Dubai Real Estate: Classifieds Firm Dubizzle Plans IPO Amid Property Boom - Bloomberg
Dubai-based Dubizzle Ltd., which operates classifieds websites popular with expatriates, plans to start gauging investor interest next week for an initial public offering, adding to the wave of firms seeking to capitalize on the emirate’s booming property market.
The firm is planning roadshows as soon as Monday, according to people familiar with the matter, who requested anonymity to discuss private information. The offering could value the company at about $2 billion, some of the people said.
Representatives for Dubizzle declined to comment.
The firm is working with Emirates NBD PJSC, Goldman Sachs Group Inc., HSBC Holdings Plc and Morgan Stanley on the transaction, Bloomberg News has previously reported. Rothschild & Co. is the financial advisor.
Dubizzle, backed by tech investor Prosus NV, has been planning an IPO since 2023. The company raised $200 million in a round led by Jared Kushner’s Affinity Partners in 2022.
It employs 2,400 people across 10 countries and owns classified portals across the Middle East, North Africa, and South and Southeast Asia, according to its website. Many of its portals are property-focused, including Bayut.
The deal would be the latest in a string of property-related listings, as firms seek to capitalize on Dubai’s booming real estate market. Prices in the city have risen 70% since the pandemic, helped by an influx of people from around the world.
State-backed Investment Corp. of Dubai raised $381 million earlier this month from the IPO of contractor Alec Holdings PJSC. Arabian Construction Co., Binghatti Holding Ltd. and Dubai Investments Park Development Co. are also preparing to go public, Bloomberg News has reported.
Earlier this year, an investment vehicle controlled by the emirate raised $584 million from a residential real estate investment trust listing in May. It now plans to list a portfolio of malls and commercial assets.
Friday, 10 October 2025
United Arab Bank Said to Explore $800 Million Sale of Bad Debt - Bloomberg
United Arab Bank Said to Explore $800 Million Sale of Bad Debt - Bloomberg
United Arab Bank PJSC is exploring the sale of roughly $800 million in bad debt, people familiar with the matter said, the latest Gulf bank attempting to clean up its balance sheet.
Sharjah-based UAB, whose biggest shareholder is a Qatari bank, is working with Rothschild & Co. on the sale, the people said, asking not be named as the information is private. Talks are still at an early stage and there’s no guarantee a deal might happen, according to the people.
Rothschild declined to comment while UAB wasn’t immediately available to comment.
Banks in the United Arab Emirates are increasingly turning to selling bad debt as a way to shore up their balance sheets. Abu Dhabi Commercial Bank PJSC recently sold around $1.4 billion in bad debt to US hedge fund Davidson Kempner Capital Management LP, Bloomberg reported, the second such transaction between the two parties.
At the start of this year, Deutsche Bank AG acquired a portfolio of soured loans worth around $800 million from the country’s largest bank. Banks in Saudi Arabia are also exploring similar deals, Bloomberg has previously reported.
United Arab Bank PJSC is exploring the sale of roughly $800 million in bad debt, people familiar with the matter said, the latest Gulf bank attempting to clean up its balance sheet.
Sharjah-based UAB, whose biggest shareholder is a Qatari bank, is working with Rothschild & Co. on the sale, the people said, asking not be named as the information is private. Talks are still at an early stage and there’s no guarantee a deal might happen, according to the people.
Rothschild declined to comment while UAB wasn’t immediately available to comment.
Banks in the United Arab Emirates are increasingly turning to selling bad debt as a way to shore up their balance sheets. Abu Dhabi Commercial Bank PJSC recently sold around $1.4 billion in bad debt to US hedge fund Davidson Kempner Capital Management LP, Bloomberg reported, the second such transaction between the two parties.
At the start of this year, Deutsche Bank AG acquired a portfolio of soured loans worth around $800 million from the country’s largest bank. Banks in Saudi Arabia are also exploring similar deals, Bloomberg has previously reported.
BASF sells majority of coatings business to Carlyle, #Qatar Investment Authority | Reuters
BASF sells majority of coatings business to Carlyle, Qatar Investment Authority | Reuters
BASF (BASFn.DE), opens new tab has agreed to sell a majority stake in its coatings business to private equity firm Carlyle (CG.O), opens new tab and the Qatar Investment Authority, valuing the unit at 7.7 billion euros ($8.91 billion).
The companies said in a joint statement on Friday that BASF would retain a 40% stake in the coatings business and that it would also receive a pre-tax cash inflow of about 5.8 billion euros on completion of the transaction.
BASF put the coatings division up for sale at the start of the year as part of a wider strategy to focus on businesses that are closely integrated and physically connected within its major chemical plants across the globe.
The chemical company said that the transaction - when combined with the sale earlier this year of its decorative paints business to Sherwin-Williams - values BASF's entire coatings division at an enterprise value including debt of 8.7 billion euros, or about 13 times 2024 earnings before interest, tax, depreciation and amortisation (EBITDA).
Carlyle sees scope to grow the market share of its new acquisition in North America particularly, the group's global head for the industrial and transportation sectors, Martin Sumner, told Reuters.
Looking to the pipeline, Sumner said about three quarters of the potential deals his team are looking at are carve-outs, where conglomerates spin off assets, with the rest standalone opportunities.
