http://tradearabia.com/source/2004-12/03/Emaar.jpg


Emaar Properties said it had identified partners and selected prime locations to construct mixed-use developments in Libya.

Emaar's premier foray in the North African country is spearheaded by Emaar International Development, the company's division which conceptualises and develops property for the Middle East and North Africa regions.

The announcement follows a series of presentations and productive meetings Emaar concluded with its partners in Libya. It also comes close on the heels of the company forming Emaar Middle East, a joint venture company with Al Oula of Saudi Arabia.

'Libya will be a cornerstone in our company's dramatic progress to expand into nations beyond the UAE shores,' said Emaar Properties chairman Mohamed Ali Alabbar.

He said: 'Emaar's proven worth in delivering on promises has allowed the company gain strong credibility with our Libyan partners.

'We are already acknowledged as the Middle East region's largest property developer with a commitment to promises.

'This commitment will be further strengthened in Libya, which will be a cornerstone in our company's dramatic progress to expand into nations beyond the UAE shores.

'Libya is full of potential and opportunities. Global interest for Libyan markets is increasing because of the country's key role in the Euro-Mediterranean area and I know the country's government is focussed on structural modernisation.'

The seven-year old company has already begun construction in India on its first international venture, the Boulder Hills community in the southern city of Hyderabad.

Emaar followed it with the signing of an MoU to build residential projects in Jordan. Economic viability studies are also being carried out on a number of international options, including all five other Gulf States, following this week's signing of a joint venture agreement with Al Oula to form Emaar Middle East.

Emaar has already handed over more than 7,000 homes to its owners and before the end of this year, will have completed the handover over 8,000 homes. The company has more than 13,500 units already built or in various stages of development.

Globally acknowledged as one of the finest property developers in the world, Emaar had presented resounding third fiscal quarter results in which the property major set records for both revenue and income.

Emaar is also creating records at the Dubai Financial Market (DFM). As of November 27 this year Emaar's P/E ratio stood at 20, crossing the market average of 19.2.

Emaar, which is the only UAE listed company to be featured on the Dow Jones Arabia Titans Index, reported an impressive Dh1,039 million in profits for the period ended September 30, compared to Dh503 million in the same period a year ago, or a growth of 107 per cent.

Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market.-

emaar said lybia will be their priority from now on

i mean, when burj dubai is secondary,.... :eek:

what can we expect then?

it's just amazing that emaar now goes abroad
i mean i never heard of anything spectacular in lybia and honestly: who had serious plans to build something up over there?

emaar said priority was on saudi. So, take it this way, every project that EMAAR plans is priority, and now they are coming to bahrain too, check out the article in the bahrain/qatar forum.

Dubai_Lover , what makes a visitor fall in love with a city , is not only the looks of the city , its the people that live there

Lybia is a breathtaking country , however , the majority of its Population , Due to poverty ( well lets just say are not very nice) meaning a visitor might not really enjoy his/her stay

This country , if it ever gets its act together has great potential

and i`m really happy for Emaar :) they are booming

Dubai_Lover , what makes a visitor fall in love with a city , is not only the looks of the city , its the people that live there

Lybia is a breathtaking country , however , the majority of its Population , Due to poverty ( well lets just say are not very nice) meaning a visitor might not really enjoy his/her stay

This country , if it ever gets its act together has great potential

and i`m really happy for Emaar :) they are booming

Well, they are still living in the ice age thanks to Al Gathafi.

yes, sure but he seems to have changed his attitude
in the media he was presented as co-operative

let's wait what this man has in mind

with what he has done - if it's true - it is a very good first step

yes, sure but he seems to have changed his attitude
in the media he was presented as co-operative

let's wait what this man has in mind

with what he has done - if it's true - it is a very good first step

So far he didnt do anything for his people. He co-operate now to shut the western countries mouth and to gurantee his chair so that he stay for more 10, 20 years.

If I am not mistaken, Doesnt Lybia has one of the highest GDP per person in the Arab World? I thought it was around 7 to 10k a year per person.

If I am not mistaken, Doesnt Lybia has one of the highest GDP per person in the Arab World? I thought it was around 7 to 10k a year per person.

you should say one of the lowest GPP per capita. I think Qatar has the highest with 34,000 per capita and next to it UAE with 22,500 per capita.

Libya will start making more projects in near future, the future of Africa is in Libya.

And Qatar will be the richest country in the world after 4 years from now...

do you know if emaar are coming to pakistan soon.

do you know if emaar are coming to pakistan soon.

Well, as of Dec/3 proposals of construction as well as others are in progress, but I highly doubt they will come through. Not too sure of EMAAR specifically as a company, but it may along with other construction companies.

http://www.tradearabia.com/tanews/newsdetails.asp?Ref=S&Article=78233&Sn=&Cnt=31

you should say one of the lowest GPP per capita. I think Qatar has the highest with 34,000 per capita and next to it UAE with 22,500 per capita.

You are right, but recent estimates have said that libya has a GDP of almost 10k per person. That is still very high compared to others. As far as Qatar and UAE, they have a very open economy. Libya was very limited as far as imports and exports.

I think you got your facts a bit wrong there Nainawaaz, Saudi Arabia and Malyasia both have an almost constant GDP per capita of almost 8k USD so Libya, like smussuw said with its somewhat backwards government cannot possibly be at 10k per capita because they are lightyears behind SA and Malaysia in terms of industry and natural resources let alone other facets of the economy and stability in politics.

I didnt say it has the highest GDP in the Arab world. I said one of the highest in the Arab world.The estimate in 2003 had libya at 7600 per person; that is still very high in th Arab world. UAE, Qatar, Bahrain, Saudi Arabia, tunisia, and Lebenon are high.

I didnt say it has the highest GDP in the Arab world. I said one of the highest in the Arab world.The estimate in 2003 had libya at 7600 per person; that is still very high in th Arab world. UAE, Qatar, Bahrain, Saudi Arabia, tunisia, and Lebenon are high.

According to world fact book

UAE 23,200$
Qatar 21,500$
Kuwait 19,000$
Bahrain 16,900$
Oman 13,100$
KSA 11,800$
Tunisia 6,900$
Lybia 6,400$
Algiria 6,000$

According to world fact book

UAE 23,200$
Qatar 21,500$
Kuwait 19,000$
Bahrain 16,900$
Oman 13,100$
KSA 11,800$
Tunisia 6,900$
Lybia 6,400$
Algiria 6,000$

Lebanon 4,800$

You guys, think of it in other terms!! Living standerd in Abu Dhabi are not the same as those in Libya. Around $5,000 in Libya for a family might be much better than $10,000 a year for a family in Abu Dhabi. You have to take into account the cost of living, which is somewhat high in places like Doha, Bahrain, and im guessing lebanon.

Another thing, i dont agree that qatar ill be the richest country in terms of GDP/capita. It might be true in numbers and on papers, but this effect doesnt trickle down to your regular qatari.. which to a cartain extent is a good thing!! Cause the more will be making, the more expansive things will became. I'd rather see a small gradual increase in GDP/captia rather than a huge jump.

Another thing, libya is considered to be a rich country if u compare it to most african and arab countries. Its just that their leader isnt really in touch with reality and seems to be living in a world of his own. If libya would change its attitude towards foreign policy and be more economically open im sure in no time it will compete or come up to standerds with most gulf countries. The money is there, the brains is there... just the right direction is whats missing.

Nevertheless, ppl should start taking business opportunities in libya seriously, this place can prove to be a gold mine in a couple of years. Great job libya!

btw, there is another really cool website where you can check stats like these its www.nationmaster.com.

since various companies invest in other parts of the world frequently and this causes many new threads i thought about discussing it in one thread specially made for all news concerning investments abroad

Dubai firm to invest $5 billion in Turkey

Saturday, October 08, 2005

ISTANBUL: Dubai International Properties, a leading property developer based in the U.A.E., has agreed to invest $5 billion in projects in Istanbul, officials said Friday. The deal between the company and the Istanbul municipality was signed late Thursday at a ceremony presided over by Turkish Prime Minister Recep Tayyip Erdogan - a former Istanbul mayor - and Dubai's Crown Prince Sheikh Mohammad bin Rashed al-Maktoum, the municipality said.

The investments would concentrate in the fields of tourism, transport and energy, it said.

Erdogan said the deal marked the first direct foreign investment in Turkey since the country opened accession talks with the European Union on Tuesday.

"From now on, substantial investments will come to our country from both the Gulf and EU countries. Our efforts are continuing and 2006 will be a better year," Erdogan said according to a press release by the Istanbul municipality.

The Milliyet newspaper reported that Dubai International Properties would play a part in the construction and operation of projects developed by the city of Istanbul, Turkey's biggest with a population of about 12 million and a booming real-estate sector.

The projects include the construction of hotels, business towers, commercial centers, shopping malls and residential and recreational complexes on the European and Asian sides of the city, Milliyet said.

In a bid to boost economic cooperation, Erdogan last week visited the U.A.E., which has evolved into a major regional business and tourism hub.

Dubai oil firm to invest $70m in Ghana

THE Dubai-based Kampac Oil Middle East, whose activities include oil and gas exploration, building oil storage facilities and trading in crude oil, ihas recently concluded a $70 million Memorandum of Understanding for a floating oil storage facility in Ghana.

The company has strong presence in West African states. It is in the final stages of negotiations for oil & gas exploration blocks in Ghana, Chad, Congo, and Angola, in addition to those in Senegal. The company is in the process of finalising 600,000cbm crude oil storage farm and a 100,000 barrel/day refinery for a Venezuela company.

Moreoever, it is considering dual listing of two of its assets - St Louis and Louga - valued at more than $2 billion (Dh7.34 billion) on New York Stock Exchange and in Dubai after an Initial Public Offer (IPO).

According to a “Khaleej Times” report, the assets identified for the IPO are oil & gas exploration blocks 85 per cent owned by Kampac and the remaining 15 per cent by Petrosen, Senegal’s National Oil Company (Petrosen).

These two assets will be spun-off into companies to float their shares. According to Kampac sources, the private placement alone will fetch about $100 million The company officials said Kampac has also plans to enter the retail petroleum business, and the company has already identified places where it can acquire retail business network already in operation. Kampac Oil has 17 offices worldwide covering Asia, Africa, Europe, North and South Americas.

Very few companies from the region have so far looked at the possibilities of listing their shares on overseas exchanges.

Earlier this week Khaleej Times had reported that Tejoori Limited, a Dubai-based company, is planning to list its shares on London Stock Exchange’s Alternative Investment Market (AIM) by the end of the year. Another Dubai-based company, Al-Thani Investments is also said to be eyeing London listing. Kampac has recently acquired two blocks - one onshore and the other offshore in Senegal. Charles Ampofo, Chairman of Kampac Oil Middle East said the offshore block called St Louis, will be the asset being considered for a public offering. Multinational Asian oil exploration companies including Gas Authority of India Ltd (GAIL) are already in negotiation with Kampac for stakes in the St. Louis block.

Ajit Nair, one of the directors of the company said Kampac is currently in talks with a few companies, to offer 20 per cent of Kampac’s holding in St Loius, through a private placement. If this works out, the remaining interests in the block held by Kampac will be offered to the public through an IPO which will be finalised soon,? Nair further added.

The mechanics of the private placement as well as the IPO that will follow are being done by a Geneva-based fund management company New Generation Capitas. Nair said there are probable reserves of between three to six trillion cubic feet (TCF) of gas, and 400 million barrels of oil as identified in the St Louis block and Louga Block.

Smart City project yet to weather political storm

9 October 2005

DUBAI — Dubai Internet City's Smart City project in Kochi has not yet weathered the political storm with the south Indian state's main opposition party, which is expected to be back in power soon, insisting that it has reservations on some key terms of the Memorandum of Understanding (MoU) signed last month between the DIC and Kerala government.

