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THE ECONOMY - INTERNATIONAL INVESTMENTS

Emaar, Al Futtaim mull Egypt JV

Posted on 03/10/2012

Plan to build lifestyle development Dh3bn Cairo Gate Al Futtaim Group and Emaar on Tuesday announced an initial intention to enter into a EGP 5 billion (Dh3bn) joint venture agreement to develop ‘Cairo Gate', the largest lifestyle and entertainment development on an Emaar Misr property of 160 acres of prime land on the Cairo- Alexandria desert highway. The first phase of the Cairo Gate development will comprise a mall with a gross leasable area of 120,000 sqm, and will be anchored by Al ...  >>MORE

FDI to Dubai jumps 7% in H1

Posted on 01/10/2012

Signalling the strong resurgence of investor confidence in Dubai's economic growth, foreign direct investment, or FDI, to the emirate recorded a seven per cent jump in the first half of this year. Dubai FDI, the foreign investment office at the Department of Economic Development, said on Sunday the emirate drew Dh16.5 billion in FDI during the first six months of 2012. Statistics compiled by Dubai FDI showed that during the first half, 113 companies initiated 115 FDI projects. January saw the ...  >>MORE

Abu Dhabi and Australia sign US$1bn deal

Posted on 10/09/2012

The Abu Dhabi Investment Council (Adic) has teamed up with one of the largest listed property companies in Australia to invest about US$1 billion (Dh3.67bn) in logistics warehouses across Japan. In yet another sign of the increasing relations between Australia and Arabian Gulf entities, Adic and the Goodman Group have established the Japan Development Partnership, a 50/50 joint venture with a combined equity of US$500 million. Given bank financing options, the partnership expects to spend an ...  >>MORE

UAE tops Arabs in overseas acquisition

Posted on 23/08/2012

The UAE emerged as the largest Arab investor in cross-border acquisitions in 2011, pumping nearly US$5.7 billion into such sectors to bring the total acquisition value to more than US$70 billion over the past seven years. UN figures showed the UAE was by far the largest investor in the region, with the seven-year value exceeding the combined Arab acquisition value. Egypt emerged as the third largest Arab investor in cross-border acquisition over the past seven years but the value of its ...  >>MORE

Foreign investments spur Dubai’s growth

Posted on 11/08/2012

The emirate of Dubai, whose real estate market is on a fast track to recovery, is re-emerging as a safe haven for foreign investors, say analysts. A major reason is an influx of foreign money using the emirate as a safe haven. "A lot of people in the Middle East, Russia, Pakistan, and the Asian subcontinent are looking for a safe haven,” said Farouk Soussa, Middle East economist at Citigroup in Dubai. "Perceptions are that the real estate market has bottomed out. If you are looking for more ...  >>MORE

Dubai Investments PJSC reports profit of Dh171 million for in H1 of 2012

Posted on 06/08/2012

Dubai Investments PJSC ("DI"), the largest investment company listed on the Dubai Financial Market, yesterday announced its financial results for the six month period ended 30 June 2012. DI reported another quarter of strong results with profits of Dh171 million for the period and total income at Dh1.26 billion. Total assets as on 30 June 2012 amount to Dh13.6 billion while total liabilities amount to Dh4.6 billion. Net worth of the company stands at Dh9.0 billion and the annualised return on ...  >>MORE

Waha Capital reports revenues of Dh 112.1 million for H1, 2012

Posted on 02/08/2012

Waha Capital PJSC (ADX: WAHA), an Abu Dhabi-based investment company, reported yesterday total revenues of Dh 112.1 million, compared with Dh 147.8 million during the same period in 2011. Despite taking prudent provisioning during this period on legacy assets, the company recorded a net profit of Dh 3.5 million for the first half of 2012. This conservative approach, in the midst of challenging market conditions, has placed Waha Capital in a stronger position and further reinforced its ...  >>MORE

Invest AD launches UCITS funds to meet investor appetite for Africa and Arabian Gulf

