Much talk over sale of Yas Marina Circuit



If you believe the chatter among some analysts, Aldar Properties is weighing the option of selling its share in Yas Marina Circuit, the Formula One track it opened last year. Analysts estimate Aldar's stake in the race track could fetch as much as Dh2.5bn (US$681 million). The most likely buyer would be an arm of the Abu Dhabi Government, which is already a partner with Aldar in the project.

Aldar executives declined to comment yesterday. A sale, far from a sure thing, would make strategic sense for both parties. It would provide Aldar with a much-needed cash infusion and allow the company to focus on other aspects of the Yas Island development. The sale would also further the Abu Dhabi Government's commitment to Yas Island as a key component in its push to expand the region's tourism industry.

For Aldar investors, a deal would be "a positive thing", said Roy Cherry, a property analyst at Shuaa Capital. "Since it would probably be a government acquisition, it would be sold at the right price and would have a positive impact on the share price." Mr Cherry added there was no indication that the company was actively seeking buyers. In a separate assessment, Ahmed Badr, a Credit Suisse analyst, recently called a sale "likely" and predicted that if the deal happened it would be "a strong positive catalyst" for Aldar shares.

The Yas Marina Circuit is among the first attractions to open on the island, which will eventually be home to Ferrari World, a golf course and 20 hotels. Aldar stock has been sliding of late, falling more than a third in the past four months. It closed at Dh4.10 yesterday, down from its 12-month high of Dh6.63 in early October. Like many property firms, it has been battered by the financial crisis and a sharp decline in property values throughout the Emirates.

The company is also behind Al Raha residential towers and Motor World, a proposed one-stop shopping location for local car buyers. @Email:halsayegh@thenational.ae

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

COMPANY%20PROFILE
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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia