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THE ECONOMY - INTERNATIONAL INVESTMENTS

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

Dubai World to invest in Congo port and parks

Posted on 14/04/2008

Dubai World, the investment arm of the Dubai Government, aims to invest in port, logistics parks and hotel developments in the West African country of Congo, a senior official of the holding company said on Sunday. The conglomerate is exploring the possibility of investing in Pointe-Noire port and plans to set up logistics parks to support it, Dubai World Chairman Sultan Ahmed Bin Sulayem said during his meeting with Congo President Denis Sassou-Nguesso. Highlighting the vital role played by ...  >>MORE

Dubai World explores ports, mining, energy opportunities in Nigeria

Posted on 13/04/2008

Mining, energy, ports and urban development were major sectors under discussion on (April 11, 2008) at a meeting between the Chairman of Dubai World, Sultan Ahmed Bin Sulayem, and HE Umaru Musa Yar'Adua, the President of Nigeria, in the capital Abuja. Bin Sulayem, and a number of senior Dubai World officials are on a tour of West Africa, exploring investment opportunities in the Sub-Saharan region. During his talks with the Nigerian President, Bin Sulayem highlighted the diversified nature of ...  >>MORE

Dubai World explores investment opportunities in Gabon

Posted on 13/04/2008

Dubai World Chairman Sultan Ahmed bin Sulayem on Thursday 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 ...  >>MORE

Dubai World launches Chinese website to highlight Mohammed Bin Rashid's China visit

Posted on 03/04/2008

Dubai World, one of the world largest holding companies, announced today the launch of its Chinese website in connection with the visit of H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to China. The website (http://www.dubaiworldchina.cn) in Mandarin language provides comprehensive details on the group and its subsidiary companies. The launch of the ...  >>MORE

Emaar signs deal for China ventures

Posted on 03/04/2008

Dubai-based developer Emaar Properties signed a memorandum of understanding on Wednesday to cooperate with a Chinese firm on real estate, healthcare and education opportunities in Chinese cities. "We hope to announce the first projects very soon," Ng Boon Yew, chief executive of Emaar's education subsidiary, told reporters in Shanghai after the formal signing of the memorandum with Shanghai China News Enterprise Development. He did not give the potential value of projects that were being ...  >>MORE

Mubadala's Liwa Energy purchases 20% of Shell exploration acreage in Algeria

Posted on 02/04/2008

Liwa Energy Ltd., a wholly-owned subsidiary of Mubadala Development Company (Mubadala), the investment and development company of the Abu Dhabi government, has purchased a 20% stake in Shell's current exploration and production ventures in Algeria, Mubadala announced on Tuesday. The agreement is part of the strategic alliance formed in 2005, and signed in Abu Dhabi, between Mubadala and Shell to cooperate in the economic development of new and existing hydrocarbon resources, pursue research ...  >>MORE

Mubadala and John Buck Company to launch Real Estate joint Venture

Posted on 31/03/2008

Mubadala Development Company and The John Buck Company (TJBC) yesterday announced the launch of a joint venture company - John Buck International. The new company will specialise in premium quality, integrated real estate development, leasing and management services. John Buck International will provide specially designed developments that are tailored to the specific and sophisticated needs of their tenants. This initiative reflects the two companies' shared strategic approach toward ...  >>MORE

DIC acquires stake in Singapore True Group

Posted on 31/03/2008

Dubai International Capital (DIC), the $13 billion global investment arm of Dubai Holding, yesterday said "it acquired a significant stake" in Singapore-based True Group, provider of wellness services, as part of its expansion plans into Southeast Asia, the Indian subcontinent and the Middle East. Announcing the newest acquisition, DIC's executive chairman and chief executive officer Sameer Al Ansari said the new investment is in line with the Dubai-based firm's strategy to invest in Asia as ...  >>MORE