Posted on 31/07/2012

Abu Dhabi asset manager Invest A.D. has launched two UCITS-compliant funds, which invest in Africa and the Arabian Gulf, to meet growing global demand for high-quality investment products to tap frontier market growth. The Invest A.D. Emerging Africa Fund and the Invest A.D. GCC Focus Fund are registered in Luxembourg, and the asset manager is regulated by the Dubai Financial Services Authority. Invest A.D.'s portfolio managers, who have built track records for the predecessor portfolios as ...  >>MORE

Abraaj capital completes acquisition of Aureos Capital

Posted on 25/07/2012

Abraaj Capital, a leading private equity manager investing in global growth markets, announced the completion of the acquisition of Aureos Capital ("Aureos"), a private equity fund management group investing in small and mid-cap companies ("SMC") in Asia, Africa and Latin America. With the consummation of this acquisition, Abraaj Capital now has approximately US$ 7.5 billion in assets under management, a presence in over 30 countries, and over 150 investments managed by a seasoned team of ...  >>MORE

Mubadala to develop Thai oil field

Posted on 24/07/2012

Mubadala Petroleum and its co-concessionaires have approved the development of the Manora field in Concession G1/48 in the Gulf of Thailand, a statement from the Abu Dhabi-based company said on Monday. "The investment going forward in Manora field is a gross $246 million, of which Mubadala's share is going to be 60 per cent,” a person familiar with the developments at Mubadala Petroleum told Gulf News by telephone. He added: "We are looking at the first production from Manora from early 2014. ...  >>MORE

Mubadala partnership with Piaggio takes flight

Posted on 15/07/2012

Piaggio, a Mubadala Development partner, Tawazun and Sweden's Saab are to develop a new multi-role patrol aircraft (MPA) based on the Italian plane maker's executive turboprop, the Avanti II. The launch customer for the project is Abu Dhabi Autonomous Systems Investments (Adasi), a subsidiary of Tawazun, which will provide the financing for two prototypes with the first flight scheduled for 2014. The special mission aircraft will be able to fly at an altitude of up to 41,000 feet, with an ...  >>MORE

Abu Dhabi Investment Authority publishes 2011 ADIA review

Posted on 26/06/2012

The Abu Dhabi Investment Authority (ADIA) yesterday published its 2011 ADIA Review, which provides an insight into our activities over the past year while aiming to further enhance understanding of our approach to investing. Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. The enclosed ADIA Review provides a broad overview of our activities ...  >>MORE

GLOBAL VOLATILITY LOWERS ABU DHABI INVESTMENT AUTHORITY’S RETURNS

Posted on 25/06/2012

The Abu Dhabi Investment Authority (Adia) recorded a fall in long-term returns last year amid volatility in global financial markets. Investments generated returns of 6.9 per cent at the end of 2011, compared to 7.6 per cent a year earlier, measured in dollars over 20 years. The fund does not disclose annual performance. "The distinction between the developed and emerging economies is fading faster than many had imagined," said Hamed bin Zayed Al Nahyan, managing director of Adia, in its ...  >>MORE

Abu Dhabi footprint in Morocco with luxury apartments

Posted on 10/06/2012

The Abu Dhabi overseas developer Al Maabar is set to deliver the first wave of luxury apartments at a US$750 million (Dh2.75 billion) project in Rabat. About 150 apartments will be handed over within weeks in Bab Al Bahr, a 70-hectare project that is aimed at regenerating the Moroccan capital. It will be the first of Al Maabar's projects to return income to its investors. Sitting on the Bou Regreg river, the development is in the middle of the conurbation of Rabat and Sale. It is 50 per ...  >>MORE

Capital outflows from UAE surge to Dh95b

Posted on 29/05/2012

Capital outflows from the UAE public sector entities, including sovereign wealth funds, rose to Dh95 billion in 2011 from Dh10 billion in 2010, Central Bank data suggests. High oil prices last year boosted UAE's total hydrocarbon exports to Dh409.9 billion, up 50 per cent from Dh274.1 billion in 2010. The country's current account surplus rose to Dh292 billion from Dh180 billion, the recently released central bank annual report said. Analysts said the jump in capital outflows last year ...  >>MORE

