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THE ECONOMY - INTERNATIONAL INVESTMENTS

Emaar Misr launches Armani residences in Marassi community

Posted on 28/08/2008

Emaar Properties and Giorgio Armani yesterday announced the launch of Armani Residences in Marassi in Egypt. The Armani Residences, Marassi will be set on the Sidi Abdel Rahman Bay. The resort-style residences will feature a combination of stacked villas and three and four-bedroom villas, all facing the Mediterranean Sea, and will be an integral part of Marassi, the Dh6.39 billion master-planned community developed by Emaar Misr, the wholly-owned country subsidiary of Emaar. Spread across ...  >>MORE

Al Qudra Holding in a major land acquisition push

Posted on 27/08/2008

In a major land acquisition move, the Al Qudra Holding is trying to acquire over 400,000 hectares of agricultural land in the first quarter of next year. The move made through its agricultural arm, Al Qudra Agriculture, signals the company's strategy to heavily invest on a global level in the agricultural produces. The company presently owns 1500 hectares of agricultural land in Morocco and Algeria. The company plans to meet the increased global demand for agriculture products by way of using ...  >>MORE

Dubai World gets approval to raise MGM Mirage stake

Posted on 24/08/2008

New York - MGM Mirage's second-biggest shareholder, Dubai World, can raise its stake in the company after New Jersey regulators gave it permission to own as much as 20 per cent of the entertainment conglomerate. MGM rose 20 per cent in New York trading on the news on Friday. The New Jersey Casino Control Commission approved the application of the Dubai government investment group yesterday, commission spokesman Daniel Heneghan said in a telephone interview. The Dubai group currently owns 9.4 ...  >>MORE

Nakheel to seek US investments

Posted on 21/08/2008

Senior executives of Nakheel are scheduled to go to the United States tomorrow to meet with a number of top US developers and investors seeking investment opportunities in Dubai. Leading the Nakheel team on this visit to Los Angeles will be CEO Chris O'Donnell and director of sales, marketing and customer service Manal Shaheen. They will be accompanied by a team of company professionals. The delegation will continue to pursue the company's strategy of highlighting the Dubai World-owned real ...  >>MORE

Mubadala's first US$8b investment fund deal with GE in ’09 first quarter

Posted on 21/08/2008

Abu Dhabi's Mubadala Development Co. will make its first deal under an US$8 billion investment fund venture with General Electric Co. (GE) early next year, an official said on Wednesday. "The estimate for doing the first transaction is the first quarter," Waleed Al Mokarrab Al Muhairi, Mubadala's chief operating officer, told Zawya Dow Jones. GE and Mubadala, in late July announced an agreement that involves allocating US$4 billion each in equity for an investments targeting projects ...  >>MORE

UAE investment in Pakistan to remain intact

Posted on 20/08/2008

UAE and Pakistan economic relations will remain strong and the resignation of President Pervez Musharraf will have no negative impact on trade and businesses, investors have said. Talking to Khaleej Times on Monday, they said project investment from the UAE and Gulf will remain intact; however, portfolio investment into Pakistan may be slightly hit in the short term. Investors said commercial ties between the two countries will remain unaffected with the resignation of President Musharraf. ...  >>MORE

UAE commences agricultural investments in Sudan, other three countries

Posted on 07/08/2008

The UAE has taken practical steps to address world looming food crisis by aggressively investing in agriculture and livestock in countries with fertile agricultural lands, particularly Sudan, Egypt, India and Pakistan. "These investments aim at providing most basic food items to cover local market needs. The UAE agricultural investments in this respect are the largest at the Arab level. It is so far investing 900,000 fedans in many Sudanese states, notably Zayed Al Kheir Project, 40, 000 ...  >>MORE

