Latest news with #Dh9.1
Khaleej Times
23-04-2025
- Business
- Khaleej Times
Swank Development unveils Selora Residences project in Meydan
Swank Development, a leading European real estate developer, unveiled its highly anticipated residential project 'Selora Residences' in Mohammed Bin Rashid City, Meydan. This luxurious project features an exclusive residential community consisting of 30 standalone villas between four to six bedrooms, with prices starting at Dh9.1 million. Each unit is carefully designed to embody serenity, comfort, and sophistication. Spacious interiors, refined architectural details, and high-end finishing give every villa its own distinct character perfectly suited for a modern lifestyle. Swank Development is committed to enhancing the quality of life by developing projects that focus on sustainability through smart designs and solutions that contribute to reducing energy and water consumption. The company also delivers fully integrated living environments that cater to the needs of both families and individuals – vast green spaces and useful amenities that ensure a contemporary lifestyle experience in the heart of Dubai. Moustafa Elsaid, Founder of Swank Development, said: 'Selora Residences reflects our commitment to crafting exceptional living spaces where luxury seamlessly blends with nature in perfect harmony; offering residents stunning views, spacious interiors, and a unique sense of tranquility in the middle of the city.' Elsaid stressed that Swank Development is dedicated to shaping the future of Dubai's real estate sector by continuously offering smart and fully-integrated communities built for modern living. He highlighted that the company continues to drive innovation to reinforce Dubai's position as a prime destination for foreign investment, by adopting smart technologies and sustainable practices in all its projects to ensure future-ready communities. Elsaid added that Selora Residences is a significant step in Dubai's fast-growing real estate landscape, due to its striking design and prime location that attract strong interest from both investors and individuals looking for a refined yet balanced lifestyle. And as Dubai continues to thrive as a global hub for architectural innovation and luxurious living, Selora Residences meets the growing demand for comfortable living spaces within the bustle of the city. Nestled in a prime location, Selora Residences offers quick access to Dubai's key landmarks while providing a sense of privacy and serenity away from the city's rush. Surrounded by green landscapes, the project invites residents to experience a balanced lifestyle through unique amenities that include a social clubhouse, infinity pool, quiet lake, padel courts, and much more. This project guarantees a perfect harmony between refined community living, connection with nature, and everyday comfort. Following the massive success of its first project, Swank Development is setting a new benchmark for luxurious living in Dubai where innovation meets timeless elegance. Selora Residences stands as a real testimony of this vision.
The National
20-02-2025
- Business
- The National
Adnoc plans to sell 4% stake in Adnoc Gas to raise capital
Business Energy At Adnoc Gas's last closing price of Dh3.58, the offering is valued at $3.02 billion Adnoc, the top shareholder in Adnoc Gas, has said it plans to sell part of its stake in the subsidiary to institutional investors as it looks to improve liquidity and raise capital. The Abu Dhabi-based energy company will offer about 3.1 billion ordinary shares, representing about 4 per cent of Adnoc Gas's issued and outstanding shares, Adnoc said on Thursday. At Adnoc Gas's last closing price of Dh3.58, the offering is valued at Dh11.1 billion ($3.02 billion), making it potentially the largest share sale in the Mena region since Saudi Aramco's $12.3 billion offering in June last year. The offering, which will commence immediately and is expected to close on Friday, will be open to qualified institutional and other investors in a number of countries, Adnoc said. The company, which owns a 90 per cent stake in Adnoc Gas, said it could decide to close the offering at any time before the stated deadline. 'Since its initial public offering in March 2023, Adnoc Gas has consistently delivered strong growth, robust financial performance and superior shareholder returns,' said Khaled Al Zaabi, group chief financial officer at Adnoc. 'As a committed, long-term majority shareholder, this offering aligns with Adnoc's strategic objectives to enhance the liquidity and free float of Adnoc Gas." The final number of shares to be placed and the offering price will be determined at the close of the book-building process and the proceeds will go to Adnoc. The share offering aims to boost trading and liquidity, diversify shareholders and increase free float. A higher free float is also expected to "provide a pathway" for Adnoc Gas's inclusion in the Morgan Stanley Capital International (MSCI) and Financial Times Stock Exchange (FTSE) emerging market indexes, which could occur at the next quarterly review, subject to Adnoc Gas meeting all relevant inclusion criteria, Adnoc said. Adnoc Gas, which has access to 95 per cent of the UAE's natural gas reserves, is looking to boost exports of products such as liquefied natural gas, liquefied petroleum gas and naphtha. In the Emirates, Adnoc Gas supplies to customers, mostly utilities and industrial companies, through an extensive network of pipelines. The company is set to acquire Adnoc's majority stake in the Ruwais LNG project, which will have a total capacity of 9.6 million tonnes per annum. It is scheduled to start in the second half of 2028. In 2023, Adnoc raised about Dh9.1 billion from the sale of a 5 per cent stake in Adnoc Gas, which was the UAE's biggest IPO that year. The company sold more than 3.8 billion shares, with the IPO drawing strong demand from institutional and retail investors, and generating more than $124 billion in orders. It was about 50 times oversubscribed. Last year, Adnoc raised $935 million by selling 880 million additional shares in its drilling unit – Adnoc Drilling – to institutional investors after recording strong demand for the offering.
