non-oil economy

Dubai – Mubasher: The Investment Corporation of Dubai and Brookfield signed an agreement today, Monday, with Olayan Financial and Lunit to sell 49 percent of their stake in the ICD Brookfield Place tower located in the Dubai Financial Center. Global.

Upon completion of the agreement, Lunit, through one of its funds, and Olayan Financial Company will each own 24.5 percent of the equity shares in ICD Brookfield Place, according to a press release issued today.

The Investment Corporation of Dubai and Brookfield will each retain a total share of 51 percent of the company’s ownership, distributed equally between the two parties.

The statement did not mention financial details, while Bloomberg previously reported that the value of the tower was $1.5 billion.

Although the details of the value of the deal were not disclosed, it is the largest institutional real estate deal for individual assets for a third party in the UAE, and it is also one of the largest commercial building sale deals in the world since 2020.

Sources revealed to “Bloomberg” last January that the sovereign fund “ADQ”, in Abu Dhabi, is considering joining the competition for a minority stake in the “ICD Brookfield Place” tower, seeking to seize a slice in one of the highest commercial real estate markets. active in the world.

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Nominations:

6 Arab businessmen on the list of the 500 richest billionaires in the world

2024-04-08 09:59:49
#Olayan #Lunit #acquire #tower #Dubai #International #Financial #Centre

Dubai – Mubasher: The subscription period for “Parkin” shares on the Dubai Financial Market ends tomorrow, Tuesday, for individual investors in the UAE.

According to company data, the subscription period for “Parkin” shares on the Dubai Financial Market for qualified investors continues until March 13.

Each subscriber in the first tranche is guaranteed a minimum allocation of up to 2,000 shares, taking into account the total number of shares allocated in accordance with the guaranteed minimum allocation in the first tranche, which does not exceed the total number of shares available in the first tranche, and therefore it could be less than 2,000 shares.

The final guaranteed minimum allocation for each subscriber in the first tranche is determined at the end of the subscription period based on the total number of subscribers in the first tranche and the offering price.

The Emirati company Parkin had previously announced that it had set the price range for the offering between 2 and 2.1 dirhams per share, which means that the market value when the value of those shares is included will range between 6 billion dirhams to 6.30 billion dirhams.

The final offering price will be determined through the book-building process, and investors participating in the retail offering in the UAE will subscribe to the shares at the offering price.

The offering and listing acceptance processes are currently expected to be completed on March 21, 2024.

The Dubai Investment Fund expects to sell 749.7 million ordinary shares, which represents 24.9 percent of the company’s total issued capital, with the fund reserving the right to modify the size of the offering at any time before the end of the subscription period.

The size of the offering will be approximately 1.49 billion dirhams to 1.57 billion dirhams. The final offer price is expected to be announced on March 14, 2024.

It is noteworthy that Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Prime Minister, in his capacity as Ruler of the Emirate of Dubai, issued, last January, Law No. (30) of 2023 establishing the “Parkin” company.

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Nominations:

The Ruler of Dubai issues a law establishing the “Parkin” parking management company

“Parkin” intends to offer 24.99% of its capital on the Dubai Stock Exchange… and list next March

The shares of the paid parking company in Dubai will be listed on the stock exchange soon.. What happened?

2024-03-11 11:07:37
#Tomorrow. #individual #subscription #Emirati #Parkin

Noha Makram – Live – Gold prices stabilized on Tuesday near their highest levels in three months with weak US manufacturing sector data and construction spending as investors awaited testimony by Federal Reserve Chairman Jerome Powell to Congress on key jobs data.

The spot price of gold settled at $2,114.99 per ounce, approaching its highest levels since December 4, recorded on Monday at 2,119.69. While US gold futures fell by 0.1% to 2,123.90.

Johnny Tevez, a strategist at UBS, said that the gold jump is due to the US data, which was weaker than expected and the decline in real interest rates, but there is a general tendency to buy when prices decline, as well as a positive appetite for gold, which pushed the market in… Uptrend.

Fed member Rafael Bostic said the central bank was not under pressure to cut interest rates urgently, citing a thriving economy and a strong labor market.

Markets’ focus will shift to Fed Chairman Jerome Powell’s testimony before Congress on Wednesday and Thursday, as investors seek more signs about the strength of the US economy and the potential timing of the Fed starting to cut interest rates.