Istithmar World and Nakheel buy stake in Cirque du Soleil

Posted on 07/08/2008

Istithmar World, the investment arm of Dubai World, and Nakheel yesterday said they had together acquired a 20 per cent stake in Cirque du Soleil, the world's leading live entertainment company. "Under the terms of the agreement, the remainder of the business will continue to be owned by Cirque du Soleil's founder, Guy Laliberté, and his team," both the companies said in a statement. Quebec-based Cirque du Soleil has annual sales in excess of US$700 million and attracts nearly 10 million ...  >>MORE

UAE largest Arab destination for foreign capital

Posted on 06/08/2008

The UAE attracted more than US$35billion (Dh129bn) in foreign direct investment between 1997 and 2006 to become the largest Arab destination for foreign capital, according to official data. The UAE has also emerged as the second largest Arab capital exporter, with its direct investment outflow totalling around US$11bn during that period, the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC) said in its 2007 Arab investment report. The report gave no figures on the UAE for 2007 ...  >>MORE

Dubai Capital Group buys 5.24pc stake in CIB

Posted on 04/08/2008

Cairo - Commercial International Bank (CIB) said on Sunday Dubai Capital Group had bought a 5.24 per cent stake in the bank, the Gulf emirate's second major investment in a year in Egypt's financial sector. Dubai Capital Group, part of Dubai Holding, had accumulated the stake of Egypt's largest publicly traded lender from the Egyptian and London stock exchanges over the past few months, a CIB spokesman said, without giving details. Another Dubai firm bought a 25 per cent stake in ...  >>MORE

Emaar to invest Dh8bn in Indonesia

Posted on 28/07/2008

Dubai-based Emaar Properties plans to invest more than Rp20 trillion (Dh8 billion) in total over a 15-year period in the tourism sector of an Indonesian province, according to a media report. "Emaar will develop a tourism project on a 1,250-hectare plot of land previously owned by Lombok Tourism Development Corporation in Central Lombok. It has also pledged to invest more than Rp20trn in total over 15 years period in tourism sector in West Nusa Tenggara (NTB) province," NTB Governor Lalu ...  >>MORE

GE and Mubadala launch multibillion dollar global business partnership

Posted on 23/07/2008

New York - Abu Dhabi - GE (NYSE: GE) and Mubadala Development Company, headquartered in Abu Dhabi, yesterday announced a framework agreement on a global partnership encompassing a broad range of initiatives including commercial finance, clean energy research and development, aviation, industry and corporate learning. GE Chairman of the Board and Chief Executive Officer Jeff Immelt said, "This partnership brings together two world's class organisations with complementary resources and a shared ...  >>MORE

Emaar unveils hotel in Cairo

Posted on 21/07/2008

The Address Hotels and Resorts, the five-star premium hotel brand of Emaar Hospitality Group, has unveiled its first hotel property in Uptown Cairo, Egypt, marking the international expansion of the brand. The hotel will be the flagship brand of The Address in Egypt and is scheduled to open in 2011. The Address will meet the growing demand in Cairo for world-class hospitality services – both from tourists and business travellers. Marc Dardenne, Chief Executive Officer of Emaar Hospitality ...  >>MORE

Ministry of Economy to undertake nation-wide survey on Foreign Direct Investment

Posted on 16/07/2008

The UAE Ministry of Economy (MoE) will conduct a nation-wide survey on Foreign Direct Investment (FDI). This comes in line with the UAE government's strategy to build a strong and reliable database on FDI inflow to the UAE. HE Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said that the Central Department of Statistics (CDS) has received Dr. Christi Richard, an expert from the International Monetary Fund (IMF), for technical consultancy on the survey's research methodology and to ...  >>MORE

Abu Dhabi buys New York's Chrysler Building

Posted on 10/07/2008

New York - New York's Chrysler Building, the Art Deco icon that helps define the New York skyline, was bought by an Abu Dhabi sovereign wealth fund, the second purchase of a Manhattan landmark by Middle East investors in as many months. The skyscraper at 405 Lexington Avenue, the world's tallest building until 1931, was acquired yesterday by the Abu Dhabi Investment Council for an undisclosed price. Last month a Dubai fund, Boston Properties, and Goldman Sachs Group paid US$2.8 billion for the ...  >>MORE

