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THE ECONOMY - INTERNATIONAL INVESTMENTS

Abu Dhabi seeks foreign investment to boost technological expertise

Posted on 20/10/2009

London - Global plans from Abu Dhabi, the capital of the United Arab Emirates, were revealed at the second annual Abu Dhabi Investment Forum today as the emirate seeks to become much more industrialized. According to key speakers at the forum, this will be achieved by partnering with private companies from other countries around the world, particularly in technology transfer, as part of the Abu Dhabi's Vision for 2030. Foreign direct investment (FDI) is an important element in the ...  >>MORE

UAE is third largest FDI recipient in West Asia

Posted on 05/10/2009

The UAE has emerged as the third most attractive target for foreign investors in West Asia over the past few years because of a surge in oil prices and its decision to open up more sectors, according to a UN group. During 2003-2008, the UAE was the third largest recipient of foreign direct investment (FDI) after Saudi Arabia and Turkey, with an inflow of around US$14 billion (Dh51.4bn) in 2008 alone, the UN Conference on Trade and Development (Unctad) said in a study on West Asian FDI ...  >>MORE

UAE leads in attracting liquidity

Posted on 29/09/2009

The UAE market has finally rebounded and is now leading the GCC market in terms of attracting investors' liquidity, said industry experts. "The UAE is out-phasing the overall region quite a bit," said Nasdaq Dubai CEO Jeffrey Singer yesterday. "You may argue that it is the hardest hit in the region but it has now rebounded and it's good to see the rebound." He said FTSE Nasdaq Dubai UAE 20 index – which comprises 20 stocks listed on Nasdaq Dubai, the Dubai Financial Market (DFM) and the Abu ...  >>MORE

UAE invites Japanese investors

Posted on 15/09/2009

Japanese companies have been urged to invest more in the UAE to take advantage of positive developments in the country's economy and rich opportunities in its markets. The call came from Sheikha Lubna bint Khalid Al Qasimi, the Minister of Foreign Trade, during a meeting with a Japanese trade delegation led by Takuma Hatano, Deputy CEO of Japanese firm Global Toyo. Sheikha Lubna highlighted the country's robust investment environment and sound legal framework. "The UAE has an excellent ...  >>MORE

Abu Dhabi's TDIC may raise US$1bn in sukuk offer

Posted on 10/09/2009

Abu Dhabi-based Tourism Development and Investment Company (TDIC) may raise US$1 billion (Dh3.67bn) in an Islamic bond offer, according to two bankers with knowledge of the deal. The company hired HSBC, Abu Dhabi Commercial Bank and Standard Chartered to manage the sale, according to bankers who did not wish to be identified as details are confidential. TDIC's sale may be the biggest Islamic bond offering from the UAE in more than a year following the global credit crisis. Sorouh Real ...  >>MORE

Abu Dhabi's Mubadala second quarter profit reach US$633.5 million

Posted on 08/09/2009

Mubadala Development Company, an investment fund owned by the Abu Dhabi government, said second-quarter profit to equity holders reached Dh2.32billion (US$633.5 million) compared with Dh946.6 million the previous year. First half profit reached Dh737.7 million, according to figures released today on the company's website. Assets under management grew 46% to Dh79.4 billion dirhams in the first half of the year compared with Dh54.3 billion in the previous year. The company manages a ...  >>MORE

Aabar posts US$594 million loss for Q2

Posted on 02/09/2009

Aabar Investments, the Abu Dhabi Government-backed investor, swung to a loss of Dh2.18 billion (US$594 million) in the second quarter after using derivative financial instruments to soak up risks from its acquisition in the luxury car maker Daimler. The loss caps a period of frenetic investment for the group, which has seen it take stakes over recent months in Daimler and Sir Richard Branson's Virgin Galactic space travel venture, and helped its stock price increase by half since the ...  >>MORE

