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THE ECONOMY - INTERNATIONAL INVESTMENTS

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

Dubai World in talks to sell DP World stake

Posted on 11/05/2009

Dubai World is in talks to sell a stake in port operator DP World after it was approached by a regional private equity firm to sell a minority stake, driving its shares higher. "DP World has been informed by its ultimate majority shareholder Dubai World that (it) has received an approach from, and is engaged in discussions with, a regional private equity firm which may or may not result in a transaction," the port operator said in a statement on the Nasdaq Dubai. The sale would largely come ...  >>MORE

Dubai top city in the world in 2008 for FDIs

Posted on 06/05/2009

UAE continues to dominate the region in terms of foreign direct investment In a special report published by the Financial Times on Foreign Direct Investment (FDI) Dubai has for the first time been classified as the top destination city in the world surpassing the likes of London and Shanghai. The United Arab Emirates (UAE) continues to lead the way in the Middle East and Africa accounting for 50 percent of total projects in the region. Dubai is one of the seven emirates of the UAE. In its ...  >>MORE

Dubai World Africa invests in Zimbabwe

Posted on 04/05/2009

State-owned holding company Dubai World said yesterday its African unit was investing in a wildlife game reserve in Zimbabwe as part of plans to boost its investments in Africa. Dubai World Africa, which in March said it bought three top-end South African wildlife game parks, has been pursuing investments that boost its exposure to Africa's tourism sector, including investments in hotels and beach resorts. "(Africa) is a place where you can see growth…double-digit growth," Dubai World ...  >>MORE

Dubai Investments' 2009 Q1 profit drops 45 per cent to Dh269 million

Posted on 04/05/2009

Dubai-based diversified conglomerate Dubai Investments (DI) has reported a 45 per cent decline in net profit at Dh269 million for the first quarter of 2009 against Dh488 million for the corresponding period last year. Consolidated total income was Dh831m. Total assets as of March31 have increased to Dh14.36 billion, a growth of 25 per cent over the total assets of Dh11.47 billion as of March 31, 2008, the company said in a statement. Net worth as of March 31, 2009 increased to Dh7.53bn, a ...  >>MORE

Mubadala set to triple asset base in five years and may launch bonds

Posted on 30/04/2009

Mubadala plans to triple its asset base from Dh54 billion to Dh162bn in five years and is likely to announce a bonds issue for the United States and British markets shortly, its chief operating officer revealed yesterday. The Abu Dhabi-based investment company is likely to consider using contributions of equity from the government, debt and revenues to boost its assets, said Waleed Al Mokarrab Al Muhairi, who is also Director-General of the Abu Dhabi Council for Economic Development. "We will ...  >>MORE

Mubadala sets terms on US$1.75Bn, two-part bond

Posted on 30/04/2009

Mubadala Development Co has set final terms on a new US$1.75 billion (Dh6.42bn), dual-tranche bond, one of the lead managers said yesterday. The US$1.25bn, five-year tranche will be priced at 395 basis points over Treasury's, while the US$500 million, 10-year portion will be priced at 462.5 basis points over Treasury's. Price guidance on the tranches has been tightened from initial talk of around 400 basis points over Treasury's and around 470 basis points over Treasury's, respectively, ...  >>MORE

Aabar Investments quarter one net profits up 121%

Posted on 28/04/2009

Aabar Investment said yesterday its net profits jumped 121 per cent in the first quarter of 2009 as the Abu Dhabi-based company is pushing ahead with an aggressive investment drive in the UAE and other markets. Net profits shot up to Dh177.2 million in the first quarter of 2009 from Dh80.9m in the same period of 2008, the company said in a statement. The company's assets also more than tripled at the end of March, while the company's chief saw another good year ahead. A breakdown showed a ...  >>MORE