Dubai Investments reports net profit of Dh107 million for first quarter ended 31st March 2012

Posted on 14/05/2012

Dubai Investments PJSC ("DI"), the largest investment company listed on the Dubai Financial Market, yesterday announced its financial results for the first quarter ended 31st March 2012. DI reported strong quarterly results with profit of Dh107 million for the Period, which is 6% more than the profit of Dh101 million reported for the comparable period last year. Consolidated total income for the Period was Dh623 million as against Dh643 million for the comparable period last year. Total ...  >>MORE

Aabar takes control of Arabtec with 53% stake

Posted on 14/05/2012

Abu Dhabi fund Aabar Investments has raised its stake in Arabtec Holding to 53 per cent, a market official said yesterday, effectively taking control of Dubai's largest builder after a failed US$1.7 billion (Dh6.25 billion) bid two years ago. The state-owned fund, which owns stakes in high-profile names such as German carmaker Daimler, commodities trader Glencore and Italy's UniCredit, had been buying up shares in recent weeks through subsidiaries and owned a 10.45 per cent in Arabtec as at ...  >>MORE

Aabar signs US$2bn deal with Chinese

Posted on 10/05/2012

Aabar has signed a US$2 billion (Dh7.34bn) deal with China to develop 30 properties in Abu Dhabi. China State Construction Engineering Corporation has an agreement with Aabar, an Abu Dhabi Government investment vehicle, to develop the projects including office buildings, hotels and apartments, the Chinese company said. Industrial and Commercial Bank of China (ICBC) will provide Aabar with the funding, while China State Construction will be the contractor for the projects, China State ...  >>MORE

Mubadala will spend Dh20.1b to expand portfolio

Posted on 10/05/2012

Mubadala, the Abu Dhabi government's investment vehicle, expects to spend about Dh20.1 billion (US$5.47 billion) this year as its seeks to expand a diverse line of businesses ranging from oil and gas to semiconductors. "The group currently anticipates that its capital and investment expenditure for 2012 is likely to be substantially in line with the Dh20.1 billion annual average for the past three years," it said in a update of its bond programme. The state-owned fund, which has stakes in ...  >>MORE

EU approves Sony-Mubadala, EMI deal

Posted on 23/04/2012

European competition regulators Thursday approved a US$2.2 billion takeover by Japan's Sony and Emirates investors of EMI Music Publishing which holds the rights to global pop stars such as Rihanna. The European Commission said the approval was conditional on Sony and its partners in the Mubadala investment fund selling off the music publishing rights to other artists including Ozzy Osbourne, the European Commission said. "Sony and Mubadala have offered to divest valuable and attractive ...  >>MORE

Foreign investment tops US$10bn in UAE

Posted on 18/04/2012

More than US$10 billion (Dh36.73bn) in foreign investment poured into the UAE last year, making it the leading destination for the number of foreign direct investment (FDI) projects in the Middle East and Africa. A total of 328 projects were launched, up 13 per cent from the previous year, data from FDI Intelligence shows. The rise comes despite a muted year globally for FDI as jitters about the euro zone, the United States and unrest in the Arab world knocked investor sentiment. "Economic ...  >>MORE

Mubadala announces financial results for 2011

Posted on 13/04/2012

Mubadala Development Company ( Mubadala ), the Abu Dhabi-based strategic investment and development company, yesterday released its audited full year 2011 financial statements showing substantial increases in overall revenue and total assets compared to 2010. "In 2011, Mubadala maintained overall operational profitability and reached an impressive number of milestones. As we look ahead to new markets and growing our global businesses, Mubadala is well positioned to deliver long term value and ...  >>MORE

Taqa exits Tesla, invests in Kurdistan

Posted on 09/04/2012

National Energy has sold its 7 per cent stake in Tesla, cashing in on a stock rally that has seen the electric carmaker's shares surge more than 20 per cent over the past year. The move, which netted the company — also known as Taqa — a profit of Dh415 million on the book price, came as the energy giant announced that it has taken a 50 per cent stake in a Kurdistan power plant. Taqa, which is 75 per cent owned by the government of Abu Dhabi, has expanded aggressively in the energy sector ...  >>MORE

