Dubai party hotel FIVE considers listing in London or New York
DUBAI (Reuters) -Dubai party hotel operator FIVE Holdings is considering listing in London or New York, three people with knowledge of the matter said.
The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering in Dubai, it has said.
Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering a dual listing. He did not name possible locations.
London could be a strong candidate given a majority of clients at FIVE's Ibiza clubs are British nationals and that business generates significant revenues for the group, one of the people said. An offering would be a boost for London, which has struggled to attract IPOs.
FIVE did not respond to requests for comment.
Dubai is the biggest tourism and trade hub in the Middle East, attracting a record 18.7 million international overnight visitors last year.
Foreign investors accounted for 50% of the total trading value on the Dubai Financial Market exchange last year, exchange data showed.
The company and its advisers are planning to start the listing process by the end of the year, two of the people said. The three people spoke on condition of anonymity because they were not authorised to speak publicly.
FIVE operates luxury hotels in Ibiza and Switzerland as well as owning one of Dubai's biggest party hotels, where guests can park their top-of-the-range sports cars inside a nightclub for Dhs10,000 ($2,723). Guests can also rent its 16-passenger private jet for $14,000 an hour.
This year's market volatility, triggered by U.S. President Donald Trump's policies, has weighed on global IPO activity, but the Gulf region has bucked the trend as both Saudi Arabia and the UAE have forged ahead with listing plans.
They include Saudi budget airline flynas, which is seeking to raise over $1 billion, and Dubai Holding's residential REIT, whose shares rose almost 15% during its debut on Wednesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Fabrizio Romano confirms interest in €50m-rated forward
Liverpool have already conducted a record-shattering summer transfer window with the promise of even MORE to come. We've seen Florian Wirtz arrive in a British record deal. The German cost £100m upfront and that fee could rise to £116m if all add-ons are activated. Then there's Hugo Ekitike. LFC x New Era Shop Now LFC Signed Merch Shop Now LFC x Titleist Shop Now The France under-21 striker has come on board from Eintracht Frankfurt for an initial £69m fee. But Liverpool have also been active in other positions - adding Milos Kerkez, Jeremie Frimpong and Giorgi Mamardashvili. It takes their total spend to over £250m and Richard Hughes is not done there. Alexander Isak remains in the club's sights and we could also see a centre-back deal done before the end of the window. Diaz leaving opens a space in the Liverpool squad Much will depend on outgoings at this point. It's no secret Liverpool are looking for buyers for Luis Diaz and Darwin Nunez. Diaz is the subject of intense rumours linking him with Bayern Munich. Should the German side get close to Liverpool's valuation then he will be off. Nunez, meanwhile, has been spoken about as a potential signing for the Saudi Pro League. If he goes then Liverpool should be able to fund a move for Isak. A gap will open up on the left wing if Diaz joins Bayern. And with Liverpool flush with an extra €80m or so, the club will have the option to fund a replacement. Fabrizio Romano revealed earlier in the week that Bayern had got Malick Fofana on the list as an alternative to Diaz. €50m Fofana on the Liverpool list The Lyon winger, 20, has been one of the breakout stars of the last 12 months and whoever ends up signing the Belgian will be acquiring an elite winger who could star for a decade or more. Now that there appears to be an accord in sight between Liverpool and Bayern for Diaz, it means that €50m to €60m-rated Fofana is a suitor down. And now the Italian transfer supremo has claimed that Liverpool have got him on the list as a potential Diaz replacement. Romano: Liverpool appreciate Fofana "Don't forget Malick Fofana, who is a player appreciated at Bayern Munich — in case they can't sign Luis Díaz,' he revealed in a YouTube video. 'That's an exclusive story from the start of the week. 'He's also appreciated by Liverpool, but not the only option in the winger position. There are several clubs interested in Malick Fofana, and Liverpool are considering several options." © IMAGO - Malick Fofana Liverpol
Yahoo
6 minutes ago
- Yahoo
US House panel subpoenas JPMorgan, Bank of America CEOs over IPO of China's CATL
WASHINGTON (Reuters) -The U.S. House of Representatives Select Committee on China said on Thursday it sent subpoenas to JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan over their roles in underwriting the initial public offering of Chinese battery manufacturer CATL.
Yahoo
6 minutes ago
- Yahoo
FAA to review Boeing supply chain before approving hike to 737 MAX production
By David Shepardson OSHKOSH, Wisconsin (Reuters) -The head of the Federal Aviation Administration said Boeing has not yet asked the agency to remove a 38-plane per month cap on 737 MAX production and will review the planemaker's supply chain before making any decision. The FAA imposed the production cap shortly after a January 2024 mid-air emergency involving a new Alaska Airlines 737 MAX 9 missing four key bolts. "We're going to want to look at the entire supply chain," FAA Administrator Bryan Bedford told reporters on the sidelines of an air show, praising Boeing's efforts to improve its culture and adding he would not be surprised if Boeing asks to raise the rate. "I believe it's real, but it's still embryonic," Bedford said of the planemaker's improvements. "We want to see long-term trends, healthy workforce, healthy safety culture. And then we want to see real factory improvements." Boeing did not immediately comment. The FAA in May extended by three years a program that allows Boeing to perform some tasks on the agency's behalf like inspections, saying the planemaker had made improvements. Boeing CEO Kelly Ortberg said in May the planemaker is "pretty confident" that it can increase production of its best-selling 737 MAX jets to 42 a month. Bedford also notes that the FAA is currently considering certifying the smallest and largest MAX variants -- the MAX 7 and MAX 10. Bedford said Boeing realizes getting the job done right the first time "actually is the cheapest way to make the plane.... I think they see real value in changing the culture on the shop floor, getting the defect rates down." But he is not ready to ease oversight. "It's all trending in the right direction. It's all very encouraging, but we're a long ways away from saying we can let our guard down," Bedford said.
