The F1 theme park is a part of the pictured Dubai MotorCity in Dubailand.
The F1 theme park is a part of the pictured Dubai MotorCity in Dubailand.
The F1 theme park is a part of the pictured Dubai MotorCity in Dubailand.
The F1 theme park is a part of the pictured Dubai MotorCity in Dubailand.

Union Properties opens door to merger


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Union Properties, Dubai's third-largest property developer, would welcome a merger if the partner brought a genuine advantage to its overall business operations, the company's chief executive says. Speculation of consolidation among Dubai's biggest developers has mounted since the downturn hit the property sector, where prices have fallen by an average of 25 per cent since their peaks last September, according to a recent report by Morgan Stanley. "I am a big supporter of mergers, especially at times like this," said Simon Azzam, the chief executive of Union Properties. "If a merger makes business sense due to the synergy of the two businesses and adds a genuine advantage to the company's overall operations, brings liquidity and shareholder benefits, then we would welcome such initiatives and discussions." Union Properties is trying to raise finance to complete construction of a Dh1.69bn (US$460 million) Formula One theme park as part of its Dh10bn Motor City development in Dubai. The company last week suspended construction of the park, which was about 50 per cent complete, due to a shortage of cash. Union Properties' shares fell 5.3 per cent to Dh0.72 on the Dubai Financial Market yesterday, its first day of trading since the suspension was announced. The attraction was planned to open during the last quarter of this year, but has now been delayed until next year. Plans for the 28-hectare project include roller coasters, water rides, car-racing simulators, Formula One car displays, shops, restaurants and a copy of a Formula One grid. "We had previously arranged for financing but, unfortunately, due to the current crisis in the financial sector, those facilities have been stopped by the banks and hence we had to replan [the project]," said Mr Azzam. He added that funds were also needed to finish the project's back-office work, such as licensing, graphic design and intellectual property requirements. The majority of the rides to be included in the project have been bought from Europe and the US. Union Properties is now studying ways to finance completion of the project, which is likely be covered by the issuance of Dh2.5m of non-convertible bonds, which have been approved by shareholders. "As soon as we are through with that, the money is going to go straight into the project to complete it," said Mr Azzam. Funds might also be generated from banks as well as strategic partnerships. "There are good signs that the banks may start the lending process soon," he said. "We would welcome all possibilities that help the project because we believe it is very strategic. It's the first of its kind in the world... and I think it's very important for this project to go ahead." Union Properties told Reuters yesterday it expected to report a profit in the first quarter of this year, mainly through income from its rental properties. The company said last week that while annual profit increased by 12 per cent last year to Dh763.1m, it lost Dh37.6m in the fourth quarter due to lower land sales and provisions against further problems caused by the economic slowdown. As Dubai's property firms grapple with the downturn, Nasser al Shaikh, the director general of the Dubai Department of Finance, said last week that funds from a Dh73.4bn sovereign bond programme would initially be channelled towards developers fully or partially owned by the government. On the subject of consolidation between government-related property firms, Mr al Shaikh said the emirate was likely to see more merger activity. "When it comes to companies with government control, the decision has to be made by them - every single company is realising the new realities. If there are any [mergers] happening with the real estate companies, they will announce them at the right time." agiuffrida@thenational.ae skhan@thenational.ae

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

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Top goalscorers in Europe

34 goals - Robert Lewandowski (68 points)

34 - Ciro Immobile (68)

31 - Cristiano Ronaldo (62)

28 - Timo Werner (56)

25 - Lionel Messi (50)

*29 - Erling Haaland (50)

23 - Romelu Lukaku (46)

23 - Jamie Vardy (46)

*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.

ENGLAND SQUAD

Team: 15 Mike Brown, 14 Anthony Watson, 13 Ben Te'o, 12 Owen Farrell, 11 Jonny May, 10 George Ford, 9 Ben Youngs, 1 Mako Vunipola, 2 Dylan Hartley, 3 Dan Cole, 4 Joe Launchbury, 5 Maro Itoje, 6 Courtney Lawes, 7 Chris Robshaw, 8 Sam Simmonds

Replacements 16 Jamie George, 17 Alec Hepburn, 18 Harry Williams, 19 George Kruis, 20 Sam Underhill, 21 Danny Care, 22 Jonathan Joseph, 23 Jack Nowell

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

Emiratisation at work

Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4