Dubai Islamic Bank to fully acquire Tamweel

Updated 03 January 2013
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Dubai Islamic Bank to fully acquire Tamweel

DUBAI: Dubai Islamic Bank said its board had approved plans to fully acquire its mortgage unit Tamweel, in which it already holds a majority stake of 58.2 percent.
Dubai’s largest Shariah-compliant lender intends to make a tender offer to buy all shares off Tamweel’s other shareholders, it said in an e-mailed statement.
Each Tamweel shareholder will be offered 10 DIB shares for every 18 Tamweel shares. After closing the offer, DIB will apply to the regulator to delist Tamweel from the Dubai Financial Market.
DIB took a 57.33 percent stake in Tamweel in 2010, a move that rescued the mortgage lender, which was struggling during a crash of Dubai’s property market.
Tamweel’s current market value is about AED1.19 billion ($ 323 million). DIB said it would seek shareholder approval to issue new shares; no date for the shareholder meeting was provided.
Before the announcement, shares of Tamweel ended 2.5 percent lower while DIB was up 1.5 percent.
The mortgage firm is expected to be among the companies most affected by a new UUAE central bank regulation, introduced this week, to cap the size of mortgage loans for foreigners and local citizens.


Emirates to unveil new First Class private suite for Boeing 777-300ER aircraft

Updated 19 min 6 sec ago
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Emirates to unveil new First Class private suite for Boeing 777-300ER aircraft

DUBAI: Emirates is unveiling its new fully enclosed First Class private suite for the Boeing 777-300ER aircraft in this year’s edition of the travel and tourism exhibition Arabian Travel Market.
The Dubai carrier will also showcase its latest Boeing 777 Business Class seat and the A380 OnBoard lounge, along with other on-board amenities such as the First Class Shower Spa and the latest version of its passenger-friendly Economy Class seats.
Emirates’ First Class private suites will have floor to ceiling sliding doors, soft leather seating, high-tech control panels and mood lighting.
“Incorporating cutting-edge technology, the suites also feature several world-firsts, including: ‘virtual windows’ using real-time fiberoptic camera technology, a NASA inspired ‘zero-gravity’ seating position, and a personal video-call service,” the carrier said. “Design details within the suite were inspired by luxury automotive brand Mercedes-Benz.”
The Middle East airline earlier said it was again reconsidering non-stop flights to Panama, after shelving plans in early 2016 because of its failure to secure enough code-share agreements to make the route viable. The service would have been the longest non-stop flight in the world, at 17 hours and 35 minutes in the westbound direction.