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THE ECONOMY - INTERNATIONAL INVESTMENTS

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

Key role for Mubadala in Carlyle's market float

Posted on 07/09/2011

Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, is among the first to benefit from an initial public offering (IPO) announced yesterday by the Carlyle Group, a major global buyout firm. Mubadala has invested hundreds of millions of dollars in Carlyle that will convert into a substantial publicly traded share if the listing is given the green light by regulators, according to documents released in Washington. The conversion will give the Abu Dhabi ...  >>MORE

Foreign investment survey rates Dubai Mideast's City of the Future

Posted on 23/08/2011

Dubai has been named "Middle East City of the Future 2010-11" by fDi Magazine, with judges pointing to the emirate's popularity as a foreign direct investment destination. The report by fDi Magazine comes soon after Dubai was ranked a destination of choice for FDI by the 2011 AT Kearney FDI Confidence Index Report. Sami Al Qamzi, director general of the Department of Economic Development (DED), said: "The ranking is a strong testament to the economic fundamentals of the city, and the growth ...  >>MORE

Dubai Investments' profit slides to Dh239m in first half

Posted on 10/08/2011

Dubai Investments posted a 50.32 per cent drop in profits to Dh239 million for the first half of 2011 compared to Dh481.98 million during the same period last year. The company said it hopes to secure additional financing for expansion in the second half of this year. Dubai Investments, in which sovereign fund Investment Corporation of Dubai (ICD) owns a 11.5 per cent stake, earned a total income of Dh1.37 billion during the first six months of 2011, according to the financial results it ...  >>MORE

Aabar stake in Daimler pays off as profit leaps

Posted on 28/07/2011

Aabar Investments' stake in Daimler paid off handsomely yesterday as the German car maker reported a dramatic rise in second-quarter profit. "We now assume that [full-year profit] will develop more positively than we previously expected and will very significantly exceed the level of 2010," said Dieter Zetsche, the chief executive of Daimler. The company reported a second-quarter profit of €1.7 billion (Dh9.03bn), a 30 per cent increase on the same period last year. Aabar bought a 9.1 per ...  >>MORE

Sharjah decides to open up - looking at JVs for foreign investment

Posted on 27/07/2011

Sharjah is open to idea of forming joint ventures (JVs) and creating public private partnerships (PPP) with investors in an effort to attract more foreign direct investment into the emirate, a senior government official has revealed. “One of our mandates is to attract investors to Sharjah. We are attracting them to the sectors, which as per our studies, are going to offer a good return to them… it could be a joint venture, build, operate and transfer, or public private partnership ...  >>MORE

UAE attracts over US$75 billion in FDI in 11 years

Posted on 25/07/2011

The UAE has attracted more than US$75 billion in foreign direct investment (FDI) since 2000 to emerge as the second largest foreign capital destination in the Arab world after Saudi Arabia, according to official data. Saudi Arabia, the largest Arab economy, got nearly US$130.5 billion in FDI during 2000-2010 while Egypt maintained its position as the third largest FDI recipient in the region, showed the figures by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC), a key ...  >>MORE

Hamilton Sundstrand, Mubadala Aerospace finalise strategic deal

Posted on 14/07/2011

Hamilton Sundstrand Corporation and Mubadala Aerospace have finalised a wide-ranging strategic agreement under which Mubadala Aerospace will be a key part of the support network for servicing Hamilton Sundstrand products and systems on the Boeing 787. The deal, a first for Hamilton Sundstrand, includes a licensing agreement for Mubadala Aerospace to provide maintenance, repair and overhaul (MRO), through Mubadala-owned companies Abu Dhabi Aircraft Technologies (ADAT), SR Technics and Sanad ...  >>MORE