Mubadala Development to invest US$2b in Brazil's EBX group

Posted on 27/03/2012

Mubadala Development will invest US$2 billion in the Brazilian business group EBX founded by Eike Batista as part of a strategic partnership, Mubadala has announced. Under the terms of the agreement Mubadala will make the investment in exchange for a 5.63% preferred equity interest in Centennial Asset Brazilian Equity Fund and other offshore holding companies of Batista. The proceeds of Mubadala's investment will be used to reinforce the group's already strong capital structure so as to help ...  >>MORE

UAE has richest wealth fund

Posted on 15/03/2012

With assets worth US$627 billion, the UAE's Abu Dhabi Investment Authority (Adia) leads the world's richest Sovereign Wealth Funds (SWFs), which together hold a staggering US$5 trillion in assets – more than double the amount held by the global hedge fund industry. If the SWFs were a country and their assets were GDP, they would already be the world's fourth largest economy – after the US (GDP of US$15 trillion), China (US$7 trillion), and Japan (US$5.8 trillion). According to the SWF ...  >>MORE

Mubadala aims to make sweet music with EMI purchase

Posted on 29/02/2012

The hits of Frank Sinatra, David Bowie and Pink Floyd are part of a musical treasure trove worth more than US$2 billion (Dh7.34bn) being bid for by a consortium that includes Mubadala Development. The involvement of the strategic investment company owned by the Abu Dhabi Government in the bid was revealed as Sony, the Japanese entertainment giant, sought EU approval for a US$2.2bn purchase of EMI Group's publishing unit, a deal that would create the world's second-biggest music catalogue. A ...  >>MORE

Abu Dhabi-Tokyo Investment Forum launched in Tokyo

Posted on 07/02/2012

Tokyo - Chairman of Abu Dhabi Department of Economic Development (DED) Nasser Al Suwaidi on Monday opened the Abu Dhabi-Tokyo Investment Forum 2012 which aims to strengthen the strategic partnership with Japan. The forum was organised by DED in cooperation with the Higher Corporation for Specialised Economic Zones (ZonesCorp). A senior delegation from government departments, companies and national banks are taking part in the event. In opening remarks, Al-Suwaidi said: "for more than 40 ...  >>MORE

Abu Dhabi to kick off investment show in Tokyo

Posted on 05/02/2012

The Department of Economic Development in Abu Dhabi will kick off the Abu Dhabi Investment Forum in Tokyo tomorrow. Senior government officials headed by Nasser Ahmad Al Suwaidi, Chairman of the Abu Dhabi Department Economic Development, will participate. The forum aims to shed light on opportunities and investment incentives offered by Abu Dhabi in infrastructure, energy, finance and industry. The forum will also reflect the interest of the Abu Dhabi government in promoting economic ...  >>MORE

UAE investment in Pakistan at US$21 billion: UAE envoy

Posted on 25/01/2012

Islamabad - Ambassador of the United Arab Emirates (UAE) Essa Abdullah Al Basha Al Nuaimi said close communication and coordination between government officials, businessmen and investors in UAE and Pakistan would pave the way for exploring more investment opportunities and propelling economic relations to the level of political and diplomatic bonds. Addressing a gathering of CEOs and representatives of UAE investment in Pakistan on Monday, Al Nuaimi said current bilateral trade between the ...  >>MORE

Adia buys stake in UK's biggest water company

Posted on 14/12/2011

The Abu Dhabi Investment Authority (Adia), one of the world's largest sovereign wealth funds, has acquired a 9.9 per cent stake in Britain's biggest water utility. Infinity Investments, an Adia subsidiary, bought the stake in Kemble Water Holdings, the parent of Thames Water. The sellers were funds managed by Macquarie Group, Australia's biggest investment bank. The price was not disclosed in a Macquarie statement announcing the transfer. The purchase represents another addition to Adia's ...  >>MORE