Mubadala gets ‘AA’ 
rating, ‘stable’ outlook

Posted on 27/08/2009

Fitch Ratings has affirmed Mubadala Development Company's long-term issuer default rating, or IDR, and its senior unsecured rating as ‘AA'. The Abu Dhabi-based group's short-term IDR has been affirmed at ‘F1+', with a ‘stable' outlook. The rating also affects the company's global medium-term note programme, or GMTN, which remains rated at ‘AA'. Mubadala's rating is aligned with Abu Dhabi's sovereign rating which is ‘AA'/stable). Mubadala's development mandate has been supported by ...  >>MORE

Nakheel sells stake in Mirvac for A$200m

Posted on 27/08/2009

Dubai-based property developer Nakheel has sold the last of its stake in Australian developer Mirvac Group for A$200 million (Dh610m), the Australian stock exchange said yesterday. Deutsche Securities Australia bought Nakheel's 172 million shares in Mirvac at A$1.16 a share, it said in a regulatory filing. Nakheel said last year it had planned to raise its 12.5 per cent stake in Mirvac to under 20 per cent. The ‘Weekend Australian' on Saturday cited Mirvac's chief executive as saying Nakheel ...  >>MORE

Taqa eyes acquisitions in Asia and the Americas

Posted on 19/08/2009

The Abu Dhabi National Energy Company (Taqa), which suffered a 71 per cent plunge in profits in the second quarter, is accelerating its aggressive acquisition drive. It is keen to acquire further stakes in companies in the global market with particular emphasis on India, China, Russia, Pakistan and Brazil, said Chief Executive Peter Barker-Homek. He said the world's worst economic slowdown was easing and there were opportunities to invest in new markets in Asia and the Americas. "We have just ...  >>MORE

No talks on gas importation with NIOC: Mubadala

Posted on 18/08/2009

A Mubadala Development spokesperson has made the following statement: "Neither Mubadala nor any of its subsidiaries is involved in discussions with the National Iranian Oil Company (NIOC) regarding the importation of gas to the UAE." - Emirates News Agency, WAM ...  >>MORE

UAE's Aabar signs vehicle production deal with Algerian Government

Posted on 11/08/2009

The Abu Dhabi investment company Aabar has signed a potential landmark deal with the Algerian government to develop a network of vehicle and engine manufacturing plants in conjunction with five German companies including MAN Ferrostaal and Daimler. Up to 10,000 cars and trucks will be assembled each year as the North African country looks to establish an industrial base, said the company in a press release. "Aabar are delighted to be working with the Algerian Government and some of Germany's ...  >>MORE

UAE ventures in Lebanon top US$1b

Posted on 11/08/2009

UAE investments in Lebanon exceed US$ 1 billion, represent over 41 per cent of total value of Arab projects in the country US$800 million 'BeitMisk' residential community project joins growing list of major UAE investment initiatives in the country Dubai Investment by the UAE in Lebanon exceeded US$1 billion (Dh3.67 billion), making the UAE the top Arab investor, according to the latest Inter-Arab Investment Guarantee Corporation annual report. UAE investment represents 41.9 per cent of the ...  >>MORE

Dubai World puts projects on hold

Posted on 06/08/2009

Dubai World, the city's global investment conglomerate, on Wednesday announced that it has suspended several of its planned projects. "Dubai World has put on hold a number of projects until the market improves, including some tourism projects in Africa and elsewhere," a Dubai World spokesperson said in a statement. In May, the chairman of the holding company, Sultan Ahmad Bin Sulaiman, said that it expected double-digit growth from the emerging market of Africa. With the formation of ...  >>MORE

UAE investments in UK

Posted on 05/08/2009

The UAE has diversified its investment portfolio in recent years by plunging billions of dirhams into a variety of UK assets. The investments stretch over a great swathe of sectors, from premier league football clubs to prime pieces of London real estate and from historic ships to budget hotels. Trade between the two countries has always been very strong. Bilateral trade for the first six months of 2008 reached a massive £2.52 billion (Dh15.68 billion). Of this, UK exports to the UAE from ...  >>MORE