It is worth noting that low interest rates enhance the attractiveness of the precious yellow metal, which does not earn interest.

The holdings of the SPDR fund, the largest exchange-traded market backed by bullion, fell by 10% compared to the previous year until March 4.

As for other precious metals, the spot price of platinum fell by 0.6% to $891.95 per ounce, palladium by 1.3% to $947.80, and silver by 0.3% to $23.83.

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Nominations:

Gold rises globally to a new record high

“Goldman”: Gold and copper are the biggest beneficiaries of the US interest rate cut

Which Asian currencies benefit most from the US interest rate cut?

2024-03-05 09:47:52
#Gold #stability #globally #anticipation #Powells #testimony #Congress

Cairo – Mubasher: The Board of Directors of Talaat Mostafa Group Holding Company proposed cash distributions to shareholders for last year’s profits.

The company said in a statement to the Egyptian Stock Exchange today, Wednesday, that the proposal includes distributing a cash coupon of 0.218 pounds per share, to be distributed in two installments, the first of 0.109 pounds per share with a maximum of next May 31, and the second installment of 0.109 pounds per share with a maximum of next July 31.

It is noteworthy that Talaat Mostafa Holding recorded a net profit after taxes and non-controlling interests amounting to 3.31 billion pounds during 2023, compared to profits amounting to 2.3 billion pounds during 2022.

The company’s revenues increased last year to 28.43 billion pounds, compared to 19.87 billion pounds in 2022.

Regarding the unconsolidated lists, the independent company’s profits rose to 682.46 million pounds in 2023, compared to 660.98 million pounds in 2022.

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Nominations

Talaat Mostafa Holding’s profits rise to 2.7 billion pounds within 9 months

2024-02-28 09:20:41
#Talaat #Mostafa #proposes #distributing #cash #coupon #shareholders

Direct: Contract prices rose, in Tuesday’s trading settlement, following reports indicating that the OPEC+ alliance is considering extending the agreement to voluntarily reduce oil production in the second quarter, in addition to Russia’s ban on gasoline exports for 6 months, starting from the first of March.

Brent crude futures for May delivery – the most active contract – rose by 1.2%, equivalent to 99 cents, at $82.66 per barrel, while the April contract rose by 1.35% to $83.65 per barrel.

The price of US Nymex crude for April delivery increased by 1.65%, or $1.29, to $78.87 per barrel, which is the highest settlement since the session of November 6, 2023 ($79.66).

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Nominations

Minister of Business Sector: Egypt’s fertilizer production will reach 12 million tons in 2023

The third line of the Cairo Metro announces a temporary change in its timings, starting from February 28

Egypt has completed 97% of the project to produce medium-density wood panels

2024-02-27 20:46:12
#Oil #rose #Tuesdays #trading

Cairo – Mubasher: The Misr City Housing and Development Company issued an explanatory statement regarding the approval to return ownership of Azza Al-Hagana’s land to the Cairo Governorate as a community contribution.

The company confirmed, in a statement to the Egyptian Stock Exchange today, that the 634-acre land previously allocated to the company is not one of the company’s new projects, “Taj City and Saray.”

She indicated that the association agreed in December to return ownership of the Ezbet Al-Hagana land as a community contribution from the company to rehabilitate the area in a way that achieves the interests of the company and the residents of the area.

She confirmed that Republican Decree No. 38 of 2024 regarding land will not affect the company’s land area with the new expansions of “Taj City and Saray.”

It is noteworthy that Misr City for Housing and Development achieved profits after tax (for the parent company) amounting to 1.35 billion pounds during the period from January to September 2023, compared to profits amounting to 534.2 million pounds in the comparative period of 2022, taking into account minority rights.

The company’s sales increased during the first nine months of this year to 4.62 billion pounds, compared to sales amounting to 3.08 billion pounds in the comparative period last year.

As for the unconsolidated lists, the independent company’s profits increased during the period from January until the end of last September to 1.35 billion pounds, compared to about 544.97 million pounds during the comparative period a year ago.

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Nominations

Egypt makes a legislative amendment to double budget revenues within 5 years

Egyptian MOPCO profits jump to 6 billion pounds in 2023

Zahraa El Maadi Investment proposes free cash distributions to shareholders for 2023 profits

2024-02-21 10:49:14
#Misr #Housing #City #issues #clarification #Ezbet #Haggana #land