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THE ECONOMY - INTERNATIONAL INVESTMENTS

Abu Dhabi Investment Authority accumulates an 8 per cent stake in EFG-Hermes Holding

Posted on 22/05/2007

The Abu Dhabi Investment Authority (ADIA), one of the leading investment institutions in the world, has accumulated an 8 per cent stake in regional investment bank EFG-Hermes. The deal gives ADIA a seat on EFG-Hermes Holding's Board of Directors, and further institutionalises the EFG-Hermes shareholder base. Over the last twelve months EFG-Hermes has seen impressive regional growth and continued positive financial performance. Driven by diversification of services into retail products and ...  >>MORE

Emaar unveils Dh18.4b tourism project along Dead Sea coast

Posted on 21/05/2007

Emaar Properties yesterday unveiled a tourism project, the Dh18.4 billion Samarah Dead Sea Golf & Beach Resort, to King Abdullah Bin Hussain of Jordan, according to an e-mailed statement. The mixed-use development will be built by The Dead Sea Touristic and Real Estate Investment Company, a venture formed by Emaar and several regional investors. Thanking King Abdullah II and His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of ...  >>MORE

TECOM Investments seek closer ties with South Korea

Posted on 20/05/2007

TECOM Investments hosted a high-level delegation from South Korea, led by the former Mayor of Seoul, Myung Bak Lee as a mission to build economic and investment ties between Dubai and South Korea. The delegation was received by Abdullatif Al Mulla, CEO of TECOM Investments at Dubai Internet city. After receiving a brief presentation on TECOM Investments and its role in developing the knowledge based economy in Dubai, the delegation discussed possibilities of collaboration between TECOM ...  >>MORE

Mubadala and Dubal tie up to buy stakes in bauxite miners

Posted on 20/05/2007

Mubadala Development Company said yesterday it plans to join with Dubai Aluminium (Dubal) to create a company to buy stakes in bauxite mining companies and develop reserves of the ore. The two companies will set up Emal International to look at acquisitions or developments in countries such as Algeria, Morocco and India, said Waleed Al Muhairi, the Mubadala's Chief Operating Officer. The two have already joined to build a 1.4 million tonnes a year aluminium smelter in the UAE and bought into ...  >>MORE

DIFC buys 2.2% of Deutsche Bank

Posted on 17/05/2007

DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), yesterday announced the acquisition of a 2.2 per cent stake in Deutsche Bank, making it one of the leading single foreign investors in the German giant. The Deutsche Bank deal follows a string of acquisitions of overseas corporate assets by Dubai firms in the past two years. "This is another strategic investment for DIFC and comes as a further step in the enhancement of our portfolio," Omar Bin ...  >>MORE

UAE-Saudi joint ventures now worth 22b riyals

Posted on 15/05/2007

The UAE is the biggest investor in Saudi Arabia, the largest Arab economy, with the value of joint projects touching 22 billion Saudi riyals (around Dh22 billion), according to Saudi commerce and industry minister Dr Hashim Bin Abdullah Yamani. He noted that trade with the UAE, the second-biggest Arab economy, is increasing year by year, reaching 24 billion riyals in 2005, 32 per cent more than in 2004. Speaking at the opening of the Saudi-UAE economic forum in Riyadh on Sunday, the ...  >>MORE

Emaar signs contract for construction resort villas at King Abdullah Economic City

Posted on 13/05/2007

Jeddah - Emaar, The Economic City (Emaar. E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), the single largest private sector-led project in the region, has signed a construction contract worth SR52 million with International Centre for Commerce and Contracting. Dr Abdulraouf Al Mannaa, Managing Director, Emaar. E.C, and Mr Mohammed Al-Khuraiji, Chairman, International Centre for Commerce and Contracting signed the deal, which covers the construction of KAEC's ...  >>MORE

