Month: December 2023

Just nine months after buying their first property in Dubai, Dina Habib and Karim Yusuf are already planning their next move within the city. The Egyptian couple, who spent eight years renting in the emirate, are selling their two-bedroom apartment in the Jumeirah Village Circle district on the edge of Dubai for a 26% premium over the 1.7 million dirhams ($460,000) they paid for the property in March. Habib is hoping to secure a larger property for her family of three for the same price or less. “For many years, we’ve paid someone else’s mortgage because we were scared to buy in a market that went up and down,” said the 39-year-old researcher. “Now, we think the market may have peaked and so we’re planning to sell and buy a house with a garden next year when prices hopefully ...

Sime Darby Bhd’s takeover bid for the remaining shares it does not own in UMW Holdings Bhd at RM5 per share is now unconditional, as Sime Darby already holds more than 50% of voting shares. On Dec 13, Sime Darby completed an acquisition of a 61.2% stake in UMW, making Sime Darby the new major shareholder of UMW. CIMB Investment Bank Bhd, on behalf of Sime Darby, informed Bursa Malaysia today that the offer would remain open for acceptance until 5pm on Jan 17, 2024, unless extended or revised. Sime Darby has said it does not intend to maintain the listing status of UMW on the Main Market of Bursa Securities. As of 11.47am, Sime Darby added one sen to RM2.37, with 2.65 million shares traded while UMW declined one sen to RM4.90 with 1.14 million units changing hands. – Bernam...

China’s BYD Co. bills itself as the biggest car brand you’ve never heard of. It might need a different tagline soon. The automaker is poised to surpass Tesla Inc. as the new worldwide leader in fully electric vehicle sales. When it does — likely in the current quarter — it will be both a symbolic turning point for the EV market and further confirmation of China’s growing clout in the global automotive industry. In a sector still dominated by more familiar names like Toyota Motor Corp., Volkswagen AG and General Motors Co., Chinese manufacturers including BYD and SAIC Motor Corp. are making serious inroads. After leapfrogging the US, South Korea and Germany over the past few years, China now rivals Japan for the global lead in passenger car exports. Some 1.3 million of the 3.6 mi...