"These deals take time," he added. "There's nothing that's near-term like this one, but could I see something in the first half of next year? Yes. And I certainly could by the second half."
BASF started approaching the market in the second quarter to explore strategic options for its remaining coatings activities, and was targeting a decision in the last quarter of the year.
It has said proceeds from a potential divestment could enable an earlier start to a previously announced share buyback of at least 4 billion euros between 2027 and 2028.
Financing for the deal includes leveraged loans and high-yield bonds with both U.S. dollar and euro-denominated tranches, Sumner said. "The debt markets are very robust," he added.
BASF (BASFn.DE), opens new tab has agreed to sell a majority stake in its coatings business to private equity firm Carlyle (CG.O), opens new tab and the Qatar Investment Authority, valuing the unit at 7.7 billion euros ($8.91 billion).
The companies said in a joint statement on Friday that BASF would retain a 40% stake in the coatings business and that it would also receive a pre-tax cash inflow of about 5.8 billion euros on completion of the transaction.
BASF put the coatings division up for sale at the start of the year as part of a wider strategy to focus on businesses that are closely integrated and physically connected within its major chemical plants across the globe.
The chemical company said that the transaction - when combined with the sale earlier this year of its decorative paints business to Sherwin-Williams - values BASF's entire coatings division at an enterprise value including debt of 8.7 billion euros, or about 13 times 2024 earnings before interest, tax, depreciation and amortisation (EBITDA).
Carlyle sees scope to grow the market share of its new acquisition in North America particularly, the group's global head for the industrial and transportation sectors, Martin Sumner, told Reuters.
Looking to the pipeline, Sumner said about three quarters of the potential deals his team are looking at are carve-outs, where conglomerates spin off assets, with the rest standalone opportunities.
"These deals take time," he added. "There's nothing that's near-term like this one, but could I see something in the first half of next year? Yes. And I certainly could by the second half."
BASF started approaching the market in the second quarter to explore strategic options for its remaining coatings activities, and was targeting a decision in the last quarter of the year.
It has said proceeds from a potential divestment could enable an earlier start to a previously announced share buyback of at least 4 billion euros between 2027 and 2028.
Financing for the deal includes leveraged loans and high-yield bonds with both U.S. dollar and euro-denominated tranches, Sumner said. "The debt markets are very robust," he added.
#UAE shares mixed on weak oil, Gaza ceasefire deal optimism | Reuters
UAE shares mixed on weak oil, Gaza ceasefire deal optimism | Reuters
Stock markets in the United Arab Emirates put in a mixed performance on Friday on hopes a ceasefire deal in Gaza could ease geopolitical tension in the region, while weaker oil prices dented sentiment.
Thousands of displaced Palestinians streamed back towards their abandoned homes on Friday after a ceasefire between Israel and Hamas went into effect and Israeli troops began pulling back from parts of Gaza.
Dubai's benchmark index (.DFMGI), opens new tab was up 0.4%, with almost all sectors in the positive territory. Gulf Navigation Holding (GNAV.DU), opens new tab gained 2.5% and Taaleem Holdings (TAALEEM.DU), opens new tab rose 5.4% after the schools operator reported on Thursday a 20% increase in full-year net profit and raised annual dividend by 25% to AED 0.15 per share.
"Ongoing earnings season is expected to be the next major catalyst, with further releases next week potentially supporting the market's recovery", said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
"Overall sentiment remains positive, underpinned by the market's solid fundamentals and growth potential in the second half of the year".
In Abu Dhabi, the index (.FTFADGI), opens new tab snapped a three-session winning streak to fall 0.3%, with most constituents lower.
First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, slipped 1.5%, while ADNOC Gas (ADNOCGAS.AD), opens new tab and fertilizer producer Fertiglobe (FERTIGLB.AD), opens new tab declined 0.6% and 0.8%, respectively.
Stock markets in the United Arab Emirates put in a mixed performance on Friday on hopes a ceasefire deal in Gaza could ease geopolitical tension in the region, while weaker oil prices dented sentiment.
Thousands of displaced Palestinians streamed back towards their abandoned homes on Friday after a ceasefire between Israel and Hamas went into effect and Israeli troops began pulling back from parts of Gaza.
Dubai's benchmark index (.DFMGI), opens new tab was up 0.4%, with almost all sectors in the positive territory. Gulf Navigation Holding (GNAV.DU), opens new tab gained 2.5% and Taaleem Holdings (TAALEEM.DU), opens new tab rose 5.4% after the schools operator reported on Thursday a 20% increase in full-year net profit and raised annual dividend by 25% to AED 0.15 per share.
"Ongoing earnings season is expected to be the next major catalyst, with further releases next week potentially supporting the market's recovery", said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
"Overall sentiment remains positive, underpinned by the market's solid fundamentals and growth potential in the second half of the year".
In Abu Dhabi, the index (.FTFADGI), opens new tab snapped a three-session winning streak to fall 0.3%, with most constituents lower.
First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, slipped 1.5%, while ADNOC Gas (ADNOCGAS.AD), opens new tab and fertilizer producer Fertiglobe (FERTIGLB.AD), opens new tab declined 0.6% and 0.8%, respectively.
Crude prices, a catalyst for the Gulf's financial markets, slid 1.2% as risk premium faded after the Gaza deal. Brent was trading $64.56 a barrel at 1150 GMT.
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