Dubai, United Arab Emirates - September 11th, 2017:  Nasser Butti Omair bin Yousef chairman of Union properties at the 16th addition of Cityscape Global. Monday, September 11th, 2017 at World Trade centre, Dubai.
Dubai, United Arab Emirates - September 11th, 2017: Nasser Butti Omair bin Yousef chairman of Union properties at the 16th addition of Cityscape Global. Monday, September 11th, 2017 at World Trade ce

Union Properties to tap debt market for its Dh8bn project


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Union Properties (UPP), a Dubai-listed developer, is considering tapping the debt market with a bond issue or raise finances through bank loans to fund the construction of its Dh8 billion (US$2.18bn) MotorCity development masterplan, firm’s chairman said on Monday.

The company, is already speaking to banks and could take a decision on funding options as early as this year, Nasser bin Yousef told The National at the Cityscape Global in Dubai.

"We are negotiating with lots of banks to engage [for funding the project ]," he said. "We have low ratio of loans to capital and we feel that the market is mature enough that we can use banks, we can use bonds, and we can use international [debt] market."

UPP, one of the oldest property developers in the UAE, has appointed China State Construction Engineering Corporation (CSCEC), among the top contracting firms in the world, to build the mega project. The contractor has an agreement to also help UPP with construction finance, Mr bin Yousef said, adding that the debt-to-equity ratio of the mega development has yet to be decided.

The developer, whose board went through an overhaul in May, reported its worst-ever quarterly loss in August after it wrote down the value of investments and booked provisions to cover accounting errors of the firm’s previous management. The company recorded a Dh2.3 billion net loss for the three-month period ending June, which contrasts with a Dh71.7 million profit for the same period in 2016.

Mr bin Yousef, who took over the firm in July after the impromptu reshuffle said that building the portfolio of leasehold properties remains a priority for the new management. Sale of properties has been the primary source of revenues for the firm in the past but UPP, for the first time, is trying to build its recurring revenue lines, he added.

"We as a new board …. wanted to launch the new master plan for MotorCity and that's what we did. We are going to build all our land bank," Mr bin Yousef said. "The plan is to mix it: some of it to be sold and some of it to be [part of] leasehold portfolio. We will be leasing more than we will be selling but we have not decided the ratio yet."

The firm expects its leasehold portfolio will yield about 10 to 12 per cent returns per year.  “We are talking about a project cost of Dh8bn and income of Dh1bn from rent approximately,” he noted. “We have to start from here and this is our first initiative.

The new MotorCity masterplan will comprise of 44 new high and low rise buildings, more than 150 villas, and a range of residential, commercial, entertainment and hospitality facilities, according to a company statement. It is expected to include more than 11,500 residential units, around 3000 serviced apartments, 3,500 hotel rooms, and a total of 46,000 square metres of retail space and more than 300,000 sq m of office space, taking the grand total of all the units planned to 18,000.

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

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Scoreline:

Barcelona 2

Suarez 85', Messi 86'

Atletico Madrid 0

Red card: Diego Costa 28' (Atletico)

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

HER FIRST PALESTINIAN

Author: Saeed Teebi

Pages: 256

Publisher: House of Anansi Press

WISH

Directors: Chris Buck, Fawn Veerasunthorn
Stars: Ariana DeBose, Chris Pine, Alan Tudyk
Rating: 3.5/5

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

It’ll be summer in the city as car show tries to move with the times

If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.

A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.

The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.

In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.

The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.

Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.

Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.

“It's maddening,” said one such worker at Nissan's stand.

The absence of some pizzazz, as well as top marques, was also noted by patrons.

“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.

“I can't help but think it's easier to stay at home than to brave the snow and come here.”

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

The specs

Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

SPECS

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

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Company profile

Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital

TECH SPECS: APPLE IPHONE 14 PLUS

Display: 6.1" Super Retina XDR OLED, 2778 x 1284, 458ppi, HDR, True Tone, P3, 1200 nits

Processor: A15 Bionic, 6-core CPU, 5-core GPU, 16-core Neural Engine 

Memory: 6GB

Capacity: 128/256/512GB

Platform: iOS 16

Main camera: Dual 12MP main (f/1.5) + 12MP ultra-wide (f/2.4); 2x optical, 5x digital; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting

Main camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD @ 30fps; HD slo-mo @ 120/240fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4; Animoji, Memoji; Portrait Lighting

Front camera video: 4K @ 24/25/3060fps, full-HD @ 25/30/60fps, HD slo-mo @ 120fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR

Battery: 4323 mAh, up to 26h video, 20h streaming video, 100h audio; fast charge to 50% in 30m; MagSafe, Qi wireless charging

Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay)

Biometrics: Face ID

I/O: Lightning

Cards: Dual eSIM / eSIM + SIM (US models use eSIMs only)

Colours: Blue, midnight, purple, starlight, Product Red

In the box: iPhone 14, USB-C-to-Lightning cable, one Apple sticker

Price: Dh3,799 / Dh4,199 / Dh5,049


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