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THE ECONOMY - INTERNATIONAL INVESTMENTS

Mubadala attracts more investors

Posted on 18/03/2010

Abu Dhabi-based sovereign wealth fund Mubadala, which has tapped capital markets to refinance its majority-owned Dolphin gas pipeline linking Qatar with the UAE and Oman, has seen interest for its project bonds beyond the traditional US pool of investors, said Derek Rozycki, executive director for project and corporate finance at a conference. "We now see more interest from European and Gulf investors, particularly London-based asset managers and emerging market funds," he said. "Investors ...  >>MORE

ADIA publishes first annual review

Posted on 16/03/2010

The Abu Dhabi Investment Authority (ADIA) yesterday published its first Annual Review and re-launched the ADIA website with enhanced content and interactive features. The ADIA Review 2009 provides an overview of ADIA's activities during the past year, and includes: a breakdown of its portfolio by asset class and region; a description of its approach to investing and risk management; an outline of how ADIA is structured; and overviews of both its governance practices and relationship with the ...  >>MORE

Mubadala in US$2.5bn debt refinance offer

Posted on 14/03/2010

Abu Dhabi Government-owned Mubadala Development Company has invited banks to participate in a self-arranged US$2.5 billion (Dh9.1bn), three-year club loan to refinance existing debt, banking sources close to the deal said. Pricing on the revolving credit will not be set until the end of March, but the borrower is looking for a consensus from lenders, the bankers added. Pricing is expected to be aggressive, and will be a long way inside the cost of insuring Abu Dhabi debt for five years, the ...  >>MORE

UAE's FDI in US up 230% in 4 years

Posted on 14/03/2010

The UAE has emerged as the fastest-growing foreign investor in the US between 2004 and 2008 followed by India, overtaking the European nations which have traditionally been the top foreign investors in the world's largest economy. The foreign direct investment (FDI) by the UAE saw 230 per cent average annual increase over four years, followed by India with 64 per cent, Spain with 60 per cent, Chile 50 per cent, Switzerland with 38 per cent, South Korea with 31 per cent, China with 30 per cent ...  >>MORE

Mubadala Development Company agrees to acquire equity stake in Raine Group

Posted on 12/03/2010

Mubadala Development Company ("Mubadala") has agreed to acquire a 9 percent equity stake in The Raine Group LLC ("Raine"). They will seek to capitalise on emerging investment opportunities in the media, entertainment and sports ("MES") sectors around the world. Raine, a boutique merchant bank focused exclusively on MES, was founded by MES veterans Joe Ravitch, former senior partner and global head of media at Goldman Sachs, and Jeff Sine, former Vice-Chairman and global head of Technology, ...  >>MORE

UAE to draft investment law

Posted on 10/03/2010

The UAE government is drafting a law that protects foreign investors, Sultan Bin Saeed Al Mansouri, Minister of Economy, said yesterday at the Global Dubai Tea Forum. The new law is expected to be enacted by the end of this year, Al Mansouri added. "In order to enhance the investment climate, we have prepared a draft law on foreign investment. This is aimed at protecting foreign investors, along with systematic incentives," he said. "We are also preparing a draft law that guarantees a ...  >>MORE

UAE net FDI importer despite rising outflows

Posted on 04/03/2010

The UAE remained a net capital importer although it pumped more than US$45 billion (Dh165bn) in foreign direct investment (FDI) into global markets over the past few years, official figures showed yesterday. During 2004-2008, the UAE's cumulative FDI in other Arab countries and foreign markets totalled around US$45.08bn, becoming the largest capital exporter in the region, showed the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC), a key Arab League financial establishment. ...  >>MORE

Aabar to assemble tunnel-boring machinery in UAE

Posted on 23/02/2010

Aabar Investments, the biggest shareholder in luxury carmaker Daimler AG, said on Monday that it has entered into a Dh25 million joint venture with German tunnel boring specialist Herrenknecht AG. Abu Dhabi-based company said under the project it will assemble and manufacture tunnel-boring machinery and equipment in the country. The joint venture will serve customers in the Middle East including the Gulf Region and the North 
African region. In a regulatory statement posted on ...  >>MORE