UAE sees US$100b investments in alternative energy


Posted on 12/07/2011

The UAE sees private sector investment opportunities in alternative energy projects reaching US$100 billion by 2020, the economy ministry said on Monday. "Investment opportunities in the market for alternative and sustainable energy projects that can be invested by the private sector in the UAE will be around US$100 billion until 2020,” the country's economy ministry said in a statement issued at a news conference. International firms are gearing up to tap opportunities in the Middle East ...  >>MORE

UAE's Dubai wins New Economy's Inward Investment Awards 2011

Posted on 28/06/2011

Dubai has been named as the best country for inward investment in the Middle East by the London-based The New Economy magazine. The Best Country for Inward Investment award, a category of the New Economy's Inward Investment Awards 2011, identifies countries that represent the benchmark of achievement and best practice in the financial and business world. H.H Sheikh Hamdan Bin Mohammed Bin Rashid Al-Maktoum, Crown Prince of Dubai, in a ceremony yesterday at Qasr Al Bahar, was presented with ...  >>MORE

Mubadala to develop Ruby gas field in Indonesia soon

Posted on 22/06/2011

Abu Dhabi emirate's Mubadala announced yesterday that its energy sector will soon begin development of the Ruby gas field in Indonesia with a total investment of USD 500mn. A statement from Mubadala said that the Ruby gas field has won approval from Indonesia's upstream oil and gas agency, and the construction works will start shortly. Pearl Oil, a subsidiary of Mubadala's Pearl Energy, will have 70 per cent share in Ruby and Total E '&' P Sebuku and INPEX South Makassar Ltd, with both 15 ...  >>MORE

UAE launches Investment Map highlighting strategic opportunities for global investors

Posted on 21/06/2011

Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the UAE Ministry of Economy on Monday announced the launch of UAE Investment Map to promote the sustainable and balanced development of the country. At a special ceremony in Dubai in the presence of the Ministry's strategic partners from both public and private sectors, Al Shehhi made the announcement and said the initiative will promote the sustainable and balanced development of the UAE, and contribute to the GDP growth by ...  >>MORE

Mubadala to form joint venture for new smelter

Posted on 19/06/2011

Kuala Lumpur - Malaysian Prime Minister Najib Razak said on Friday that Abu Dhabi government investment vehicle Mubadala Development Co. and state-owned development company 1Malaysia Development Bhd. will form a joint-venture company to develop a US$4.2 billion (Dh15.4 billion) aluminium smelter in east Malaysia. Mubadala will also help 1Malaysia Development team up with other strategic partners to develop downstream industries including a rolling mill, a wire cabling plant, a wheel casting ...  >>MORE

Adia buys stake in Norway gas

Posted on 07/06/2011

The Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, is part of a consortium paying US$3.25 billion (Dh11.93bn) for a stake in Gassled, a venture that owns almost all of Norway's natural gas pipelines. Solveig Gas Norway, a holding company 25 per cent owned by the Abu Dhabi Investment Authority (Adia), has agreed to buy 24.1 per cent of the Gassled joint venture from Statoil, Norway's largest oil company. The other shareholders in Solveig Gas are the Canada ...  >>MORE

Abu Dhabi International Petroleum Investment Company plans to diversify

Posted on 01/06/2011

Abu Dhabi International Petroleum Investment Company (IPIC), said yesterday it is looking forward to implementing the economic diversification policy in the emirate of Abu Dhabi as per Abu Dhabi 2030 plan, which aims for sustainable growth based on less dependence on the oil and gas industry. IPIC has embarked on an aggressive acquisition drive in the hydrocarbons sector in recent years. The emirate of Abu Dhabi is also investing billions of dollars in infrastructure, real estate and ...  >>MORE

Aabar's car plants in Algeria due to start production

Posted on 26/05/2011

Production of up to 10,000 vehicles a year in Algeria is expected to start this year as the UAE seeks closer ties with the North African country. Aabar Investments, owned by the Abu Dhabi Government, signed a deal in August 2009 with the Algerian government and five German companies to construct three manufacturing plants in the country to build cars, lorries, coaches and engines. The deal is at the forefront of the Government's aim to boost trade and investment with Algeria as the ...  >>MORE

