Emaar Properties and its shopping malls unit, Emaar Malls, have received final regulatory approval to merge, as the UAE’s biggest listed property developer consolidates its business amid pandemic-driven headwinds.
The companies secured the approval of the Securities and Commodities Authority to proceed for the proposed combination that will help reinforce Emaar’s position as one of the top integrated and diversified real estate companies in the Middle East and North Africa region, the two companies said in a joint statement to the Dubai Financial Market, where their shares are traded.
The merger will ensure “both Emaar Properties and Emaar Malls are strategically positioned to capture opportunities in the marketplace and drive shareholder value”, the companies said on Monday.
The deal, which was unanimously recommended by the boards of both companies, will be carried out as a “statutory merger” with Emaar Malls’ shareholders receiving 0.51 Emaar Properties shares for every Emaar Malls share held, according to the statement.
This represents a premium of 7.1 per cent of Dh1.70 per share – the closing price of Emaar Malls' share on March 1, the last trading day prior to the merger announcement.
It is also a premium of 3.5 per cent on the closing price of Emaar Malls' Dh2.10 per share on September 1 and a “premium of 4.4 per cent to the market implied exchange ratio based on volume weighted average prices over the last one month to September 1”, the companies said.
The merger still requires approval of 75 per cent of shareholders in each company. The two sets of shareholders are expected to vote on the deal in their separate general assemblies on October 10.
Assets and liabilities of Emaar Malls – including the rights and liabilities of Emaar Malls’ $750 million sukuk due in 2024 – will be assumed by Emaar Properties once the deal is completed.
The transaction is expected to be completed by the end of this year, the company said.
The existing business of Emaar Malls will also be “reconstituted in a wholly-owned subsidiary” of Emaar Properties, the companies said.
In March, Emaar said that its malls unit will continue to develop the portfolio of retail assets, while Emaar Properties will remain listed on the DFM after the merger.
Emaar Malls, which owns and operates assets including The Dubai Mall and Dubai Marina Mall, swung to a profit in the second quarter of this year after posting a loss in the same period a year ago, as the emirate's retail sector continued to recover from the pandemic.
The quarterly net income climbed to Dh304m, compared with a Dh33m loss a year ago, with revenue surging 74 per cent to Dh1.15 billion, it said in a statement in August.
Emaar Malls plans to open its Dubai Hills Mall in the first quarter of 2022, which will have up to 600 outlets and a gross leasable area of 2 million square feet (185,806 square metres).
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
Brief scoreline
Switzerland 0
England 0
Result: England win 6-5 on penalties
Man of the Match: Trent Alexander-Arnold (England)
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
6.30pm Well Of Wisdom
7.05pm Summrghand
7.40pm Laser Show
8.15pm Angel Alexander
8.50pm Benbatl
9.25pm Art Du Val
10pm: Beyond Reason
Read more about the coronavirus
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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MOTHER%20OF%20STRANGERS
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
'Cheb%20Khaled'
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Turkish Ladies
Various artists, Sony Music Turkey
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
