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THE ECONOMY - INTERNATIONAL INVESTMENTS

Abraaj Capital acquires 10.7 pct stake in Jordan National Bank

Posted on 14/09/2006

Abraaj Capital yesterday announced that it has acquired 10% equity of Jordan National Bank (JNB). The deal has been concluded through Abraaj Capital's Abraaj Special Opportunities Fund (ASOF) II. JNB is listed on the Amman Stock Exchange (ASE). The Jordanian Exchange Commission has approved the capital increase of 8 million shares giving Abraaj a total holding of 11.8 million share, equivalent of 10.7% shareholding. Established in 1955, Jordan National Bank (JONB) is one of Jordan's ...  >>MORE

UAE’s FDI seen likely to touch Dh47bn this year

Posted on 06/09/2006

The UAE's foreign direct investment (FDI) should reach Dh47.78 billion (US$13bn) this year, but will shrink to Dh27.56bn (US$7.5bn) by 2010, according to a report. "High oil prices have meant that the UAE is attracting so much foreign investment, especially in the oil and gas sectors,” said Karl Sauvant, co-editor of World Investment Prospects: Boom or Backlash? released yesterday by the Economist Intelligence Unit and the Columbia Program on International Investment (CPII). "The fall ...  >>MORE

Dubai acquires UK's Travelodge

Posted on 19/08/2006

In a major foray into the UK's hospitality business, government investment firm Dubai International Capital (DIC) is set to acquire budget hotel chain Travelodge for £675 million (Dh4.66 billion). It would be DIC's second major acquisition in the UK this year after it bought Doncasters for US$1.3 billion in May. The Dubai firm is buying Travelodge from private equity firm Permira, which has owned the hotel chain for more than three years. Permira had bought the Travelodge for £712 million in ...  >>MORE

US$9.2 billion total foreign direct investment recorded in UAE

Posted on 12/08/2006

Total Foreign Direct Investment (FDI) in the UAE stood at Dh33.5 billion (US$ 9.2 billion) in 2004 accounting for 8.5 per cent of the Gulf country's Gross Domestic Product (GDP), according to a report by the Ministry of Economy. The report, compiled by the ministry of Economy in cooperation with the United Nations Economic and Social Commission for Western Asia (ESCWA), United Nations Conference on Trade and Development (UNCTAD), UAE Central Bank, Abu Dhabi Chamber of Commerce and Industry ...  >>MORE

DP World to build Britain's biggest business park

Posted on 12/08/2006

DP World plans to invest Dh10.5 billion in a project near London that will include a mega port and Britain's largest business park. London Gateway Port and Park will be built on the former Shell Haven oil refinery site, a 607-hectare site along the River Thames, in Thurrock, Essex. Land will also be reclaimed from the Thames estuary for the port. DP World inherited the London Gateway plan as part of its US$6.8 billion acquisition of British ports group P&O in February. The issue of ...  >>MORE

Dubai close to Dh10.5bn London Gateway project

Posted on 09/08/2006

Dubai World subsidiary P&O is "days” away from getting provisional approval to build the Dh10.5 billion (£1.5bn) London Gateway Project from the UK Government. The "mind to approve” process will bring the company one step closer to developing a container terminal with a capacity to handle 3.5 million TEUs and a business park in conjunction with Royal Dutch Shell on the south east of England along the River Thames. On July 20, British ministers had provisionally approved all the elements ...  >>MORE

Dubai World explores opportunities in Panama

Posted on 09/08/2006

Dubai World – the holding company that includes DP World, Nakheel and Istithmar – is exploring investment opportunities in the Central American state of Panama. Sultan Bin Sulayem, Dubai World's Chairman, was in Panama City, the capital, yesterday to discuss the initiatives with President Martin Torrijos and other top officials. "Our discussions focused on a number of investment opportunities, including establishing new ports, free zones, shipyard and dry dock facilities, expansion of the ...  >>MORE