M. A. Baby, a senior leader of Communist Party Marxist (CPM), which is heading the opposition Left Democratic Front (LDF), told Khaleej Times that his party remained firmly opposed to certain conditions in the deal to set up a business campus for information technology companies.

The project is expected to be finalised next month when both sides ink a formal agreement.

Baby, a former MP and member of the party's policy-making Central Committee, however, did not say that the deal would be reviewed when LDF, which has drubbed the ruling front in the recent parliament and local polls, comes back to power.

"Our party welcomes and encourages foreign direct investment in the state from anywhere in the world, but our prime objective is to safeguard the state's interests. Our policy is to encourage all kinds of foreign investments as long as the interests of the state remain protected," he said during a brief visit to Dubai.

The LDF, which is widely expected to oust the UDF from power in the assembly elections due in a few months, is not against the project, said Baby.

"Our reservations are on certain issues including the lack of government representation in the Smart City's board of directors," he added.

"We believe that the state, which has given so much to the DIC, has the right for at least 10 per cent shareholding to be eligible for a berth on the board. There are a couple of other points including the Infopark ownership change and DIC's demand for exclusive rights to operate such a facility in the city," he explained.

Under the terms of the MoU, the Kerala government will transfer the ownership of the existing Infopark project, an IT business park in Kochi, to Dubai Internet City. This will be merged into the Smart City project that will be developed adjacently.

The first phase of Smart City will be developed in an area of about 350 acres in the heart of Kochi, Kerala's commercial hub. Of this, the Kerala government will provide 100 acres as lease to DIC while 250 acres will be sold at a mutually agreed cost. The first-phase of development will be completed over seven years. Over a longer-term period, park development will extend to 1000 acres.

Calling for more transparency in the whole deal that has been drawing flak from most opposition parties, Baby denied any double standards by the CPM with regard to its policy on foreign direct investments into Kerala and West Bengal, where the party is in power.

"Our policy is the same for both states. What is paramount to us is that we should not surrender our self-respect at any cost," he said in reference to the party's opposition to a controversial Kerala government deal with the Asian Development Bank.

Despite the snowballing opposition to the Smart City project from the LDF, Kerala Chief Minister Oommen Chandy said the government is firmly committed to the deal with the DIC and would not spare any efforts to see the project take off.

Ahmad bin Byat, Director-General of the Dubai Technology and Media Free Zone, said during the MoU signing that the Smart City project would be part of Dubai Internet City's global expansion plans.

"Our mission is to become the ICT business campus provider of choice across the world. We are keen to combine our capabilities with local competencies to create sustainable economic and social value,” he added.

Smart City is expected to be one of India's largest IT parks and have a positive impact on the local economy. The initiative has considerable employment generation potential. As many as 33,000 jobs are expected to be created in the first phase within seven years and 75,000 following the development of 1,000 acres.

Jamal Abdul Salam, Executive Director of DIC, said one of the key objectives of DIC would be to capitalise on the abundant human capital that exists in the state of Kerala. By creating a centre for technology anchored by some of the leading global and regional names in the industry, the DIC hopes to build a vibrant knowledge economy community in Smart City.

He said the DIC is also seeking to develop programmes for Smart City companies that can be leveraged by them to explore and expand channel and business development opportunities.

Following the signing of the MoU, the DIC will now conduct a detailed market study to identify the expectations of prospective companies. Based on this study, the DIC hopes to create an infrastructure that meets the requirements of knowledge-based companies and their knowledge workers.

As part of its 'Going Global' mission, the DIC is also currently in talks with authorities elsewhere in India, Pakistan, Iran and Malta to set up facilities in various cities.

Most analysts believe that the development of Smart City would contribute to making Kochi one of India's major IT/ITES destinations. Smart City will create a micro-economy of its own with companies from the IT industry.

Dubai Invests in Guinea Aluminum Plant

Dubai Aluminium Co. has agreed to buy nearly half the output of a new alumina plant to be built in Guinea.

The plant, to be built by Canada's Global Alumina Corp., will have an initial yearly capacity of 2.8 million metric tons, the Khaleej Times reported Wednesday.

Dubai Aluminium also signed an agreement with Global over the first tranche -- or foreign bond issue -- in the amount of $20 million, of an accord reached in August to take 25 percent stake in Canadian company.

Eventually, Dubai Aluminium could invest as much as $200 million in Global, officials said.

What about that 100bn one in India?

what abt the emaar city in pakistan? ;)

Istithmar PJSC, a major investment house based in the UAE, announced yesterday that it has acquired London's One Trafalgar Square for GBP 155 million.

The acquisition financing bank is Barclays Capital.

http://www.ameinfo.com/images/news/3/18343-sultan.jpg

Commenting on the firm's latest acquisition, Istithmar Executive Chairman Sultan Ahmed Bin Sulayem, said: 'One Trafalgar Square is a premier property in one of world's most recognized locations providing Grade A headquarters office accommodation. Given that we are currently engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London, this acquisition represents a key step forward for us.'

Bin Sulayem said the Company's primary focus was growth and asset appreciation through a diverse portfolio of real estate investments. 'Moving forward we will pursue a broader strategy expanding real estate acquisitions internationally.'

Dating back to the late 1870's, the building has been altered over time and was redeveloped to much acclaim in 1991 by Land Securities PLC.

Designed by Sidell Gibson Architects, the Building occupies a high profile island site on the south eastern corner of Trafalgar Square and commands stunning views of the surrounding area.
In recent years, Trafalgar Square has been the subject of considerable investment from both the City of Westminster and the Mayors office and has been heavily altered to create a people friendly world square to confirm its status as one of London's most popular tourist landmarks. The property also has superb views of Admiralty Arch and the Mall leading down to Buckingham Palace.

2% stake in DaimlerChrysler

Madame Tussaud and associated theme parks.

among them heide park soltau here in germany with the largest wood made rollercoaster in the world.

Emaar, $4.3bn Syria push

Dubai-based Emaar Properties will invest about $4.3bn in developments in Syria, according to a report in the London-based Arabic newspaper Asharq Al-Awsat. Emaar will reportedly put $4bn into a 50m sqft project near Damascus, called Damascus Hills, and have a 40% stake in a $700m development called the Eighth Gate.

4.3bn Dollar.
these are insane figures...

Istithmar buys London landmark

http://www.itp.net/pictures/news/91p7200.gif

UAE-based investment house, Istithmar, has acquired London’s One Trafalgar Square for US $273 million (£155 million).

Barclays Capital has financed the purchase.

Istithmar executive chairman Sultan Ahmad Bin Sulayem, said, “One Trafalgar Square is a premier property in one of the world’s most recognised locations, providing first-class headquarters for office accommodation.

“Given that we are currently engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London, this acquisition represents a key step forward for us.”

He said the company’s focus was asset appreciation through a diverse portfolio. “Moving forward we will pursue a broader strategy, expanding real estate acquisitions internationally.”

Dating back to the late 1870s, the building has been renovated over time and was redeveloped in 1991 by Land Securities.

Istithmar is also one half of Tamweel, an Islamic finance institution that provides financial services to residents of the UAE.

lol i guess the british don't like that ;)

anyway i hope UAE and its companies will buy some important property in america i guess those people would go crazy then.
anyway it wouldn't be allowed , danger of terror...

Emaar unveils US$500 million Syrian expansion plan

Emaar Properties today unveiled a landmark development valued at US$500 million in the Syrian capital Damascus that will introduce the city's first master planned community.

http://www.ameinfo.com/images/news/8/18658-P.jpg
From Left: Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, Nihad Mushantit, Syrian Minister of Construction and Building, Dr. Abdulla Al Dardari, Syrian Deputy Prime Minister, Dr. Buthaina Shabaan, Syrian Expatriates Minister and Dr. Mohamed Anas A. Kozbari, CEO of Investment Group Overseas IGO, viewing EMAAR's Eighth Gate model

The development known as Eighth Gate will include mixed use residential, commercial and retail units and offer lifestyle choices never before on offer in Syria.

Attending a high profile press conference to announce the launch in the Syrian capital were: Dr. Abdulla Al Dardari, Syrian Deputy Prime Minister, Emaar Chairman Mr Mohamed Ali Alabbar, Mr Moufaq Al Gaddah, Chairman of Investment Group Overseas (IGO) and Dr. Mohamed Anas A. Kozbari, CEO of IGO.

The Syrian Government and Emaar also signed a Memorandum of Understanding (MoU) to develop a second upcoming project in the capital.

Dr. Dardari said: 'This marks an exciting new chapter in the history of the world's oldest city, Damascus. These landmark developments will set the standards for future projects planned for Syria. It is our honour to be working with an internationally recognized company like Emaar and to offer our people new lifestyle choices and options.'

Emaar, Chairman Mohamed Ali Alabbar said:'Damascus is undoubtedly one of the greatest cities in the world and it is a rare privilege to be able to contribute to its evolution. Syria has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Syria is a key development market for Emaar.'

Eighth Gate is a joint venture between Emaar Properties and IGO, the offshore investment and property development company, and sets in motion plans to develop a mixed use residential, commercial and retail development in the Yafour area, approximately 15 minutes from the centre of Damascus. The US$500 million project will recreate the luxury and style that are features of Emaar's world-class Dubai developments.

Mr Moufaq Al Gaddah, Chairman of IGO said: 'We are pleased to be partnering with Emaar to develop a master planned community of this quality. The Eighth Gate is a stunning example of capturing the feel of bygone days and blending it with the benefits of the new world. The project will truly add value to both Damascus and the country as a whole.'

The Eighth Gate project builds upon the ancient history of Damascus in its architectural style of ornately decorated buildings influenced by traditional Islamic design and pays homage to the city's ancient roots. A signature tall gate marks the access to the main plaza.

Dating back to its ancient history the city walls of Damascus have seven gates as access points. These gates have nurtured the rich culture of its people and were powerful emblems of the people of Damascus. Although only one of these monuments remain intact today the city remembers how the striking structures have welcomed those who walked through the archways into the city century after century. The people of Damascus will soon be able to experience an Eighth Gate - one that retains the best of the past, but in a modern context.

Divided into three zones, the Commercial Centre, The Waterfront and the Residential Zone the exclusive development contains both apartments and villas as well as a classical style piazza, commercial tower, plaza and a 450,000 sq. ft. retail mall inspired by the souks of Damascus as well as high street shopping and al fresco dining.

With rows of fountains, lush landscaped gardens combined with interconnected courtyards, Eighth Gate will be the ideal place to relax and take in the picturesque surroundings. Work on the Eighth Gate is expected to take approximately five years.

i did some calculating and the result is, in 38 years, 5 months and 5 days they have bought the whole world :D :jk:


Dubai Holding eyes companies in US and Germany

Staff Report

Dubai : Two investment companies belonging to the Dubai government are separately bidding to buy a commodities futures brokerage in New York and an engine company in Germany as part of a plan to build a diversified investment portfolio.
Dubai Investment Group, a unit of Dubai Holding, is interested in buying the core futures brokerage business of American futures and commodities firm Refco Inc, its chief executive said yesterday.

Another Dubai Holding unit, Dubai International Capital, has jointly bid with buyout firm Kohlberg Kravis Roberts to buy the heavy diesel engine unit of carmaker DaimlerChrysler, a company source said.

Both companies have recently made significant foreign acquisitions.

Soud Ba'alawy, Dubai Investment Group chief executive, told a news agency that "the company is still interested in the business (Refco)". A company spokeswoman told Gulf News she had nothing to add to that statement.

Media reports said on Tuesday that Refco had agreed to sell its core futures brokerage business to a US investor group for $768 million and filed for bankruptcy protection along with several subsidiaries.

Refco said the bankruptcy court would establish procedures for the submission of competing proposals. Refco's futures brokerage business and its broker-dealer unit, Refco Securities, did not file for bankruptcy protection, media reports quoted the company as saying.