Abu Dhabi foreign direct investment volume reaches Dh31.465b

Posted on 04/08/2009

Foreign direct investment (FDI) in Abu Dhabi reached Dh31.465 billion for 2007, according to results released by the Statistics Centre - Abu Dhabi on Monday. According to the survey, real estates and rents contributed the largest share with Dh11.840 billion or 38 per cent of the volume of FDI, followed by water and electricity, which contributed Dh6.157 billion or 20 per cent of total FDI for the year. The financial intermediation and insurance activity came in next with Dh4.56 billion or ...  >>MORE

UAE tops Arab states in M&A investment

Posted on 04/08/2009

The UAE has pumped more than US$81 billion (Dh297.5bn) into cross-border mergers and acquisitions (M&A) over the last eight years to emerge as the largest Arab investor in such operations, official figures showed yesterday. The UAE has also been the top Arab capital exporter and the second largest recipient of foreign direct investment (FDI) in the region after Saudi Arabia, according to the figures by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC), a key Arab League ...  >>MORE

Dubai Investments reports 46% drop in profits

Posted on 01/08/2009

Dubai Investments (DI), one of the emirate's largest publicly listed investment firms, yesterday said its second-quarter profits dropped 46.4 per cent to Dh296.4 million (US$80.6m). For the first six months of this year profits almost halved to Dh587.3m from Dh1.04 billion a year earlier. It was a further sign that investment firms are struggling to maintain profitability as the economy contracts with falling property prices and weak demand for building materials and industrial products. "In ...  >>MORE

Mubadala tops global transparency survey

Posted on 22/07/2009

UAE's Mubadala Development Company has scored a perfect 10 on the Linaburg-Maduell Transparency Index for Q2 2009. The index, developed by US-based Sovereign Wealth Fund Institute, rates SWF transparency using 10 principles such as provision of information related to ownership percentage, portfolio market value, returns, ethical standards, investment policies and objectives. Mubadala has consistently improved its score since end-2007, when it scored 6, to 7 in Q1 2009 and now a perfect 10. ...  >>MORE

Aabar sets up JV with Austrian Berndorf

Posted on 22/07/2009

Aabar Investments said yesterday it had created a joint venture with a leading Austrian group to invest in real estate and technology. The Abu Dhabi-based company said it would control two-thirds of the new venture, while Berndorf would own the remainder of the firm and provide management services. "Aabar Investments and the Austrian-based Berndorf AG have agreed to establish a joint investment company, Abag Aktiengesellschaft, incorporated in Austria," Aabar said in a statement. It said the ...  >>MORE

Abu Dhabi buys into green automobile

Posted on 14/07/2009

In a small but significant move towards becoming a global hub of green energy, Abu Dhabi on Monday bought a stake in a Silicon Valley start-up that makes high-performance electric sports cars. Aabar Investments, a subsidiary of government of Abu Dhabi-owned International Petroleum Investment Company, said that it acquired four per cent stake in Tesla Motors owned by the German automaker Daimler. The company did not disclose the cost. The move comes just two weeks after the city was elected to ...  >>MORE

Nakheel opens two hotels in US and Scotland

Posted on 14/07/2009

Nakheel Hotels has opened the W Washington DC hotel and the Turnberry, a Luxury Collection resort located in the west of Scotland. This has strengthened the company's relationship with Starwood Hotels & Resorts Worldwide, a leading hotel and leisure firm, operating The Luxury Collection and W Hotel brands, Nakheel Hotels said yesterday. The historic Turnberry golf resort reopened on Thursday and joined the Luxury Collection brand, said Nakheel Hotels. The Dubai-based hotels investment ...  >>MORE

Invest AD attracts first US$100 million to UAE equities fund

Posted on 07/07/2009

Invest AD has attracted over US$100 million to its newly launched UAE Equities Fund from institutional investors, reflecting rising interest in Middle East and North Africa markets. The company launched the fund to invest in the United Arab Emirates' stock markets last month, when it adopted a new name, "Invest AD", to reflect its fast growing role as a manager of third-party money. Invest AD, created as the Abu Dhabi Investment Company in 1977 originally to invest on behalf of the emirate's ...  >>MORE

