The announcement by Prince Alwaleed bin Talal bin Abdulaziz Al Saud's Kingdom Holding of a cash offer to buy shares in its subsidiary Kingdom Hotel Investments (KHI) represents another major blow for NASDAQ Dubai, which has struggled with low activity since its launch.
Kingdom Holding said yesterday it would offer US$5 in cash for each KHI share.
Analysts said that anaemic trading on NASDAQ Dubai was a major factor for the offer.
KHI is also listed on the London Stock Exchange (LSE), but its primary listing is on NASDAQ Dubai.
KHI yesterday reported preliminary results for last year, and said it booked a profit of $21.8 million, up 27 per cent from 2008.
"We expect a shy and cautious recovery in a number of our markets [this year]," Sarmad Zok, the chief executive of KHI, said yesterday.
Ali Khan, the managing director of Arqaam Capital, said: "We are seeing a trend here that companies listed do appear to be frustrated with the liquidity."
The ports operator DP World and the interiors contractor Depa, which are also listed on NASDAQ Dubai, have indicated they are looking for ways to increase liquidity.
DP World announced in January it was seeking a listing on the LSE.
NASDAQ Dubai, which was launched in 2005 as the Dubai International Financial Exchange, has struggled to attract listings and to expand trading activity.
"Limited liquidity and low trading volumes have affected and are likely to continue to affect the share price," Kingdom Holding said.
John Sfakianakis, the chief economist at Banque Saudi Fransi, said the move by Kingdom Holding was also likely to be part of a broader process of consolidation at the company.
KHI owns 27 hotels, including the Four Seasons George V in Paris.
@Email:rbundhun@thenational.ae
HEY MERCEDES, WHAT CAN YOU DO FOR ME?
Mercedes-Benz's MBUX digital voice assistant, Hey Mercedes, allows users to set up commands for:
• Navigation
• Calls
• In-car climate
• Ambient lighting
• Media controls
• Driver assistance
• General inquiries such as motor data, fuel consumption and next service schedule, and even funny questions
There's also a hidden feature: pressing and holding the voice command button on the steering wheel activates the voice assistant on a connected smartphone – Siri on Apple's iOS or Google Assistant on Android – enabling a user to command the car even without Apple CarPlay or Android Auto
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
The specs
Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
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
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90+6')
Manchester City 0
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
More from Neighbourhood Watch:
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals