Emaar launches $3bn ‘Erbil Downtown’ project

Updated 28 December 2013
0

Emaar launches $3bn ‘Erbil Downtown’ project

ARBIL, Iraq: Emaar Properties launched a $3 billion development in Arbil, the capital of Iraq’s Kurdistan region.
The “Erbil Downtown” project is due to be completed in three stages over a period of around five years, or potentially sooner if market conditions are favorable, the company’s chairman said.
“It will touch around $3 billion,” Mohamed Alabbar said when asked about the project’s value.
The development will cover an area of 541,000 square meters near the city center and include residential apartments, hotels and a shopping center.
Kurdistan has largely managed to insulate itself from the violent instability that has afflicted the rest of Iraq and has attracted foreign investment, particularly in the energy sector.
Emaar, which reported a 50 percent rise in its third-quarter net profit last week, has expanded in the region after a property market slowdown in Dubai, which followed the global economic crisis.
The developer has also launched projects in Egypt, Syria, Saudi Arabia and other countries.


Thyssenkrupp workers urge thoroughness over speed in Tata Steel talks

Updated 21 June 2018
0

Thyssenkrupp workers urge thoroughness over speed in Tata Steel talks

FRANKFURT/DUISBURG: Thyssenkrupp workers on Thursday urged management to solve outstanding issues in talks with Tata Steel to create a European joint venture, signaling they would not be opposed to a further delay of the transaction if necessary.
The remarks come as Thyssenkrupp Chief Executive Heinrich Hiesinger finds himself under pressure from all sides to present a deal that will satisfy employees and investors, which have grown increasingly frustrated with the lengthy negotiations.
“There are still a number of unresolved issues until a possible signing,” Tekin Nasikkol, chairman of Thyssenkrupp Steel Europe’s works council and a member of Thyssenkrupp AG’s supervisory board, said in a statement.
“We expect all parties to focus on diligence rather than speed in fixing the problems.”
Talks to create a European steel joint venture have dragged on for more than two years and have hit a snag after the diverging performance of the two businesses prompted Thyssenkrupp’s activist shareholders Elliott and Cevian to ask for better terms.
Hiesinger has several options to address the valuation gap and is seeking approval for the venture from Thyssenkrupp’s 20-member supervisory board, where half of the seats are held by labor representatives, by the end of next week.
“If Mr. Hiesinger needs more time he can have it as far as I’m concerned,” Nasikkol said.
Hiesinger’s options range from changing the 50-50 ownership structure, possibly to 55-45 or 60-40 in favor of Thyssenkrupp, transferring more Thyssenkrupp debt onto the venture, excluding Tata Steel from dividend payments or securing a cash payment from the Indian firm to settle the difference.
Nasikkol confirmed labor leaders would not support the venture taking on more debt. So far, Thyssenkrupp plans to transfer €4 billion ($4.6 billion) in liabilities, compared with Tata Steel’s €2.5 billion.