Mubadala fires up Algerian power plant

Posted on 06/07/2009

Abu Dhabi state investment agency Mubadala Development said on Sunday it had started operating its 1,227 megawatt gas-fired thermal power plant in Algeria. The plant, in Tipaza, a coastal province west of Algiers, aims to add close to 20 per cent of the country's energy supply, a company statement said. The plant is the result of a $900 million (Dh3.3 trillion) deal between Abu Dhabi's Mubadala and Canada's SNC-Lavalin Group Inc. The two companies own a 51 per cent stake in the plant, and ...  >>MORE

Tourism Development and Investment Company launches US$1bn inaugural global bond issue

Posted on 02/07/2009

Tourism Development and Investment Company (TDIC), a master developer of major cultural, residential and tourism destinations in Abu Dhabi, launched its US$1bn bond representing its inaugural issuance under the US$3bn Global Medium Term Note (GMTN) Programme. The issue of notes attracted substantial interest from global investors, with a total order book exceeding US$6bn from approximately 300 investors. The final allocation of TDIC's US$1bn five year issue was priced at 390 bps over US ...  >>MORE

UAE's Emaar, Indonesian Government extend Lombok Project JV

Posted on 23/06/2009

The Indonesian Government has extended the joint venture between Emaar Indonesia and PT Pengembangan Pariwisata Bali (Persero), a government entity, to develop The Lombok Project by six months. This followed a meeting between the representatives of the Indonesian Government and Emaar International in Dubai, according to a press release by Emaar. As per the agreement, the joint venture partnership has been extended till December 31, 2009, to complete all modalities associated with developing ...  >>MORE

Mubadala and GE Aviation sign multi-faceted aviation agreement, reinforce strategic partnership

Posted on 18/06/2009

Paris - General Electric (NYSE: GE) and Abu Dhabi's Mubadala Development Company today signed an extensive agreement that expands GE's global network of engine maintenance, repair and overhaul (MRO) providers in the Middle East and further advances Mubadala's plans to build a global MRO network cantered in Abu Dhabi. The agreement finalises one of the remaining components of the broader strategic partnership formed last year between Mubadala and GE, encompassing a broad range of ...  >>MORE

Emaar wins world's tallest tower deal

Posted on 14/06/2009

Kingdom Holding Company, the firm chaired by Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud, yesterday said it has struck an alliance with Dubai-based Emaar Properties to build the world's tallest building, Kingdom Tower in Jeddah. Prince Alwaleed, on behalf of Jeddah Economic Company, has signed a joint venture with Emaar Chairman Mohamed Ali Alabbar to that effect, the companies said in a statement. Emaar is the developer of the Burj Dubai, currently the tallest man-made structure in ...  >>MORE

"Invest AD" is the new brand of the Abu Dhabi Investment Company

Posted on 10/06/2009

"Invest AD" will be the new brand name of the Abu Dhabi Investment Company, the company announced today Tuesday. The new name is part of its strategy to attract institutional investors to investment opportunities in the Middle East and North Africa (MENA), a region where the company has been investing for over three decades. Invest AD simultaneously announced four new equities funds, adding to existing private equity and infrastructure funds. Created in 1977, originally to invest on behalf of ...  >>MORE

ADIC to buy stake in Russia's Black Sea resort

Posted on 07/06/2009

State-owned Abu Dhabi Investment Company (ADIC) said yesterday it is buying a stake in a Russian resort being built for the 2014 Winter Olympics in the Black Sea resort of Sochi. ADIC joins Russia's largest bank Sberbank Rossii which has a 25.01 per cent stake in the project, ADIC said in a statement without disclosing the value or how much stake it would take. ADIC and Sberbank are joined by the government of the Krasnodar region, the government of the city of Sochi and other partners in the ...  >>MORE