Gulf investors to form US$1b firm for projects in Egypt

Posted on 08/08/2006

A consortium led by Abu Dhabi investment firm National Holding and Egypt, have signed an agreement to start a new holding company to develop US$30 billion (Dh110 billion) worth of projects in Egypt. The company is being set up with a capital of US$1 billion to fund the country's transportation infrastructure such as roads, bridges, ports, and rail networks. Companies in the consortium include Bahrain-based Gulf Finance House and Abu Dhabi Investment House (ADIH). The agreement was signed in ...  >>MORE

DP World to invest US$100m in Argentina

Posted on 07/08/2006

DP World said yesterday it will invest US$100 million in expanding facilities at a Buenos Aires port, which it acquired under the US$6.8-billion P&O purchase in February this year. The operator is spending millions on expanding its operations in the Americas and expects to add two more ports to its existing portfolio by this year. Sultan Ahmad Bin Sulayem, chairman of Dubai World, the holding company that groups entities like Jebel Ali Free Zone, Istithmar and DP World, said Dubai was also ...  >>MORE

Emaar buys prime land on Egypt coast

Posted on 06/08/2006

Cairo - Emaar Properties has won an auction to buy a seven kilometre strip of prime tourism real estate on Egypt's Mediterranean coast for US$175 million, Egyptian officials said yesterday. They said Emaar beat Egypt's Orascom Hotels and Development and the Talaat Mustafa Group, an Egyptian real estate investment firm, to win the auction with an offer of one billion Egyptian pounds (US$175 million). The land 6.2 million square metres on Egypt's north coast is slated for tourism development. ...  >>MORE

Emaar Properties acquires UK realtor Hamptons International for Dh 563

Posted on 02/08/2006

Singapore - Emaar Properties ("Emaar") has signed a Share Purchase Agreement with Singapore mainboard-listed Wheelock Properties (Singapore) Ltd ("Wheelock Properties"), a property investor and developer with a focus on luxury residences, to acquire its UK-based subsidiary, Hamptons International ("Hamptons") in an all-cash deal worth Dh 562.45 million (US$153.05 million). Hamptons, UK's premier realtor and property management consultant, is a 100 per cent owned subsidiary of Wheelock ...  >>MORE

Dubai Investments profit jumps 115%

Posted on 01/08/2006

Dubai Investments PJSC (DI) yesterday reported a 115 per cent jump in net profits reaching Dh544 million for the half year ended 30 June 2005, compared to Dh253 million recorded during the same period last year, the company said in a statement yesterday. It also witnessed a 54 per cent jump in consolidated total income reaching Dh978 million more than the total income of Dh637 million for the half year ended 30 June 2005. These exceptional results were the product of excellent performances ...  >>MORE

Two major banks arrange US$ 2.25 billion syndicated loan for Dubai Holding

Posted on 18/07/2006

Emirates Bank and Standard Chartered Bank announce that the US$ 2.25 billion, 18 month term loan facility for Dubai Holding has successfully closed, oversubscribed more than twice and signed in Dubai on 11th of July 2006. Forty five local, regional and international banks participated in this syndication for the purpose of which was the funding of Dubai Holding's acquisition of a 35% stake in Tunisia Telecom, through a consortium comprising two of its subsidiaries: TECOM Investments and Dubai ...  >>MORE

South Korean group to invest Dh1.5b in Dubai

Posted on 14/07/2006

Sungwon Corp, one of South Korea's largest integrated construction companies, is investing nearly Dh1.5 billion in real estate developments at Dubai's Business Bay and Culture Village, it was announced on Tuesday by Dubai Properties, a member of Dubai Holding. A US$300 million (Dh1.1 billion), mixed-use project in Culture Village will cover 120,000 sq ft, offering 410 residential, commercial and retail units. Meanwhile a 54,000 sq ft project in Business Bay will feature a 20-storey luxury ...  >>MORE

Emirates’ six-star resort in Australia to now open in 2008

Posted on 12/07/2006

Emirates' Dh142 million luxury resort Emirates Wolgan Valley Resort & Spa in Australia has been delayed due to objections from the Australian Government. Described as one of the most ambitious tourism projects ever in the Lithgow region, the resort was scheduled to open in April this year. "The start of the construction phase of Emirates Wolgan Valley Resort & Spa has faced some unexpected delays, largely due to the administrative issues associated with the approval process in Australia,” ...  >>MORE