Dubai World buys stakes in African reserves

Posted on 18/03/2008

Dubai World Africa, the African subsidiary of Dubai World, has acquired major stakes in South Africa's Shamwari Game Reserve, Sanbona Wildlife Reserve and Jock Safari Lodge, which are units of the Mantis Collection. The acquisition is in line with the Dubai World Group's strategy to acquire high-end assets in key destinations across the world. The three game reserves will enhance Dubai World Africa's portfolio of prime African properties. They include Victoria & Alfred Waterfront and Pearl ...  >>MORE

UAE investment in Sudan touch US$7bn: Sudanese President

Posted on 12/03/2008

The UAE is the second largest investor in Sudan after China with total investment of US$ 7 billion, Sudanese President Omar Hassan al Beshir told a press conference here on Tuesday. The Sudanese head of state said that his country had provided a fertile ground for attracting Arab and foreign investment in order to achieve overall development. Speaking about his trip to the UAE, al Beshir said it was in response to a kind invitation from President His Highness Sheikh Khalifa bin Zayed Al Nahyan ...  >>MORE

Abu Dhabi Group buys Georgia bank

Posted on 10/03/2008

Tbilisi - Abu Dhabi Group has bought Georgian Standard Bank from the private equity group Salford Capital which was close to Georgian billionaire Badri Patarkatsishvili who died last month. "Salford Capital is pleased to announce that its affiliates and partners have sold a 100 per cent equity interest in Standard Bank, a commercial bank operating in Georgia, to KOR Bank, a newly registered commercial bank in Georgia, wholly-owned by Abu Dhabi Group," Irakly Rukhadze, Standard Bank's chairman, ...  >>MORE

Emaar signs Syrian deal for projects worth $100m

Posted on 06/03/2008

Dubai-based Emaar Properties, the largest Arab real estate company by market value, has agreed to develop projects in Syria with Cham Holding. Emaar, which owns US company John Laing Homes, said on Wednesday it agreed to set up a $100 million venture to develop residential and commercial projects in Syria with the company controlled by Rami Makhlouf. Makhlouf, a cousin of Syrian president Bashar Al Assad, said last month the project will have government support to reorganise areas where ...  >>MORE

RAK invests in Congo's huge mineral reserves

Posted on 04/03/2008

Ras Al Khaimah Minerals and Metals Investments (RMMI) on Monday said it is investing US$250 million in Congo. RMMI also announced the formation of Ras Al Khaimah Minerals & Metals Congo (RMMC), a special purpose vehicle (SPV) that will operate in Congo. Congo is one of the world's largest resources for copper and cobalt and RMMI has identified sizeable opportunities in the mining and processing of copper and cobalt. The RAK government has already invested in real estate and hydropower ...  >>MORE

Dubai World to invest US$70 million in a landmark property in Comoros

Posted on 04/03/2008

Dubai World Africa, a subsidiary of Dubai World, has announced that it will invest US$70 million in the development of a 5-star international luxury hotel and 22.5 hectares of adjacent prime beachfront, with over 100 new upscale residential villas and townhouses. The company, which has interests ranging from real estate to ports, also announced the appointment of Kempinski Hotels to manage the luxury beach resort in the Comoros. Sultan Ahmed Bin Sulayem, Chairman of Dubai World, said: "The ...  >>MORE

UAE largest overseas Arab investor, says UN

Posted on 25/02/2008

A wave of major overseas acquisitions over the past few years has turned the UAE into the largest Arab investor abroad, with total deals of more than US$26 billion (Dh96bn) in seven years, according to UN data. The figures, which covered the period during 2000-2006, showed the UAE alone accounted for more than half the total value of acquisitions finalised by the six Gulf Co-operation Council (GCC) states. From a negligible level during 2000-2004, the UAE's acquisition transactions rocketed to ...  >>MORE