Role of UAE private sector in building Sudan's economy hailed

Posted on 22/02/2010

Dr. Mustapha Othman Ismail, Advisor of Sudanese President, has underscored the important role of UAE private sector in investment projects in Sudan, which reached to US$2 billion in 2009. He said this at a symposium held under the title "UAE-Sudan Relations" on the occasion of rehabilitation and reopening of Sharjah Hall at the University of Khartoum, which was funded by the Sharjah Chamber of Commerce and Industry, under the instructions of His Highness Dr. Sheikh Sultan bin Mohammed Al ...  >>MORE

UAE external credit hits 132% of GDP

Posted on 22/02/2010

The UAE has a net external creditor position well in excess of 100 per cent of GDP, among the largest in the International Monetary Fund's (IMF) membership, a recent IMF update on the country showed. "This position is overwhelmingly with Abu Dhabi, especially as concerns liquid unencumbered external assets, but several of Dubai's government-related entities also have accumulated substantial assets abroad," the report highlighted. According to the report, UAE's 2009 International Investment ...  >>MORE

Mubadala to get more capital

Posted on 22/02/2010

Mubadala is to get more capital infusion from the government this year in the light of a still-tight credit market. A senior official from the Abu Dhabi-owned investment arm said although its access to capital has not been impacted by the recent events, the company would still need additional equity to smooth out the cash flow. "I'm sure [we'll take more]," Matthew Hurn, Executive Director, Group Treasury at Mubadala, said on the sidelines of an event in Dubai. "Last year, we didn't use the ...  >>MORE

Aabar to invest in Algeria auto plant, boring equipment firm

Posted on 18/02/2010

Abu Dhabi's Aabar Investments on Wednesday decided to take a minority interest in an auto assembling plant in Algeria. The investment company will also own a majority 51 per cent in joint venture tunnel-boring equipment manufacturing company with Herrenknecht, a leading German firm that has large stakes in tunnel-boring equipment manufacturing. The directors of the Abu Dhabi Securities Exchange-listed investment company have approved a 24.5 per cent stake in a joint venture with the ...  >>MORE

Emaar to sell stake in Singapore retailer

Posted on 11/02/2010

Emaar is planning to sell its US$164 million (Dh602.2 million) stake in RSH Holdings, a Singapore retailer, according to Reuters. The sale of the stake aims to boost cash and shed non-core assets. An Emaar spokesman, while not denying the claim, told Gulf News, "RSH is a listed company on the Singapore Stock Exchange. Any information requiring public disclosure relating to RSH will be disclosed to SGX as and when appropriate." Emaar took effective control of RSH last year, owning a 30 per ...  >>MORE

Aabar to spend US$20m on aviation company

Posted on 11/02/2010

Abu Dhabi's Aabar Investments said on Wednesday it will invest US$20 million (Dh73.4 million) in America's aviation company XOJET Inc and plans to create a private aviation services company for the region. Aabar plans to partner with XOJET, an airline company that offers private jet services to business and leisure travellers mainly in the US, through a joint venture deal, the company said in a statement on the bourse website. "Aabar and XOJET Inc. are intending to join together to create a ...  >>MORE

Adia buys stake in Gatwick Airport

Posted on 07/02/2010

Abu Dhabi Investment Authority (Adia) has bought a minority stake in London's second biggest airport, Gatwick. A spokesperson of the sovereign wealth fund confirmed the deal to ‘Gulf News' yesterday, without giving further details on the size of the transaction or the amount paid. According to British daily The Times, Adia has purchased 15 per cent of Gatwick airport for a price of US$196 million as a long-term commitment. However, the figures were not confirmed by Adia. Adia bought the ...  >>MORE

