Corporate Actions

Mubasher: First Dubai Real-estate Development Co, listed on Boursa Kuwait, announced it has settled its due debts to one of the GCC banks, as well as related financing charges and other due fees.

The settlement worth AED 189.5 million was funded by Al Mazaya Holding Co, the parent company of First Dubai, through the current account between the two parties, according to a bourse filing.

Accordingly, the interim consolidated financial information of the company for the third quarter of 2019 will be impacted by this settlement, First Dubai noted.

Moreover, the company added that this process will end its financial burdens regarding the financing charges related to the banking facilities from the date of settlement and to the improvement of the company’s future financial liquidity.

It is worth noting that in the second quarter of 2019, First Dubai turned to profitability with KWD 112,410 in profits, against a net loss of KWD 357,000 in Q2-18.

Dubai – Mubasher: Emaar Properties, a leading global property developer, is ready to hand over up to 5,335 residential units and a number of Expo Golf Villas in Emaar South development in 2019, sources familiar with the matter told Al Bayan newspaper.

The units are located in Emaar South’s Golf Views, Urbana I, Urbana II, and Urbana III, the sources added.

The real estate company will also open a shopping centre located between Urbana II and Urbana III, as well as a central garden featuring retail outlets, mixed-use areas, and skiing areas, they said.

The sources stressed that completed phases of the project will embrace 4,562 residents whom the company will welcome in a special event to be held in the central garden.

On Wednesday, Emaar Properties unveiled the launch of the fifth phase of Expo Golf Villas, comprising a limited collection of 302 three- and four-bedrooms villas ranging in size from 123 to 155 square metres.

This comes following the sell-out response to the launch of the fourth phase of Expo Golf Villas in Emaar South.

The price of villas at the project starts at AED 1.077 million and customers have the convenient option of a two-year post-completion payment plan.

Expo Golf Villas project is set for completion in September 2022.