Abu Dhabi's Invest AD and Japan's SBI Holdings to invest US$100 million in Turkish private equity

Posted on 25/05/2011

INVEST AD, the Abu Dhabi Investment Company and Japan's SBI Holdings, Inc. are investing in a new joint private equity fund worth US$100 million and focused on acquisitions in Turkey. In a joint statement issued in Abu Dhabi and Tokyo yesterday, the two companies said that the fund, to be jointly managed by the two companies through an office in Istanbul, will supply growth capital and employ its international networks and expertise to help promising companies to improve economies of scale, ...  >>MORE

Aabar plans US$1b Daimler exchangeable bond issue

Posted on 25/05/2011

Abu Dhabi's Aabar Investments plans to issue a 750 million euro (US$1 billion) bond exchangeable into German automaker Daimler's shares, of which the sovereign fund owns 9.1 per cent. Aabar said on Tuesday the exchange price would be set at a 30 per cent premium to Daimler's share price. The five-year bonds will carry a coupon indicated at 3.5-4 per cent and the proceeds from the sale will be used for general corporate purposes, Aabar said. Bank of America Merrill Lynch, Deutsche Bank and ...  >>MORE

FDI Foreign direct investment in the UAE to soon reach previous peak

Posted on 11/05/2011

Foreign Direct Investment (FDI) in the UAE is believed to have reached US$13.7 billion (Dh50.32 billion) in 2010, Alessandro Golombiewski Teixeira, president of the World Association for Investment Promotion Agencies, said at the Annual Investment Meeting (AIM) being held in Dubai. However, according to the UAE Ministry of Foreign Trade, FDI in the UAE was as high as US$15 billion. Teixeira said: "The FDI in the UAE is expected to get back to its peak of a few years ago." He added that ...  >>MORE

Mubadala sets its sights on Brazil

Posted on 02/05/2011

Mubadala Development is studying several possible investments in Brazil as its strategy shifts towards emerging markets. Any investments in Brazil's energy, aluminium, aerospace and agriculture sectors would be the first in Latin America for Mubadala, a strategic investment company owned by the Abu Dhabi Government. Waleed al Muhairi, the company's chief operating officer, travelled with a delegation to Brazil last week to discuss Mubadala's plans there. At present, Mubadala has no major ...  >>MORE

Dubai sees 30% jump in foreign investment

Posted on 12/04/2011

Dubai expects a significant jump in foreign direct investment (FDI) this year on increasing interest of companies from new markets, said Fahd Al Gergawi, Chief Executive Officer of Dubai FDI. "We are seeing at least double in terms of enquiries and requests of investments while comparing first quarter of this year to 2010,” Al Gergawi told Khaleej Times on Monday on the sidelines of a news conference where Rubenius announced Dubai as its global headquarters. The enquires and interest ...  >>MORE

Mubadala announces 2010 financial results

Posted on 27/03/2011

Mubadala Development Company (Mubadala), yesterday released its audited 2010 year-end financial results and operating highlights. Financial highlights show that revenue increased 22 percent year-on-year from Dh13.1bn to Dh16bn, as a result of a number of assets reaching operational milestones. Net profit for the year was Dh1.1bn and total comprehensive income for the year was a negative Dh315m, resulting from mark-to-market on investments. Total assets increased by 14 percent to ...  >>MORE

Mubadala seeks Dubal stake in strategic move

Posted on 10/03/2011

Abu Dhabi-based Mubadala Development Company has offered to buy shares in the state-owned industry giant Dubai Aluminium Company (Dubal) to form a holding company that includes Emirates Aluminium Company (Emal) and create a production capacity of 2.5 million tonnes annually, according to a top government official. "Until now no percentage [of shares] was specified but I think it's a good share,” Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Finance Minister and Chairman ...  >>MORE