Abu Dhabi to fund development in the Comoro Islands

Posted on 10/05/2007

The Government of Abu Dhabi is mulling financing a number of new development projects in the Comoro Islands. A delegation from the Abu Dhabi Development Fund (ADDF) is to fly Thursday to the island nation the Indian Ocean off the eastern coast of Africa, to hold talks to the Comorian officials on the possibility of financing development projects there. The visit comes at the directives of President H.H Sheikh Khalifa bin Zayed Al Nahyan and General Sheikh Mohammed bin Zayed Al Nahyan, Abu ...  >>MORE

UAE to invest in Bosnia's development

Posted on 09/05/2007

The United Arab Emirates is to invest US$42 million in Bosnia aimed at economic development and the return of war refugees. AFP quoted the Balkan country's presidency yesterday that a delegation of visiting UAE officials had agreed to invest 30.8 million euros (41.7 million dollars) in a Bosnian bank for favourable loans to small and medium businesses, education and housing. The money was to be invested through Bosnia Bank International (BBI), the only bank in Bosnia that operates on Islamic ...  >>MORE

DIC acquires Mauser for Dh4.25bn in major move

Posted on 08/05/2007

Dubai International Capital (DIC), the global investment arm of Dubai Holding, has acquired the German industrial packaging manufacturer, Mauser Group, for Dh4.25 billion (850 million euros). DIC will support the existing strategy pursued by the company's management and will focus on further growth, especially into Asia. The company's spokesperson confirmed the deal had been completed, but the agreement was conditional upon receipt of all appropriate anti-trust approvals. "As ...  >>MORE

Abu Dhabi launches rival investment fund to Adia

Posted on 28/04/2007

The Abu Dhabi government has set up another investment arm that will compete against its existing Abu Dhabi Investment Authority (Adia) fund, which has for 30 years acted as a savings fund for the emirate's future generations, the Financial Times said. The new fund, called the Abu Dhabi Investment Council, or Adic, is expected to start investing next month and will seek to diversify the government's investment risk, and focus on investments within the Middle East. The group has inherited ...  >>MORE

Emaar's Egyptian offshoot back on track to finish mega projects

Posted on 17/04/2007

Dubai's Emaar Properties yesterday said it has overcome its difficulties in Egypt and its venture there, Emaar Misr, will deliver projects on time. "Emaar has fulfilled all government conditions by successfully completing the acquisition of Emaar Misr, and the 9.92 billion Egyptian pound (Dh6.39 billion) Marassi project is ready for roll out on schedule," Emaar chairman Mohammad Ali Al Abbar said. Emaar Misr for Development, the wholly owned subsidiary of UAE-based Emaar, has consolidated ...  >>MORE

Istithmar may buy US apparel unit

Posted on 15/04/2007

New York - Istithmar PJSC, a private equity firm owned by the Dubai government, has its eyes on acquiring the Barneys New York unit of Jones Apparel Group, according to sources, The New York Post reported in its Friday editions. Sources said the price being discussed is about US$950 million. The paper reported the sources as saying that a deal is weeks away, and could still fall apart. The paper reported that the Jones Apparel Group has not ruled out other scenarios, such as an initial ...  >>MORE

Mubadala, MGM Mirage sign joint venture agreement

Posted on 14/04/2007

Mubadala Development Company, an investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, and MGM MIRAGE (NYSE:MGM) yesterday announced it has signed a definitive agreement to create a new company to develop luxury non-gaming hotels and resorts globally, initially targeting locations in Abu Dhabi and Las Vegas. The formalisation of this agreement advances plans for the joint company to develop its own hotel management platform and ...  >>MORE

Mubadala in US$4bn loan

Posted on 03/04/2007

Abu Dhabi's Mubadala Development Company will raise US$4.2 billion (Dh15.4bn) in loans this year to finance construction of the world's biggest aluminium smelter. Mubadala last year said it will spend US$6bn (Dh22bn) with partner Dubai Aluminium Company to build a smelter with capacity to produce 1.4 million tonnes of aluminium a year. The Emirates Aluminium smelter in Abu Dhabi will need its own power plant to produce 2,600 megawatts of electricity, they said. Gulf States including ...  >>MORE