Emaar gets Saudi green signal for Dh2.49bn IPO

Posted on 12/07/2006

Emaar the Economic City (EEC) has received approval from the Saudi Capital Market Authority for a SR2.55 billion (Dh2.49bn) initial public offering (IPO). EEC, a consortium headed by Emaar Properties and a number of Saudi investors, is developing the King Abdullah Economic City (KAEC) north of Jeddah. The firm also announced that it has received approval from the Saudi Ministry of Commerce for Industry for its incorporation. The IPO will facilitate financing of the KAEC, which is being ...  >>MORE

Dubai World to invest US$8.7b in Egypt

Posted on 11/07/2006

Dubai World, the newly-established holding company, will invest close to Dh32 billion (50 billion Egyptian pounds, US$8.7 billion) in Egypt to develop a seaport and some other industrial projects, company officials said on Monday. It also includes the development of a container terminal at Eastern Port Said and associated infrastructure. Egyptian officials, quoted by an Arabic newspaper, said 20 billion pounds will be invested in the development of the container terminal. They added 30 ...  >>MORE

Dubai World to invest in major Chinese ventures

Posted on 09/07/2006

Dubai World has signed an agreement to develop real estate and tourism facilities in the Chinese city of Qingdao in its first major overseas venture since its formal launch as a holding company recently. Foreign-focused Dubai World companies such as Limitless and Istithmar are expected to inject huge sums of money into developing an international convention centre, hotels, shopping malls, marinas, residential blocks and office towers in China. "The projects are in a strategic location. The ...  >>MORE

UAE investors participate in new Saudi economic city

Posted on 04/07/2006

Lead developer - Rakisa Holdings, and three members of the initial core group of regional investors - Abu Dhabi Investment House, Gulf Finance House and Tanmiyat Group, yesterday highlighted the unique business opportunities offered to regional and international investors by the Prince AbdulAziz Bin Mousaed Economic City. In addition to Abu Dhabi Investment House, Gulf Finance House and Tanmiyat Group, the initial core group of regional investors includes National Investment Company, Al ...  >>MORE

Foreign investment in Abu Dhabi to hit $4b this year

Posted on 03/07/2006

Foreign direct investment (FDI) of some $4 billion will flow into Abu Dhabi this year and it is expected to double in the short term, the Chairman of the Abu Dhabi Chamber of Commerce and Industry said. Salah Salem Bin Omeir Al Shamsi, said a raft of new initiatives have been launched since the new board took over and ADCCI has embarked on a campaign in the GCC, Europe and the Far East to promote business and investments in Abu Dhabi. "The Abu Dhabi economy will attract $4 billion in FDI ...  >>MORE

Dubai unveils new holding company

Posted on 03/07/2006

Dubai on Sunday unveiled an ambitious strategy for investing in overseas assets with the launch of a holding company comprising around 20 entities, some of them managing multi-billion-dollar assets. Dubai World will be responsible for holding several government-owned entities that have been busy locating and acquiring assets overseas in recent years. "We will be taking our business global. We have gained so much experience in our [respective] businesses that it will allow us to go outside ...  >>MORE

Dubai Investment Group to buy 40% in Malaysian bank

Posted on 01/07/2006

Dubai Financial, a subsidiary of the Dubai Investment Group (DIG), an investment arm of Dubai Holding, will acquire a 40 per cent stake in Bank Islam, Malaysia's oldest Islamic lender. The transaction is subject to approval by Bank Negara, Malaysia's central bank, for the shares to be issued free from encumbrances. DIG will pay 828 million ringgit (US$217.9 million) for the stake, the bank's listed parent said. DIG will acquire 690.2 million shares in Bank Islam, and Malaysia's pilgrim fund ...  >>MORE

