Nakheel mulls Dh55b IPO |
|
Tuesday, Dec 02, 2008
Gulf News
Dubai: NakheelNakheel
, the UAE's biggest developer by project value with nearly Dh294 billion ($80 billion) master-planned developments in the pipeline, appears to consider a Dh55 billion ($15 billion) initial public offering (IPO) to raise capital to fund some projects.
A Bloomberg report on Monday said quoting unnamed bankers that the developer is also is looking for IPO managers.
When contacted, a NakheelNakheel spokesperson neither confirmed nor denied the move, saying, "A company as large as NakheelNakheel is constantly exploring a number of capital raising options, be it traditional debt issues, private equity, real estate investment trusts and direct project financing from banks."
NakheelNakheel, which is developing three iconic palm-shaped islands, on Sunday announced the layoff of 500 employees or 15 per cent of its 3,300 staff.
Analysts said the move its too early for an IPO.
"We know NakheelNakheel needs money. But it's too early for an IPO," investment advisor Raju Menon, managing partner at Morison Menon, told Gulf News.
"This comes at at time when share prices are traded well below the real value of the companies in the UAE. Shares of Emaar, for instance, is traded well below the actual price. So the time is not right yet. They should wait for at least a year."
Meanwhile, NakheelNakheel on Sunday said it is delaying a number of projects, including the one it partnered with US realty tycoon Donald Trump.
"NakheelNakheel is delaying long-dated infrastructure work on some of our projects in order to ensure that our business model is aligned to meet market demand," a NakheelNakheel spokesperson said. "At Palm Jumeirah this means delays to Frond N villas, Gateway Towers and Trump International Hotel and Tower."
© Gulf News 2008. All rights reserved.
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Stories
Companies
| Company Name | Country | Industry |
| Qatari Diar Real Estate Investment Company | Qatar | Landlords and Developers |
| Emirates Integrated Telecommunications Company | UAE | Telecommunications Services |
| Global Investment House | Kuwait | Investment Banking |
| Bahrain City Center | Bahrain | Properties and Zones |
| Emaar Properties | UAE | Landlords and Developers |
| Dubai Islamic Bank | UAE | Banking |
| Al Rajhi Investment Group | Saudi Arabia | Investment Firms and Funds |
| Abu Dhabi Commercial Bank | UAE | Banking |
| Mubadala Development Company | UAE | Investment Firms and Funds |
| Doha Bank | Qatar | Banking |
Projects
| Project Name | Country | Sector |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Fujairah 2 IWPP | UAE | Power and Water |
| QP - Al Shaheen Refinery | Qatar | Oil and Gas |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| Qatalum Aluminum Smelter | Qatar | Industry |
| WDEPC - Abu Qir Power Plant Expansion - Civil Works | Egypt | Power and Water |
| ADCO - SAS Field Development | UAE | Oil and Gas |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| Saadiyat Island Development - Saadiyat Resort and Beach Residences (Phase 1) | UAE | Real Estate |