Emaar completes US$142m deal for its Egyptian subsidiary

Posted on 30/03/2007

Emaar Properties has finalised a US$141.99 million deal to take full ownership of its Egyptian subsidiary, Emaar Misr. Emaar Misr has a share base of 37.73 million of which 60 per cent were held by Artoc Group for investment and development. This has now been transferred to Emaar UAE, providing it with 100 per cent ownership. Emaar made the deal to up the pace of development on its two Egypt projects, said Nicholas Maclean, managing director at property services company CB Richard Ellis, ...  >>MORE

Istithmar planning aggressive expansion into Asia with $1.75b

Posted on 28/03/2007

Shanghai - Dubai-based investment firm Istithmar, which has a real estate portfolio worth around $7 billion - mainly in the United States - is planning big investments in Asia where it has little exposure, an executive said. "We would anticipate making very considerable investment into the Asia region, perhaps in the order of 20 or 25 per cent of the entire portfolio," said Richard Johnson, managing director of Istithmar's real estate arm. This would translate into $1.4 billion-$1.75 ...  >>MORE

Mubadala to buy alumina factory

Posted on 27/03/2007

Abu Dhabi's Mubadala Development is to buy an alumina refinery company in the West African nation of Guinea to secure supplies for its aluminium projects which include the world's largest smelter, a top executive said. The acquisition of the company, which also mines for the raw material bauxite, will be finalised in a week, Mubadala's chief operating officer, said Waleed Al Mokarrab Al Muhairi. Mubadala is owned by the government of Abu Dhabi, which controls more than 90 per cent of UAE ...  >>MORE

Abu Dhabi plans 2009 satellite launch

Posted on 27/03/2007

Abu Dhabi plans to launch its first satellite in 2009 and will choose one of two companies from Europe and the United States for the US$1 billion (about Dh3.6 billion) project, state-owned Mubadala Development Co said. The hybrid military and communications satellite will be launched in second quarter of 2009, Mubadala's chief operating officer, Waleed Al Mokarrab Al Muhairi, told the Reuters Middle East Investment Summit in Dubai yesterday. "The project cost is about US$1 billion," he ...  >>MORE

Abu Dhabi property developers venturing overseas

Posted on 22/03/2007

Aldar Properties, Sorouh Real Estate and two other Abu Dhabi-based property companies have forged a joint venture to develop properties in the Gulf, North Africa, Europe and Asia, the chairman of the new company said Wednesday. Al Qudra Real Estate and Reem Investments are also partners of the new company called Al Maabar. "Our aim is to jointly develop property overseas and to diversify our revenue sources,” Ahmed Ali Al Sayegh, chairman of the newly set-up Al Maabar told Reuters. "We ...  >>MORE

ADCB helps finance Indian airport plans

Posted on 21/03/2007

Abu Dhabi Commercial Bank (ADCB) has participated in the financing of an airport in Hyderabad, India. The GMR Hyderabad International Airport is a green-field site being developed as a Public Private Partnership structure by the GMR group in consortium with Malaysian Airport Holding Berhad, the Government of India and the State Government of Andhra Pradesh. The project, which is in advance stages of development, is to expand its facilities to cater to the increasing traffic expected in the ...  >>MORE

Tecom Investments and Sama Dubai join forces

Posted on 21/03/2007

Tecom Investments and Sama Dubai, both members of Dubai Holding, yesterday announced the formation of SmartCity, a joint venture company which will develop and manage knowledge industry townships worldwide. The announcement comes three months after Gulf News reported on the move in November last year. SmartCity will combine Tecom's specialised expertise in the creation and management of knowledge-based industry clusters, with Sama Dubai's strength in international real estate development ...  >>MORE

DIC sells part of its US$1b stake in DaimlerChrysler

Posted on 20/03/2007

Dubai International Capital (DIC), the wholly owned global investment subsidiary of Dubai Holding, yesterday said it made a partial exit from its US$1 billion holding in German-US automaker DaimlerChrysler. "DIC continues to manage its DaimlerChrysler position and has taken advantage of recent strength to reduce its holding,' Hazar Al Zaki, a DIC spokesperson, said. Speaking to Khaleej Times, Al Zaki, however, declined to give specific details including the percentage of stakes offloaded by ...  >>MORE