Dubai Investment's interest in Refco precedes the launch of a futures commodities exchange in Dubai next month and for whose rollout the government has ambitious plans.

Dubai International Capital's bid for MTU Fried-richshafen, Daimler's heavy diesel engine unit, comes after it paid $1 billion to buy a two per cent stake in DaimlerChrysler in January, making it the car maker's third largest shareholder. The MTU sale is estimated to be worth over a billion euros.

Dubai International is aiming to build an international portfolio of diverse businesses and its buyouts include the $1.5 billion acquisition of UK's The Tussauds Group.

Why do two companies from the same mother company do the same stuff?

why not... different departments..whatever.

anyway! DO NOT BUY ANY GERMAN COMPANY EXCEPT BMW.

Dubaiflo:

I would rather see some UAE company buy the german car companies owned by GM then keep em in GM :P. General motors aint doing well either. But it would be best if they where german. But as some (or only one?) are/is owned by GM...

Emaar and ONA Group join forces for AED 1.2 billion (US$327 million) real estate venture in Morocco

Emaar Properties, the largest real estate developer in the world in terms of market capitalisation and ONA Group, the leading Moroccan industrial and financial group, today unveiled details of a joint venture to create large scale residential and golfing development projects throughout Morocco.

http://www.ameinfo.com/images/news/4/18774-Am.jpg
An artists impression of Amelkis II
The joint venture projects are expected to take place over a period of five years.

With a total investment of AED 1.2 billion (US$327 million) - the first project to be announced will be Amelkis II - a luxury residential golfing complex in Marrakech which will allow individual buyers to purchase plots of land and design and build their ideal home. Amelkis II is being developed by Emaar and Onapar, part of the ONA Group and follows the highly successful Amelkis I project by Onapar. Work on the 1.25 million sq mtrs site started earlier this month and sales open for the project in Marrakech this week.

Mohamed Ali Alabbar, Emaar Chairman said 'Our entry into the Moroccan market is a significant part of our international expansion plan. Morocco has been described as a country of rich culture and diversity and Marrakech is undoubtedly one of the world's most beautiful cities. It is a privilege to be able to contribute to its evolution and our partnership with Onapar is only the start of many future expansion plans that we have for the North Africa region.'

'Morocco is proud of its heritage and culture and Amelkis II will embody the very best Morocco has to offer. This partnership with Emaar will lead to the creation of one of Emaar's trademark master planned communities and offer our people more lifestyle choices and options,' said Jamal Agzenai, Chairman of Onapar.

Located just 10 minutes from Marrakech, Amelkis II offers residents the best of both worlds with a tranquil golfing community yet close proximity to the exotic delights of the city.

This latest announcement signals Emaar's second move into North Africa, following its AED 14.5 billion Cairo Heights development in the Egyptian capital in August. In addition, Emaar's latest projects unveiled last week in the Syrian capital Damascus - Eighth Gate and Damascus Hills - sees the property major rolling out its strategy of undertaking prestigious master planned residential developments across the globe. With joint ventures and projects across the region covering Saudi Arabia, Jordan, India and Pakistan, Emaar is taking its winning formula to the rest of the world.

actually it's great emaar expands to all over the world.

maybe we should put this here too


Dubai International Properties and the Istanbul Metropolitan Municipality unveil 'Dubai Towers-Istanbul' at USD500 million dollars

Dubai International Properties, a Dubai Holding subsidiary, and the Istanbul Metropolitan Municipality unveiled plans to build a multi-use tower complex in Turkey's commercial city of Istanbul.

http://www.ameinfo.com/images/news/9/18759-rending.jpg
Dubai Towers.

The project, to be called Dubai Towers - Istanbul, is at a cost of $500 million, and marks the first project within the $5 billion joint investment venture announced between the two parties.

The Mayor of Metropolitan Istanbul, Mr. Kadil Topbas said, 'Our municipality holds a great deal of real estate portfolio. It wouldn't be hard to estimate the benefits to be gained from the real estate investment partnership enterprise of the Istanbul Metropolitan Municipality.'

He added, 'Istanbul Metropolitan Municipality is going to develop its cooperation with Dubai International Properties step by step. In fact, today, Dubai International Properties confirms once more their will to make an investment of about $5 billion in our country in the years to come.'


Mohammed Al Gergawi, Executive Chairman of Dubai Holding said, 'This project, which we are launching in partnership with the Istanbul Metropolitan Municipality, represents one of the largest Dubai Holding projects internationally. Our selection of Turkey for such a project reflects our trust in the growth potential of the Turkish economy, and its position as a strategic international hub for business, trade and tourism.'


He added, 'The project has been undertaken under the guidance of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense, who is a firm believer in the importance of regional co-operation. His Highness has recently held talks with the Turkish Prime Minister Recep Tayyip Erdogan in which they discussed bilateral relations between Turkey and the UAE.'

Al Gergawi further said, 'We are very pleased to announce this project, which we consider as a major step towards building stronger economic relations with Turkey and strengthens the cooperation necessary for the overall development of the region. The Dubai Towers - Istanbul project will offer tremendous economic, trade and tourism benefits and will further position Istanbul as one of the leading cities in the world for business, shopping and entertainment.'

It is worth noting that Dubai Holding, the mother company of Dubai International Properties, has widespread presence in a number of sectors across Europe, North America, the Middle East and Southeast Asia. Over the last two years, the company had become involved in high scale international investments through its subsidiaries Dubai International Capital, Dubai International Properties, and Dubai Investment Group, which included investments in Daimler Chrysler and The Tussauds Group.

Farhan Faraidooni, Chief Executive Officer of Dubai International Properties, said, 'Apart from developing real estate, this project is set to contribute to the creation of jobs in the country. Turkey, on the crossroads of Europe and Asia, is a key market and one that is poised to take off in the coming months and years. '

He added, 'We are not just creating a high-rise in Istanbul, we are creating a unique mixed-use complex that will have Class A Office space, a luxury hotel, serviced and residential apartments, and a unique shopping boulevard.'

The Dubai Towers - Istanbul will cover an area on the city's Büyükdere Street in Levent region of ªiºli on the European side of Istanbul. A team of renowned Turkish and international architectural, design and construction companies will be gathered to implement the project in keeping with Dubai International Properties' total commitment to unique architecture and first class quality.

'Dubai International Properties will transfer its know-how and expertise in the development of large scale projects, but will draw extensively on local knowledge and advice to ensure that the city's planning and construction regulations are taken into full consideration. Our designers have come up with a stunning architecture, which literally gives the buildings a 'twist'. We anticipate that the buildings will add another unique characteristic to the already stunning skyline of Istanbul,' Faraidooni explained.

Dubai Towers - Istanbul is the second Dubai International Properties project with such a name. The first such project, Dubai Towers - Doha, was announced in Qatar at an estimated cost of $300 million. Additionally, the company has recently launched luxury resorts in both Oman and Morocco, with more projects in other parts of the world to be announced in the near future.

Hey! Come to Bangkok !

good chance i would say.

with all the secured contracts, joint ventures and prolly acqusitions it udn't surprise me to see emaar stock double near future from its already +700% 52 wk performance

what about that £155 Million investment in One Trafalgar Square by Istithmar? Anyone know more about that? Perhaps some pics of the building they bought???


Thanks.

http://www.ameinfo.com/images/news/8/18878-TheGrandSquare.jpg

http://manager.albawaba.com/img/new_sys/mediabank/14363_mb_file_db952.jpg


Emaar Properties, the world's No 1 real estate developer in terms of market capitalisation, on Thursday (October 27) signed a Memorandum of Understanding (MoU) with the Egyptian Government to start work on a new development in Cairo - an integrated community based in Egypt's new Smart Village.

Located in the Egyptian capital at the beginning of Cairo-Alexandria highway, the development represents a multi million dollar investment in the historic city and will have at its epicentre a world-class convention centre to meet the needs of the growing meetings and conferences market which find Cairo an interesting and historical location.

Emaar Chairman Mohamed Ali Alabbar, Emaar Misr Vice Chairman Mohamed Shafik Gabr, Egypt's Minister of Telecommunications Dr. Tarek Kamel and Smart Village Chairman Dr. Ali Hefnawy signed the MoU in the presence of Egypt's Prime Minister Dr. Ahmed Nazzif.

The 2.4 million sq. ft. of land development features an integrated convention and exhibition centre, hotel, serviced apartments, commercial, office space and shopping village. Located within Egypt's state-of-the-art Smart Village, the development will complement the high tech environment of its surroundings by providing business support through the premier commercial, corporate and leisure offering.

Mohamed Ali Alabbar, said:
'Today's signing marks a significant step forward in this unique project. It is an honour to be part of a centre of excellence such as Egypt's Smart Village. Emaar will bring its own expertise and excellence to the Smart Village by creating premier business environments and superb facilities.'


The Convention Centre development will be designed to increase the corporate and business facilities and services available in the Smart Village by providing an eight storey hotel plus serviced apartments for corporate visitors and a high-tech office tower.

'Smart Village has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Egypt is a key development market for Emaar,' added Mohamed Alabbar.

The convention centre is multi functional and can be used for banquets as well as exhibitions and conventions and the main hall can accommodate up to 6,000 delegates in theatre style seating. Other amenities include a ballroom, meeting rooms and grand foyer.

The development also includes a Shopping Village measuring 163,000 sq. ft. of retail space ranging from boutique shops to fine dining that offers a village like atmosphere with low buildings, meandering streets and grand open squares - modelled after souqs of old town Egypt.

Geographically central to all major destinations, Smart Village is located within Greater Cairo and is located 20 minutes from downtown Cairo, 10 km from the pyramids and is also accessible from Cairo International Airport.

This latest announcement signals Emaar's second move into Egypt, following its August announcement of the AED 14.5 billion (US$4 billion) Cairo Heights development in the Egyptian capital. In addition, Emaar's latest projects unveiled last week in the Syrian capital Damascus - Eighth Gate and Damascus Hills - sees the property major rolling out its strategy of undertaking prestigious master planned residential developments across the globe.

With joint ventures and projects across the region covering Saudi Arabia, India and Pakistan, Emaar is taking its winning formula to the rest of the world.

bah i wait for a new project in dubai.
the marina mall for example!

Emaar enters Syria and Morocco

http://www.itp.net/pictures/news/93p5200.gif
The $500 million ‘Eighth Gate’ project will be the first master-planned community to be built in Damascus.

Emaar Properties has continued its overseas expansion with plans to develop multi-billion dollar projects in Syria and Morocco.

It comes as Syria attracts increasing interest from retail and residential developers in the region despite mounting pressure from the US on its allies to shun ties with the country.

The first project to be developed by Emaar is the US $500 million Eighth Gate, which will be the city’s first master planned community and will include mixed use residential, commercial and retail units.

Syrian deputy prime minister Dr Abdulla Al Dardari and Emaar chairman Mohamed Ali Alabbar launched the project last week; the Syrian government and Emaar also signed a Memorandum of Understanding to develop a second upcoming project in the capital.

Dr Dardari said: “This marks an exciting new chapter in the history of the world’s oldest city, Damascus. These landmark developments will set the standards for future projects planned for Syria.”

Eighth Gate is a joint venture between Emaar Properties and IGO, the offshore investment and property development company, and sets in motion plans to develop a mixed-use residential, commercial and retail development in the Yafour area, approximately 15 minutes from the centre of Damascus.

Emaar chairman Mohamed Ali Alabbar said: “Damascus is undoubtedly one of the greatest cities in the world and it is a rare privilege to be able to contribute to its evolution. Syria has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Syria is a key development market for Emaar.”

The developer is also understood to be behind a multi-billion dollar project called Talal Damascus (Damascus Hills), which will be developed on a 5 million m2 site in the city.