UAE pumps US$2billion investment in Jordan

Posted on 23/04/2009

Total UAE investments in various sectors of the Jordanian economy now stands at about US$2 billion with the major beneficiary sectors being the power generation, industrial and investment sectors, it was announced in Abu Dhabi yesterday by Jordanian Ambassador, Jamal Shumeila in a joint press conference with the Chief Executive of the Jordan-based Investment Promotion Board (IPB), Dr. Mu'on Al-Nusuor. The press conference was held to announce the IPB's plans to organise the 1st Jordan ...  >>MORE

Al Tayer signs an agreement on protection of UAE investments in Jordan

Posted on 16/04/2009

UAE and Jordan signed Wednesday a cooperation agreement on the protection of Abu Dhabi's investment in Jordan, which is estimated at about US$2 billion in different economic sectors. The agreement was signed by UAE Minister of Finance Obeid al Tayer and his Jordanian counterpart Basem al Salem on the sidelines of the annual meetings of the Joint Arab funds which began works in Jordan yesterday. Speaking to reporters, Salem said the agreement was the fruit of meetings of the two countries' ...  >>MORE

Nakheel, Amburaya to develop joint venture in Thailand

Posted on 05/04/2009

Nakheel, Dubai's master developer, has joined Thailand's Amburaya Hotels '&' Resorts to transform Thailand's idyllic Koh Samui Island with the launch of a stunning integrated resort development comprising 17 luxurious private residences and a 75-key all-villa hotel. The joint-venture project is positioned on an exclusive 27-acre headland site with 900 metres of private beachfront, approximately 15-minutes drive from Samui International Airport. The W Koh Samui Retreat '&' Residences will be ...  >>MORE

IPIC buys 33pc stake in Cespa

Posted on 01/04/2009

International Petroleum Investment Company (IPIC), has purchased a 32 percent stake in Spain's Banco Santander SA's 33 percent stake in Compania Espanola de Petroleos (Cespa) for EUR33 per share. IPIC said in a statement issued yesterday in Abu Dhabi that it was expected to buy Union Fenosa SA's 5 percent stakes Cespa to own a total 47 percent of the company. This will render IPIC the second largest shareholder in Cespa after Total. "We are pleased with the increase in IPIC's stake in Cespa, ...  >>MORE

TAQA to invest US$2.5 billion in Morocco and Tunisia

Posted on 31/03/2009

The Abu Dhabi National Energy Company, or TAQA, will invest US$2.5 billion into three electric power plants in Morocco and Tunisia over the next four years, a senior official said on Monday. TAQA Managing Director for North Africa and Middle East Majid Iraqui told Khaleej Times that construction of the projects will begin sometime this year, while commercial operations will commence in 2012 and 2013, respectively. The company is set to sign an agreement with the Morocco government to ...  >>MORE

Ipic completes acquisition of 70% of MAN Ferrostaal

Posted on 26/03/2009

The International Petroleum Investment Company (Ipic), owned by the Government of Abu Dhabi, has completed the acquisition of 70 per cent stake in Germany's auto maker MAN Ferrostaal. Ipic has thus become the new majority owner of MAN Ferrostaal. Ipic has acquired 70 per cent of the shares with 30 per cent retained by MAN shareholders. The price for 100 per cent of the shares will amount to about 700 million euros (Dh3.4 billion), depending on the outcome of a mutual option that MAN and Ipic ...  >>MORE

RAK to build Indonesian rail line

Posted on 24/03/2009

Ras al Khaimah has been granted a licence to operate a special-purpose, 120km rail line in Indonesia, as part of its plans to source coal for a power plant it is building in the emirate. The first phase of the 1,000 megawatt (Mw) coal-fired power plant is due to be built in the next two years and requires planners to secure a stable and consistent supply of coal to ensure the plant's reliability. In addition to buying coal mines in East Kutai, in Indonesia's East Kalimantan province, RAK ...  >>MORE

