Emaar buys Dubai Creek Harbor from Dubai Holding for $2 billion, half of which in shares

UAE In-Focus – SWVL Announces $20 Million Private Placement; Dubai developer plans to raise $4.6 billion loan

DUBAI: SWVL, a Dubai-based mobility and transportation solutions provider, announced on Wednesday that it has reached an agreement with US-based institutional investors to sell and buy more than 12 million shares and securities for 73.4 million dirhams ($20 million) at 6.06 dirhams a share.

The sale of the securities and the private placement will take place on Friday, the statement said.

He stated that the Warrants issued under Series A and Series B will expire five and two years respectively from the date of issuance.

The company will receive an additional 110 million dirhams if the warrants are exercised during this period, he added.

Earlier this year, a special-purpose acquisition company bought the transportation startup.

Since its creation in Egypt in 2017, it has raised a total of 969 million dirhams.

Dubai developer plans to raise $4.6 billion loan

The developer of Dubai’s man-made palm-shaped islands, Nakheel, plans to refinance existing debt by raising 17 billion dirhams ($4.6 billion), according to Bloomberg.

Besides Dubai Islamic Bank and Emirates NBD, Mashreqbank is seeking funding from the company, the sources said, asking not to be identified as the information is confidential.

In addition to regional and global lenders, the banks arranging the loan also ask them to participate.

Emaar reports first-half revenue of $1.8 billion

Emaar Development recorded its highest property sales in the first half of 2022, supported by recent successful launches that will create value for years to come, according to Emirates News Agency, known as WAM.

Compared to 2021, property sales rose 10% to 15.216 billion dirhams ($4.143 billion) in the first half of 2022, WAM said.

He added that the build-to-sell company owned by Emaar Properties launched 15 projects in different master plans in the first half of 2022.

Earnings before interest, taxes, depreciation and amortization of Emaar Development was 2.564 billion dirhams in the first half of 2022, up 15% compared to the same period in 2021, while revenues were 7.282 billion dirhams, WAM said.

Emaar now has a solid order book of 32.753 billion dirhams, which will be recognized as future revenue for the company.

Over 3,100 residential units have been delivered by Emaar Development in prime locations including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South.

Currently, Emaar is developing over 26,100 residences in the UAE, of which over 55,100 have been delivered as of June 2022.

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