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Dubai party hotel FIVE considers listing in London or New York

Dubai party hotel FIVE considers listing in London or New York

Yahoo04-06-2025
By Hadeel Al Sayegh and Federico Maccioni
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.
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Trump's golf trip to Scotland reopens old wounds for some of his neighbors
Trump's golf trip to Scotland reopens old wounds for some of his neighbors

USA Today

time31 minutes ago

  • USA Today

Trump's golf trip to Scotland reopens old wounds for some of his neighbors

BALMEDIE, Scotland − Long before he was the 45th and the 47th president, on a wild and windswept stretch of beach in northeast Scotland, Donald Trump the businessman, was accused of being a bad neighbor. "This place will never, ever belong to Trump," Michael Forbes, 73, a retired quarry worker and salmon fisherman, said this week as he took a break from fixing a roof on his farm near Aberdeen. The land he owns is surrounded, though disguised in places by trees and hedges, by a golf resort owned by Trump's family business in Scotland, Trump International Scotland. For nearly 20 years, Forbes and several other families who live in Balmedie have resisted what they describe as bullying efforts by Trump to buy their land. (He has denied the allegations.) They and others also say he's failed to deliver on his promises to bring thousands of jobs to the area. Those old wounds are being reopened as Trump returns to Scotland for a four-day visit beginning July 25. It's the country where his mother was born. He appears to have great affection for it. Trump is visiting his golf resorts at Turnberry, on the west coast about 50 miles from Glasgow, and at Balmedie, where Forbes' 23 acres of jumbled, tractor-strewn land, which he shares with roaming chickens and three Highland cows, abut Trump's glossy and manicured golf resort. On July 28, Trump will briefly meet in Balmedie with British Prime Minister Keir Starmer to "refine" a recent U.S.-U.K. trade deal, White House Press Secretary Karoline Leavitt said. Golf, a little diplomacy: Trump heads to Scotland In Scotland, where estimates from the National Library of Scotland suggest that as many as 34 out of the 45 American presidents have Scottish ancestry, opinions hew toward the he's-ill-suited-for-the-job, according to surveys. "Trump? He just doesn't know how to treat people," said Forbes, who refuses to sell. What Trump's teed up in Scotland Part of the Balmedie community's grievances relate to Trump's failure to deliver on his promises. According to planning documents, public accounts and his own statements, Trump promised, beginning in 2006, to inject $1.5 billion into his golf project six miles north of Aberdeen. He has spent about $120 million. Approval for the development, he vowed, came with more than 1,000 permanent jobs and 5,000 construction gigs attached. Instead, there were 84, meaning fewer than the 100 jobs that already existed when the land he bought was a shooting range. Instead of a 450-room luxury hotel and hundreds of homes that Trump pledged to build for the broader community, there is a 19-room boutique hotel and a small clubhouse with a restaurant and shop that sells Trump-branded whisky, leather hip flasks and golf paraphernalia. Financial filings show that his course on the Menie Estate in Balmedie lost $1.9 million in 2023 − its 11th consecutive financial loss since he acquired the 1,400-acre grounds in 2006. Residents who live and work near the course say that most days, even in the height of summer, the fairway appears to be less than half full. Representatives for Trump International say the plan all along has been to gradually phase in the development at Balmedie and that it is not realistic or fair to expect everything to be built overnight. There's also support for Trump from some residents who live nearby, and in the wider Aberdeen business community. "There used to be nothing but dunes here," said one Balmedie resident who lives in the shadow of Trump's course. "He's made it look a lot more attractive, no matter what other people might say." Fergus Mutch, a policy advisor for the Aberdeen and Grampian Chamber of Commerce, said Trump's golf resort has become a "key bit of the tourism offer" that attracts "significant spenders" to a region gripped by economic turmoil, steep job cuts and a prolonged downturn in its North Sea oil and gas industry. Trump in Scotland: Liked or loathed? Still, recent surveys show that 70% of Scots hold an unfavorable opinion of Trump. Despite his familial ties and deepening investments in Scotland, Trump is more unpopular among Scots than with the British public overall, according to an Ipsos survey from March. It shows 57% of people in England, Scotland, Wales and Northern Ireland don't view Trump positively. King Charles invites Trump: American president snags another UK state visit While in Balmedie this time, Trump will open a new 18-hole golf course on his property dedicated to his mother, Mary Anne MacLeod, who was a native of Lewis, in Scotland's Western Isles. He is likely to be met with a wave of protests around the resort, as well as the one in Turnberry. The Stop Trump Coalition, a group of campaigners who oppose most of Trump's domestic and foreign policies and the way he conducts his private and business affairs, is organizing a protest in Aberdeen and outside the U.S. consulate in Edinburgh. During Trump's initial visit to Scotland as president, in his first term, thousands of protesters sought to disrupt his visit, lining key routes and booing him. One protester even flew a powered paraglider into the restricted airspace over his Turnberry resort that bore a banner that read, "Trump: well below par #resist." 