Canary Wharf's Fate in the Balance: Who's In and Who's Out
The East London financial district is struggling to retain some major occupiers but its not all doom and gloom.
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The East London financial district is struggling to retain some major occupiers but its not all doom and gloom.
Centerbridge Partners’ Billy Rahm, who oversees global real estate investing, is leaving the firm, according to people with knowledge of the matter.
Uniti Group Inc. is in advanced talks to reunite with telecommunications provider Windstream in a merger that could be valued at up to $15 billion, including debt, according to people familiar with the matter. Uniti rose as much as 13%.
Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Jan 20, 2020
Bloomberg News
,(Bloomberg) -- Nakheel PJSC Chairman Ali Lootah, who steered the Dubai state-owned developer through a $10.5 billion debt restructuring, is leaving after 10 years in the role, according to people with knowledge of the matter.
Lootah was hired as head of the developer of the palm-shaped islands in 2010, replacing Sultan Ahmed Bin Sulayem. The people asked not to be identified because the matter isn’t public.
A spokeswoman for Nakheel declined to comment.
Nakheel was at the center of Dubai’s debt crisis in 2009 that pushed the emirate to the brink of a default. After receiving support from the government, it now has billions of dirhams of projects and infrastructure development underway.
Still, Nakheel is among developers coming under pressure as Dubai’s property market’s long decline since a peak in October 2014 defies all predictions of a rebound. The company in March dismissed about 300 employees as part of its plans to consolidate its operations, people with knowledge of the matter said at the time.
There’s a Reason Why Dubai Is Still Building Shopping Malls
Dubai is taking steps to help the market recover. In September, the government set up a committee to manage the supply and demand of properties.
Nakheel reported a profit of 4.38 billion dirhams ($1.2 billion) in 2018, down from 5.67 billion a year earlier.
To contact the reporters on this story: Layan Odeh in Dubai at lodeh3@bloomberg.net;Zainab Fattah in Dubai at zfattah@bloomberg.net;Nicolas Parasie in Dubai at nparasie1@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Claudia Maedler
©2020 Bloomberg L.P.