Eshraq will sell 55 per cent of the company in an IPO, with shares initially priced at Dh1. Sammy Dallal / The National
Eshraq will sell 55 per cent of the company in an IPO, with shares initially priced at Dh1. Sammy Dallal / The National

Eshraq listing attracts big early interest



Eshraq, the Abu Dhabi property developer, has already received enough interest to sell the shares it plans to list next month, the head of the lead receiving bank says.

"The level of interest we've had from investors means the IPO [initial public offering] will be fully covered," said Majd Maaitah, the director of securities services at the National Bank of Abu Dhabi.

Last week, Eshraq announced plans to raise Dh825 million (US$224.6m) in an IPO scheduled for this Sunday, which would make it the first UAE company outside of the insurance sector to test the public market in two years.

The developer will sell 55 per cent of the company in the offering, with shares initially priced at Dh1.

Eshraq was formed in 2006 by a collection of investors from Saudi Arabia and the UAE. It has three projects in the preliminary stages of development: Marina Rise on Reem Island; the Gateway development on Zayed Bay in Abu Dhabi; and Jumeirah Rise in Dubai.

Eshraq's main activity in recent years has been selling land. The company has sold 19 of the 21 plots it owned on Reem Island, officials said yesterday.

In its prospectus, a copy of which has been seen by The National, Eshraq reports a profit of Dh349m in 2008 and Dh109m in 2009, mainly from land sales.

A projected income statement, based on a study last year, forecasts a net profit of Dh826m for next year based on revenue "from the properties sold on the expected handover date", primarily in Marina Rise. The projected net profit falls to Dh103m in 2013, according to the statement.

The company expects to use money from the IPO to start construction in the next few weeks on Marina Rise, two towers on Reem Island.

"The area is having difficulty but it doesn't mean there is no money," Saleh Mohammed bin Nasrah, the chairman of Eshraq, said yesterday. "Many investors are looking for opportunities."

Eshraq's target of Dh825m would value the company at Dh1.5 billion.

It is taking the unusual approach of allowing investors to buy shares for a 25 per cent down payment, plus a fee of .02 fils a share. The balance will be due within two years, at the direction of the company's board of directors.

"Real estate companies need money over time, they don't necessarily need it from day one," said Elias Kawar, an investment banker with Royal Capital, the lead manager of the IPO. "It is prudent to call in capital when it is needed."

In essence, the company is selling property before construction, said Chet Riley, an analyst with Nomura Securities.

"They are replicating the off-plan model in the capital market structure," Mr Riley said. "But there is a collection risk. That's why the off-plan market fell down."

The subscription is open only to GCC and UAE nationals because of restrictions on non-citizens owning land in the UAE, company officials said.

Most of the interest has come from institutional investors, Mr Maaitah said.

In 2007, Eshraq announced a $272m private stock offering managed by Abu Dhabi Islamic Bank. At the same time it announced plans for Marina Rise, which was originally described as a Dh7.5bn development covering more than 90,000 hectares.

The company also expects to explore projects in Sharjah and Saudi Arabia.

Eshraq's IPO is the third in Abu Dhabi this year after the insurance companies Wataniya and Insurance House tapped into the market. All three have been relatively small in size.

"We all agreed that there is a need for small IPOs. We don't have space for the billions [of dirhams]," Mr Maaitah said.

NBAD has been involved in the IPOs of all three companies.

kbrass@thenational.ae

A%20QUIET%20PLACE
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m

if you go

The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip 
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles. 

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Company%20profile
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah

 

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Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
​​​​​​​

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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Company%20Profile
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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

If you go

The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.

The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).

When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

Oppenheimer
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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

PFA Premier League team of 2018-19

Allison (Liverpool)

Trent Alexander-Arnold (Liverpool)

Virgil van Dijk (Liverpool)

Aymeric Laporte (Manchester City)

Andrew Robertson (Liverpool)

Paul Pogba (Manchester United)

Fernandinho (Manchester City)

Bernardo Silva (Manchester City)

Raheem Sterling (Manchester City)

Sergio Aguero (Manchester City)

Sadio Mane (Liverpool)

Maestro
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Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.


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