Abu Dhabi makes US$2.5bn from 11% Barclays stake sale

Posted on 03/06/2009

Abu Dhabi sold more than 11 per cent of Barclays, making US$2.5 billion (Dh9.18bn) from an investment that helped the British bank through the financial crisis and raising fears more may cash in on a recent rally in bank shares. The Abu Dhabi government-owned International Petroleum Investment Company (Ipic) yesterday sold about £3.5bn (Dh21.12bn) worth of instruments that are due to convert into Barclays shares by the end of June. The shares were sold at 265 pence a share, said Credit Suisse, ...  >>MORE

ADIA to continue seeking
dollar-based investment

Posted on 02/06/2009

Tokyo - Abu Dhabi Investment Authority, or ADIA, one of the world's biggest sovereign wealth funds, is likely to continue making dollar-based investments because Abu Dhabi has a dollar-denominated economy, an official said. "ADIA has been for a long time following a very stable strategy,” said Ahmed Al Mazroui, executive director of infrastructure development for the Abu Dhabi Investment Council, or ADIC, the investment arm of the government of Abu Dhabi. "I would say you would probably ...  >>MORE

GE and Mubadala sign commercial finance JV agreement

Posted on 01/06/2009

General Electric (NYSE: GE) and Mubadala Development Company yesterday announced the signing of their commercial finance joint venture agreement and establishment of a regional training centre for next-generation business leaders, demonstrating significant progress on key aspects of a broader strategic partnership forged by the companies last year. "The global financial services business proposed under today's agreement combines Mubadala's regional investment expertise with GE's global ...  >>MORE

'UAE remains top investment destination in the region'

Posted on 31/05/2009

The investment environment of the UAE is healthy and remains the most attractive in the region and the Arab World, said the Minister of Economy yesterday. At a ceremony to lay the foundation stone of the Securities and Commodities Authority's (SCA) Dubai branch, Sultan bin Saeed Al Mansouri, Minister of Economy, highlighted the investments made in the services, banking and industry sectors. The UAE, he said, is currently one of the biggest investors in the region, and this is an indicator of ...  >>MORE

UAE hosts 89% of inter-Gulf investments

Posted on 28/05/2009

The UAE ranks first among Gulf countries in attracting inter-Gulf investments, according to an economist. The United Arab Emirates is receiving 89% of the total inter-Gulf investments of which Saudi Arabia exports 90%, said Assistant Secretary General of Saudi Council of Chambers of Trade and Industry Ibrahim Al Qernas at the "Economic Integration among Gulf countries" meeting in Riyadh. "Financial openness of member countries of the Gulf Cooperation Council vary", he said noting that banks ...  >>MORE

FSI and Mubadala to cooperate on investment in French companies

Posted on 27/05/2009

The Fonds Strategique d'Investissement (FSI) and Mubadala Development Company PJSC (Mubadala), a business development and investment company that is a catalyst for the economic diversification of the Emirate of Abu Dhabi, yesterday signed a Memorandum of Understanding (MOU) in Abu Dhabi establishing a cooperation framework to explore joint investments in French companies in sectors that are of mutual interest to both companies such as technology, health sciences and biotechnology, renewable ...  >>MORE

Mubadala owned 65.8m GE shares through March

Posted on 19/05/2009

Boston - Abu Dhabi's Mubadala Development Co. said it owned 65.8 million shares of General Electric Co. through March, bringing the state-owned investment company closer to its goal of becoming a top 10 shareholder. The stake as of March 31 represents about 0.6 per cent of the Fairfield, Connecticut-based company's outstanding shares, Mubadala said on Monday in an e-mailed statement. That would make it the 17th largest holder, according to data compiled by Bloomberg. Mubadala and GE last year ...  >>MORE

Abu Dhabi Group to fund Pakistan health projects

Posted on 18/05/2009

The Abu Dhabi Group plans to finance small and medium-sized private healthcare projects in Pakistan through its Karachi-based Bank Alfalah's subsidiary. Bank Alfalah carries out commercial banking operations through 282 branches in 75 cities in Pakistan. It will provide loans to private companies to establish hospitals, clinics, laboratories and pharmaceutical companies across the country, say sources familiar with the project. The programme will boost the private healthcare sector in ...  >>MORE