Mubadala to buy out partner

Posted on 07/03/2011

Mubadala Development is taking full control of a property joint venture it formed two years ago with the US developer John Buck to build commercial projects in Abu Dhabi. Mubadala, a strategic investment company owned by the Abu Dhabi Government, said yesterday it would buy the remaining 51 per cent stake in John Buck International, the joint venture, for an undisclosed amount this month. Peter Wilding, the executive director of Mubadala Real Estate and Hospitality, said the decision was ...  >>MORE

Mubadala and Mesirow Financial to launch Joint Venture in Abu Dhabi

Posted on 13/02/2011

Mubadala, the Abu Dhabi-based strategic investment and development company, and Mesirow Financial, a diversified financial services firm headquartered in Chicago, have signed an agreement to establish a new investment management Joint Venture based in Abu Dhabi. The Joint Venture will require regulatory approvals and licenses related to investment management companies in order to operate. Following receipt of the necessary regulatory approvals and licenses, the new company will focus on ...  >>MORE

Waha Capital reports 15 per cent increase in unaudited net profits

Posted on 26/01/2011

Waha Capital yesterday reported a 15 per cent increase in unaudited net profits for the 12-month period ending December 31, 2010. Profitability resulted from the company's continued growth and improved performance across the business units, derived from restructuring activities, consolidation of operations and increased income generation in various areas. Net profits reached Dh249 million, compared to Dh217 million in 2009, while return on equity increased to 12.2 per cent, from 11.6 per cent ...  >>MORE

InvestAD launches Libya fund

Posted on 20/01/2011

Abu Dhabi Investment Company (ADIC) -InvestAD has launched a fund to invest in Libya, one of Africa's fastest growing economies. Invest AD has already committed its own capital to the fund, which will invest in Libya's US$2.2 billion stock market, as well as participating in initial public offerings (IPOs) and taking pre-IPO stakes in companies, said a release. "Libya has taken positive steps to open its economy and is reaping the rewards, with very high rates of economic growth," said ...  >>MORE

UAE-Kazakhstan joint investment cross US$3 billion in 2010: Kazakh minister

Posted on 17/01/2011

Aggregate joint investment between the UAE and Kazakhstan crossed US$3 billion last year, the Deputy Prime Minister of Republic of Kazakhstan, and Minister of Industry and New Technologies, Mr. A.O. Issekeshev, disclosed in Abu Dhabi yesterday. He told a press conference he held to announce the details of the 7th World Islamic Economic Forum (WISF) to be held in Astana from June 7-9 that relations between the two friendly countries were getting more stronger and deeper. He expected trade ...  >>MORE

UAE signs initial agreement for Investment Protection and Promotion with Singapore

Posted on 10/01/2011

The Ministry of Finance (MoF) signed an initial agreement for investment protection and promotion with the Republic of Singapore. The agreement aims to support global economic openness through the free movement of products and to increase investment and trade development opportunities and it will enhance economic relations and partnership between both countries, said MoF in an emailed statement. Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations Sector at ...  >>MORE

UAE investments in Egypt ventures reach Dh36.7b

Posted on 16/12/2010

The UAE's investments in Egypt have reached Dh36.7 billion (US$10 billion) in 520 projects, according to the latest report by the UAE Minister of Economy. UAE investments in Egypt include projects in industry, construction, urban development, housing, infrastructure, financing projects, communications, as well as agricultural and tourist development projects. Trade between Egypt and the UAE totalled US$766 million in the first seven months of the year. Egyptian exports to the UAE in that ...  >>MORE

Mubadala GE Capital reaches US$2 billion in commitments

Posted on 14/12/2010

Mubadala GE Capital PJSC, announced yesterday that it has reaches US$2 billion in commitments in its first full year of operation demonstrating the high level of appeal of its commercial finance solutions. Licensed in January 2010 by the UAE Central Bank, Mubadala GE Capital combines the international corporate finance experience of GE Capital with the regional insights of Mubadala. Mubadala GE Capital is a specialised commercial finance company that offers an array of financing solutions - ...  >>MORE