Mubadala in partnership with Suez closes financing for Barka2, Al Rusail Power Plants in Oman

Posted on 15/03/2007

Mubadala Development Company, the wholly owned investment and development vehicle of the Government of the Emirate of Abu Dhabi, yesterday announced the completion of the limited-recourse financing of the green-field Barka 2 Independent Water and Power Project (IWPP), owned by SMN Barka Power Company SAOC, and the acquisition of the existing Al-Rusail Power Company SAOC in Oman. The financing of the two projects was completed along-side consortium leader Suez Energy and the National Trading ...  >>MORE

Abu Dhabi foreign investment at US$1 trillion

Posted on 15/03/2007

Abu Dhabi is among the richest cities in the world and has more than US$1 trillion (Dhs3.67 trillion) invested abroad, according to Fortune magazine. In a recent report the magazine said the UAE has two cities -- Abu Dhabi and Dubai -- which are the fastest growing, and most brilliant on the business map. Following Dubai's unique experience the dazzling success of Abu Dhabi and its projects started to attract worldwide attention, the magazine said. These projects are valued at US$200 ...  >>MORE

Emaar to buy out Egyptian firm

Posted on 14/03/2007

Dubai-based Emaar Properties, the largest Arab developer by market value, has settled a deal to buy out its Egyptian joint-venture property developer. The company said yesterday that it had agreed to buy 60 per cent of Emaar Misr for Development Co that it did not own. Emaar, which is developing projects worth almost $6 billion (Dh22 billion) in Egypt, would buy the stake from Egyptian partners in a transaction that should close on March 27, it said in a statement. An Emaar spokesperson ...  >>MORE

UAE is a centre for FDIs, says Al Shehi

Posted on 11/03/2007

The UAE has gained a solid ground as a centre of gravity for foreign direct investment (FDI), thanks to the judicious policies pursued by the country under the leadership for President H.H Sheikh Khalifa bin Zayed Al Nahyan. "The UAE ranks on top of the Middle Eastern and GCC countries deemed to be the most attractive to direct foreign investments (FDI). We succeeded to attract 60 % of FDI flows to the region during 2006", said Mohammed Ahmed bin Abdul Aziz Al Shehi, Undersecretary for ...  >>MORE

Istithmar acquires two new properties in UK for Dh1.6b

Posted on 09/03/2007

Dubai World's investment firm Istithmar said it has acquired two business parks on the outskirts of London in a deal worth about £200 million (Dh1.57 billion). The deal takes the value of real estate owned by Istithmar in Britain to more than US$1 billion (Dh3.67 billion), managing director Richard Johnson told Gulf News. "The reason we have made this transaction is that we believe the UK property market, particularly in London, will remain strong for the foreseeable future, at least for ...  >>MORE

DIC sells 80 per cent of Tussauds for £1 billion

Posted on 06/03/2007

Dubai International Capital (DIC) has sold the Tussauds Group to private equity firm Blackstone Group in a deal worth £1 billion (Dh7.1bn), according to a regulatory news service statement issued by Blackstone yesterday. The takeover combines Blackstone's London Dungeon and Legoland theme parks with Tussauds waxworks and London Eye ferris wheel to create the world's biggest theme park operator by visitor numbers after Disneyland. DIC will retain a 20 per cent stake in the combined business, ...  >>MORE

UAE, Algeria Partners in new US$5 billion aluminium smelter complex deal

Posted on 04/03/2007

In an historic alliance, Sonatrach the national Algerian oil and gas company has today signed in Algeria an agreement with Mubadala Development Company, a wholly owned investment and development vehicle of the Government of Abu Dhabi and Dubai Aluminium Company (DUBAL), wholly owned by the Government of Dubai to develop the country's first aluminium smelter. The smelter is to be located at a 400 hectare site at Beni Saf on the western coastline of Algeria. It is expected to produce around ...  >>MORE