Abu Dhabi buys stake in Daimler

Posted on 23/03/2009

An Abu Dhabi company with Government links has agreed to buy a Dh9.73 billion (US$2.65bn) stake in the owner of Mercedes-Benz, in a deal that could bring electric-car manufacturing to the Emirate. The deal between Aabar Investments and Daimler is one of the most prominent examples to date of the Government's strategy of developing domestic industry in partnership with household brands from the West. "Daimler is an iconic brand and a financially strong company with a reputation for excellence ...  >>MORE

Taqa takes over half of Marubeni's Caribbean assets

Posted on 23/03/2009

The Abu Dhabi National Energy Company PJSC (Taqa) on Sunday said it had completed the acquisition of a 50 per cent equity stake in the Caribbean portfolio of Japan's Marubeni Corporation (Marubeni) for US$320 million (Dh1.1 billion). In a filing to the Abu Dhabi Securities Exchange (ADX), where it is listed, Taqa said: "The Marubeni Caribbean portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300 megawatts (gross) in ...  >>MORE

Polymers Park eyes foreign investment up to Dh3bn

Posted on 09/03/2009

Abu Dhabi Polymers Park is targeting Dh2 billion to Dh3bn in foreign direct investment, according to one of its top executives. It is also aiming to achieve 1.5 million tonnes to two million tonnes of conversions. The park is under the Abu Dhabi Basic Industries Corporation (Adbic). Mohamad Al Qamzi, Senior Vice-President, Adbic, told Emirates Business the park offers competitive costs, easy access to raw materials, low-cost electricity, a skilled workforce, world-class infrastructure and an ...  >>MORE

UAE's IPIC enters Papua New Guinea

Posted on 05/03/2009

International Petroleum Investment Company (IPIC) and the Papua New Guinea Government (PNG Government), through its nominee, Independent Public Business Corporation (IPBC) yesterday announced that they have signed an agreement under which, subject to certain conditions, IPIC will acquire IPBC's 17.6% interest in ASX-listed Oil Search Limited (Oil Search). The acquisition, which was announced in a press release, is structured by way of a five-year exchangeable bond (Bond) for US$1.68bn. "This ...  >>MORE

Mubadala raises AMD stake

Posted on 04/03/2009

Mubadala Development has finalised a deal with Advanced Micro Devices (AMD) to take control of its semiconductor manufacturing operations and raise the state-owned firm's stake in the company. Advanced Technology Investment Company (ATIC), a unit of Mubadala, is now a 66 per cent owner of The Foundry Company, which manufactures microchips for AMD. Mubadala also raised its stake substantially with an investment of US$125 million (Dh459.1m) in AMD, which has been hard hit by the drop in demand ...  >>MORE

Abu Dhabi’s Aabar buys EU49.8 million UniCredit convertible bond

Posted on 03/03/2009

Aabar Investments PJSC, the Abu Dhabi-based investment company that agreed to buy American International Group Inc.'s private banking unit, paid 49.8 million euros (US$62.6 million) to purchase UniCredit SpA's convertible bonds. The bonds exchangeable into ordinary shares of UniCredit and maturing in 2050 will pay a quarterly coupon equal to the 3- month Euro Interbank Offered Rate plus 4.5 percent per year, Aabar said today in a statement to the Abu Dhabi bourse Web site. The initial ...  >>MORE

RAK Minerals invests in coal infrastructure in Indonesia

Posted on 03/03/2009

The Government of Ras Al Khaimah will invest US$1.5 billion (Dh5.51bn) in the development of coal transportation infrastructure in Indonesia's East Kalimantan province. The government, through RAK Minerals and Metals Investments (RMMI), the first Middle East mining company with a global reach, announced the investment yesterday. RMMI said it has received approvals to commence work on a railway network and coal jetty in East Kutai. Over the next five years, RMMI will invest in resources and in ...  >>MORE

IPIC acquires NOVA Chemicals of Canada

Posted on 24/02/2009

International Petroleum Investment Company (IPIC) yesterday announced that it had acquired NOVA Chemicals of Canada at a total value of US$ 500 million. It is the company's first 100 percent acquisition since its establishment in 1984. NOVA Chemicals will continue to manage its operations and set its business objectives from North America. NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and ...  >>MORE