'Terrific guy': The Trump-Epstein party boy friendship lasted a decade, ended badly Trump's course in Turnberry has triggered less uproar than his Balmedie one because locals say that he's invested millions of dollars to restore the glamour of its 101-year-old hotel and three golf courses after he bought the site in 2014. Trump versus the families Three families still live directly on or adjacent to Trump's Balmedie golf resort. They say that long before the world had any clue about what type of president a billionaire New York real estate mogul and reality-TV star would become, they had a pretty good idea. Forbes is one of them. He said that shortly after Trump first tried to persuade him and his late wife to sell him their farm, workers he hired deliberately sabotaged an underground water pipe that left the Forbes – and his mother, then in her 90s, lived in her own nearby house – without clean drinking water for five years. Trump International declined to provide a fresh comment on those allegations, but a spokesperson previously told USA TODAY it "vigorously refutes" them. It said that when workers unintentionally disrupted a pipe that ran into an "antiquated" makeshift "well" jointly owned by the Forbeses on Trump's land, it was repaired immediately. Trump has previously called Forbes a "disgrace" who "lives like a pig." 'I don't have a big enough flagpole' David Milne, 61, another of Trump's seething Balmedie neighbors, lives in a converted coast guard station with views overlooking Trump's course and of the dunes and the North Sea beyond. In 2009, Trump offered him and his wife about $260,000 for his house and its one-fifth acre of land, Milne said. Trump was caught on camera saying he wanted to remove it because it was "ugly." Trump, he said, "threw in some jewelry," a golf club membership (Milne doesn't play), use of a spa (not yet built) and the right to buy, at cost, a house in a related development (not yet constructed). Milne valued the offer at about half the market rate. When Milne refused that offer, he said that landscapers working for Trump partially blocked the views from his house by planting a row of trees and sent Milne a $3,500 bill for a fence they'd built around his garden. Milne refused to pay. Over the years, Milne has pushed back. He flew a Mexican flag at his house for most of 2016, after Trump vowed to build a wall on the southern American border and make Mexico pay for it. Milne, a health and safety consultant in the energy industry, has hosted scores of journalists and TV crews at his home, where he has patiently explained the pros and cons − mostly cons, in his view, notwithstanding his own personal stake in the matter − of Trump's development for the local area. Milne said that because of his public feud with Trump, he's a little worried a freelance MAGA supporter could target him or his home. He has asked police to provide protection for him and his wife at his home while Trump is in the area. He also said he won't be flying any flags this time, apart from the Saltire, Scotland's national flag. "I don't have a big enough flagpole. I would need one from Mexico, Canada, Palestine. I would need Greenland, Denmark − you name it," he said, running through some of the places toward which Trump has adopted what critics view as aggressive and adversarial policies. Dunes of great natural importance Martin Ford was the local Aberdeen government official who originally oversaw Trump's planning application to build the Balmedie resort in 2006. He was part of a planning committee that rejected it over environmental concerns because the course would be built between sand dunes that were designated what the UK calls a Site of Special Scientific Interest due to the way they shift over time. The Scottish government swiftly overturned that ruling on the grounds that Trump's investment in the area would bring a much-needed economic boost. Neil Hobday, who was the project director for Trump's course in Balmedie, last year told the BBC he was "hoodwinked" by Trump over his claim that he would spend more than a billion dollars on it. Hobday said he felt "ashamed that I fell for it and Scotland fell for it. We all fell for it." The dunes lost their special status in 2020, according to Nature Scot, the agency that oversees such designations. It concluded that their special features had been "partially destroyed" by Trump's resort. Trump International disputes that finding, saying the issue became "highly politicized." For years, Trump also fought to block the installation of a wind farm off his resort's coast. He lost that fight. The first one was built in 2018. There are now 11 turbines. Ford has since retired but stands by his belief that allowing approval for the Trump resort was a mistake. "I feel cheated out of a very important natural habitat, which we said we would protect and we haven't," he said. "Trump came here and made a lot of promises that haven't materialized. In return, he was allowed to effectively destroy a nature site of great conservation value. It's not the proper behavior of a decent person." Forbes, the former quarry worker and fisherman, said he viewed Trump in similar terms. He said that Trump "will never ever get his hands on his farm." He said that wasn't just idle talk. He said he's put his land in a trust that specified that when he dies, it can't be sold for at least 125 years.

British American Tobacco (BTI): A High-Yield Dividend Stock with Defensive Strength
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  • Yahoo

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New aerial footage captures ‘Alligator Alcatraz' from above
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USA Today

time4 hours ago

  • USA Today

New aerial footage captures ‘Alligator Alcatraz' from above

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