UAE firms in Dh11b Syria investment plan

Posted on 27/06/2006

Various UAE companies will invest Dh11 billion (US$3 billion) including a Dh10 billion cyber city in Syria in the coming years, a top government official said yesterday. The UAE and Syria signed two Memoranda of Understanding (MoUs) in the capital yesterday, the first of which establishes the UAE/Syrian Utilities Management Company, to be headquartered in Damascus. Dr Khalifa Bakhit Al Falasi, chairman of Global Investment Group, and Dr Amr Salem, Syrian Minister of Communication and ...  >>MORE

UAE dominates foreign investment in Saudi Arabia

Posted on 18/06/2006

The UAE has overtaken Japan to become the dominant foreign investor in Saudi Arabia following the signing of a mega deal between Emaar and the Kingdom last year, according to official Saudi statistics. The UAE investment approved by the Saudi Arabian General Investment Authority (SAGIA) stood at a staggering 122.9 billion by the end of May, accounting for nearly 41 per cent of the total FDI pumped into the Kingdom since SAGIA was created in April 2000, SAGIA's figures showed. The ...  >>MORE

Chinese Gov't, Damac sign MoU to develop Dh10 billion project in China

Posted on 18/06/2006

Luxury lifestyle provider, DAMAC Properties, signed on recently a landmark Memorandum of Understanding (MOU) with the Tanggu District Government located within Tianjin City, People's Republic of China, to develop an iconic mix-use real estate development in the exquisite Trumpet Bay region. Zhang Jiaxing, Governor of Tanggu District, Tianjin City, and Peter Riddoch, Chief Executive Officer at DAMAC Properties signed the MOU, based on which DAMAC shall initiate a breathtaking real estate ...  >>MORE

Wateen Telecom signs US$200m design deal

Posted on 18/06/2006

Wateen Telcom-Pakistan, owned by Abu Dhabi Group yesterday signed an agreement with Motorola to drive and design the implementation of a wireless broadband service and data network in Pakistan. The deal valued at US$200 million includes US$125 million for a 5000-km long-haul optical fibre and US$75 million for Motorola's WiMAX/IMS network. Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and Chairman, Abu Dhabi Group signed the agreement with Eric ...  >>MORE

Adia buys 40% of US fund via IPO for US$600m

Posted on 17/06/2006

New York: The Abu Dhabi Investment Authority (Adia), a government investment group, invested around US$600 million in Apollo Management's new publicly listed fund, gobbling up around 40 per cent of the shares, sources familiar with the matter said yesterday. Such a large investment by a single entity is rare by initial public offering standards and may raise red flags to other investors. Apollo's new affiliate, AP Alternative Assets, priced 75 million shares at US$20 per share last week for ...  >>MORE

Istithmar completes acquisition of 280 Park Avenue

Posted on 14/06/2006

Istithmar PJSC, a major investment house based in the UAE, has completed the acquisition of 280 Park Avenue. This follows Istithmar's acquisition of 230 Park Avenue in November last year. The New York City trophy property was purchased from Boston Properties (NYSE:BXP), a real estate investment trust, for approximately $ 1.2 billion. Located on the stately, handsome and imposing Park Avenue in the heart of Midtown Manhattan, the property consists of approximately 1.2 million square feet. ...  >>MORE

Abu Dhabi sets up new council for investments

Posted on 13/06/2006

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a law establishing the Abu Dhabi Investment Council. The council will replace the Abu Dhabi Investment Authority and all its investments will be tax-exempted. Sheikh Khalifa issued Law No. 16 of 2006 on the establishment of the council, which shall have an independent corporate body and full civil competence, as well as financial and administrative independence. The council, which will be under the command of the Ruler ...  >>MORE

Dubai Investment unit buys Berlin shopping centre

Posted on 10/06/2006

A unit of state-backed Dubai Investment Group said yesterday it had bought a sprawling suburban shopping centre in Berlin for Dh380 million (US$103.4 million) in a bid to create a German multi-tenant retail portfolio. DIG - Real Estate and Hospitality, a subsidiary of the Dubai Investment Group, said in a statement it had acquired the 55,000 square metre Märkisches Zentrum (MZ Centre) that was developed in the early 1970s. MZ Centre is DIG's second acquisition in Germany, focusing on assets ...  >>MORE