IPIC MD holds talks with Vietnamese PM on energy investment

Posted on 17/02/2009

HE Khadem Al Qubaisi, Managing Director of International Petroleum Investment Company (IPIC), met yesterday visiting Vietnamese Prime Minister Nguyen Tan Dung. Al Qubaisi said the meeting had explored ways of cooperation between the Abu Dhabi-based company and oil, gas, chemicals and energy companies in Vietnam. The Vietnamese premier welcomed IPIC's intention to study a number of investment opportunities in energy sector in his country which he termed as 'vital'. The Vietnamese premier ...  >>MORE

Vietnam, ADCC sign MoU

Posted on 17/02/2009

The Abu Dhabi Chamber of Commerce and Industry signed yesterday the Memorandum of Understanding (MoU) with its Vietnamese counterpart to boost the economic and investment ties. As per this (MoU), the two sides will promote the industrial relations, exchange regular information on the markets, training, exchange of visits, and holding of fairs. Engineer Salah Salem bin Omair Al Shamsi, Chairman of the UAE Chambers of Commerce and Industry Federation, welcomed the visit paid by the Vietnamese ...  >>MORE

IPIC denies acquiring stakes in Schaeffler or Continental

Posted on 12/02/2009

The International Petroleum Investment Company (IPIC) has denied speculations that it is interested in acquiring stakes in the German based automotive supplier, Schaeffler, or its subsidiary Continental. "This speculation (of IPIC investing in Schaeffer/Continental) has surfaced recently in the German media; we are quite surprised that this has arisen at all. There has been no contact between IPIC and either Schaeffler or Continental, nor does IPIC intend to open a dialogue with either ...  >>MORE

New Doraleh Terminal officially opens

Posted on 08/02/2009

Global marine terminal operator DP World yesterday underlined its commitment to supporting the continued growth of Djibouti with the opening of the new state-of-the-art Doraleh Container Terminal. The President of Djibouti, H.E. Ismail Omar Guelleh, and Dubai World and DP World Chairman H.E. Sultan Ahmed bin Sulayem officiated at a quayside ceremony with special guest H.H. Sheikh Ahmed Bin Mohammed bin Rashid Al Maktoum to unveil a plaque to commemorate the opening of the new terminal. The ...  >>MORE

Dubai signs US$16b pact to develop oil and gas infrastructure in Nigeria

Posted on 19/01/2009

Dubai World has signed a Dh58.7 billion (US$16 billion) agreement with the government of Nigeria to develop oil and gas infrastructure in the country. Nigeria is Africa's top crude producer, churning out around two million barrels of crude oil each day. It is likely that the agreement will focus on the upstream oil and gas sectors and the development of gas utilisation projects. Dubai Natural Resources World (DNRW), created in 2005 under the umbrella of Dubai World, will manage the ...  >>MORE

IPIC acquires 70% stake in MAN Ferrostaal

Posted on 11/01/2009

The International Petroleum Investment Company (IPIC) has agreed to acquire 70% stake in MAN Ferrostaal from its parent, the Munich-based Man AG Group, it was announced yesterday by IPIC, which is wholly owned by the Government of Abu Dhabi. This strategic investment provides IPIC the capability to access MAN Ferrostaal's leading edge capabilities in the fields of Petrochemicals, Solar Power and Project Construction '&' Management; all of which are vital to Abu Dhabi's continued economic ...  >>MORE

Investments by UAE in Egypt reach US$2.9 billion

Posted on 08/01/2009

The UAE's investments in Egypt were worth US$2.9 billion (Dh10.65bn) at the end of 2008 and etisalat owned 39.5 per cent of the total, it was revealed yesterday. Mahmoud Mohieldin, Egypt's Minister of Investment, said the UAE was the third biggest foreign investor in his country. There were 421 UAE companies in Egypt, including 64 contracting, 44 financial, 125 service, 40 agricultural, 38 tourism, 87 industrial and 23 communications businesses. The overall number increased by 54 per cent ...  >>MORE

