National Corporation for Tourism & Hotels, the owner of the InterContinental Abu Dhabi, has become the latest UAE corporate to seek to refinance its loan portfolio.
The Abu Dhabi-based company, which also manages the Danat Hotels & Resorts group, said yesterday it was in discussions with lenders to refinance about Dh880 million of loans to manage "liquidity and meet other investment requirements".
The loans under consideration consist of a Dh600m facility – Dh468m earmarked for “future investment opportunities” and Dh132m for the repayment of existing loans – and a Dh280m facility aimed at “a specific investment opportunity” in the early stages of discussions.
It is the latest in a series of UAE corporates – including NMC Healthcare, Tabreed, Taqa and Aldar – to take advantage of low interest rates and a greater lending appetite among banks to refinance old debt.
The company also said yesterday that it had signed some Dh325.5m worth of loans with Abu Dhabi Commerical Bank in 2013 and 2014, for the funding of a five-star waterfront project on Saadiyat Island in conjunction with the Tourism Development & Investment Company (TDIC), and the renovation of the InterContinental and a series of other hotels.
NCTH reported a 28.7 per cent rise in 2014 profit to Dh158.7m, thanks to a 9 per cent increase in revenues over the same period.
However, the increase in profitability was attributable to the performance of retail and catering services segments; its hotels segment reported a 7.4 per cent fall in gross profits during the year.
NCTH shares, listed on the Abu Dhabi Securities Exchange, ended yesterday 3.74 per cent lower at Dh6.69 a share.
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KILLING OF QASSEM SULEIMANI
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Bawaal
Director: Nitesh Tiwari
Stars: Varun Dhawan, Janhvi Kapoor
Rating: 1/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Top 10 most competitive economies
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5. Hong Kong
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8. Taiwan
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The five pillars of Islam
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
UAE currency: the story behind the money in your pockets
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
UFC in Abu Dhabi
UFC 112: Invincible (April 10, 2010)
UFC Fight Night: Nogueira v Nelson (April 11, 2014)
UFC 242: Khabib v Poirier (September 7, 2019)
Fight Island 1
UFC 251: Usman v Masvidal (July 12, 2020)
UFC on ESPN: Kattar v Ige (July 16, 2020)
UFC Fight Night: Figueiredo v Benavidez 2 (July 19, 2020)
UFC on ESPN: Whittaker v Till (July 26, 2020)
Fight Island 2
UFC 253: Adesanya v Costa (September 27, 2020)
UFC on ESPN: Holm v Aldana (October 4, 2020)
UFC Fight Night: Moraes v Sandhagen (October 11, 2020)
UFC Fight Night: Ortega v Korean Zombie (October 18, 2020)
UFC 254: Khabib v Gaethje (October 24, 2020)
Fight Island 3
UFC on ABC: Holloway v Kattar (January 16, 2021)
UFC on ESPN: Chiesa v Magny (January 20, 2021)
UFC 257: Poirier v McGregor 2 (January 24, 2021)
UFC 267: Blachowicz v Teixeira (October 30, 2021)
UFC 280: Oliveira v Makhachev (October 22, 2022)