Asia’s Richest Man Plans on IPOs for at Least Five Companies - Bloomberg
Asia’s richest man, Gautam Adani, plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base.
“At least five units will be ready to go to the market in the next three to five years,” Jugeshinder Singh, Adani Group chief financial officer said in an interview. He said Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the group’s metals and mining units would become independent units.
Singh said businesses such as the airport operator are consumer platforms servicing nearly 300 million customers and need to operate on their own and manage their capital requirements for further growth. He said the businesses would need to show they can clear the basic tests of independent execution, operations and capital management before a formal demerger can be implemented.
“Scale is already there for the five units,” Singh said. The “airport business is already independent, while Adani New Industries is going strong on the green energy side. Adani Road is demonstrating new build-operate-transfer models to the nation, while the data center business will grow further. Metals and mining would cover our aluminum, copper and mining services.”
Saturday, 21 January 2023
How Much Is Beyonce Worth? #Dubai May Pay $24 Million for a Show - Bloomberg
How Much Is Beyonce Worth? Dubai May Pay $24 Million for a Show - Bloomberg
In November 2008, Dubai’s first Atlantis hotel opened to much fanfare - a $5 million firework display, A-list guests from around the world and a performance by pop star Kylie Minogue. Twelve months later, the emirate declared it was on the brink of default after accumulating a mountain of debt to transform the city into a business and trading hub.
Fourteen years on, Atlantis The Royal — just a short stroll away from the original resort — is set to open this weekend along with much of the same extravagance. Beyonce will perform to a VIP audience for a reported $24 million and fireworks will light up the sky above the city’s famous artificial tree-shaped island of Palm Jumeirah.
Dubai and Kerzner International will be hoping that the landmark opening of the ultra-luxurious hotel, which cost about $1.5 billion to build, doesn’t signal the top for the emirate that’s been booming since it emerged as a safe haven during the pandemic, escaping much of the geopolitical and economic uncertainty elsewhere in the world.
“Dubai is in a significantly stronger position now than in 2009,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “There is fundamental tightness in the real-estate market, the UAE has introduced regulations to reduce systemic risks and the tourism sector is broader, with more people globally discovering Dubai after its strong handling of the pandemic.”
In November 2008, Dubai’s first Atlantis hotel opened to much fanfare - a $5 million firework display, A-list guests from around the world and a performance by pop star Kylie Minogue. Twelve months later, the emirate declared it was on the brink of default after accumulating a mountain of debt to transform the city into a business and trading hub.
Fourteen years on, Atlantis The Royal — just a short stroll away from the original resort — is set to open this weekend along with much of the same extravagance. Beyonce will perform to a VIP audience for a reported $24 million and fireworks will light up the sky above the city’s famous artificial tree-shaped island of Palm Jumeirah.
Dubai and Kerzner International will be hoping that the landmark opening of the ultra-luxurious hotel, which cost about $1.5 billion to build, doesn’t signal the top for the emirate that’s been booming since it emerged as a safe haven during the pandemic, escaping much of the geopolitical and economic uncertainty elsewhere in the world.
“Dubai is in a significantly stronger position now than in 2009,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “There is fundamental tightness in the real-estate market, the UAE has introduced regulations to reduce systemic risks and the tourism sector is broader, with more people globally discovering Dubai after its strong handling of the pandemic.”