Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams

Aldar’s agreement with Tourism Development & Investment Company to acquire 3.7 billion dirhams worth of prime real assets is one of the largest property acquisitions in the UAE’s history. (Courtesy Aldar)
Updated 07 May 2018
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Abu Dhabi developer Aldar acquires TDIC’s real estate assets worth 3.7 billion dirhams

DUBAI: Abu Dhabi developer Aldar on Monday said it has signed an agreement with Tourism Development & Investment Company (TDIC) to acquire 3.7 billion dirhams worth of its prime real assets, one of the largest property acquisitions in the UAE’s history.
The transaction will be fully complete by the end of June, subject to fulfilment of certain conditions, the company said in a disclosure to the Abu Dhabi stock exchange.
The 14 assets acquired from TDIC, mostly focus on the emirate’s tourism-cultural destination Saadiyat Island, range from hospitality, retail, residential, education and infrastructure as well as a selection of prime land plots and projects currently being developed. The more notable acquisitions include the Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi and Westin Golf & Spa.
“Acquiring assets on Saadiyat Island presents Aldar with an unprecedented opportunity to add significant value to its portfolio. The opening of the Louvre Abu Dhabi has demonstrated the government’s commitment to make Saadiyat Island one of the most sought-after destinations in the world,” Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said in a statement to the bourse.
“We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level. This is a very exciting time for the market, and as its leading player, we’re well placed to take advantage, with the injection of these new assets.”
The land and projects under development that to be taken over will form part of Aldar’s development destination strategy, the developer said, while collectively the acquired assets should deliver ‘an incremental net operating income of approximately 120 dirhams million to Aldar’s asset management portfolio on an annualized basis.’
The gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams. The land located on Saadiyat Island that is being acquired, which is infrastructure enabled, has approximately 1.1 million square meters of gross floor area.


Amazon workers strike as ‘Prime’ shopping frenzy hits

Updated 16 July 2019
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Amazon workers strike as ‘Prime’ shopping frenzy hits

  • The protesters waves signs with messages along the lines of “We’re human, not robots”
  • The strike was part of an ongoing effort to pressure the company on issues including job safety, equal opportunity in the workplace, and concrete action on issues including climate change

SAN FRANCISCO: Amazon workers walked out of a main distribution center in Minnesota on Monday, protesting for improved working conditions during the e-commerce titan’s major “Prime” shopping event.
Amazon workers picketed outside the facility, briefly delaying a few trucks and waving signs with messages along the lines of “We’re human, not robots.”
“We know Prime Day is a big day for Amazon, so we hope this strike will help executives understand how serious we are about wanting real change that will uplift the workers in Amazon’s warehouses,” striker Safiyo Mohamed said in a release.
“We create a lot of wealth for Amazon, but they aren’t treating us with the respect and dignity that we deserve.”
Organizers did not disclose the number of strikers, who said employees picketed for about an hour in intense heat before cutting the protest short due to the onset of heavy rain.
The strike was part of an ongoing effort to pressure the company on issues including job safety, equal opportunity in the workplace, and concrete action on issues including climate change, according to community organization Awood Center.
US Democratic presidential contenders Kamila Harris and Bernie Sanders were among those who expressed support for the strikers on Twitter.
“I stand in solidarity with the courageous Amazon workers engaging in a work stoppage against unconscionable working conditions in their warehouses,” Sanders said in a tweet.
“It is not too much to ask that a company owned by the wealthiest person in the world treat its workers with dignity and respect.”
Amazon employees also went on strike at seven locations in Germany, demanding better wages as the US online retail giant launched its two-day global shopping discount extravaganza called Prime Day.
Amazon had said in advance that the strike would not affect deliveries to customers.
Amazon has consistently defended work conditions, contending it is a leader when it comes to paying workers at least $15 hourly and providing benefits.
The company last week announced plans to offer job training to around one-third of its US workforce to help them gain skills to adapt to new technologies.
Amazon has been hustling to offer one-day deliver on a wider array of products as a perk for paying $119 annually to be a member of its “Prime” service, which includes streaming films and television shows.
The work action came on the opening day of a major “Prime” shopping event started in 2015.
Now in 17 countries, the event will span Monday and Tuesday, highlighted by a pre-recorded Taylor Swift video concert and promotions across a range of products and services from the e-commerce leader.
Prime Day sales for Amazon are expected to hit $5 billion this year, up from $3.2 billion in 2018, which at the time represented its biggest ever global shopping event, JP Morgan analyst Doug Anmuth says in a research note.