Dubai World to invest Dh73.5bn in Karachi’s waterfront projects

Posted on 06/06/2006

Dubai World will invest Dh73.5 billion in the first phase of a 25,000-hectare development in Karachi, Pakistan, according to Limitless, Dubai World's international real estate arm. The company said it had signed a memorandum of understanding during a high-profile visit last week to Pakistan by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and top business officials from Dubai. Last week Dubai World had said it will ...  >>MORE

Istithmar Hotels FZE acquires Knickerbocker Hotel

Posted on 05/06/2006

Istithmar Hotels yesterday announced the acquisition of the classic, Beaux-Arts style Knickerbocker Hotel located in Times Square, NY. Commenting on its latest acquisition, Muneef Tarmoom, Chief Executive Officer, Istithmar PJSC said: "Knickerbocker is a premier property in one of the world's most recognized locations. The most fascinating thing about this property is not its design but its history." He added, "Given Istithmar's focus on international gateway cities such as New York, the ...  >>MORE

Emaar buys US firm for US$1.05b

Posted on 03/06/2006

Emaar Properties, one of the world's largest real estate companies, yesterday announced that it bought John Laing Homes, the second-largest privately held US homebuilder, for Dh3.856 billion (US$1.05 billion) cash. The transaction has been unanimously approved by the boards of directors of both companies and closed on Thursday. In a statement yesterday, Emaar said the purchase creates one of the world's leading real estate developers in residential homebuilding, Emaar said in a statement. ...  >>MORE

Dubai Investments buys larger stake in Marfin

Posted on 03/06/2006

Dubai Investments has raised its stake in Greece's Marfin Group from 31.5 to 33.6 per cent, Greek newspaper The Reporter said yesterday, citing people close to the matter. A high-profile management team from Dubai Investments is in Athens and will meet with Greek Secretary of Economy George Alogoskoufis to discuss further investments, probably in the banking and ports sectors, the newspaper reported. Dubai Investments has bought four blocks of shares off the Marfin Group from the open ...  >>MORE

Emaar unveils Dh8.8 billion real estate project in Pakistan

Posted on 01/06/2006

Emaar Properties, the leading property developer, today announced three real estate developments in the cities of Islamabad and Karachi in Pakistan. The projects, with a total investment of Dh 8.8 billion US$2.4 billion), will include a series of master planned communities that will set new benchmarks in commercial, residential and retail property within Pakistan. The nation's capital, Islamabad, is home to two Emaar Pakistan projects: the Highlands and Canyon Views. With 1,500 acres between ...  >>MORE

UAE firms are on course for major Pakistani investment

Posted on 01/06/2006

UAE companies have raised their investment profile in Pakistan with at least Dh75 billion in commitments and three memorandums of understanding (MoUs). Some of the projects include Emaar Properties' real estate projects, while Dubai Islamic Bank has been allowed to operate 70 branches in Pakistan with an investment of US$100 million (Dh367m). His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Pakistani Prime Minister ...  >>MORE

Dubai's investment in Djibouti crosses Dh2.2 billion

Posted on 30/05/2006

Investment by various Dubai-based entities in Djibouti has exceeded Dh2.2 billion (US$600 million) following a management takeover of the country's major harbour by DP World, Dubai's government-owned port operator, officials said. Following investments made by key Dubai government entities in Djibouti, some UAE-based private investors are also gearing up to launch projects in the strategically located East African nation. These plans include setting up of two hotels and a waterfront tourist ...  >>MORE

Horizon - led consortium awarded Morocco petroleum storage terminal

Posted on 29/05/2006

The Joint Venture of Horizon Terminals Limited (HTL) of Dubai, the Independent Petroleum Group s.a.k. (IPG) of Kuwait, and Afriquia SMDC of Morocco was awarded a 25 year concession to build, own, operate, and transfer (BOOT) an international petroleum storage terminal at the new Port of Tangiers, in the Kingdom of Morocco. Tanger Mediterranee-Agence (TMSA), the authority body vested by the government of the Kingdom of Morocco with managing the development of the new commercial port, ...  >>MORE