Nakheel breaks ground on W Bangkok

Posted on 03/07/2008

Nakheel Hotels broke ground this week on its W Bangkok hotel development, the firm's latest project in Southeast Asia. The 400-room property, to be managed by Starwood Hotels & Resorts, is expected to open at the end of 2010, the company said in a statement yesterday. The hospitality arm of property giant Nakheel has a US$40 million (Dh146m) investment in the development, which is a joint venture with Thailand-based Golden Land Property Development. "We plan to roll out 30 branded ...  >>MORE

Dubai World offers US$5.34 billion for Russia's OGK-1

Posted on 01/07/2008

Dubai World, the state-owned investment group, and OAO Roskommunenergo, an energy trader chaired by the son of the Kremlin's top real-estate official, offered to buy Russia's biggest wholesale power producer for US$5.34 billion before price caps end in 2011. The acquisition by Dubai World, which has more than US$100 billion of assets ranging from ports to hotels, would be the first in Russia's energy industry by a Persian Gulf investor. Roskommunenergo, formed in 2004, is chaired by Igor ...  >>MORE

Dubai World boosts investment in Africa

Posted on 25/06/2008

Dubai World Africa, leading large scale investments in Africa's eco-tourism under Nakheel International, highlighted its commitment to the continent's conservation efforts and to the protection of its traditional values by joining a Rwandan initiative to save its dwindling gorilla population. Dubai World Africa added its weight to Rwanda's environmental initiatives by joining the 'Kwita Izina' (Give a Name) ceremony organised by Rwanda Office of Tourism and National Parks (ORTPN). The ...  >>MORE

Dubai World seeks real estate buys in U.S., Europe

Posted on 25/06/2008

Dubai World, a state-owned investment company, is seeking opportunistic' real estate purchases in the U.S. and Europe after asset prices fell amid a global credit crunch. Dubai World, with assets worth US$100 billion, is most interested in retail properties, followed by logistics and infrastructure real estate, hotels, and offices, Chief Investment Officer Yu Lai Boon said in an interview in Singapore yesterday. The company is based in Dubai, United Arab Emirates. "Now is the time to buy,' ...  >>MORE

Phase-1 of SmartCity Malta launched

Posted on 16/06/2008

Phase-1 of SmartCity Malta was launched on Saturday by Ahmad Bin Byat, Executive Chairman of TECOM Investments and Chairman of SmartCity, and Dr. Lawrence Gonzi, Prime Minister of Malta, in the presence of top ranking government officials from both countries and over 500 invited guests. The on-site ceremony for the joint venture between SmartCity and the Government of Malta was attended by Dr. Austin Gatt, Malta's Minister for Infrastructure, Transport and Communications, and Fareed ...  >>MORE

13 hurdles to FDI identified

Posted on 15/06/2008

Foreign investors have to deal with a mixed bag of difficulties and facilities when setting up their businesses in the UAE, according to the biggest ever survey by the Ministry of Economy (MoE) of foreign companies in the country. The survey, covering more than 800 foreign companies in the UAE, listed 13 difficulties faced by foreign investment in the country, as well as 13 "privileges". Nada Al Hashimi, director of the Ministry of Economy's Foreign Investment Department, said in an ...  >>MORE

Dubai World explores investment opportunities in Gabon

Posted on 12/06/2008

Dubai World Chairman Sultan Ahmed bin Sulayem met El Hadj Omar Bongo Ondimba, the President of Gabon, during his visit to the country. Bin Sulayem is currently on a tour of West Africa along with senior Dubai World officials, including representatives of Dubai World Africa, the group's investment subsidiary dedicated to the continent. Dubai World already has a sizable investment footprint in Africa and the West African tour is aimed at expanding it. In Gabon, Bin Sulayem and his team held ...  >>MORE