Other developers in the region have also drawn up advanced plans for investing in the country, including Kuwaiti investment group Aref, which plans to develop a new financial district in a suburb of Damascus.

In Morocco, Emaar has teamed up with ONA group to develop a $327 million luxury residential golfing complex called Amelkis II. Work on the 1.25 million m3 site has already started.

This latest announcement signals Emaar’s second move into North Africa, following its $3.9 billion Cairo Heights project in the Egyptian capital in August.

what about that £155 Million investment in One Trafalgar Square by Istithmar? Anyone know more about that? Perhaps some pics of the building they bought???


Thanks.


Well thanks for all of your help everyone. :p

I was in the area recently and I think I have figured out which building it is.... It is the South African High Commission building, which is an 8 storey building that is extremely wide based... I wonder what Istithmar will be doing with it? hmmmm.....

spoke to a jumeirah official tonight
he said the hotel in the dubai towers istanbul is a jumeirah hotel

he said, they plan to buy a hell lot of hotels worldwide, also in india
it will be stunning

they don't plan any further hotels in dubai though, they now rock the world :D

they will buy 30 more hotels worldwide in 2 years :eek: :eek2: :drool:

دبي للموانيء تنوي عرض شراء بي أند أو البريطانية

لندن

ذكرت صحيفة صنداي تايمز يوم الاحد ان شركة دبي العالمية للموانيء المملوكة لحكومة دبي تنوي التقدم بعرض لشراء مجموعة ( بي أند أو ) البريطانية للموانيء والمعديات مقابل ثلاثة مليارات جنيه استرليني ( 5.35 مليار دولار ) وذلك في وقت قريب ربما يكون هذا الاسبوع، وقالت الصحيفة نقلا عن مصادر مصرفية في امارة دبي ان شركة دبي العالمية للموانيء استعانت بدويتشه بنك لتقديم النصح لها في عرض الشراء وان اجتماعا تمهيديا مع ( بي اند او ) سيعقد على الارجح خلال أيام.

وامتنعت كل من ( بي اند او ) ودبي العالمية التي تدير موانيء في اسيا واوروبا واستراليا وامريكا الجنوبية عن التعليق على التقرير، وتملك ( بي اند او ) واسمها بالكامل بيننسيولار اند اورينتال ستيم نافيجيشن موانيء في اسيا والامريكتين واوروبا وتعتبر منذ وقت طويل هدفا لمحاولات تملك. وقلصت الشركة الاسبوع الماضي توقعاتها لأرباح أنشطة الموانيء الرئيسية.

وقفز سهم ( بي اند او ) وهي من اكبر شركات ادارة الموانيء في العالم الى أعلى مستوى في أربعة اعوام في مايو ايار وسط تكهنات بأن شركة تيماسيك هولدنجز الاستثمارية المملوكة لحكومة سنغافورة تكون حصة في المجموعة البريطانية، كما اشار محللون الى مجموعة ايه.بي مويلر مايرسك الدنمركية للملاحة كمنافس اخر محتمل على ( بي اند او ) بعد تملكها شركة بي اند او اندلويد الهولندية للملاحة هذا العام، وذكرت صنداي تايمز أن تقدم دبي العالمية للموانيء بعرض لشراء ( بي اند او ) قد يشعل حرب مزايدة عليها.

------------------------------------------


Dubai wants to buy the british (P & O) or (B & O) at a cost of $5 billions.

spoke to a jumeirah official tonight
he said the hotel in the dubai towers istanbul is a jumeirah hotel

he said, they plan to buy a hell lot of hotels worldwide, also in india
it will be stunning

they don't plan any further hotels in dubai though, they now rock the world :D

they will buy 30 more hotels worldwide in 2 years :eek: :eek2: :drool:

hummm... dubai wouldn't be the most exclusive if so...

dubai will always be exclusive..

dubai will always be exclusive..


heh heh.... u r right. :D

Dubai 'poised to make £3b buyout bid for P&O ports'

Staff Report

Dubai: Dubai Ports World, the world's sixth-largest port operator, is set to make a £3 billion bid this week to take over P&O, Britain's biggest ports and ferries group, the Sunday Times News Service reported from London yesterday.


Dubai Ports World is keen to acquire P&O to strengthen its position in the rapidly consolidating global ports industry. The P&O ferry St Clair (pictured) arrives in Aberdeen, Scotland.


The news service said Dubai Ports World (DPW), owned by the Dubai government, had hired Deutsche Bank to advise it on a bid.

It quoted banking sources in Dubai as saying on the weekend that a preliminary meeting between the two sides was likely to take place within days.

Dubai Ports had contacted banks about financing a bid for the British ports operator. A stock-exchange announcement confirming its interest may be made today, it added.

Both, Dubai Ports and Deutsche Bank, said they had no comment to make.

DPW, formed only a month ago from the combination of the Dubai Ports Authority and Dubai Ports International, has interests spanning 15 terminals across 13 locations.

It is keen to acquire P&O to strengthen its position in the rapidly consolidating global ports industry. P&O owns 27 container terminals and had logistics operations in 18 countries. It also has port operations in Africa and Australia as well as operations in India, the Philippines and Sri Lanka.

The news service said that an approach from DPW was almost certain to set off a bidding war for P&O, with Temasek, the Singaporean state investment firm, and Danish shipping group AP Moeller-Maersk among other likely predators.

Dubai Ports World is expected to try to persuade P&O's management that the long-term investment required for modern port development would be best done by a private rather than a quoted group.

A takeover would mark the end of a long restructuring process at P&O which has included the disposal of its 25 per cent stake in the shipping firm P&O Nedlloyd, its golf-club and exhibition-centre assets, and the sale of its refrigerated logistics arm.

The future of P&O's ferries business has also been the subject of speculation in recent months.

Earlier this year, Dubai Ports International paid $1.142 billion in cash, before working capital and long-term debt adjustments, to buy the international terminal business of CSX.

Dubai-led group in race to buy Daimler unit

Staff Report

Dubai: A consortium led by Dubai International Capital (DIC) and Kohlberg Kravis Roberts is the front-runner to buy DaimlerChrysler's diesel engine unit, according to a Dubai Holding official.
DIC is a subsidiary of Dubai Holding.

The consortium is offering close to 1.7 billion euros ($2 billion), the German daily Stuttgarter Zeitung reported.

The deal was scheduled to be finalised in the next few days.

The only other potential buyer for the MTU Friedrichshafen unit still in the running is EQT, the financial subsidiary of the Swedish Wallenberg group, the newspaper said.

But EQT is regarded as having little chance at winning, even though it is being advised by former Mercedes chief Eckhard Cordes, the newspaper added.

Truckmaker MAN dropped out of the running, bounced back with a higher offer and then pulled out of the bidding again.

DaimlerChrysler was not available to comment on the report.

MTU Friedrichshafen specialises in diesel engines for ships and locomotives and last year achieved sales of 1.3 billion euros on a workforce of 6,700.

:lol: somehow i like it how dubai gets involved in everything ..

:lol: somehow i like it how dubai gets involved in everything ..

I think one of the next things they should buy is the Evian water factory, like in the Simpsons and then it should be transported to Dubai on the Worlds largest barge. ;)

ha ha ha

LL

lol never seen that

DP World to develop and operate new container terminal in Turkey
DP World, one of the world's leading port operators, is delighted to announce the acquisition of a green field coastal site at Yarimca, Turkey, which the company will develop into a new container terminal facility.

http://www.ameinfo.com/images/news/5/19015-dpworldlogo.jpg

The completed 48 hectare site, on the Sea of Marmara, will enable DP World to build and operate a 1 million plus TEU terminal with a planned quay length in excess of 1200m.

DP World has agreed to acquire the existing site from Turkish steel producer Erdemir for a net cash consideration of US$105 million, and with it the rights to develop a new container terminal. Subject to all necessary final approvals, DP World expects to start work on the development of the site in 2006 and the terminal is expect to commence operations in early 2008. The terminal will be the first in Turkey to be wholly owned by an international operator.

The move into Turkey is in line with DP World's strategy of investing in growth markets such as Eastern Europe and China. The new terminal at Yarimca will facilitate the growing local industrial activity which is currently under served by container terminal capacity.

Turkey is a country of considerable economic growth and its infrastructure such as ports will play a crucial part in sustaining its development. Foreign trade with Turkey is growing at an annual rate of 30% with average annual GDP growth of 7.1% since 1999. In recent years, Turkey has undergone significant reforms of its tax and investment laws making the country more attractive for foreign investment including reduction in corporate tax, stabilistation of the currency and legal framework in line with EU standards.

Mohammad Sharaf, CEO, DP World, said:


"This is our first investment in Turkey and I am delighted to announce the acquisition. The new terminal at Yarimca will give us an important platform to expand our operations in Eastern Europe. The development is a strong fit with our strategy of investing in developing markets in Europe and Asia. We already have a successful operation at Constanta, on the Black Sea and we will continue to identify opportunities in the region that will enable us to grow our network profitably and serve the needs of our customers. DP World is committed to long term investment in the local communities and countries in which we operate and this project will be no exception. We plan to invest over $US 170 million in the infrastructure at the terminal and we fully expect the operation to be a commercial success."

Istithmar buys New York landmark

New York : Istithmar, the UAE investment holding company, has acquired one of New York's most famous landmark buildings in a $705 million deal.

The company announced on Thursday that it had bought 230 Park Avenue in Manhattan, also known as the Helmsley Building, a 34-storey gold-domed office block which sits at the top of Park Avenue.

Sultan Ahmad Bin Sulayem, Istithmar's chairman, who was in Manhattan to announce the acquisition, said the deal underscored Istithmar's strategy of investing in highly attractive real estate.

"New York is a major financial centre with a strong real estate market and we believe this acquisition represents a first rate opportunity to acquire a major landmark that will continue to hold and increase its value."

"This was the only property we looked at in New York, it has a high occupancy rate with major corporate tenants and it will provide us with an opportunity to upgrade both the property and its associated rental rates," he added.

The move follows the company's purchase of a high profile property in London last month. Istithmar paid $273 million for One Trafalgar Square, a prestigious office block in the heart of the UK capital.

Bin Sulayem played down suggestions the company was on a speculative global shopping spree. "We believe the property was significantly under-priced for a major landmark in Manhattan, and our involvement will not be a short term affair," he said.

David Jackson, Istithmar's executive vice president, said financing for the Park Avenue property would be managed by Credit Suisse First Boston.

"The acquisition will be leveraged at around 80 per cent of the value of the deal, with the rest in cash, and the arranging will be provided by CSFB.

"As far as upgrading the property goes, we estimate we will need to spend around $10 million upgrading the entire electrical and communications infrastructure to bring it up to modern standards," he added.

Istithmar has so far invested around $1.2 billion of its $2 billion store of equity capital, across four main industry sectors consumer, financial services, industrial and real estate.

Jackson said the value of the companies it has invested in to date is around $6 billion.

Bin Sulayem would not comment on where the company would be making its next investment, however, he said that it was looking at a number of options in the UK and China.

"London is a very important market. It has a strong real estate market with an excellent location," he said. "China is also good and there is a lot happening there, but there is high demand and some areas are very saturated."

acquisition
UAE's second investment in the city

230 Park Avenue is not the first investment made by a UAE group in New York. In September Dubai Investment Group had "closed in on" Essex House according to the New York Times, for $440 million.

Essex house is home to the celebrated New York restaurant Alain Ducasse. The two properties combined add up to an investment of $1.1 billion in the city by the emirate.

