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THE ECONOMY - INTERNATIONAL INVESTMENTS

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

DF buys 31.5% stake in Marfin

Posted on 17/05/2006

Dubai Financial (DF), a subsidiary of the Dubai Investment Group (DIG) -- the global investment arm of Dubai Holding -- has acquired a 31.5 per cent stake in Greece's Marfin Financial Group, (Marfin), one of the fastest-growing banking groups in Europe. Pending regulatory approval for the share purchase, the Dubai-based investment group has been provided with seats on Marfin's Board and DIG Chief Executive Officer Soud Ba'alawy has been made Chairman. As per the shareholders' agreement ...  >>MORE

DIC acquires Britain's Doncasters for US$1.3 billion

Posted on 08/05/2006

Dubai International Capital (DIC), the investment arm of Dubai Holding, said it has completed its US$1.3 billion (Dh4.78 billion) acquisition of British engineering group Doncasters from Royal Bank of Scotland. US President George W. Bush recently approved DIC's takeover of Doncasters, which operates nine plants and employs 1,000 people in the US. Its plant in Georgia supplies turbine fan parts and airfoils for American army tanks and helicopters. Coming close on the heels of the DP World ...  >>MORE

Dubai Holding mandates banks to arrange US$2.25 billion for Tunisie Telecom deal

Posted on 08/05/2006

Dubai Holding LLC has mandated Emirates Bank and Standard Chartered Bank to finance the purchase of a 35% equity stake in Tunisie Telecom, the Tunisian Government telecommunication provider. A consortium of TECOM Investments LLC and Dubai Investment Group has been formed to complete this landmark acquisition by Dubai Holding Group. Emirates Bank and Standard Chartered Bank expect to launch the syndication of this 18 month facility in the last week of May 2006. Ahmad Bin Byat, CEO of TECOM ...  >>MORE

UAE-Japanese investment ties lauded

Posted on 04/05/2006

Chairman of Abu Dhabi Water and Electricity Authority (ADWEA) Sheikh Dhiyab bin Zayed Al Nahyan received yesterday Yutaka Kobayashi the Japanese Parliamentary Secretary and Vice-Minister for Economy, Trade and Industry Secretary, Japanese Ambassador to the UAE Haijimi Tsujimoto and members of the accompanying delegation. The Japanese official expressed admiration at ADWEA's achievements through its privatisation program in which world largest corporations showed interest. Kobayashi said the ...  >>MORE

Qatari Diar and ADIH ink US$1.2b agreement

Posted on 03/05/2006

Qatari Diar Real Estate Investment Company has signed a US$1.2 billion deal with Abu Dhabi Investment House (ADIH) for the financing of the Entertainment District in the 35-square kilometre Lusail development. A memorandum of understanding was signed in Doha by Nasser Hassan Al Ansari, CEO of Qatari Diar and Rashad Yousef Jenahi, CEO of ADIH, Khaleej Times daily reported yesterday. The MoU will lead to the establishment of the legal and financial framework between the 100 per cent ...  >>MORE

DIC’s Doncasters deal gets the presidential green light

Posted on 29/04/2006

President George W Bush yesterday approved the purchase of nine factories that produce military materiel in the US by Dubai International Capital (DIC), which is owned by the Dubai Government, White House spokesman Scott McClellan said. The Committee on Foreign Investment in the United States (CFIUS), a Treasury Department panel, recommended approval of the purchase, McClellan told reporters. The committee "thoroughly reviewed and closely scrutinised” the plan and "concluded it would not ...  >>MORE

Istithmar buys US property for US$1.2bn

Posted on 29/04/2006

Istithmar said yesterday it has snapped up 280 Park Avenue in Manhattan from Boston Properties for (US$1.2 billion) Dh4.4bn. "Yes, Istithmar is buying 280 Park Avenue for US$1.2bn,” David Jackson, chief investment officer of the Dubai-based investment company, told Emirates Today. Last year, Istithmar bought the famous 230 Park Avenue in Manhattan for Dh2.59bn and One Trafalgar Square in London for Dh1.05bn. Boston Properties sold 280 Park Avenue to take advantage of rising prices for ...  >>MORE

Tecom-DIG takes 35% Tunisie stake

Posted on 29/04/2006

The consortium of Tecom Investments and Dubai Investment Group (Tecom-DIG), both members of Dubai Holding, has secured a 35 per cent stake in Tunisia's national telecom provider, Tunisie Telecom. The Tecom-DIG consortium's bid, at US$2.25 billion, was declared the highest of several international offers including that of France's Vivendi. The signing ceremony took place in Tunis yesterday and was attended by the Tunisian Minister of Communication Technologies Montassar Ouaili, the Tunisian ...  >>MORE

Mubadala acquires 35 per cent in Italian business jet maker

Posted on 22/04/2006

The Abu Dhabi-based Mubadala Development, a principal investment company owned by the Government of Abu Dhabi, has acquired a 35 per cent of the equity of the Italian business aircraft maker, Piaggio Aero, in order to fund new jet development. Though Mubadala Development did not reveal the value of the acquisition, the level of investment was previously thought to be around US$20 million (about Dh73.4 million). However, according to industry experts, the average investment in a business ...  >>MORE

DIFC launches new entity

Posted on 19/04/2006

The Dubai International Financial Centre is to launch a subsidiary called DIFC Investments. The creation of the new entity will result in the allocation to it of all non- public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies. The DIFC Authority will ...  >>MORE

Dubai Investments profit likely to quadruple

Posted on 18/04/2006

Dubai Investments expects a quadrupling of net profit in the first quarter to March from a year ago, its chief executive said yesterday. The company reported a net profit of Dh54.2 million in January-March last year. Earnings in 2005 jumped 120 per cent to Dh688.2 million. Another company source told Gulf News the first quarter net profit would be between Dh245 to 250 million. "The outlook for 2006 is good," chief executive Khalid Jassim Kalban told reporters at its planned annual general ...  >>MORE

Istithmar-led consortium to buy Kerzner

Posted on 22/03/2006

A consortium of investors including Dubai-based Istithmar will soon acquire Kerzner International, the resort company built by Sol Kerzner around the 2,300-room Atlantis in Nassau. The acquisition will raise Istithmar's stake in the company from 12.8 per cent to more than 30 per cent, David Jackson, its chief investment officer, told Gulf News last night. Kerzner on Monday said they have entered into a definitive agreement under which it will be acquired by the investor group for US$76 in cash ...  >>MORE

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