Mubadala Oil and Gas and Yemen Company for Investment in Oil and Minerals sign MoU

Posted on 13/12/2010

Mubadala Oil and Gas and Yemen Company for Investments in Oil and Minerals (YICOM) announced yesterday that they have signed a Memorandum of Understanding (MOU) on cooperation in the exploration and production sector of the oil and gas industry in the Republic of Yemen. The MoU provides for an exchange of technical information between the two companies and co-operation to assess opportunities to work together on new investments, field redevelopment and expansion projects and other oil and ...  >>MORE

Mubadala agrees to invest US$100 million with Verno Capital

Posted on 01/12/2010

Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic development and investment company, and Verno Capital (Verno), a specialist fund manager in the capital markets of Russia and the CIS, today announced that Mubadala will invest US$100 million into Verno managed funds. This agreement represents Mubadala's first investment in the Russian market. Verno Capital was founded by Dimitri Kryukov and his three Partners, who together are one of Russia's most experienced and ...  >>MORE

Abu Dhabi will raise foreign investment to 23% of GDP

Posted on 21/11/2010

Abu Dhabi plans to raise foreign direct investment to 23 per cent of gross domestic product (GDP) by 2030 and to increase direct investment growth by 9 per cent per year, according to the Annual Economic Report for the Emirate of Abu Dhabi 2010, released Saturday by the Department of Economic Development (DED). "Abu Dhabi as well aims at increasing non-oil exports to 11 per cent of GDP, which will support the diversification of the production structure and reduce the volatility of GDP," the ...  >>MORE

Foreign Investment Office releases special report: Dubai - The Foreign Direct Investment destination of choice

Posted on 09/11/2010

The final report "Dubai - The Foreign Direct Investment 'FDI' destination of choice" has been released by the Foreign Investment Office (FIO) part of the Dubai Economic Department. The findings are encouraging as overall investor confidence in Dubai fared well, indicating a positive position after times of global turbulence. Asked about their future plans, 81% of investors who have investments in Dubai, mentioned that they plan to maintain or increase investment in the emirate. These ...  >>MORE

Dubai Investments PJSC reports profit of Dh688 million

Posted on 02/11/2010

Dubai Investments PJSC (DI), the largest investment company listed on the Dubai Financial Market, yesterday announced its financial results for the nine-month period ended 30th September 2010. DI reported strong results with net profit of Dh688 million for the Period and total income at Dh2.5 billion. The annualised return on share capital achieved for the Period is 26 per cent. As a strong indicator of performance and encouraging future outlook, the Company liabilities as at 30th September ...  >>MORE

UAE FDI flow set to recover after 2009 decline

Posted on 28/10/2010

Plans to enact more liberal investment laws will ally with a recovery in the real estate sector to push up foreign capital flow into the UAE following a sharp slowdown in 2009, according to an official report. Foreign direct investment (FDI) attracted by the UAE slumped by nearly 71 per cent in 2009 after climbing to one of its highest levels in the previous years but it is projected to slightly pick up this year, said the report by the Arab League's Inter-Arab Investment Guarantee ...  >>MORE

Waha Capital to acquire a 20% stake in AerCap

Posted on 26/10/2010

Waha Capital PJSC ("Waha", ADX: WAHA) announced that it has signed an agreement yesterday with New York Stock Exchange-listed and Dutch-based AerCap Holdings N.V. ("AerCap", NYSE: AER), under which Waha will acquire approximately 29.8 million shares in AerCap in exchange for US$105 million in cash, Waha's 50% interest in AerVenture and the transfer of a 40% interest in Waha's 16-aircraft portfolio. The total consideration for the shares in AerCap is approximately US$380 million based on the New ...  >>MORE