Dubai World unit exits SpiceJet

Posted on 07/02/2010

Istithmar World PJSC, a unit of Dubai World, sold its 13 per cent stake in SpiceJet Ltd., said Ajay Singh, a director at the Indian budget carrier. Istithmar sold the stake to mutual funds, Singh said in a phone interview today. The fund continues to hold some bonds issued by the airline, the official said. A phone call made to Istithmar wasn't answered during the weekend holiday in Dubai. SpiceJet shares gained as much as 1.7 per cent to Rs55.6, reversing an earlier decline of as much as ...  >>MORE

Aabar posts Dh1.68b net profit for 2009

Posted on 02/02/2010

Aabar Investments said Monday its net profit more than doubled to Dh1.68 billion last year, compared with Dh721.59 million the year earlier. In a filing to the Abu Dhabi Securities Exchange (ADX), where its shares are listed, Aabar said: "The support granted by parent shareholders International Petroleum Investment Company (IPIC) has played a significant role in this success with IPIC's contribution of Dh6.68 billion in capital and access to its pipeline of high quality investment ...  >>MORE

Abu Dhabi to attract Dh45b new capital investments

Posted on 30/01/2010

Existing and new companies to be set up in the next five years in Abu Dhabi are projected to make capital investments of over Dh45 billion, said Khaleej Times. The paper quoted an independent economist as predicting that the emirate will remain the favourite place for investors as it is pursuing a strong reform-agenda. Despite the strong impact of the international financial crisis on economies around the globe, the Abu Dhabi economy has not been much affected and continued growing steadily. ...  >>MORE

Dubai Investments’ Q4 profits hit Dh141 million

Posted on 28/01/2010

Dubai Investments reported a fourth-quarter net profit of Dh141 million (US$38.39m), versus a loss of Dh87m in 2008, it said yesterday. Full-year net profit attributable to shareholders declined around 40 per cent to Dh963m against Dh1.58 billion in 2008. Dubai Investments attributed a decline in revenues to economic slowdown as a result of the financial crisis affecting the real estate sector. DI reported consolidated total income of Dh3.67bn for the year. The group's assets were up ...  >>MORE

UAE is world's 11th most popular FDI destination

Posted on 26/01/2010

International investors are showing an increasing preference for the Middle East, and the UAE is the 11th top foreign direct investment (FDI) destination in the world when it comes to investor confidence, a latest survey has said. Investor confidence in Middle East economies has grown despite global crisis and the UAE is well placed to attract FDI in 2010, Dr Dirk Buchta, Managing Director, at Kearney, told ‘Emirates Business'. "The decision-makers we surveyed placed UAE among the top ...  >>MORE

Mubadala enters joint venture in historic Bahraini oilfield

Posted on 21/01/2010

Mubadala Development, the strategic investment group owned by the Abu Dhabi Government, launched a joint venture with Occidental Petroleum and Bahrain's National Oil and Gas Authority (NOGA) yesterday. The venture extends Mubadala's reach into petroleum concessions across the Middle East and Asia. Sheikh Salman bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the country's Economic Development Board, inaugurated the venture, Tatweer Petroleum, at a ceremony at Jebel Dukhan ...  >>MORE

Mubadala extends its range with latest financing accord

Posted on 13/01/2010

Mubadala Development, the investment arm of the Abu Dhabi Government, has entered the aviation components financing sector with a USUS$100 million (Dh367m) deal with Air Berlin. Mubadala will provide financing for the purchase of 12 spare engines for the German carrier, it confirmed yesterday. The arrangement was tied to a 10-year engine-servicing contract between Air Berlin and SR Technics, an aircraft maintenance, repair and overhaul (MRO) firm based in Switzerland that is controlled by ...  >>MORE

ADIH announces commencement of enabling works for India Entertainment City

Posted on 13/01/2010

Abu Dhabi Investment House (ADIH) announced yesterday the commencement of enabling works and site facilities for its US$400million 1.62 km India Entertainment City development, in Navi Mumbai. This includes site offices, boundary fences and other areas that will assist contractors to perform other infrastructure related work. It also announced that Phase II of the infrastructure work on the project, comprising 75% of the total area, will commence in February 2010. ADIH awarded a contractor ...  >>MORE