Istithmar buys retailer Loehmann’s for Dh1.1 billion

Posted on 21/05/2006

Dubai-based private equity firm Istithmar has signed an agreement to acquire Loehmann's Holdings from Atlanta-based private equity company Arcapita for Dh1.1 billion, the investment arm of Nakheel announced yesterday. Arcapita had acquired Loehmann's in October 2004 for a transaction value of approximately Dh653 million. Founded in 1921 by Frieda Loehmann, who was an intimate of the Seventh Avenue designers, New York-based Loehmann's is a leading retailer in the United States of ...  >>MORE

Tecom and DIG in Dh1bn deal for Maltacom stake

Posted on 19/05/2006

Tecom Investments and the Dubai Investment Group (DIG), both members of Dubai Holding, have acquired a 60 per cent controlling stake in the Maltese telecom company Maltacom for Dh1.04 billion. At close of business on May 16, Maltacom shares were trading at 4.325 liri (Dh20.35) per share on the Malta Stock Exchange. The deal was signed yesterday in Valetta, Malta and attended by Austin Gatt the Minister for Investments, Industry and IT of Malta, Ahmad Bin Byat, CEO of Tecom Investments and ...  >>MORE

S. Korea's Axon investing Dh2.56b in Dubai property

Posted on 17/05/2006

Leading South Korean developer Axon is investing Dh2.56 billion (US$700 million) in Dubai's real estate market, its top official said. Axon Gulf, the company's regional subsidiary, yesterday inked a Dh367 million (US$100 million) investment deal with Dubai Sports City to develop a large commercial tower. "This is the first of our seven projects that we are investing in Dubai involving a total of US$700 million," June-Soo Kim, Axon Gulf's chief executive told Gulf News yesterday. "This is ...  >>MORE

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Quick List

Abraaj Capital acquires 10.7 pct stake in Jordan National Bank


UAE’s FDI seen likely to touch Dh47bn this year


Dubai acquires UK's Travelodge


US$9.2 billion total foreign direct investment recorded in UAE


DP World to build Britain's biggest business park


Dubai close to Dh10.5bn London Gateway project


Dubai World explores opportunities in Panama


Gulf investors to form US$1b firm for projects in Egypt


DP World to invest US$100m in Argentina


Emaar buys prime land on Egypt coast


Emaar Properties acquires UK realtor Hamptons International for Dh 563


Dubai Investments profit jumps 115%


Two major banks arrange US$ 2.25 billion syndicated loan for Dubai Holding


South Korean group to invest Dh1.5b in Dubai


Emirates’ six-star resort in Australia to now open in 2008


Emaar gets Saudi green signal for Dh2.49bn IPO


Dubai World to invest US$8.7b in Egypt


Dubai World to invest in major Chinese ventures


UAE investors participate in new Saudi economic city


Foreign investment in Abu Dhabi to hit $4b this year


Dubai unveils new holding company


Dubai Investment Group to buy 40% in Malaysian bank


UAE firms in Dh11b Syria investment plan


UAE dominates foreign investment in Saudi Arabia


Chinese Gov't, Damac sign MoU to develop Dh10 billion project in China


Wateen Telecom signs US$200m design deal


Adia buys 40% of US fund via IPO for US$600m


Istithmar completes acquisition of 280 Park Avenue


Abu Dhabi sets up new council for investments


Dubai Investment unit buys Berlin shopping centre


Dubai World to invest Dh73.5bn in Karachi’s waterfront projects


Istithmar Hotels FZE acquires Knickerbocker Hotel


Emaar buys US firm for US$1.05b


Dubai Investments buys larger stake in Marfin


Emaar unveils Dh8.8 billion real estate project in Pakistan


UAE firms are on course for major Pakistani investment


Dubai's investment in Djibouti crosses Dh2.2 billion


Horizon - led consortium awarded Morocco petroleum storage terminal


Istithmar buys retailer Loehmann’s for Dh1.1 billion


Tecom and DIG in Dh1bn deal for Maltacom stake


S. Korea's Axon investing Dh2.56b in Dubai property