DUBAI: A Gulf-based national is now the proud owner of Dubai’s most expensive penthouse costing a mind-blowing Dh102 million, beating the previous record of Dh60 million.
Omniyat Group founder and chief executive Mahdi Amjad said the 29,800-square foot property, one of the three penthouses at the One Palm development in Palm Jumeirah, was sold to the unnamed buyer who had one specific request: a 20-meter long lap pool so he could swim in private.
“It is a strategic investor from the GCC [Gulf Cooperation Council],” Amjad said. “He’s moving into Dubai and it’s his permanent home.”
Aside from the private pool, the penthouse features uninterrupted views of Dubai Marina’s skyline and the Arabian Gulf even from the five en-suite bathrooms and several living areas; 11,500 square feet of exterior space including balconies and terraces and interior arrangements from London-based luxury design studio Elicyon.
Amjad said that the sale was a vindication of Omniyat’s strategy of building exclusive, super-prime properties in the city, adding that the buyer was a sophisticated owner who already owned properties in New York and Hong Kong.
Omniyat said it had topped out the One Palm development and would now complete in 2018.
The company is now in talks with potential buyers for the remaining two penthouses at One Palm, with options of either combining them or keeping them as two separate units to be offered to the market.
“We are in discussion for those two other penthouses as well. We have two offers that have been made — one family would like to combine them, one family would like to separate them. It’s a very bespoke product,” Amjad said.
Palm Jumeirah is home to Dubai’s most expensive penthouse at Dh102 million
Palm Jumeirah is home to Dubai’s most expensive penthouse at Dh102 million
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New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued Feb. 26.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