Nakheel acquires 50% stake in Mexican resort

Posted on 24/02/2008

Dubai-based Nakheel Hotels said on Saturday that it has entered into definitive agreements to acquire a 50 per cent stake in the Mexican resort One&Only Palmilla in Los Cabos, based on a total enterprise value of US$315 million. Nakheel Hotels is acquiring its stake from certain funds affiliated with the Whitehall Street Real Estate Funds, a series of real estate opportunity funds sponsored and managed by Goldman Sachs & Co, while existing joint venture partner, Kerzner International, will ...  >>MORE

Al Qudra plans IPO to raise Dh3.7b

Posted on 21/02/2008

Al Qudra Holding, a major investment company based in Abu Dhabi, plans to raise about Dh3.7 billion through an initial public offering (IPO) in the first week of March, a statement said, on Wednesday. Fifty-five per cent of Al Qudra's shares are open to public subscription. The company is initially offering 25 per cent of the 55 per cent of its shares to the public. The value of 55 per cent of Al Qudra's shares is about Dh13 billion. "The capital raised from the IPO will be used to fund the ...  >>MORE

Mubadala to raise aviation and realty portfolio

Posted on 20/02/2008

Singapore - Mubadala Development Company, the investment vehicle of the Government of Abu Dhabi that manages over US$10 billion of assets, is planning further acquisitions in aerospace, energy and real estate firms, an executive of the company said on Tuesday. Mubadala chief operating officer Waleed Al Muhairi said the fund was not planning further buys in financial institutions, but could slightly raise its 7.5 per cent stake in the Carlyle Group. Mubadala has diversified stakes in energy, ...  >>MORE

RAK agencies sign accord for Sumatra coal mining

Posted on 19/02/2008

Ras Al Khaimah Investment Authority (Rakia) and RAK Minerals and Metals Investments (RMMI) on Monday said they have signed a memorandum of understanding (MoU) with the government of Indonesia's South Sumatra Province on Tanjung Api-Api port, an industrial city, and industrial parks in the Banyuasin Regency. The MoU covers the entire mining-to-export chain of the coal industry that extends beyond the industry and looks at developing other possible industries. The MoU signed by Rakia officials ...  >>MORE

Dubai World Africa plans Mozambique eco projects

Posted on 17/02/2008

Dubai World Africa on Saturday announced that it will invest $200 million in the Bilene Hotel, a luxury beach resort, golf estate and eco development along 4km of prime beachfront in Mozambique. Situated in a popular holiday village in the south of the country, north of Maputo, the resort spans a 1,000 hectares and encompasses 18km Sao Martinho Lagoon, nature reserve and turtle breeding area. This area is home to the largest of all living turtles, the leatherback. The nature reserve will be ...  >>MORE

Dubai to invest US$20 billion in South Korea

Posted on 15/02/2008

Seoul - Dubai is seeking to invest up to US$20 billion in South Korea under the incoming Lee Myung-bak government, the head of the Investment Corporation of Dubai (ICD) Mohammed Al-Shaibani, the chief executive officer of the ICD, said during a meeting with President-elect Lee in his Seoul office, according to Yonhap News Agency. Al-Shaibani is on his trip to Seoul to deliver a personal letter from Prime Minister of the United Arab Emirates (UAE) and ruler of Dubai, Sheikh Mohammed bin ...  >>MORE

UAE FDI inflow touched US$19bn says Lubna

Posted on 13/02/2008

Foreign direct investment (FDI) in the UAE has reached US$19 billion (Dh69.7bn) and the huge inflow reflects the confidence the world has in the country's economy, Minister of Economy Sheikha Lubna bint Khalid Al Qasimi said yesterday. The minister made the remarks, while receiving the Uzbek Foreign Economic Relations, Investments and Trade Minister, Aliour Ganiev, and his accompanying delegation at her office. While the UAE is an oil exporting country, she said, it has succeeded in ...  >>MORE