Nakheel to build $68b ‘Sugar Land City’ in Karachi

Posted on 23/02/2007

Nakheel, the real estate major, will develop a mega real estate project in Karachi, Pakistan's financial capital, where a new waterfront project, Sugar Land City, involving an investment exceeding $68 billion has been approved by the Pakistan government last week. "The master plan to develop Sugar Land City at Hawkesbay on Karachi outskirts has been finalised,” Syed Mustafa Kamal, the Karachi Nazim (Mayor), has been quoted by media reports as saying. According to Pakistan media reports, the ...  >>MORE

UAE leader in investment attraction: report

Posted on 21/02/2007

The UAE has emerged as leader in luring foreign investments, having attracted over US$12 billion in 2005, according to a specialised report. The World Investment Report, issued by the Islamic Corporation for the Insurance of Investment and Export Credit (IIEC), a member of the Islamic Development Bank Group, said the flow of foreign investment into UAE in 2005 registered a record growth of 40% compared to 2004. Addressing the Broader MENA Investment Summit that opened yesterday, Dr. ...  >>MORE

Ajman sees 100% investment increase

Posted on 20/02/2007

Ajman, the smallest of the UAE's seven emirates, is benefiting from the spill over effect from Dubai and Sharjah, as it has witnessed a 100 per cent increase in foreign investments last year, a top official said. Sheikh Rashid Bin Hamid Al Nuaimi, chairman of Ajman Municipality and Planning Department, told a conference yesterday that the emirate has also witnessed a 15 per cent growth in revenues. "The largest property development firms have begun entering Ajman after recognising the ...  >>MORE

Jumeirah Group enters spa business with Talise

Posted on 05/02/2007

Jumeirah Group, the hospitality business arm of Dubai Holding, has entered the spa business with its own brand Talise, a statement said yesterday. Talise will be available in selected Jumeirah hotels and resorts and the first spa is now open at Medina Jumeirah - The Arabian Resort. In line with the group's expansion plans to grow its portfolio of luxury hotels and resorts to 40 by the end of 2009 and its promise to 'Stay Different', Jumeirah has developed the innovative Talise spa concept ...  >>MORE

Mubadala Development awarded Algeria's new 1227MW thermal power plant

Posted on 04/02/2007

Mubadala Development Company, an investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, today announced the financial close on the US$900Million development of a 1227 MW gas-fired thermal power plant in the province of Tipaza, Algeria. The project calls for the development, construction and operation of the plant and will be executed through Shariket Kahraba Hadjret En Nouss SpA (SKH SpA), a newly established company 51% owned by ...  >>MORE

TAQA launches first foreign project in Holland

Posted on 04/02/2007

Amsterdam - Abu Dhabi National Energy Company, "TAQA", has launched its first foreign investment project in Holland in a special ceremony attended by the TAQA's Chief Executive, Peter Barker-Homek, a number of senior Dutch officials, businessmen and energy experts. TAQA holds the majority equity of the new company, which was named "Taqa-Energy PV", while the Dutch government holds 25% stake. TAQA has also acquired recently a BP exploration and production business which is composed of onshore ...  >>MORE

Dubai ends takeover talks with Liverpool

Posted on 01/02/2007

London - Dubai International Capital (DIC) said on Wednesday it had pulled out of takeover talks with Premier League Liverpool after the club's board were unable to agree terms. The company said in a statement that it had "decided to end negotiations with Liverpool... about a possible investment in the club.” It said a "comprehensive offer” had been accepted in principle by majority shareholder David Moores after the company, the investment arm of the Dubai government, had completed due ...  >>MORE

Dubai Investments profit soars

Posted on 29/01/2007

Dubai Investments PJSC yesterday said its net profit for 2006 was Dh991 million, a 45 per cent increase over the Dh684 million achieved in 2005. Its consolidated total income rose 34 per cent to Dh2.07 billion compared to Dh1.54 billion in 2005, a company statement said. The return on average equity (RoE) is estimated at 37 per cent per annum. The company's total assets rose to Dh6.37 billion in 2006, an increase of 98 per cent over the Dh3.21 billion achieved the previous year. Dubai ...  >>MORE