Gabon President, Bin Sulayem discuss commercial co-operation

Posted on 05/06/2008

President of Gabon El Hadj Omar Bongo Ondimba on Tuesday, held talks with Sultan Ahmed bin Sulayem, Chairman of Dubai World, on matters of mutual economic interests and on the scope of co-operation in various sectors in his country. Tuesday's meeting in Dubai follows the visit by Bin Sulayem to Gabon in April this year as part of his West African tour prospecting investment opportunities for Dubai World in the region, during which both sides explored possible business ties. "President ...  >>MORE

Damac plans Dh55 billion project in Iraq

Posted on 04/06/2008

Dubai-based Damac Properties yesterday unveiled plans to build a Dh55-billion master development – Tarin Hills – in Iraq's Kurdistan province, work on which will commence in December. "The project will include residential, commercial and hospitality buildings over 170 million square feet in Erbil. We will break ground in December and the development will be completed in seven years," Damac Chairman Hussain Sajwani told Emirates Business. Tarin Hills will be developed in three phases, with the ...  >>MORE

Finland seeks cooperation with UAE sovereign funds: official

Posted on 03/06/2008

The United Arab Emirates is one of the Arab economies that are most attractive to foreign investments, thanks to its flexible economy, strong financial position, high transparency and the laws enacted to protect investments, according to Tuomo Airaksinen Chief Executive Officer of Invest in Finland, the Finnish Investment Authority. In a statement to WAM in Helsinki, the Finnish official said his country is seeking to establish cooperation with sovereign funds in the Arabian Gulf including the ...  >>MORE

More incentives needed to bring FDI to capital

Posted on 01/06/2008

Abu Dhabi should introduce more incentives and guarantees within an overall reform package to attract foreign direct investment (FDI) and support economic diversification plans, a government body said on Saturday. But such a programme must focus on attracting high-technology capital and other selective investments that will support diversification rather than on mere cash on the grounds the emirate is enjoying massive financial surpluses, the Department of Planning and Economy (DPE) said in ...  >>MORE

RCA holds mobile show at sideline of Palestinian Investment Conference

Posted on 25/05/2008

The UAE Red Crescent Authority (RCA), managed to draw attention of participants at the Palestinian Investment Conference, which concluded Saturday in Bethlehem town, by distributing media brochures on projects executed in Palestine. Abdul Rahman Al Tunaiji, director of media and public relations department at the RCA, said that the media message got across to all the participants at the investment gathering, adding that the media message "reflects genuine picture about the efforts of the RCA ...  >>MORE

UAE will stimulate private sector to invest in Palestine: MoE official

Posted on 23/05/2008

Bethlehem - The UAE high profile participation in the Palestine Investment Conference (PIC), which opened here Wednesday, underlines its firm support for the Palestinian economic and development, a senior UAE official affirmed Thursday. 'The UAE presence in the three-day international gathering will provide it with information on investment opportunities in Palestine which will also be passed to the private sector in the UAE so as to explore business opportunities and establish joint ventures ...  >>MORE

Emaar Misr holds sales of Uptown Cairo and Marassi homes in the UAE

Posted on 23/05/2008

Emaar Misr for Development S.A.E, the wholly owned Egyptian subsidiary of Emaar Properties PJSC, will hold a special sale in the UAE of residences within Marassi and Uptown Cairo, two premier developments that have already opened to strong investor response in Egypt. The sale at Downtown Living Sales Centre and Emaar's Abu Dhabi Sales Centre on May 24, 2008, will feature a varied collection of villas, town homes and apartments. Emaar Misr is one of the largest investors in Egyptian real ...  >>MORE

Istithmar World Vice Chairman outlines investment strategy

Posted on 23/05/2008

Istithmar World, the investment arm of Dubai World, yesterday reiterated that it will continue its global approach to investment, seeking opportunities across a diverse range of sectors in international markets, including the United States. Restating the group's commitment to identifying world-class businesses for investment, Adel Al Shirawi, Vice Chairman of Istithmar World, said: "Istithmar World's primary focus is growth and asset appreciation through a diverse portfolio which spans the ...  >>MORE