UAE second largest Arab investor abroad

Posted on 04/01/2009

The UAE and its partners in the six-nation Gulf Cooperation Council (GCC) pumped more than US$63 billion (Dh231bn) during 2006-07 in foreign direct investment (FDI) to other markets to maintain their position as the top capital exporters in the Middle East, official figures showed yesterday. The UAE emerged as the second largest Arab FDI investor after Kuwait, with an outward investment of more than US$17bn during that period, showed the figures by the Inter-Arab Investment Guarantee ...  >>MORE

ADIH partners with University of the Arts London

Posted on 22/12/2008

Abu Dhabi Investment House (ADIH) has announced that University of Arts London will join it as a consultant for developing a series of Style cities in Asian and African countries. The Style City, named Porta Moda is a USD7 billion project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living from both academic and retail aspects to create style and design hubs in select emerging markets. The Style City concept will be ...  >>MORE

RAK firm to acquire 24% stake in Nalco's smelter in Indonesia

Posted on 22/12/2008

The Ras Al Khaimah Minerals and Metals Investment Company (RMMI) yesterday said it will acquire a 24 per cent equity stake in the Indian National Aluminium Company (Nalco)'s new aluminium smelter in Indonesia. Following Nalco's agreement with the Government of Indonesia to set up a smelter, Nalco signed a Memorandum of Understanding (MoU) with RMMI to leverage RMMI's existing coal mine operations and infrastructure to provide the coal energy for the plant and manage the logistics needed for ...  >>MORE

TAQA and RBS Sempra Commodities announce creation of TAQA Gen X joint venture

Posted on 11/12/2008

Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and RBS Sempra Commodities, a leading commodity company, yesterday announced the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America. TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of ...  >>MORE

Emaar may invest in Philippines' mining sector through JVs

Posted on 10/12/2008

Emaar Properties is looking at investing in the Philippines mining sector using controlling stakes in joint venture companies, a newspaper reported yesterday. "There is a resurgence of development in the region, as China, India and even Japan require continued supply of minerals," the Philippine Daily Inquirer quoted Environment and Natural Resources Secretary Lito Atienza as saying. "We need to take advantage of this as we are in the centre of the region, near the markets for such minerals." ...  >>MORE

Mubadala signs deal in Kazakhstan

Posted on 06/12/2008

Almaty - Conoco-Phillips and the UAE's Mubadala Development will pay Kazakhstan a US$100 million signing bonus as part of a deal to buy a stake in a Kazakh offshore oil block, officials said. Conoco and Mubadala agreed in October to buy 24.5 per cent each in a Caspian block known as "N" from Kazakh state energy firm KazMunaiGas, but have not given details of the deal. "According to the agreement, our foreign partners will pay a signing bonus of US$100 million," KazMunaiGas chief executive ...  >>MORE

RAK firm owns all shares in Georgian port

Posted on 04/12/2008

Tbilisi - Georgia has sold the remaining 49 per cent of its Black Sea port of Poti to RAK Investment Authority of the UAE for US$65 million, its deputy minister Vakhtang Lezhava said on Wednesday. "Now RAK Investment owns all the shares in the port," he said. Earlier this year RAK Investment purchased the controlling 51 per cent stake in the port from the government for $90 million, plus a further 300 hectares of land in its vicinity. – Reuters ...  >>MORE

Chinese investors channel over US$ 36 million into Dubai real estate market in first three quarters of 2008

Posted on 01/12/2008

Chinese investors have channelled over US$ 36 million (Dh 132 million) into the real estate sector in Dubai in the first three quarters of 2008, according to REIDIN.com. With the aim of highlighting the emergence of Chinese and other Asian investors, REIDIN.com has recently hosted a high-profile 'Investment Seminar' as a part of its participation at MIPIM Asia, the world's premier real estate summit. Charlie Nixon, Regional Manager Asia, REIDIN.com delivered a keynote presentation focusing on ...  >>MORE

