MEAMARKETS / Q4 2021 5 NEWS Dubai Investments on Wednesday announced plans to acquire all, or part of the stake held by shareholders in National General Insurance Co. for an offer price of 3.12 dirhams ($0.85) for each NGI share. The Dubai Dubai-listed diversified company said the offer period to the shareholders of NGI will be open for 15 days starting from December 29, 2021, until January 19, 2022. It has dispatched the offer document to NGI shareholders, the company said in a disclosure to the Dubai Financial Market (DFM). Dubai Investments owns a majority 45.18 percent stake in NGI, a multi-line insurance provider also listed on the DFM. Commercial Bank of Dubai has a 17.74 percent stake. With 149,954,112 issued shares, the offer values the company at 464.85 million dirhams ($127.46 million), according to Zawya calculations. Dubai Investments, which has a share capital of 4.25 billion dirhams, invests in real estate, industrial, financial, healthcare and education, among others. (Reporting by Brinda Darasha; editing by Cleofe Maceda) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. By Brinda Darasha, ZAWYA Controlled, consistent approach key to growth of MENA hospitalitymarket A controlled and consistent approach will be key to MENA hospitality market improvement as markets start to build on recovery which began in the fourth quarter of 2020, according to Colliers. In its Monthly Market Forecast for December 2021, the property services company forecasts growth in 2022 for all markets surveyed, with the exception of Beirut, Lebanon, where hotel occupancy is expected to fall by 10 percent. In the UAE, Expo 2020 is expected to have a positive impact going forward, and the emirates will benefit from “overspill demand” when the FIFA World Cup comes to Qatar in 2022. Hotel occupancy in the key tourist areas of Dubai Marina and Jumeirah Beach Residence is forecast to be 80 percent in 2022, up 11 percent year on year, while Abu Dhabi Beach will see 61 percent occupancy, up 13 percent. Key Saudi markets such as Riyadh, Makkah and Jeddah will see their hotel occupancies up by 13 percent, 69 percent and eight percent respectively, as early indicators suggesting sustained demand for the Holy City, the report said. The return of the Russian market to Egypt is expected to support hotel occupancy, particularly in Red Sea destinations, the report continued, with occupancy in Cairo to increase by 24 percent to 71 percent, and 33 percent to reach 69 percent in Hurghada. (Writing by Imogen Lillywhite; editing by Seban Scaria) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. By Staff Writer, ZAWYA Beirut is the only hospitality market in the region expected to experience a decrease in 2022 according, to Colliers' hotel forecast Dubai-listed firm offers shareholders $0.85 for each NGI share
RkJQdWJsaXNoZXIy NTY1MjM3