Leisurecorp buys Scottish golf course

Posted on 22/05/2008

Leisurecorp, the Dubai World company specialising in developments and investments in the sport and leisure sector, today revealed it would buy Turnberry golf course in Scotland for £55 million (Dh397m). Currently owned by Starwood Hotels & Resorts Worldwide, the course is the host venue for the 2009 Open Championship. The deal also adds another name to Dubai's growing portfolio of sporting destinations. Earlier today the companies signed a letter of intent for the sale and purchase of the ...  >>MORE

Emaar ties up with Ritz

Posted on 20/05/2008

The Economic City (Emaar EC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a Memorandum of Understanding (MoU) with The Ritz Carlton, a globally recognized luxury & lifestyle hotel and resort brand, for the management of a luxury resort within the Resort Cove district of KAEC. Scheduled to open in 2011, the luxury beachfront resort will feature a combination of luxurious guest rooms and private villas designed to meet The Ritz Carlton standard with a ...  >>MORE

Mubark Al Gethmi wins Emaar's Jeddah contract

Posted on 12/05/2008

Emaar, The Economic City (Emaar EC), which is developing King Abdullah Economic City (KAEC), has awarded a SR199 million (US$33m) contract to Mubark Al Gethmi Contractors for constructing the concrete skeleton for four residential towers in Bay La Sun Village. Bay La is the first and fully integrated residential community in KAEC. Fahd Al Rasheed, CEO of Emaar EC, has signed the contract with Nabil Al Jamal, chairman, Mubark Al Gethmi Contractors, in Jeddah. The contract covers the ...  >>MORE

Historic day for UK and London Gateway development

Posted on 08/05/2008

London - The final seal of approval has been granted by the Government for the development of the UK' most advanced container port at London Gateway, which incorporates Europe's largest logistics park. The Department for Transport (DfT) has issued a 'Harbour Empowerment Order' to London Gateway, which enables official and statutory powers to the new port. Construction work will begin later this year on the 1,850 acre site, just 25 miles from central London, near Stanford-le-Hope, South Essex. ...  >>MORE

Sheikh Nahyan receives ‘Largest foreign investor of Pakistan’ award

Posted on 04/05/2008

The UAE Minister of Higher Education and Scientific Research Sheikh Nahyan bin Mubarak Al Nahyan, who is also Chairman of Abu Dhabi Group, has received the ‘Largest Foreign Investor of Pakistan' award. This is the first ever award presented by the Pakistani private sector to an investment group. Sheikh Nahyan received the award from Syed Naveed Qamar, Pakistan's Federal Minister for Privatisation, Investment, Ports, Shipping, Industries and Production, at a Middle East Pakistan Agriculture ...  >>MORE

Dubai World to hold on to US realty assets

Posted on 30/04/2008

Dubai World, the investment firm of the Dubai Government, said on Tuesday it was holding on to US real estate assets amid a sub-prime housing crisis that has slowed its investment decisions this year. Dubai World, with a portfolio of more than $200 billion (Dh734bn), is still seeking investments in transport and logistics, financial services and for opportunistic deals in a battered realty market after the credit crisis rattled global markets. "I'm more cautious because I don't think there's ...  >>MORE

Istithmar buys major stake in US asset firm

Posted on 29/04/2008

Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, has taken a majority stake in US institutional asset manager Gulf Stream Asset Management, the company said yesterday. Gulf Stream currently manages about $3.8 billion of corporate credit portfolios for global institutional investors in 10 investment funds. Istithmar World Capital, which has invested in over 35 companies, with an aggregate enterprise value of $9 billion, did not disclose the size or ...  >>MORE