Dubai Holding posts Dh9.82b net profit in '08

Posted on 17/05/2009

Net profits of Dubai Holding Commercial Operation reached Dh9.82 billion in 2008 compared to Dh13.9 billion in 2007. Total earnings of the company reached 13.58 billion in 2008 compared to Dh19.9 billion in 2007. At the same time the direct cost of the company's work declined from Dh11.86 billion in 2007 to Dh7.36 billion in 2008. Meanwhile, the value of total assets of the company reached grew by 22 per cent in 2008 to reach Dh171.44 billion compared to Dhs140.11 in 2007. The shareholders' ...  >>MORE

Abu Dhabi firms to invest US$2b in Morocco projects

Posted on 14/05/2009

Two Abu Dhabi-based companies have agreed to invest a total of almost US$2 billion in Morocco, one in a 700-megawatt power plant expansion and the other in a mixed-use real estate project. The Abu Dhabi National Energy Company, or TAQA, plans to invest US$1.2 billion to increase generating capacity at its Jorf Lasfar electricity plant in the city of Fez. Property firm Al Maabar International Investments, meanwhile, has broken ground on a US$750 million development in the Moroccan capital, ...  >>MORE

UAE largest GCC investor in Pakistan, with US$3.74b investments from 2004-2008

Posted on 14/05/2009

The Investment Minister of Pakistan, Senator Waqar Ahmed Khan, met yesterday with senior officials of Abu Dhabi's energy sector as part of his second visit to the UAE in year 2009. Senator Khan met with a team of officials from TAQA (Abu Dhabi National Energy Company) and discussed recent developments in Pakistan's energy sector and identified the investment opportunities in acquisition of existing power generation and supply units, or the installation of new ones. Speaking of the current ...  >>MORE

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Quick List

Abu Dhabi seeks foreign investment to boost technological expertise


UAE is third largest FDI recipient in West Asia


UAE leads in attracting liquidity


UAE invites Japanese investors


Abu Dhabi's TDIC may raise US$1bn in sukuk offer


Abu Dhabi's Mubadala second quarter profit reach US$633.5 million


Aabar posts US$594 million loss for Q2


Mubadala gets ‘AA’ 
rating, ‘stable’ outlook


Nakheel sells stake in Mirvac for A$200m


Taqa eyes acquisitions in Asia and the Americas


No talks on gas importation with NIOC: Mubadala


UAE's Aabar signs vehicle production deal with Algerian Government


UAE ventures in Lebanon top US$1b


Dubai World puts projects on hold


UAE investments in UK


Abu Dhabi foreign direct investment volume reaches Dh31.465b


UAE tops Arab states in M&A investment


Dubai Investments reports 46% drop in profits


Mubadala tops global transparency survey


Aabar sets up JV with Austrian Berndorf


Abu Dhabi buys into green automobile


Nakheel opens two hotels in US and Scotland


Invest AD attracts first US$100 million to UAE equities fund


Mubadala fires up Algerian power plant


Tourism Development and Investment Company launches US$1bn inaugural global bond issue


UAE's Emaar, Indonesian Government extend Lombok Project JV


Mubadala and GE Aviation sign multi-faceted aviation agreement, reinforce strategic partnership


Emaar wins world's tallest tower deal


"Invest AD" is the new brand of the Abu Dhabi Investment Company


ADIC to buy stake in Russia's Black Sea resort


Abu Dhabi makes US$2.5bn from 11% Barclays stake sale


ADIA to continue seeking
dollar-based investment


GE and Mubadala sign commercial finance JV agreement


'UAE remains top investment destination in the region'


UAE hosts 89% of inter-Gulf investments


FSI and Mubadala to cooperate on investment in French companies


Mubadala owned 65.8m GE shares through March


Abu Dhabi Group to fund Pakistan health projects


Dubai Holding posts Dh9.82b net profit in '08


Abu Dhabi firms to invest US$2b in Morocco projects


UAE largest GCC investor in Pakistan, with US$3.74b investments from 2004-2008