Abu Dhabi Investment Company ties up with UBS for joint venture

Posted on 12/02/2008

The Abu Dhabi Investment Company (ADIC) said on Monday it has joined hands with UBS Global Asset Management, one of the world's leading asset management firms, to form a 50:50 joint venture that will develop, promote and manage infrastructure investment funds focused on the Middle East and North Africa (MENA) region. At a news conference here, ADIC chairman Khalifa Al Kindi, said the joint venture's first fund, ADIC-UBS Infrastructure Fund - I, will be a US$500 million fund which is expected to ...  >>MORE

Al Qudra to invest in Mauritania

Posted on 12/02/2008

Al Qudra Holding and Mauritanian government signed a Memorandum of Understanding (MoU) on Monday, which will open new vistas for commitment, cooperation and mutual gain. Present during the signing were Al Qudra Holding Chairman and Managing Director Salah Salem Al Shamsi and Director of Mauritania's Investment Development Authority. "The MoU aims to commence a carefully-drawn blueprint of development in various economic sectors of Mauritania, through investments and infrastructures, real ...  >>MORE

Overseas investment in UAE continues to rise

Posted on 07/02/2008

As many as 56.3 per cent of the UAE's 3,852 industrial units are owned or jointly owned by foreigners, according to the latest figures from the Ministry of Finance and Industry. About 37.6 per cent of industrial firms are owned by locals only. GCC nationals own three per cent, locals and GCC nationals jointly own 1.7 per cent and 1.4 per cent have common owners. Sa'aed Al Awadi, chief executive officer, Dubai Export Development Corporation, said that Dubai generates more than $17 billion in ...  >>MORE

Dubai Investments reports Q4 net profit of Dh1.5b, registers 52% growth

Posted on 31/01/2008

Dubai Investments PJSC, DI reported results for the year ended 31 December 2007, with consolidated total income of Dh3.72 billion, 82 per cent more than the total income of Dh2.04 billion for the year ended 31 December 2006. DI's net profit for the year was Dh1,506 million, 52 % more than the net profit of Dh989 million for the previous year. These outstanding results were due to excellent performances by group entities. The total income for the fourth quarter of 2007 (4Q07) is Dh1,226 ...  >>MORE

Mubadala, GE and Credit Suisse plan US$1bn fund

Posted on 16/01/2008

Abu Dhabi, General Electric and Credit Suisse Group plan to launch a US$1 billion (Dh3.67bn) fund to invest in infrastructure in the first quarter. Abu Dhabi-owned investment firm Mubadala Development Company, GE, Credit Suisse are seeking regulatory approval for the fund, sources close to the deal have said. They will invest in infrastructure, including projects in the Gulf Cooperation Council, the sources said. Flush with cash from four years of high oil prices, Gulf countries, such as the ...  >>MORE

Mubadala seeks US$1.1b for satellite

Posted on 15/01/2008

Abu Dhabi's Mubadala Development Co has invited 10 banks to submit financing proposals for a US$1.4 billion satellite to be built by a group including Europe's EADS , two bankers familiar with the deal said. Five international and five local banks have been asked to submit offers for the financing deal, one of the bankers told Reuters yesterday. The banks include HSBC, Royal Bank of Scotland , National Bank of Abu Dhabi and Emirates Bank International, part of Emirates NBD, the banker ...  >>MORE

UAE records highest investment growth in Middle East

Posted on 15/01/2008

Strong oil prices have allied with measures by Gulf Arab states to ease curbs on foreign capital to trigger a massive investment influx in the region and the UAE has emerged as a major destination, according to the United Nations. Between 2001 and 2006, the UAE and its partners in the six-nation Gulf Cooperation Council (GCC) attracted more than US$81 billion in foreign direct investment into industry, stocks, services and other sectors, showed the figures by the United Nations Conference on ...  >>MORE

Mubadala signs MoU with Japanese company

Posted on 07/01/2008

Mubadala Development Company signed yesterday a memorandum of understanding with Japan Export for mutual cooperation in the field of economy and entering African and Asian markets. The function which took place at the Emirates Palace was attended by a number of government officials from the emirate of Abu Dhabi and representatives from private and public sectors. The Japanese delegation was headed by Akira Amari, minister of economy and trade, who is currently visiting the UAE. Nasser Ahmed ...  >>MORE