Mubadala wins best Large Treasury Team of the Year award

Posted on 17/11/2011

Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, last night won the Large Treasury Team of the Year award at the Association of Corporate Treasurers Middle East (ACTME) 2011 Awards. The award recognises Mubadala across all treasury disciplines - cash management, corporate finance and funding, governance and risk management - for its sound treasury management, strong technical knowledge and ability, innovation in technology and systems, ...  >>MORE

Republic of Guinea and Mubadala Development Company announce collaborative agreement

Posted on 14/11/2011

The Republic of Guinea and Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, announced yesterday the signing of agreements to explore new investments and partnerships in strategic sectors such as Bauxite, Alumina and Iron Ore. These initiatives are expected to deliver significant benefits to the economies of both the Republic of Guinea and the United Arab Emirates. Commenting on the agreement, Mohamed Lamine Fofana, Minister of Mines ...  >>MORE

Mubadala now part-owner of EMI

Posted on 13/11/2011

Mubadala is now part-owner of the EMI library of music, which includes such popular artists as Rihanna and Norah Jones. The Abu Dhabi-based company, the investment arm of the Abu Dhabi government, has confirmed to Gulf News that it was part of a consortium led by Sony/ATV — itself a joint venture between Sony Corp and the Michael Jackson estate — that announced on Friday it would pay US$2.2 billion for EMI's publishing division. "We can confirm that Mubadala is participating in an ...  >>MORE

Mubadala and Surun announce joint venture to develop calcined petroleum Coke production facility in Zhenjiang, China

Posted on 01/11/2011

Zhenjiang, China - Mubadala Industry, a business unit of Mubadala Development Company ("Mubadala"), an investment and development company owned by the Government of Abu Dhabi; and Zhenjiang Coking Gas Group Company ("ZCGG"), the largest producer of high quality carbon materials in China, through its subsidiary Jiangsu Surun High Carbon Company ("Surun"), a leading producer of calcined petroleum coke ("CPC") in China, yesterday announced their joint venture partnership, Jiangsu Suyadi Tancai ...  >>MORE

Dubai Investments raises Dh700m to expand Emirates Float Glass

Posted on 26/10/2011

Dubai Investments, the Dubai Financial Market listed holding company that owns more than 40 companies with interests in manufacturing, real estate and financial services, said yesterday that it has completed raising Dh700 million from banks to fund the expansion of Emirates Float Glass. "We have secured Dh700 million of the planned Dh1.2 billion loan. The loan is for the Emirates Float Glass project in Abu Dhabi and the remaining amount will be raised from banks when the project requires ...  >>MORE

Ipic's debt load pushes liabilities up to US$44 billion

Posted on 19/10/2011

Liabilities of the International Petroleum Investment Company (Ipic) rose more than 38 per cent to US$44 billion (Dh161.6bn) at the end of June compared with a year earlier as it took on huge amounts of debt, its financial statements show. Total borrowing by the Abu Dhabi Government-owned energy holding company, and companies Ipic controls, increased by more than US$10bn to US$31.8bn after it raised money in international debt markets for the first time last year and conducted another round ...  >>MORE

Aabar pumps US$110m more into Virgin Galactic

Posted on 19/10/2011

Abu Dhabi investment company Aabar Investments has boosted its stake in Virgin Galactic, Virgin Group's commercial space line, to 37.8 per cent from 31.8 per cent, according to the prospectus for a planned bond sale by Aabar's parent company. Aabar, owned by Abu Dhabi's International Petroleum Investment Co (Ipic) invested an additional US$110 million (Dh404 million) in Virgin Galactic in July, boosting its stake by six per cent, Ipic's preliminary bond prospectus seen by Zawya Dow Jones ...  >>MORE

Abu Dhabi raises stake in OMV

Posted on 04/10/2011

Vienna - Abu Dhabi's investment fund has raised its minority stake in OMV, two weeks after the Austrian oil and gas group said it would offload unprofitable refining and marketing assets. International Petroleum Investment Company (IPIC) raised its stake to 24.9 per cent from 20.4 per cent, OMV said in a statement yesterday. Austrian state holding company OeIAG owns around 28 per cent, according to Reuters data. OMV said last month at its capital markets day in Istanbul that it would divest ...  >>MORE