Essex house was last sold for $250 million in 1999, while 230 Park Avenue sold for $225 million a year before that, the Times said.

question
will they buy all buildings in manhattan? :D

uhuuuh the americans won't like this.. :D

i am just waiting for the point where they will buy towers in the top100 and all those americans oohhh what an amazing tower and we can say, hey it is owned by dubai ;)

Hearts and minds plan builds Dubai brand

Dubai : What do P&O, DaimlerChrysler, Refco, 230 Park Avenue, The London Eye and One Trafalgar Square all have in common? They have all been acquired, or been a target of acquisition by Dubai-based companies or financial institutions.

A steady oil price hovering around the $60 a barrel mark, and increasing confidence that higher oil prices are here to stay, is prompting a sea change in investment activity in the GCC, spearheaded by Dubai.

Increased funds in the region led initially to domestic investment in large scale infrastructure projects.

Infrastructure investments then crossed borders and became regional. They remain so. Gulf Businessmen are expected to spend more than $140 billion on regional projects in 2005 and 2006, according to the Institute of International Finance (IIF). That figure is four times the amount invested in the region between 2002-2003.

Now there are signs that international investment opportunities are being embraced with considerably greater enthusiasm. Figures from financial data provider Dealogic shows $25.5 billion of Gulf money went into acquisitions outside the region in the year to November 4, eight times the 2004 figure and substantially more than the $11.1 billion for the previous five years put together.

Economists around the world praised the initial strategy of investing in infrastructure, viewing it as Middle East countries making a concerted effort to improve infrastructure, and diversify economies. The approach marked a significant shift from the other oil boom of the 1970s where petrodollars were parked in Swiss banks and US Treasury bonds.

In the past, rising oil prices led to short term improvements in the economy, but a weaker long term view. High oil prices meant essential structural improvements could be put on hold. This has not happened this time around.

Desire for accession to the World Trade Organisation has triggered continued economic restructuring. In fact Dubai's move towards international mergers and acquisitions activity is not a sign of the international approach of the 1970s. Instead it appears to be a highly focused strategy enforcing sector diversification by branding Dubai by association.

Acquisitions are being made to reflect Dubai's ambitions, to enforce and raise perceptions globally as well as to bring skills and expertise to the emirate. They are not being made solely to ensure a long-term revenue stream, but to provide firmer foundations for Dubai as a tourism, and financial services hub for the region.

"Dubai seems to be pursuing a strategy of brand development. It is different from other Gulf countries," Ali Shihabi, CEO of Dubai's Rasmala Investments, The obvious examples are the entertainment and theme parks. Dubai is building a Disney-style entertainment park - Dubai Land.

The acquisition of the Tussaud's helped Dubai gain exposure and expertise. Its latest acquisition, the London Eye, should pull off the same trick.

as you can see it's one of the famous buildings and there is more to come from istithmar!!!


Istithmar buys landmark Manhattan property

Istithmar PJSC, a leading investment house based in the UAE, focusing on private equity, real estate and alternative investments, has announced that it has closed on the acquisition of another internationally recognized landmark property, 230 Park Avenue in Manhattan.

http://www.ameinfo.com/images/news/9/19169-istithmarparkavenue.jpg
230 Park Avenue in Manhattan

The purchase of the New York City trophy property for US$705 million follows on the heels of Istithmar's acquisition of London's One Trafalgar Square last month. The property was purchased from 230 Park Avenue Investors, LLC, of which Robert M. Bass of Fort Worth, Texas is a lead investor.

230 Park Avenue is a 34-story gold-domed office tower, in excess of 1.2 million square feet straddling Park Avenue at 45th Street. Built in 1929, 230 Park Avenue is one of two buildings that combine a direct connection to Grand Central Terminal with the prestige of a Park Avenue address.

Istithmar's Executive Chairman Sultan Ahmed Bin Sulayem commented:

'We believe 230 Park Avenue is an irreplaceable prime property in the world's largest real estate market. This particular investment represents the perfect fit for us as we continue to add outstanding assets to our expanding international real estate portfolio.'


'The Jewel of Park Avenue,' as it is often referred to, is surrounded by many of New York's finest hotels, restaurants and social clubs. Many multi-national corporations have also made Park Avenue the hub of their global operations. 230 Park Avenue is a particularly attractive corporate location as evidenced by its impressive roster of tenants including ING Baring, Tokio Marine, HSH Nordbank, Bank of Argentina, and PB Capital.

Financing for the acquisition of 230 Park Avenue is being provided by Credit Suisse First Boston. Istithmar is being advised on the transaction by Island Capital, a real estate focused firm headed by Andrew L. Farkas.

Reflecting on Istithmar's real estate investment interests, Bin Sulayem elaborated: 'Within the real estate sector, Istithmar targets projects that are positioned to experience long-term substantial capital appreciation, rather than focusing exclusively on the yield of our properties.' Moving ahead, Bin Sulayem said 'We remain very bullish about key gateway cities like New York, London and Paris. We are also eyeing what we believe are tremendous opportunities across the various real estate asset classes in the Middle East, China, South East Asia and Eastern Europe.'

The company's current real estate portfolio is almost evenly divided between the Middle East and the rest of the world, with 40 per cent in Dubai, a leading gateway city in the Gulf region.


Istithmar's other real estate investments include:

One Traflagar Square

Pursuing its strategy of investing in key gateway cities and in assets which we believe are poised to experience long-term capital appreciation, Istithmar acquired One Trafalgar Square for GBP 155 million. Located on a high profile island site on the south eastern corner of Trafalgar Square and commanding stunning views of the surrounding area, the building is a premier property in one of world's most recognized locations providing Grade A headquarters office accommodation.

Kerzner International

In the course of working with Kerzner over a number of opportunities, Istithmar developed a strong appreciation for Kerzner's management and business model. On this basis, Istithmar decided to acquire a 13% ownership position in the hotel developer and manager of Atlantis, Paradise Island and the One & Only brand of resorts (NYSE:KZL) (www.kerzner.com).

Atlantis, The Palm

In partnership with Kerzner, Istithmar is developing the $1.4 billion expanded version of Kerzner's world-class Paradise Island Property at the apex of the Crescent of The Palm, Jumeirah.

Al Burj Real Estate Limited

Istithmar has entered into a commitment to invest in Al Burj Real Estate Limited. The total equity commitment by investors in this project is AED 7 billion / USD 1.9 billion. Al Burj Real Estate Limited is a key investor in Phase 1 of the Madinat Al Arab project which is part of the Dubai Waterfront Development (www.dubaiwaterfront.ae).

Golden Mile (Souq Residence FZCO and Souq Palm FZCO)

Istithmar has formed a joint venture with a major Kuwait based real estate development company, IFA Hotels and Resorts, to develop the 'Palm Golden Mile'. This investment represents 50% ownership in Souq Residence FZCO and 50% in Souq Palm FZCO, the two companies that own and operate the Residential and Retail parts of the Golden Mile respectively. The Golden Mile is one of the most prestigious of all elements on the trunk of The Palm, Jumeirah (www.Nakheel.ae). The Golden Mile will encompass some of The Palm, Jumeirah's premier retail and apartment residences. The Golden Mile Residences will showcase 10 waterfront buildings, and the Golden Mile Retail will feature 220 of the world's most upscale stores and restaurants, designer boutiques, outdoor cafes, luxury shops, and formal dining (www.thepalmgoldenmile.com).

Sorouh Real Estate Company

To capitalize on opportunities in the UAE's capital, Istithmar has invested in this newly established Abu Dhabi-based real estate development company (www.sorouh.com).

Island Global Yachting

Istithmar has taken a 29% ownership position in Island Global Yachting, a company formed by Island Capital that is amongst the world's foremost designers, developers and operators of mega-yacht oriented, mixed-use properties.

Istithmar Warehouses FZE

In order to exploit opportunities in the industrial center of Dubai, Istithmar has formed Istithmar Warehouses. The company was established to own, develop, lease and manage custom-built warehouses and light industrial units primarily for multinational companies seeking to establish a base in Dubai. Current clients include JVC and potential clients include a host of multinational companies such as Hitachi, Goodrich and Honda.

Yacht Haven Grande

Istithmar has invested in a US$200 million mega-yacht oriented mixed use real estate development in the US Virgin Islands.

Canal Point

Canal Point is a mixed-use development created by Istithmar. The key elements are a hospital developed in partnership with Bumrungrad Hospital (www.bumrungrad.com), a 250-room hotel, a spa and wellness center, two luxury residential towers and three office towers, all interlocked with retail and outdoor space. Canal Point aims to be one of the most attractive working and living spaces in Dubai, anchored around a concept of health and wellness extending into all aspects of the residents' daily lives.

DP World, one of the world's leading port operators, has signed an agreement with the Qingdao Government to develop a green field site in Qingdao, which the port operator will develop into a new container terminal.

http://www.ameinfo.com/images/news/5/19015-dpworldlogo.jpg

The terminal, 100% owned by DP World, will consist of a quay measuring 1,320 metres in length across four deep draft berths and will have a capacity in excess of 2 million TEU.

DP World, through its subsidiary, DP World China Qingdao Limited, has agreed to develop a new container terminal. Subject to all necessary final central government approvals, DP World expects to commence immediately all necessary project activities with a target for the terminal to commence operations by 2008/09. DP World's total investment for the project will be USD 500 million.

Qingdao, located in the Shandong Province in Eastern China, is home to the country's third largest container port which handles in excess of 6 million TEU annually.

DP World's investment into Qingdao is part of the port operator's strategic focus on the growth markets of China and North Asia. China's economy is forecast to grow at an annual averaged rate of 8% from 2006 to 2010, and is one of the world's top importers of oil, iron ore, coal and other raw materials. Crucial to China's continued growth is the country's port infrastructure. The Qingdao port will complement DP World's existing presence in the Chinese ports of Tianjin and Yantai.

Commenting on the agreement, Sultan Bin Sulayem, Chairman Dubai Ports and Free Zone Authority, said:


"This agreement further strengthens the already thriving trade links between Dubai and China, and we look forward to building a long term relationship with the Qingdao Government. Given the robust economic growth rates in the region, our investment is timely and we expect that our experience and success in developing and operating ports around the world will help the Qingdao Government to facilitate international trade and to capitalise on this growth."


Jamal Majid Al Thaniah, CEO Dubai Ports and Free Zone Authority, said:

"This is a very important step for DP World. The new terminal at Qingdao is a crucial development in our strategy of investing and developing ports in the world's growth markets, particularly in China and North Asia."

Mohammad Sharaf, CEO, DP World, said:

"DP World is fully committed to participating in the long-term growth of the transportation and logistics industry of China. Our commitment to investing in the Qingdao project is long term and is central to our plans in China. Our objective is to provide unsurpassed levels of service to all our customers at the facility."

Abu Dhabi baught 17% of spiker.

Emaar unveils AED 4.5 billion (US$1.2 billion) Bahia Bay project in Morocco

Emaar Properties, the largest real estate developer in the world in terms of market capitalization and ONA Group, the leading Moroccan industrial and financial group, today unveiled its second international venture in Morocco - Bahia Bay.

http://www.ameinfo.com/images/news/5/19725-Bahia-Bay.jpg
An artist's impression of Bahia Bay

The AED 4.5 billion (US$1.2 billion) project will see the joint venture develop a large scale residential golfing community along the picturesque Moroccan coast.

In close proximity to Casablanca, the 530 hectare development will combine all the benefits of an Emaar golfing community along with the advantages of a coastal location. This announcement closely follows the ventures first project launch last month in Morocco - Amelkis II, the luxury residential golfing complex in Marrakech which allows individual buyers to purchase plots of land and design and build their ideal home.

Mr Mohamed Ali Alabbar, Chairman Emaar Properties said:
'Situated along the breathtaking Moroccan coast, Bahia Bay is a unique development in an idyllic setting. Following the success of our existing golfing communities in Dubai - Arabian Ranches and Emirates Hills - the Bahia Bay community will become a flagship development for Emaar's expansion in the North Africa region.'