US$20bn merger and acquisition deals made in UAE last year

Posted on 11/01/2010

The UAE saw more than US$20bn (Dh73.44bn) worth of merger and acquisition (M&A) deals in 2009, according to latest data. Of this, US$15.74bn, or more than 77 per cent, were acquisitions made by UAE-based firms, while the remainder was of foreign companies acquiring UAE companies. Abu Dhabi-based International Petroleum Investment Company (Ipic) leads the charge with US$6.4bn worth of acquisitions in 2009, followed by Aabar Investments, which made US$2.93bn worth of acquisitions in 2009. Aabar ...  >>MORE

ADIA gains from high-growth markets

Posted on 11/01/2010

After pulling back on its exposure to stocks in anticipation of the turbulence in 2008, the Abu Dhabi Investment Authority (ADIA) seized the opportunity in 2009 to beef up its exposure to high-growth markets, thereby benefitting from the dramatic rally in global markets last year, ADIA's managing director said in an interview published today. "Together, these actions allowed us to beat our own performance expectations and to compare favourably with the published results of other investment ...  >>MORE

Aabar offers to acquire 70% of construction firm Arabtec

Posted on 10/01/2010

Aabar Investments has offered to acquire 70 per cent of construction major Arabtec through a Dh6.4 billion mandatory convertible bond at a conversion price of Dh2.3 per share, Aabar's CEO said on Saturday. "Arabtec is the largest construction company in the Middle East and we think it provides strong synergies with our other portfolio of investments we have in the real estate," Mohammad Badawi Al Hussaini said by telephone. "This offer is subject to approval by shareholders in an EGM ...  >>MORE

Emaar looks abroad for growth

Posted on 05/01/2010

Emaar Properties will focus its efforts abroad and on non-property sectors such as hospitality and hospitals, the company said yesterday. `On the day it opens the world's tallest building, Burj Khalifa, Emaar said it was not considering a merger with unlisted developer Nakheel. Emaar said the US$1.5 billion (Dh5.50bn) tower would provide a 10 per cent yield for the firm and that the opening would boost earnings for most of 2010. However, the Emaar stock took a hit on the Dubai Financial ...  >>MORE

Abu Dhabi Investment House announces partial exit of Porta Reef Fund

Posted on 31/12/2009

Abu Dhabi Investment House (ADIH) announced yesterday the on-time partial exit of its Shari'a compliant Porta Reef Fund, which funded the purchase, development and full entitlements of three 10-storey residential towers located on Reef Island, Kingdom of Bahrain. Fawaz Ali Al Jowder, CEO of ADIH commented, ‘during the current tough global economic environment, the ADIH team continues to diligently work on safeguarding investors' interest - especially when invested in ADIH funds. The partial ...  >>MORE

Abu Dhabi’s assets ‘worth double its GDP’

Posted on 30/12/2009

Abu Dhabi assured Moody's that its financial assets are worth at least double the value of the emirate's gross domestic product, well above the external debt of the UAE, the rating agency said on Tuesday. The UAE federation's debt has more than tripled since 2005. "The government of Abu Dhabi verbally assured Moody's in November 2009 that its financial assets continue to be worth at least double the value of the emirate's GDP,” said Tristan Cooper, head analyst for sovereign risk in the ...  >>MORE

MoU signs with A.T. Kearney and Global Business Policy Council to attract FDI in Dubai

Posted on 30/12/2009

The Foreign Investment Office (FIO) of the Dubai Department of Economic Development (DED) has signed a Memorandum of Understanding (MoU) with A.T. Kearney Ltd and Global Business Policy Council (GBPC), to further drive foreign direct investment to Dubai. Sami Al Qamzi, Director General, DED, Fahad Al Gergawi, Chief Executive Officer of FIO; Paul Laudicina, Chairman and Managing Partner of A.T. Kearney Global, and Dr Dirk Buchta, Managing Director, A.T. Kearney Ltd, signed the MoU in Dubai ...  >>MORE

