is the Middle East's largest jeweler, is owed Dh614 million by the Abdullah Brothers - Tawfique, Tawhid and Tamjid - after the trio withdrew cash and gold from the company without shareholder approval while running the company.
Through their privately held companies, Damas Real Estate, Damas Investments and Damas Hotels, the brothers also owe a further Dh1.2bn to a collection of lenders, with a total Dh1.8bn currently being negotiated.
The so-called "cascade agreement" has been delayed a number of times due to the complex nature of the negotiations that include criss-crossing of guarantees, varying ownership structures and a mix of secured and unsecured debt arrangements.
The agreement is expected to last three years to increase the potential value of any Abdullah assets sold should market conditions improve.
A signature on the deal is critical for Damas, because it will allow the company to proceed with a Dh3bn debt restructuring recently agreed with its own banks.
This will be used for working capital and loans for investment in expansion, which will focus on the jeweler's business in Saudi Arabia and the UAE.
Damas's corporate debt restructuring comprises loans worth Dh1.1bn and a working capital agreement worth Dh1.9bn.
In many countries across North Africa, the Middle East and Asia, the company is also trying to recover hundreds of millions of dirhams of investments, loans and payments for merchandise the three brothers made without proper documentation.
The Abdullah brothers were the subject of the strictest regulatory action in the history of the Dubai International Financial Centre (DIFC) in March last year for improperly withdrawing Dh365m of cash and nearly two tonnes of gold worth Dh250m from Damas without shareholder approval.
About 80 per cent of the brothers' creditors are the same as the creditors of the company.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Company Profile
Company name: OneOrder
Started: October 2021
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
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more from Janine di Giovanni
Mohammed bin Zayed Majlis
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