Adia still in the lead as global SWF assets cross US$4tn

Posted on 26/10/2010

Sovereign Wealth Funds' (SWF) global assets crossed the US$4 trillion-mark for the first time in history in the third quarter this year. According to SWF Institute's just released rankings for Q3 2010, boosted by the Norwegian Global Pension Fund-Global's asset growth to over 3 trillion kroner (US$512bn), global assets held by SWFs have now reached US$4.033bn. "The fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996,"says Yngve ...  >>MORE

Waha Capital 2010 year-to-date net profit jumps 239% to reach Dh77 million

Posted on 24/10/2010

Waha Capital, the Abu Dhabi-based diversified investment holding company listed on the Abu Dhabi Securities Exchange, yesterday announced net profit of Dh77 million for the first nine months of 2010, a jump of more than 239% over the same period last year. Net operating profits for the nine-month period ending September 30, 2010 stood at Dh78 million, while total assets increased 8.4% to reach Dh4.6 billion. Total revenues for the nine-month period were Dh312 million compared to Dh353 ...  >>MORE

Invest AD to pump US$150m into UAE, Turkey, Egypt deals

Posted on 19/10/2010

Investment company Invest AD is in "fairly advanced stages" of talks to invest in three business opportunities in the UAE, Turkey and Egypt totalling about US$150 million (Dh550.5 million), Samir Assad, head of private equity at Invest AD, said here Monday. "We are looking at an investment of about US$35 million to US$40 million in Turkey, US$60 million in the UAE and US$45 million to US$50 million in Egypt. We are aiming to close one of these transactions in the coming quarter or by the ...  >>MORE

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Quick List

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


Key role for Mubadala in Carlyle's market float


Foreign investment survey rates Dubai Mideast's City of the Future


Dubai Investments' profit slides to Dh239m in first half


Aabar stake in Daimler pays off as profit leaps


Sharjah decides to open up - looking at JVs for foreign investment


UAE attracts over US$75 billion in FDI in 11 years


Hamilton Sundstrand, Mubadala Aerospace finalise strategic deal


UAE sees US$100b investments in alternative energy



UAE's Dubai wins New Economy's Inward Investment Awards 2011


Mubadala to develop Ruby gas field in Indonesia soon


UAE launches Investment Map highlighting strategic opportunities for global investors


Mubadala to form joint venture for new smelter


Adia buys stake in Norway gas


Abu Dhabi International Petroleum Investment Company plans to diversify


Aabar's car plants in Algeria due to start production


Abu Dhabi's Invest AD and Japan's SBI Holdings to invest US$100 million in Turkish private equity


Aabar plans US$1b Daimler exchangeable bond issue


FDI Foreign direct investment in the UAE to soon reach previous peak


Mubadala sets its sights on Brazil


Dubai sees 30% jump in foreign investment


Mubadala announces 2010 financial results


Mubadala seeks Dubal stake in strategic move


Mubadala to buy out partner


Mubadala and Mesirow Financial to launch Joint Venture in Abu Dhabi


Waha Capital reports 15 per cent increase in unaudited net profits


InvestAD launches Libya fund


UAE-Kazakhstan joint investment cross US$3 billion in 2010: Kazakh minister


UAE signs initial agreement for Investment Protection and Promotion with Singapore


UAE investments in Egypt ventures reach Dh36.7b


Mubadala GE Capital reaches US$2 billion in commitments


Mubadala Oil and Gas and Yemen Company for Investment in Oil and Minerals sign MoU


Mubadala agrees to invest US$100 million with Verno Capital


Abu Dhabi will raise foreign investment to 23% of GDP


Foreign Investment Office releases special report: Dubai - The Foreign Direct Investment destination of choice


Dubai Investments PJSC reports profit of Dh688 million


UAE FDI flow set to recover after 2009 decline


Waha Capital to acquire a 20% stake in AerCap


Adia still in the lead as global SWF assets cross US$4tn


Waha Capital 2010 year-to-date net profit jumps 239% to reach Dh77 million


Invest AD to pump US$150m into UAE, Turkey, Egypt deals