DP World plans 50% boost in container numbers

Posted on 28/01/2007

Dubai Ports World plans to boost the number of containers it handles by 50 per cent in the next three years, its Chairman Sultan Ahmad Bin Sulayem says. Speaking to Reuters late on Thursday, Sulayem said Dubai World, the owner of DP World, will soon buy a hotel in Paris as part of its broad-based expansion plan and sees US assets as very attractive even after a political row last year over its US operations. DP World took over facilities at six major US ports when it bought Britain's P&O ...  >>MORE

Mubadala Development completes US$400m payment to acquire licence in Nigeria

Posted on 25/01/2007

Mubadala Development said yesterday it has gained a foothold in the African telecom market by completing a US$400 million payment for a licence in Nigeria. The Abu Dhabi investment company made the payment before the January 19 deadline for a unified telecommunications licence to the Nigerian Communications Commission (NCC), barely a week after the commission first announced the payment deadline. According to the NCC, the licence is one of several it plans on offering for mobile services ...  >>MORE

Dubai World firm targets Dh1b fund for women

Posted on 17/01/2007

Forsa, a new company launched by Dubai World to develop investment opportunities for women, is looking to raise Dh1 billion in funds from potential investors. There are about 10,000 businesswomen active in the UAE including 4,100 in Dubai, 3,000 in Abu Dhabi and 3,000 in Sharjah, with a combined annual output to the tune of Dh12 billion. Dubai's private sector has 100,000 registered companies. Speaking at the Forsa launch on Monday night, chief executive officer Shamsa Noor Ali Rashid ...  >>MORE

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Quick List

Abu Dhabi Investment Authority accumulates an 8 per cent stake in EFG-Hermes Holding


Emaar unveils Dh18.4b tourism project along Dead Sea coast


TECOM Investments seek closer ties with South Korea


Mubadala and Dubal tie up to buy stakes in bauxite miners


DIFC buys 2.2% of Deutsche Bank


UAE-Saudi joint ventures now worth 22b riyals


Emaar signs contract for construction resort villas at King Abdullah Economic City


Abu Dhabi to fund development in the Comoro Islands


UAE to invest in Bosnia's development


DIC acquires Mauser for Dh4.25bn in major move


Abu Dhabi launches rival investment fund to Adia


Emaar's Egyptian offshoot back on track to finish mega projects


Istithmar may buy US apparel unit


Mubadala, MGM Mirage sign joint venture agreement


Mubadala in US$4bn loan


Emaar completes US$142m deal for its Egyptian subsidiary


Istithmar planning aggressive expansion into Asia with $1.75b


Mubadala to buy alumina factory


Abu Dhabi plans 2009 satellite launch


Abu Dhabi property developers venturing overseas


ADCB helps finance Indian airport plans


Tecom Investments and Sama Dubai join forces


DIC sells part of its US$1b stake in DaimlerChrysler


Mubadala in partnership with Suez closes financing for Barka2, Al Rusail Power Plants in Oman


Abu Dhabi foreign investment at US$1 trillion


Emaar to buy out Egyptian firm


UAE is a centre for FDIs, says Al Shehi


Istithmar acquires two new properties in UK for Dh1.6b


DIC sells 80 per cent of Tussauds for £1 billion


UAE, Algeria Partners in new US$5 billion aluminium smelter complex deal


Nakheel to build $68b ‘Sugar Land City’ in Karachi


UAE leader in investment attraction: report


Ajman sees 100% investment increase


Jumeirah Group enters spa business with Talise


Mubadala Development awarded Algeria's new 1227MW thermal power plant


TAQA launches first foreign project in Holland


Dubai ends takeover talks with Liverpool


Dubai Investments profit soars


DP World plans 50% boost in container numbers


Mubadala Development completes US$400m payment to acquire licence in Nigeria


Dubai World firm targets Dh1b fund for women