Residential units in the Bahia Bay project will range from luxury villas and spacious semi-detached houses to townhouses and apartments with views overlooking the golf course and spectacular views of the Atlantic Ocean.

The development will also feature a beach hotel, golf hotel, beach clubs, equestrian facilities, retail and entertainment and a community and recreation centre making Bahia Bay an ideal location for residents and visitors alike. The development is expected to be completed in five years.

This latest announcement sees the continuation of Emaar's roll out strategy of undertaking prestigious master-planned residential developments in strategic locations - whether in the heart of the city or coastal picturesque locations. As it bids to consolidate its position as the world's premier property developer, Emaar continues to provide buyers with quality lifestyle projects and shareholders with value.

Alabbar added: 'Morocco is a significant part of Emaar's international expansion plans. Already we have seen the great potential in the Moroccan market with our Amelkis II development. Not only will this project benefit the people of Morocco, but it will also boost tourism within the area. Our mission is to offer our customers world class communities - constantly integrating parks, landscaped areas and retail centres into master-planned themed lifestyles.'

With rock pools and breakwaters to help create sandy white beaches and an array of water sports and leisure options provided by the beach clubs, the latest Emaar offering in Morocco makes the most of the beautiful coastal views and surrounding natural beauty. Golfing facilities provide residents with the perfect opportunity to improve their golf as well as making the most of the relaxed and friendly clubhouse.

Located in close proximity to the Casablanca/Rabat coastal freeway, Bahia Bay is within easy reach of both major cities and is the ideal getaway for those in search of a premier luxurious lifestyle. Extensively landscaped with an array of indigenous plants and featuring picturesque water features, expansive open parks and a world-class golf course, the lifestyle offering is beyond compare.

Abu Dhabi baught 17% of spiker.

Spiker !!

Spiker !!
Spiker cars? am not sure of the spelling.

P&O agrees bid from Dubai Ports
P&O ferry
P&O has scaled down its ferry activities in recent times
Ports and ferries group P&O has agreed to be bought by Dubai Ports World in a takeover deal worth £3.3bn ($5.7bn).

P&O said in a statement Dubai Ports (DP World) had offered 443 pence per share in cash for the company.

Last month, P&O announced that it had been approached by a potential bidder and speculation mounted that Dubai Ports was behind the talks.

The takeover signals the end of 165 years of independence for the world's fourth largest ports group.

DP World, owned by the Dubai government, said it plans to keep P&O's headquarters in London and chief executive Robert Woods will continue to head up the business.

Rival bid?

The company is one of several Dubai government-linked firms looking for assets to invest in, backed by huge cash piles from the Gulf emirate's resources.

"Putting P&O and DP World together will create one of the top three leading ports groups in the world," said P&O chairman John Parker.

The offer price represented a 46% premium to P&O's price before 30 October when P&O confirmed it was in talks. News of the potential bidder sparked a 30% rally in its share price on hopes that the approach could trigger a bidding war.

Denmark's Moeller-Maersk, Singapore government investment agency Temasek Holdings and Hong Kong's Hutchison Whampoa were named in the press as potential rival bidders for P&O.

However, no rival bids have emerged so far.

for the record and to throw it to whom ever bash Dubai.

Dubai Ports World became the 3rd biggest ports operator in the world after buying P&O.

something to wow about

ubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, today announced that it has signed an agreement to acquire UK-based Doncasters Group Limited ('Doncasters') for AED 4.5 Billion from Royal Bank of Scotland Equity Finance (RBEF).
United Arab Emirates: 1 hour, 51 minutes ago

http://www.ameinfo.com/images/news/9/19379-MohdAlGergawi.jpg

Mohammed Al Gergawi, Executive Chairman of Dubai Holding

Doncasters is a leading manufacturer of precision engineered components and systems for applications in a variety of industries. The company operates 25 manufacturing facilities and employs over 4,500 people across Europe and North America. It has an international blue chip customer base in the aerospace and industrial gas turbines industries and the automotive turbocharger and medical technologies sectors.

Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens.

The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and will re-invest alongside DIC to increase their ownership further.

This investment follows a series of strategic, value-driven investments by DIC including a US$1 billion investment in DaimlerChrysler, the £800 million acquisition of The Tussauds Group, along with its anchor investments of US$272 million in JD Capital investment company in Jordan and US$150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.

DIC's financial adviser on the transaction was HSBC Bank plc. RBEF was advised by Lazard & Co. Limited. Completion of the transaction is subject to regulatory approval and is expected in February 2006.

Mohammed Al Gergawi, Executive Chairman of Dubai Holding, commented:

'This acquisition is in line with our mission to take direct investments in leading international firms and blue chip organisations, with the aim of generating long-term shareholder value, whilst creating strategic alliances for Dubai Holding'

Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, added: 'We found in Doncasters, as in the case of our investment in The Tussauds Group, a market leader with a strong committed management team, led by its highly respected CEO, Eric Lewis and attractive growth opportunities. We believe that together with the management team, we will continue to grow Doncasters and produce above average returns for all its shareholders.'

Eric Lewis, Chief Executive of Doncasters, said: 'The acquisition by DIC is a strong affirmation of Doncasters' continued growth prospects. New ownership provides us with a stable platform from which we can build on our robust business pipeline.' We are looking forward to working closely with DIC to continue to deliver strong growth in the future. We also take this opportunity to thank the Royal Bank of Scotland for its continued support over the past four years.'


1. Dubai International Capital confirms it is one of the final bidders for DaimlerChrysler's diesel engine unit
2. Al Rifai named as Chief Executive of JD Capital
3. USD150 million deal to finance 20 Express by Holiday Inn Hotels in the GCC is secured
4. Dubai Holding entity becomes third largest shareholder in DaimlerChrysler
5. Dubai International Capital signs investment cooperation agreement with Chinese Government

I dont know why sharjah doesnt invest abroad ..... maybe they are investing but not announcing it ... ?? any one knows about investments by sharjah ?

^ I dont see a point of investing abroad without investing locally first.

Could you elaborate smussuw? What kind of local investments are you thinking of? As in housing, health facilities and stuff like that or something else?

of course. like dubai did, e.g BAA for example.

just think of roads, TRAINS etc..

Could you elaborate smussuw? What kind of local investments are you thinking of? As in housing, health facilities and stuff like that or something else?
What I meant is that Sharjah needs to build itself first. I dont see a problem in investing abroad but come on, Sharjah needs better infrastructure and they are working on that. They also need to diversie their economy. Their GDP isnt that high either.

Constanta South Container Terminal (CSCT), the terminal operated by DP World in Romania, has increased volumes by more than 450%, achieving its 500,000 TEU* milestone recently while servicing the MSC Jemima.

The full year throughput for 2005 for CSCT will be around 560,000 TEUs compared with just under 100,000 TEUs last year.

The success story underlines CSCT's position as the hub for the Black Sea, as trade continues to expand in Eastern Europe. CSCT handles a mix of local cargo and transshipment cargo for many other countries in the Black Sea region. Barge services linking Constanta and Belgrade have recently been initiated, and there are plans for a rail link between CSCT and Budapest in Hungary.

Dubai's DP World, a leading global port operator, took over management of CSCT in January 2004, with operations commencing in April 2004, and has since set new productivity records at the Romanian terminal. CSCT recently operated the MSC Queensland at more than 80 moves an hour for 3,200 moves on the vessel. This was the largest number of moves per single vessel ever handled at the Port of Constanta, beating a previous record set in July by CSCT on the ZIM Marmara Sea. In another significant achievement, CSCT last week handled 22,890 TEU - 1.2million TEU on an annualised basis, and another record for the terminal.

Demonstrating its commitment to investing ahead of demand, DP World is in the process of expanding yard capacity at CSCT and has ordered five new rubber tired gantry cranes to be delivered mid-2006 and additional quay cranes due for delivery in first half 2007. DP World expects throughput for 2006 and beyond will continue to grow at a good pace, and in due course, additional berths will be brought on stream.

Commenting on the achievement, Mohammad Sharaf, CEO, DP World, said:

"This is a significant milestone for CSCT, and it demonstrates the effectiveness of our management model. We are fully committed to investing ahead of demand and to constantly improving our facilities to the advantage of our customers. Our achievements in Constanta reflect our experience and success in managing large ports around the world."



DP World Managing Director and Senior Vice President, Europe and West Africa, Simon Moore added: "One of the reasons for the early success of CSCT is the close partnership we have with the Maritime Ports Administration Constantza S.A.(MPAC). They have been key to establishing efficient services that enable us to serve our customers' rapidly growing needs in this important emerging market. We look forward to building further on this relationship and creating a world class terminal that Romania can be proud of."

* TEU = twenty-foot equivalent unit, a measure relating to container capacity



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request information Log in to request more information from DP World
Notes and media contacts
For further information please contact:
Bell Pottinger Communications
Dubai:
Tom Mollo
+9715 0550 4203

London:
Dan de Belder
+44 207 861 3232

DP World is a leading global port operator with a portfolio of operations in Asia, Australia, Europe, Latin America, and the Middle East. The company has 22 container terminals in 15 countries.

DP World is the result of the integration of Dubai Ports Authority ("DPA") and DPI Terminals ("DPI") in September 2005. This new entity continues the tremendous success of the DPA and DPI businesses, which have been at the forefront of Dubai's extraordinary transformation into one of the world's leading trade and commerce hubs.

DP World manages the commercial and operational aspects of the port network, formerly developed and managed by DPA and DPI.

In 2005, the terminals operated by DP World will handle an estimated 13 million TEU which include ports on five continents from the Americas to Asia.

DP World's unique cross-sector expertise offers solutions in all aspects of port operations, ultimately driving efficiency and financial returns for port users. DP World will continue to provide the same high level of service that customers have come to expect. DP World continues to provide a superior level of service to shipping lines at its flagship domestic operations of Port Rashid and Jebel Ali which has been voted "Best Seaport in the Middle East" for 10 consecutive years. Dubai is ranked as the 10th largest port operation in the world and DP World is the 7th largest global operator.

There are a number of significant projects in the pipeline that will strengthen the DP World network, including developments in Asia, Europe, and the Middle East. In February 2005 an agreement with the Cochin Port Trust (CoPT) was signed to construct, develop and operate an international container transshipment terminal at Vallarpadam, Kochi, India. It is the largest single operator container terminal currently planned in India and the first in the country to operate in a special economic zone. The new terminal will make Kochi a key centre in the shipping world reducing India's dependence on foreign ports to handle transshipment.

One cornerstone project, which underlines DP World's position as a major player in Asia, is the development of Pusan Newport, South Korea. DP World has a 39.55% interest in and management contract for this 9-berth facility, which will have a capacity of 5.5 million TEU. It is currently under construction and is expected to be operational by 2006.

In March 2005, DP World was awarded a 30 year concession to develop and operate the container terminal at the Port of Fujairah, in the UAE. This was followed in July 2005 by the awarding of a management contract for Mina Zayed Port, Abu Dhabi. These concessions will enable DP World to streamline operations at the major container facilities of the UAE, and further increase the choices available to its customers. In June 2005 DP World was short listed as preferred bidder to operate the container terminal at the Port of Aden.

In November 2005 DP World also announced agreements to develop new container terminals at Yarimca, Turkey and Qingdao, China.

On 29 November, 2005, DP World announced the terms of a recommended cash offer to acquire all of the issued and to be issued Deferred Stock of the P&O Group. When completed, this deal will make DP World a top three global port operator.

DP World also has interests in logistics businesses in Hong Kong and China, notably ATL, the market leading logistics operator based at Kwai Chung, Hong Kong.

Dubai buys $100m German mall

Dubai Investment Group, part of Dubai Holding, has purchased the Hansecenter outside the Baltic port city of Rostock for $100m. This is one of the largest shopping centres in Northern Germany with a retail floor space of 530,000 sqft and 2,500 car parking spaces, reported Frankfurter Allgemeine.

