Company News

Moody reiterates UAE real estate financier Tamweel’s A3/P2 rating

TamweelThe A3/P2 rating shows the growing clout of the real estate finance provider in the ever-growing Islamic finance market in the UAE, said Moody recently.

With a strong outlook on all the ratings, Moody's Investors Service, Tamweel, that is also UAE's largest real estate financer, reiterated its A3/P2 rating of the firm. Moody says that Tamweel is a government-related issuer, trying to function like Dubai Governments stakes.

Istithmar Suspends its Top Officials Involved in Wrongdoing

With the Govt. proceeding with its investigations related to corruption, Dubai sovereign wealth fund, Istithmar World has suspended its vice chairman Adel al-Shirawi and chief financial officer, Feras Kalthoum.

It was confirmed through a statement that Adel al-Shirawi will no longer be serving as a board director of Istithmar World.

Earlier during the month of August, Istithmar World, a unit of state-owned Dubai World had confirmed, “The two were being investigated for alleged wrongdoing while in their previous positions at Dubai mortgage lender Tamweel.”

Three Fold Sales Confirmed by Nakheel in Real Estate

Nakheel, one of the world's largest real estate developers based in Dubai, has recently informed that its sales for the year 2008 is already showing a threefold increase as compared to 2007's full-year figures.

The developer’s own targets have been exceeded as till date, more than 6,100 Nakheel units have been sold (97%) or reserved (3%). Talking about the unit sales for 2008, there were sales of more than two third apartments (68%), over a quarter villa sales (27%) and 5% land plot sales.

Karuturi Global to raise $ 100 million by selling 15% stake

World's largest producer of roses, Karuturi Global, has informed that the company is raising $100 million by selling a 15% stake in its Dubai-based subsidiary.

According to sources, the company will sell the stake in Karuturi Overseas to a private equity (PE) player valuing the Dubai-based subsidiary at over $650 million after the acquisition.

The Dubai-based unit is the holding company for all the African business of Karuturi Global and added about 90% of its revenues and net profit. The firm is presently valued at less than US$ 250 million.

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