Abu Dhabi Investment House announces exit of Beirut Gate Fund

Posted on 29/12/2009

Abu Dhabi Investment House (ADIH) announced yesterday the exit of its Beirut Gate Fund, which funded the purchase, master-planning and full entitlements of 8 plots of land as a mixed-use development within the Solidere area in downtown Beirut. Fawaz Ali Al Jowder, CEO of ADIH commented, ‘this exit reiterates ADIH's ability to deliver as it promised especially during a time of tough global economic climate and after long political unrest in the country. Although this inherently caused a ...  >>MORE

Abu Dhabi takes on Citi

Posted on 17/12/2009

The Abu Dhabi Investment Authority (Adia) has filed an arbitration claim against New York-based Citigroup alleging "fraudulent misrepresentations" in the November 2007 deal in which it acquired a 4.9 per cent stake in the bank for US$7.5 billion (Dh27.5 billion). According to a Citigroup statement, Adia is seeking a ruling for the annulment of the deal or more than US$4 billion in compensation. The investment agreement under protest by Adia obligates the fund to purchase Citigroup stock at ...  >>MORE

Adia buys key stake in Hyatt

Posted on 16/12/2009

The Abu Dhabi Investment Authority (Adia) has purchased a 2.9 per cent stake in Hyatt Hotels Corp in a move economists see as a bet on the recovery of the leisure industry and even the global economy in the near term. According to filings made public by the US Securities and Exchange Commission (SEC), Adia purchased 4.8 million Hyatt common shares on November 4, or the day the hotel chain went public with 38 million shares at $25 (Dh92) per share. At that price, Adia's investment totals ...  >>MORE

ADIA in Citigroup bond conversion

Posted on 06/12/2009

The Abu Dhabi Investment Authority (ADIA), the country's largest sovereign wealth fund, is to convert bonds it holds in Citigroup into shares at more than seven times their current value. The deal, which will come in four stages beginning in March, is the result of a two-year-old agreement between ADIA and Citi that was designed to inject new capital into the US bank, which was then facing liquidity problems. Under the original agreement, ADIA would have been left with a 4.9 per cent ...  >>MORE

Aabar bolsters ties to Daimler with Brawn GP buy

Posted on 17/11/2009

German luxury carmaker Daimler is further strengthening ties to its largest shareholder Aabar after agreeing to jointly acquire the majority of the champion Formula One team, Brawn GP. "The new Mercedes Grand Prix racing team will compete in the 2010 Formula One World Championship under the continuing leadership of Team Principal Ross Brawn," Abu Dhab's Aabar said in a statement on Monday that did not disclose financial details. Daimler will own 45.1 per cent of the team, with Aabar ...  >>MORE

UAE remains a prime destination for FDI

Posted on 08/11/2009

The UAE has attracted more than US$51 billion (Dh187bn) in foreign direct investment (FDI) in four years to maintain its position as the second largest FDI destination in the Arab region, according to official data. In 2008, the UAE accounted for around 14.2 per cent of the total FDI of about US$96.48bn pumped into the Arab World, showed the figures by the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC). Despite a slight fall in FDI flow last year compared with 2007, the ...  >>MORE

Daman Investments to go public in 2012

Posted on 04/11/2009

Daman Investments, a leading private sector investment management company based in the UAE has plans for an initial public offering (IPO) by 2012 as part of a new corporate strategy. Daman's new strategy has been developed in anticipation of new opportunities likely to turn up when the UAE economy returns to growth, which is likely from late 2010. The company has already attracted early strategic investment commitments to the tune of Dh100 million and is hoping for an additional Dh200 ...  >>MORE