Dubai World raises stake in MGM Mirage

Posted on 30/12/2007

New York - State-owned investment company Dubai World said it bought five million shares of MGM Mirage, the world's No 2 casino company, raising its stake to 6.5 per cent. Dubai World, which is seeking to become a high stakes player on the Las Vegas Strip, paid US$424 million or US$84.80 each, for the shares, according to a US Securities and Exchange Commission filing. The seller was the Lincy Foundation, a charity founded by billionaire investor Kirk Kerkorian, whose Tracinda Corp holds more ...  >>MORE

Foreign investment in Dubai up 13.4%

Posted on 27/12/2007

Foreign direct investment (FDI) in Dubai increased to Dh42.5 billion in 2006 from Dh37.4 billion in the previous year, an increase of 13.4 per cent, new figures released by the Dubai Statistic Centre (DSC) show. Britain topped the countries investing in Dubai with Dh15.3 billion, 36 per cent of the total. It was followed by Japan with 21.6 per cent, India 9.7 per cent, the US 6.3 per cent, the Netherlands 3.7 per cent and South Korea three per cent, the statistics showed. Arif Obaid Al ...  >>MORE

Dubai sells New York's 230 Park Avenue for US$1.15bn

Posted on 27/12/2007

Dubai's Istithmar said on Wednesday it had sold 230 Park Avenue to a group including a fund managed by Goldman Sachs Group for US$1.15 billion (Dh4.22bn), its second New York property sale in less than two months. The Dubai state investment agency planned to sell some properties in London and New York and redeploy some capital to real estate in Asia, the chief investment officer of its parent Dubai World, Yu Lai Boon, said this month. Istithmar, which sold 280 Park Avenue to Broadway ...  >>MORE

FDIs increased by 10.8 per cent in 2006, says Sheikha Lubna

Posted on 26/12/2007

Foreign Direct Investment (FDI) in the UAE rose by 10.8 per cent during the year 2006, rising from Dh61. 9 billion in 2005 to Dh68.6 billion in 2006.According to UAE's Minister of Economy Sheikha Lubna Al Qasimi, her Ministry conducted a survey on FDIs in the UAE with the aim of creating a database for FDIs in the country. The survey which was conducted in cooperation with local, regional, and international institutions proved to be a huge success. "The survey defied earlier expectations, which ...  >>MORE

Dubai Holding in consolidation mode

Posted on 16/12/2007

Dubai is contemplating to consolidate its entities while making huge investments at home and in potential regional and international markets. It was revealed by Dubai Holding Executive Chairman and Minister of State for Cabinet Affairs Mohammed Al Gergawi on the future outlook of Dubai. There may be consolidation of some of the operating entities within some of the large Dubai Holding companies. Giving an example to Portfolio.com during an interview Al Gergawi said: "Dubai World's Istithmar ...  >>MORE

Emaar: US$20bn Algeria deal is on track

Posted on 12/12/2007

Access to land is a difficult issue for Emaar Properties - as well as other investors in Algeria - but is not blocking the firm's big investment there, a newspaper on Sunday reported a company official as saying. Sofian Abdelwahab, Dubai-based Emaar's representative in Algeria, was quoted by El Watan as saying the firm was working "normally" with the state to advance the US$20 billion venture, the north African country's largest ever property development. "This [access to land] is the problem ...  >>MORE

DUBAL-Mubadala joint venture to build aluminium smelter in Algeria

Posted on 04/12/2007

A pre-feasibility study on a major aluminium smelter in Algeria initiated by Emirates Aluminium, the joint venture between Dubai Aluminium and Mubadala, is progressing well as the company has showcased the project's proposed model of the project to industry officials. The smelter will be built in partnership with Algerian state-owned oil and gas company Sonatrach, on a 400-hectare site in the new industrial and port zone of Béni-Saf in north-western Algeria. The proposed Béni-Saf Aluminium ...  >>MORE