Taqa acquires stake in US power plant

Posted on 25/11/2008

Abu Dhabi National Energy Company is poised to complete the acquisition of a majority stake worth just under US$1 billion (Dh3.68 billion) in a US based power plant within the coming 30 days, its chief executive said on Monday. "This is a joint venture between three companies around a specific asset, a power plant," Peter Barker-Homek said. "We are the 85 per cent shareholder in the joint venture." The company said its majority stake was part of its strategy to pick up distressed energy ...  >>MORE

ADIH launches fashion city project in Morocco and creates 8,000 jobs

Posted on 23/11/2008

Abu-Dhabi Investment House (ADIH) inaugurated in Morocco last week its first phase of a US$7 billion (Dh25.69 billion) project to build fashion cities in several parts of Asia and Africa. The launch of the US$400 million Porta Moda Marrakesh project in the current international circumstances goes to show that ADIH's investments and plans are not affected by the global financial crisis, company executives stressed. "First of all," Rashad Janahi, board member and managing director of ADIH ...  >>MORE

Dubai World cleared to up Mirage stake

Posted on 23/11/2008

Dubai World's intentions to increase its investment in MGM Mirage have been given a green signal, according to an official at Dubai World. However, the executive added that it won't happen in near future, "or at least until market conditions warrant such a move". Dubai World took over 9.4 per cent of MGM Mirage last year with an investment of US$6 billion (Dh22bn) and a 50 per cent interest in the US$9.1 billion City Center development, which is now under construction. Dubai World will ...  >>MORE

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Quick List

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


Dubai World in talks to sell DP World stake


Dubai top city in the world in 2008 for FDIs


Dubai World Africa invests in Zimbabwe


Dubai Investments' 2009 Q1 profit drops 45 per cent to Dh269 million


Mubadala set to triple asset base in five years and may launch bonds


Mubadala sets terms on US$1.75Bn, two-part bond


Aabar Investments quarter one net profits up 121%


UAE pumps US$2billion investment in Jordan


Al Tayer signs an agreement on protection of UAE investments in Jordan


Nakheel, Amburaya to develop joint venture in Thailand


IPIC buys 33pc stake in Cespa


TAQA to invest US$2.5 billion in Morocco and Tunisia


Ipic completes acquisition of 70% of MAN Ferrostaal


RAK to build Indonesian rail line


Abu Dhabi buys stake in Daimler


Taqa takes over half of Marubeni's Caribbean assets


Polymers Park eyes foreign investment up to Dh3bn


UAE's IPIC enters Papua New Guinea


Mubadala raises AMD stake


Abu Dhabi’s Aabar buys EU49.8 million UniCredit convertible bond


RAK Minerals invests in coal infrastructure in Indonesia


IPIC acquires NOVA Chemicals of Canada


IPIC MD holds talks with Vietnamese PM on energy investment


Vietnam, ADCC sign MoU


IPIC denies acquiring stakes in Schaeffler or Continental


New Doraleh Terminal officially opens


Dubai signs US$16b pact to develop oil and gas infrastructure in Nigeria


IPIC acquires 70% stake in MAN Ferrostaal


Investments by UAE in Egypt reach US$2.9 billion


UAE second largest Arab investor abroad


ADIH partners with University of the Arts London


RAK firm to acquire 24% stake in Nalco's smelter in Indonesia


TAQA and RBS Sempra Commodities announce creation of TAQA Gen X joint venture


Emaar may invest in Philippines' mining sector through JVs


Mubadala signs deal in Kazakhstan


RAK firm owns all shares in Georgian port


Chinese investors channel over US$ 36 million into Dubai real estate market in first three quarters of 2008


Taqa acquires stake in US power plant


ADIH launches fashion city project in Morocco and creates 8,000 jobs


Dubai World cleared to up Mirage stake