Dubai is so nice....Visit my hometown, Surabaya, Indonesia
http://www.skyscrapercity.com/showthread.php?t=245384&page=5

kukes airport in northeast albania. small investment but thank you non the less.

great and all, but why the heck did you put this in UAE Investments :bash:

i don't think Dubai Holdings is going to buy your city...

cause UAE made the investment to build the airport.

I think he is talking to us_lukman

15.1.2006
Abu Dhabi Investment House (ADIH) has announced the launch of its third investment instrument since inception, a $160 million private placement, to fund the development of the first phase of Beirut Gate, an integrated sea-view project in the Beirut Central District, commonly known as Solidere.
Chief Executive Officer of ADIH, Rashad Janahi, said: 'Lebanon's real estate market is one of the leading destinations of foreign investments and our entry into this market is a significant step in our strategy of offering growth-oriented sophisticated investment opportunities to our clients with regional focus.'
� 2006 Mena Report (www.menareport.com)

Jumeirah takeover luxury hotel in New York
Monday, 16 January 2006


Dubai-based luxury hotel group Jumeirah has officially taken over as operator of the exclusive New York Hotel, Essex House. The hotel which was renamed Jumeirah Essex House is on the South East corner of Central Park and is the first Jumeirah operated hotel in the United States.

Jumeirah already operate a number of hotels in Dubai and two in London, the Jumeirah Carlton Tower and Jumeirah Lowndes Hotel. “ We are really excited to be involved in this hotel in New York.

The Jumeirah Essex House will be a prestigious addition to Jumeirah’s portfolio. The company is still on track to operate 40 hotels by 2009, said Gerald Lawless, CEO of Jumeirah.

“ We hope to operate another in the US as soon as it is possible. This is just the beginning, ” continued Lawless. A complete refurbishment of the Jumeirah Essex House will being later this year.

Jumeirah is a subsidiary of Dubai Holding. Jumeirah’s sister company Dubai Investment Group bought the hotel the Essex House. It was announced in September that Jumeirah would takeover the operation of the hotel.

“It is increasingly positive that we have such prestigious sister companies such as Dubai Investment Group. The synergy within the Dubai holding group means that we have good opportunities.

With our international reputation for excellence, we are obviously the operator of choice for Dubai Investment Group’s, many luxury leisure investment hotels,” said Lawless.

Jumeirah is also involved in the Dubailand project, particularly with the Aqua Dunya project. Jumeirah already operates the Wild Wadi theme park in Dubai it will operate the park and the luxury hotel as part of the Aqua Dunya project.

The company also runs Emirates Academy a school of hotel management in Dubai. The company is most famously known for its operation of Burj Al Arab in Dubai.

who is the biggest investor dubai or abu dhabi???????.
any way it is really nice to see uae becoming less reliant on oil and more and more reliant on trade, investment and tourism.
wish you all the best.
inshallah may god bring more prosperity to your country and all over the world

from what is announced to the public it should be dubai.

^ I think it is Abu Dhabi but they dont announce it as most of it goes to to royal family (my guess).

who is the richest emirati other than the royal families.how is the development inother cities in uae

^ there are 52,000 millioners ;)

the richest are Al Futtaim, Al Gurair and Al Habtoor.

seems like dp world is very close to outbidding psa from singapore
this will one huge step for the diversity of the uae's economy

cross your fingers!


Dubai a deal away from top league
By Shakir Husain, Staff Reporter



Dubai: Rival efforts by Dubai and Singapore to acquire British port operator Peninsular and Oriental Steam Navigation Company (P&O) are increasingly being seen as a battle for global shipping supremacy between the two cities already recognised as hubs for tourism, transport, trade and finance.

A successful takeover of P&O by DP World, whose £3.3 billion ($5.9 billion, Dh21.36 billion) bid has been approved by the British firm's board, could make Dubai the world's third biggest port operator.

"One transaction will catapult Dubai into the heavyweight league of port operators. There will never be an opportunity like this," said Neil Davidson, research director at Drewry Shipping Consultants in London.

P&O, which has 29 container terminals and logistics operations in 19 countries making it one of the world's four top operators, has also attracted a £3.5 billion approach from the Port of Singapore Authority (PSA), a unit of the Singapore government's investment arm Temasek.

A takeover by Singapore would turn PSA into the world's top operator, overtaking Hong Kong's Hutch-ison Whampoa.

"P&O is significant for both Singapore and Dubai. Its acquisition will increase their business activity in large amounts in one go," Davidson said.

Diversification

For PSA, taking control of P&O would mean that it will not have to rely heavily on its Singapore operations for business volume. Singapore accounts for more than half PSA's volume. PSA Singapore Terminals handled 22.28 million TEUs (twenty-foot equivalent units) in 2005.

Singapore's container volume also faces competition from Port of Tanjung Pele-pas and Port Klang in Malaysia and it would help PSA to seek overseas assets.

"P&O will allow PSA to spread its business across a large number of ports and countries," Davidson said.

In terms of geographical locations, DP World has a better global presence.

However, the P&O transaction may have little impact aside from the prestige on Singapore and Dubai's economic successes, Davidson said.

Still, control of ports around the world fits Dubai's ambitions to position itself as a business city on par with other global business hubs.

"Once you have become a regional hub, the next step is to go global. It is natural for Dubai to be competing with Singapore," said a former Singapore government official.

Singapore and Dubai are already competing for port concessions worldwide.

As a fulcrum of regional business, Dubai considers ports a key component of its growth strategy.

Chairman of Ports, Customs and Free Zone Corporation Sultan Ahmad Bin Sulayem, who just opened the Pusan container port in South Korea a joint venture between Dubai and Korea's Samsung, said the P&O bid was crucial for Dubai to offer its customers in Europe and North America. P&O also has presence in South Asia, East Asia, Australia, Africa and South America.

In view of India's strong economic growth, acquiring P&O would give DP World a major presence in the country.

WAM

In the right direction

South Korean President Roh Moo-Hyun and the First Lady open Pusan container port along with the Mayor of Pusan, and the Chairman of Dubai's Ports, Customs and Free Zone Corporation Sultan Ahmad Bin Sulayem yesterday.

they are overpaying by about 15-20%

more of a prestige thing than economic sense at this point.

why dont they buy a somthing sensible?

like coca cola, or the rest of daimler chrysler

even friken ibm would do.

^ Is not for prestige; it is a very strategic move that will ensure Dubai will become a container hub as Singapore is. Achieving that it will be a great victory and makes WAY TO MUCH economic sense.

Dubai's location undermines it as a container hub. its just not viable to send ships up the gulf with the insurance premiums demanded today.

they should buy out fujeirah and do it there.

:lol:

i am sure would be a good business man nick :D:D

anyway i agree with altin, dubai is already an important container hub and should become even more if they outbid singapore on that one.

http://www.nmm.ac.uk/upload/img/D9695.jpg

^^ ???

How old is that thing?

BTW I agree with the idea about Fujeirah, however has to be mentioned that the fuel bunkering facility, that Dubai pretend to be bigger then the one is Singapore, is being build in Fujeirah.

Sultan Bin Sulayem said that DP World will be the biggest ports operator in the world in 2 years.

i have no doubts on that one.

DP World unmoved by bid extension
By Mark Johnson, Business Editor



Dubai: DP World is standing by its $5.88 billion offer for UK-based ports operator P&O despite an extension being granted to potential rival bidder PSA of Singapore.

The board of P&O, one of the world's leading ports operators, announced it would move back a shareholder meeting due on February 6 to no later than February 15 to approve DP World's bid.

Sultan Ahmad Bin Sulay-em, chairman of DP World, said his company's bid remained the only valid bid to be accepted by the board of P&O, and that he expected this move, which was typical among publicly listed companies in the UK.

"We expected this to happen. When someone puts in a bid for a company listed on the UK stock market, they normally give them two weeks in the UK. I think they are just giving PSA more time to see if they can come up with a firm bid," he said.

Bin Sulayem dismissed the suggestion that the UK ports operator might be having second thoughts about DP World's offer, saying the board of P&O had a duty to its shareholders. "This is a UK publicly listed company, and the shareholders have the right to get the best price. The board is only doing its duty. It is expected to remove any doubt that they are not going to do the best for the shareholders. So far they have approved our bid, which is the only valid bid."

DP World submitted its formal bid on December 16, and it will now have to wait until February 15 for news of whether or not it has been successful.

Despite P&O's apparent dithering over DP World's offer, Bin Sulayem said it had not dampened his company's enthusiasm for the deal. "So far, nothing has changed," he said.

No one was available at P&O to comment on the decision to delay the shareholder meeting.

Bin Sulayem has just returned to the UAE from South Korea, where he attended the opening of Pusan New Port container terminal.

DP World currently owns a 25 per cent stake in the Korean port, which is expected to become one of the most important container and trans-shipment terminals in north-east Asia.

GE and Dubai Holding signed a non exclusive Memorandum of Understanding to cooperate in identifying and investing in high technology projects across the Middle East and North Africa.

http://www.ameinfo.com/images/news/7/21187-ge.jpg

The partnership will focus its efforts on the development of regional infrastructure and industrial projects.

According to the agreement, GE as part of its existing industrial activities will identify and source opportunities for investment in key Regional infrastructure projects and Dubai Holding will selectively invest in projects developed by GE industrial businesses.

Jeffery Immelt, Chairman of the Board and CEO of GE and Mohammed Al Gergawi, Executive Chairman of Dubai Holding, signed the Memorandum of Understanding. Others present at the signing were Nani Beccalli-Falco, President & CEO of GE International, Nabil Habayeb, President & CEO, GE Middle East and Africa, Farid Fezoua, MEA leader for GE Capital Markets - Corporate, Keith Sherin, Chief Financial Officer, GE and Sameer Al Ansari, CEO, Dubai International Capital.

GE, the global technology leader with its portfolio of infrastructure businesses, is evaluating several opportunities to expand its presence across the region. This agreement will provide a framework for Dubai International Capital, the international investment arm of Dubai Holding to invest into infrastructure projects where GE industrial businesses will take an active part. Dubai International Capital will therefore be able to expand its investment portfolio and to participate through investment in infrastructure and industrial ventures in tandem with GE.

Jeffery Immelt, Chairman of the Board and CEO of GE, said:

'We are very pleased that Dubai Holding has agreed to work with us in growing the infrastructure and industrial sectors across the region. This understanding will ensure that the most advanced technology in the world will be deployed here with the most optimum means of financing to be facilitated by Dubai Holding and GE's Capital Markets - Corporate group. The track records of both our companies in development efforts in the region are impressive and our partnership aims to build on them.'



Mohammed Al Gergawi, Executive Chairman of Dubai Holding said: 'With the signing of our partnership with GE, Dubai Holding has once again demonstrated its commitment to regional development goals. Our vision is to enable regional governments and companies to raise their infrastructure levels to meet the growing needs and to be confident of the source of funding and technology. We will soon be in a position to announce our major joint development initiatives.'

http://edition.cnn.com/2006/BUSINESS/01/26/transport.po.reut/index.html

:bash: :bash: :bash:

:bash: :bash: sucks shit.. never thought they would win this one.
disappointing...

Jumeirah Takes Over Management Of Essex House In New York, The Group’s First U.S. Property

http://www.hospitalitynet.org/picture/153013819.jpg


Jumeirah, the dynamic and fast growing Dubai based international luxury hospitality group has formally taken over the management of New York’s Essex House hotel– which will now go by the name Jumeirah Essex House - as the 515-room premier hotel celebrates its 75th anniversary.

“The Jumeirah Essex House represents the company’s first foray into the U.S. market and we are proud to have this landmark hotel added to the Jumeirah portfolio,” said Gerald Lawless, CEO of Jumeirah. “We plan to maintain the property’s historic elements, while enhancing its luxurious offerings.”