Japan seeks investments from UAE sovereign funds

Posted on 04/11/2009

Japan is actively wooing the UAE sovereign wealth funds (SWF) in an aim to beef up its foreign direct investment from three per cent to five per cent by next year. A senior official from Japan External Trade Organisation (Jetro), the state-backed trade and inward investment promotion agency, said the UAE was selected as one of the three most favoured emerging economies to attain the goal. The other two are Sao Paolo and Moscow. "Jetro has conducted seminars to explain the Japanese ...  >>MORE

Dubai Investments reports profit of Dh822 million for the nine month

Posted on 02/11/2009

Dubai Investments PJSC (DI), the largest investment company listed on the Dubai Financial Market, today announced its financial results for the nine month period ended 30th September 2009 ("the Period"). DI reported consolidated total income of Dh2.7 billion for the Period, with profit of Dh822 million. Total Assets as at 30th September 2009 increased to Dh15 billion, while Net Worth increased to Dh7.8 billion. The annualized return on Share Capital achieved for the Period is 31%. "These ...  >>MORE

Mubadala and Ipic among top global investors this year

Posted on 29/10/2009

The UAE-based sovereign wealth funds – International Petroleum Investment Company (IPIC) and Mubadala – and Chinese state fund China Investment Corp (CIC) are the top investors with 28 deals worth US$22 billion (Dh80.8bn) this year, said a senior Barclays banker. Gay Huey Evans, Vice-Chairman for Investment Banking and Investment Management at Barclays, said state investors, led by China and Abu Dhabi funds, switched focus to natural resources such as energy or agriculture this year, ...  >>MORE

Abu Dhabi seeks foreign investment to boost technological expertise

Posted on 20/10/2009

London - Global plans from Abu Dhabi, the capital of the United Arab Emirates, were revealed at the second annual Abu Dhabi Investment Forum today as the emirate seeks to become much more industrialized. According to key speakers at the forum, this will be achieved by partnering with private companies from other countries around the world, particularly in technology transfer, as part of the Abu Dhabi's Vision for 2030. Foreign direct investment (FDI) is an important element in the ...  >>MORE

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Quick List

Mubadala attracts more investors


ADIA publishes first annual review


Mubadala in US$2.5bn debt refinance offer


UAE's FDI in US up 230% in 4 years


Mubadala Development Company agrees to acquire equity stake in Raine Group


UAE to draft investment law


UAE net FDI importer despite rising outflows


Aabar to assemble tunnel-boring machinery in UAE


Role of UAE private sector in building Sudan's economy hailed


UAE external credit hits 132% of GDP


Mubadala to get more capital


Aabar to invest in Algeria auto plant, boring equipment firm


Emaar to sell stake in Singapore retailer


Aabar to spend US$20m on aviation company


Adia buys stake in Gatwick Airport


Dubai World unit exits SpiceJet


Aabar posts Dh1.68b net profit for 2009


Abu Dhabi to attract Dh45b new capital investments


Dubai Investments’ Q4 profits hit Dh141 million


UAE is world's 11th most popular FDI destination


Mubadala enters joint venture in historic Bahraini oilfield


Mubadala extends its range with latest financing accord


ADIH announces commencement of enabling works for India Entertainment City


US$20bn merger and acquisition deals made in UAE last year


ADIA gains from high-growth markets


Aabar offers to acquire 70% of construction firm Arabtec


Emaar looks abroad for growth


Abu Dhabi Investment House announces partial exit of Porta Reef Fund


Abu Dhabi’s assets ‘worth double its GDP’


MoU signs with A.T. Kearney and Global Business Policy Council to attract FDI in Dubai


Abu Dhabi Investment House announces exit of Beirut Gate Fund


Abu Dhabi takes on Citi


Adia buys key stake in Hyatt


ADIA in Citigroup bond conversion


Aabar bolsters ties to Daimler with Brawn GP buy


UAE remains a prime destination for FDI


Daman Investments to go public in 2012


Japan seeks investments from UAE sovereign funds


Dubai Investments reports profit of Dh822 million for the nine month


Mubadala and Ipic among top global investors this year


Abu Dhabi seeks foreign investment to boost technological expertise