Dubai Group acquires 40 per cent stake in India’s Chiranjjeevi Wind Energy

Posted on 28/04/2008

Dubai Group, the leading diversified financial services company of Dubai Holding, announced Sunday that it has acquired a 40 per cent stake in India's Chiranjjeevi Wind Energy Limited (CWEL), a wind turbine manufacturer in India. The investment, which was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group. Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, ...  >>MORE

Dubai World to develop hotel, beach resort on Goree Island

Posted on 16/04/2008

Dubai World on Tuesday (April 15) signed an MOU with the Government of Senegal to develop a world-class 5-star hotel and beach resort on Goree Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital. Agreements to this effect were signed in Dakar by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, Special Advisor to the President of ...  >>MORE

DP World shows interest to develop Nouakchott port

Posted on 15/04/2008

DP World is interested in developing and managing Nouakchott port which has huge potentials for embracing a free zone, DP World CEO Sultan bin Sulayem said. 'Our interest in investment in Mauritania goes beyond strengthening bilateral trade relations to a broader vision for potential growth in the mining and energy sectors,' he said after talks Sunday with President Sidi Ould Cheikh Abdullahi of Mauritania. 'We have conducted fruitful talks during which the Mauritanian head of state welcomed DP ...  >>MORE

DIC and China firm set up US$1 billion fund

Posted on 15/04/2008

Dubai International Capital (DIC), an investment arm of Dubai Holding, and First Eastern Investment Group, a Chinese private equity firm, on Monday launched a US$1 billion (Dh3.67bn) fund that will invest in Chinese companies and may list them on Dubai securities markets. The new fund, China Dubai Capital, will invest in Chinese companies, which could create synergies with the UAE's economic growth. China Dubai Capital will invest in a wide range of sectors, including infrastructure, ...  >>MORE

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Quick List

Emaar Misr launches Armani residences in Marassi community


Al Qudra Holding in a major land acquisition push


Dubai World gets approval to raise MGM Mirage stake


Nakheel to seek US investments


Mubadala's first US$8b investment fund deal with GE in ’09 first quarter


UAE investment in Pakistan to remain intact


UAE commences agricultural investments in Sudan, other three countries


Istithmar World and Nakheel buy stake in Cirque du Soleil


UAE largest Arab destination for foreign capital


Dubai Capital Group buys 5.24pc stake in CIB


Emaar to invest Dh8bn in Indonesia


GE and Mubadala launch multibillion dollar global business partnership


Emaar unveils hotel in Cairo


Ministry of Economy to undertake nation-wide survey on Foreign Direct Investment


Abu Dhabi buys New York's Chrysler Building


Nakheel breaks ground on W Bangkok


Dubai World offers US$5.34 billion for Russia's OGK-1


Dubai World boosts investment in Africa


Dubai World seeks real estate buys in U.S., Europe


Phase-1 of SmartCity Malta launched


13 hurdles to FDI identified


Dubai World explores investment opportunities in Gabon


Gabon President, Bin Sulayem discuss commercial co-operation


Damac plans Dh55 billion project in Iraq


Finland seeks cooperation with UAE sovereign funds: official


More incentives needed to bring FDI to capital


RCA holds mobile show at sideline of Palestinian Investment Conference


UAE will stimulate private sector to invest in Palestine: MoE official


Emaar Misr holds sales of Uptown Cairo and Marassi homes in the UAE


Istithmar World Vice Chairman outlines investment strategy


Leisurecorp buys Scottish golf course


Emaar ties up with Ritz


Mubark Al Gethmi wins Emaar's Jeddah contract


Historic day for UK and London Gateway development


Sheikh Nahyan receives ‘Largest foreign investor of Pakistan’ award


Dubai World to hold on to US realty assets


Istithmar buys major stake in US asset firm


Dubai Group acquires 40 per cent stake in India’s Chiranjjeevi Wind Energy


Dubai World to develop hotel, beach resort on Goree Island


DP World shows interest to develop Nouakchott port


DIC and China firm set up US$1 billion fund