Mubadala announces first half 2011 financial results

Posted on 28/09/2011

Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, yesterday released its unaudited interim financial statements for the first half of 2011. According to an emailed press release, the financial highlights of the period ended 30 June included: Revenues increased 70% in the six months ended June 2011 over the comparative period last year from Dh8.0 billion to Dh13.6 billion, primarily due to the consolidation of the global semiconductor ...  >>MORE

Abu Dhabi Investment Authority Publishes 2010 ADIA Review

Posted on 13/09/2011

The Abu Dhabi Investment Authority (ADIA) yesterday published its 2010 ADIA Review, which builds on the information in its inaugural 2009 Review with a number of new features. Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. The 2010 ADIA Review pays tribute to the late Sheikh Ahmed bin Zayed Al Nahyan, Managing Director of ADIA between ...  >>MORE

IPO starts for Oman's SMN Power, part-owned by Mubadala

Posted on 12/09/2011

SMN Power Holding, an Omani electricity producer part-owned by Mubadala Development, has begun a sale of its shares to the public. The company plans to raise 24.6 million Omani rials (Dh234.6m) by listing 35 per cent of its shares on the Muscat exchange, according to a prospectus. The initial public offering (IPO) period opened yesterday and ends on October 10. "The demand for power in Oman has grown by 6 to 7 per cent per annum in recent years and is expected to grow even further," said ...  >>MORE

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Quick List

Emaar, Al Futtaim mull Egypt JV


FDI to Dubai jumps 7% in H1


Abu Dhabi and Australia sign US$1bn deal


UAE tops Arabs in overseas acquisition


Foreign investments spur Dubai’s growth


Dubai Investments PJSC reports profit of Dh171 million for in H1 of 2012


Waha Capital reports revenues of Dh 112.1 million for H1, 2012


Invest AD launches UCITS funds to meet investor appetite for Africa and Arabian Gulf


Abraaj capital completes acquisition of Aureos Capital


Mubadala to develop Thai oil field


Mubadala partnership with Piaggio takes flight


Abu Dhabi Investment Authority publishes 2011 ADIA review


GLOBAL VOLATILITY LOWERS ABU DHABI INVESTMENT AUTHORITY’S RETURNS


Abu Dhabi footprint in Morocco with luxury apartments


Capital outflows from UAE surge to Dh95b


Dubai Investments reports net profit of Dh107 million for first quarter ended 31st March 2012


Aabar takes control of Arabtec with 53% stake


Aabar signs US$2bn deal with Chinese


Mubadala will spend Dh20.1b to expand portfolio


EU approves Sony-Mubadala, EMI deal


Foreign investment tops US$10bn in UAE


Mubadala announces financial results for 2011


Taqa exits Tesla, invests in Kurdistan


Mubadala Development to invest US$2b in Brazil's EBX group


UAE has richest wealth fund


Mubadala aims to make sweet music with EMI purchase


Abu Dhabi-Tokyo Investment Forum launched in Tokyo


Abu Dhabi to kick off investment show in Tokyo


UAE investment in Pakistan at US$21 billion: UAE envoy


Adia buys stake in UK's biggest water company


Mubadala wins best Large Treasury Team of the Year award


Republic of Guinea and Mubadala Development Company announce collaborative agreement


Mubadala now part-owner of EMI


Mubadala and Surun announce joint venture to develop calcined petroleum Coke production facility in Zhenjiang, China


Dubai Investments raises Dh700m to expand Emirates Float Glass


Ipic's debt load pushes liabilities up to US$44 billion


Aabar pumps US$110m more into Virgin Galactic


Abu Dhabi raises stake in OMV


Mubadala announces first half 2011 financial results


Abu Dhabi Investment Authority Publishes 2010 ADIA Review


IPO starts for Oman's SMN Power, part-owned by Mubadala