TAQA completes acquisition of Pioneer Canada

Posted on 29/11/2007

Abu Dhabi and Calgary - The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market, announced Wednesday that its wholly-owned subsidiary TAQA North Ltd. has closed its acquisition of Pioneer Natural Resources Canada Inc. (Pioneer). TAQA North agreed to purchase Calgary-based Pioneer from Pioneer International Resources Company on August 22 of this year for USD $540 million, subject to adjustments. Pioneer is a Canadian oil and gas ...  >>MORE

DIC makes ‘substantial investment’ in Sony

Posted on 27/11/2007

Dubai International Capital (DIC), the private equity firm owned by Dubai Government, said it has made a "substantial investment” in Sony Corp, boosting the shares of the Japanese electronics and entertainment company. The value was not available, but DIC said in July it might buy stakes of up to $1.5 billion (Dh5.5bn) in one or two publicly listed companies in Japan. A $1.5bn investment would be equivalent to a three per cent stake in Sony, which has a market value of $50.9bn (Dh186.8bn). ...  >>MORE

Emirates starts development of US$69m Wolgan Valley Resort

Posted on 22/11/2007

Emirates on Wednesday started the development of the US$69 million Wolgan Valley Resort & Spa in Australia's Blue Mountains, a project that will see the transformation of 4,000 acres of distressed farming land into a high-value conservation site. Yesterday's ceremony marked the beginning of Emirates' first resort project outside Dubai. The resort is the second conservation focused property in the expanding portfolio of Emirates Hotels & Resorts - the hospitality division of the airline. ...  >>MORE

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Quick List

DIC and China firm set up US$1 billion fund


Dubai World to invest in Congo port and parks


Dubai World explores ports, mining, energy opportunities in Nigeria


Dubai World explores investment opportunities in Gabon


Dubai World launches Chinese website to highlight Mohammed Bin Rashid's China visit


Emaar signs deal for China ventures


Mubadala's Liwa Energy purchases 20% of Shell exploration acreage in Algeria


Mubadala and John Buck Company to launch Real Estate joint Venture


DIC acquires stake in Singapore True Group


Dubai World buys stakes in African reserves


UAE investment in Sudan touch US$7bn: Sudanese President


Abu Dhabi Group buys Georgia bank


Emaar signs Syrian deal for projects worth $100m


RAK invests in Congo's huge mineral reserves


Dubai World to invest US$70 million in a landmark property in Comoros


UAE largest overseas Arab investor, says UN


Nakheel acquires 50% stake in Mexican resort


Al Qudra plans IPO to raise Dh3.7b


Mubadala to raise aviation and realty portfolio


RAK agencies sign accord for Sumatra coal mining


Dubai World Africa plans Mozambique eco projects


Dubai to invest US$20 billion in South Korea


UAE FDI inflow touched US$19bn says Lubna


Abu Dhabi Investment Company ties up with UBS for joint venture


Al Qudra to invest in Mauritania


Overseas investment in UAE continues to rise


Dubai Investments reports Q4 net profit of Dh1.5b, registers 52% growth


Mubadala, GE and Credit Suisse plan US$1bn fund


Mubadala seeks US$1.1b for satellite


UAE records highest investment growth in Middle East


Mubadala signs MoU with Japanese company


Dubai World raises stake in MGM Mirage


Foreign investment in Dubai up 13.4%


Dubai sells New York's 230 Park Avenue for US$1.15bn


FDIs increased by 10.8 per cent in 2006, says Sheikha Lubna


Dubai Holding in consolidation mode


Emaar: US$20bn Algeria deal is on track


DUBAL-Mubadala joint venture to build aluminium smelter in Algeria


TAQA completes acquisition of Pioneer Canada


DIC makes ‘substantial investment’ in Sony


Emirates starts development of US$69m Wolgan Valley Resort