Lawless added that Jumeirah is focused on establishing the Essex House hotel as a premier destination property in New York City for both business and leisure travellers.



In this handout photo from Jumeirah, Gerald Lawless, CEO of Jumeirah, poses for a photograph outside of the Jumeirah Essex House hotel, Tuesday, Jan. 17, 2006, in New York. Jumeirah, a Dubai based international luxury hospitality group, has formally taken over management of the Essex House hotel which celebrates its 75th anniversary this year. (AP Photo/Jumeirah, Diane Bondareff)

“In this exciting hotel market, Jumeirah Essex House will establish itself as a luxurious destination for both residents of and visitors to the ‘Big Apple’,” said Scott Dawson, General Manager of Jumeirah Essex House. “Our fully operational reservations system has already secured a full house on our first day of management and we are confident that with we will continue to achieve this level of success throughout 2006.”

Jumeirah properties are regarded as among the most luxurious and innovative in the world and have won numerous international travel and tourism awards. The Dubai based luxury international hospitality group encompasses the world renowned Burj Al Arab, the world’s most luxurious hotel, the multi-award winning Jumeirah Beach Hotel, Jumeirah Emirates Towers, Jumeirah Beach Club Resort and Spa, Madinat Jumeirah and Jumeirah Bab Al Shams Desert Resort & Spa.

The group’s activities are however, not restricted to hotel and resort management. The Jumeirah portfolio also includes Wild Wadi, regarded as one of the premier water parks outside of North America and The Emirates Academy of Hospitality Management, the region’s only third level academic institution specializing in the hospitality and tourism sectors.

Jumeirah has also expanded internationally and manages the Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London’s Belgravia.

Building on this success, Jumeirah has become a member of Dubai Holding, a collection of leading Dubai based businesses and projects, in a step that aims to initiate a new phase of growth and development for the group.

For more information on the Jumeirah Essex House or the Jumeirah brand, please visit www.jumeirah.com.

Etisalat eyes Denmark's TDC to enter Europe

Dubai: Looking to get a foot-hold in the tight European telecom market, Etisalat is eyeing Denmark's biggest phone company, TDC A/S.

The company is "evaluating" purchasing TDC as part of a plan to join the ranks of the world's top 10 telephone companies, Etisalat Chief Executive Officer Mohammad Hasan Omran said at the World Economic Forum in Davos, Switz-erland.

"Our aim over the next five years is to be among the top 10 telecoms companies by market value and to do so we have to be in Europe," Omran said.

Buying TDC, which was just purchased two days ago by a private equity consortium for $15.3 million, would let Etisalat obtain operating licences in a region where few are up for grabs.

"This is very surprising. My guess is they want a foot in the door in Europe and this is the only way they can see to do it," said Taha Rangwala, a senior analyst at US-based Pyramid Research.

"The question is, how costly is that foot going to be?"

TDC's price tag is high for Etisalat and the market has little potential for growth, Rangwala added.

Etisalat's interest in TDC, formerly called Tele Danmark, may give the group of buyout firms the opportunity for a quick sale of the phone company.

TDC had its credit rating cut to junk by Standard & Poor's yesterday. Shares of TDC fell as much as 6.5 crowns, or 1.6 per cent, to 390.5 crowns, and traded at 392 crowns at 1:56pm in Copenhagen.

The stock has gained 65 per cent in the past year, spurred by the takeover talks with the buyout funds.

Arab telephone companies including Egypt's Orascom Telecom Holding SAE, Kuwait's Mobile Tele-communications Co and Etisalat are reaching outside their mature home markets to boost sales.

Cairo-based Orascom last month acquired a 19.3 per cent stake in Hutchison Telecommunications International Ltd for $1.3 billion to expand in Asia.

Naguib Sawiris, the chairman of Orascom, bought Italian mobile-phone provider Wind Telecomunicazioni SpA in August in a transaction valuing the company at 12.2 billion euros ($14.5 billion), beating Blackstone.

^ Etisalat denies it.

^ Of course they will, it's a Danish company. ;)

Sleeping with the devil nearly ;)

Istithmar in deal with UBS for Time Warner shares
By Shakir Husain, Staff Reporter



Dubai: Investment firm Istithmar said it has signed an agreement with UBS Limited to create a derivative instrument that would give Istithmar exposure to Time Warner shares.

The issuance of the instrument to Istithmar Media Investments (IMI), a subsidiary of Istithmar, will be subject to a number of conditions, a company statement said.

The move by IMI to enter into the arrangement with UBS is aimed at investment purposes only, it said.

"The arrangement seems to be that UBS will buy Time Warner shares it seems for the voting rights but doesn't want the price risk. So, in an agreement with IMI, UBS will transfer the pricing risk to IMI," Cormac Butler, a London-based derivatives expert, told Gulf News.

The agreement gives UBS the voting rights without it taking any market or price risk.

If Time Warner shares go up, UBS will pass on the profit to IMI but if they fall, IMI must compensate UBS for the loss that UBS suffers, Butler said.

"UBS' arrangements with IMI include an agreement to consult with IMI in connection with any shareholder vote (to the extent UBS is able to exercise that vote) after the time the derivative instrument is issued, but will not give IMI the right to direct the vote with respect to any Time Warner common stock," Istithmar said.

Set up in 2003, Istithmar is owned by the Dubai government and invests in overseas assets.

It recently concluded a joint venture deal with Thailand's healthcare group Bumrungrad International Limited to set up its first hospital in Dubai.

Billionaire Dubai Sheik Buys London Eye

Amusement ride aficionados may scoff at the fact that a spin in one of the world's largest Ferris wheels does not require both a stomach and nerves of steel--the London Eye's viewing pods, which move at a snail's pace, are intended to insight gasps of awe as opposed to screams of terror. Fortunately for the debt-laden ride itself, the future could be less wobbly altogether thanks to Sheikh Mohammed bin Rashid Al Maktoum.

Sheikh who? The billionaire is the Emirate of Dubai, a country the size of Rhode Island that has blossomed into a commercial Shangri-La. His company, U.K.-based The Tussauds Group has just consolidated full ownership of the Eye.

Ownership had been split three ways between British Airways (nyse: BAB - news - people ), Tussauds and the Eye's creators, Marks Barfield Architects, since 1999. Unlike London's disastrously unpopular Millenium Dome, the Eye has attracted 20 million visitors since 2000 and been a pleasing brand tie-in for BA. Even so, the ride has been something of a financial black hole: Its debt is believed to top $313 million. Tussaud's takeover will now halve that.

The company is known among London's stream of tourists for operating the Madame Toussands wax museum, featuring lifesize likenesses of celebrities from Tony Blair to Paris Hilton. The museum notoriously designates when a star's fame has fizzled out when it decides to melt down its figures.

Sheik Mohammed, who doesn't feature in the museum, bought the Tussauds Group last year through his holding company, Dubai Investment Capital. The serial entrepreneur, who doubles as the country's de facto Muslim leader, is credited as having been a key factor behind the explosion of Dubai's GDP from $8 billion to $20 billion in the last decade (See: Arabian Knight). The backing from his late father Sheikh Rashid was no-doubt a help--Mohammed gets $2 billion a year in income from his dad's accumulated assets.

Dubai may touch Dh55b mark


Khaleej Times - 10/02/2006

DUBAI — Dubai's total overseas investments may touch Dh55 billion if the latest DP World bid of Dh25.3 billion for the British port operator Peninsular and Oriental Steam Navigation Company (P&O) is successful, according to industry estimates.


Early last year, DP World, then Dubai Ports International, completed the acquisition of CSX World Terminals (CSXWT), the international terminal business of CSX Corporation, for a closing cash consideration of $1.142 billion.

The company already has extensive operations in the Middle East (Jeddah and the home terminals of Jebel Ali and Port Rashid), Africa (Djibouti), Europe (Constantza, Romania) and India (Visakhapatnam).

Late last year, DP World completed acquisition of green field coastal site at Yarimca, Turkey, for $105 million, and rights to construct new container terminal. It also plans to invest over $170 million in terminal infrastructure.

DP World is considered the largest Dubai overseas investor, with estimated total investments of well over Dh30 billion in various projects around the world.

Dubai Holding, whose combined investment in international projects is estimated at around Dh20 billion, is the second biggest overseas investor.

Last year Dubai International Capital (DIC), the international investment arm of Dubai Holding, announced that it has signed an agreement to acquire UK-based Doncasters Group Limited ("Doncasters") for £700 million from Royal Bank of Scotland Equity Finance. Completion of the transaction is subject to regulatory approval and is expected this month.

This investment follows a series of strategic, value-driven investments by DIC including a $1 billion investment in DaimlerChrysler, the £800 million acquisition of The Tussauds Group, along with its anchor investments of $272 million in JD Capital investment company in Jordan and $150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East. Also last year, Dubai International Properties, another subsidiary of Dubai Holding, and the Istanbul Metropolitan Municipality unveiled plans to build a multi-use tower complex in Turkey's commercial capital Istanbul.

The project, to be called Dubai Towers — Istanbul, costs $500 million, and marks the first project within the $5 billion joint investment venture announced between the two parties.

Earlier this year Dubai Holding's subsidiary luxury hospitality group Jumeirah International took over the management of the famous Essex House hotel in New York, rebranding it Jumeirah Essex House, following a $500 million buyout by Dubai Investment Group, also a subsidiary of Dubai Holding, from Strategic Hotel Capital in September last year.

The group, which will invest $50 million in refurbishment and rebrand, is also pouring $14 million in its Lowndes Hotel in London for extensive refurbishment programme.

Another fast emerging international investor is Dubai-based Istithmar investment holding company, which has already invested over Dh3.5 billion in various projects around the world.

Last year Istithmar acquired one of New York's most famous landmark buildings — 230 Park Avenue in Manhattan, also known as the Helmsley Building, a 34-storey gold-domed office block which sits at the top of Park Avenue, in a $705 million deal.

Early last year, the company also purchased a high profile property in London, paying $273 million for One Trafalgar Square, a prestigious office block in the heart of the UK capital.

More recently, Istithmar has bought Inchcape Shipping Services in a deal reported to be worth over Dh1 billion.

Also last month the company along with two wholly owned subsidiaries of Singapore's Temasek Holdings bought a combined 11.88 per cent of the Bangkok-based Bumrungrad Hospital shares for 2.2 billion baht ($55 million).

UAE Co. Poised to Oversee Six U.S. Ports

By TED BRIDIS

WASHINGTON - A company in the United Arab Emirates is poised to take over significant operations at six American ports as part of a corporate sale, leaving a country with ties to the Sept. 11 hijackers with influence over a maritime industry considered vulnerable to terrorism.

The Bush administration considers the UAE an important ally in the fight against terrorism since the suicide hijackings and is not objecting to Dubai Ports World's purchase of London-based Peninsular and Oriental Steam Navigation Co.

The $6.8 billion sale is expected to be approved Monday. The British company is the fourth largest ports company in the world and its sale would affect commercial U.S. port operations in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.
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DP World said it won approval from a secretive U.S. government panel that considers security risks of foreign companies buying or investing in American industry.

The U.S. Committee on Foreign Investment in the United States "thoroughly reviewed the potential transaction and concluded they had no objection," the company said in a statement to The Associated Press.

The committee earlier agreed to consider concerns about the deal as expressed by a Miami-based company, Eller & Co., according to Eller's lawyer, Michael Kreitzer. Eller is a business partner with the British shipping giant but was not in the running to buy the ports company.

The committee, which could have recommended that President Bush block the purchase, includes representatives from the departments of Treasury, Defense, Justice, Commerce, State and Homeland Security.

The State Department describes the UAE as a vital partner in the fight against terrorism. But the UAE, a loose federation of seven emirates on the Saudi peninsula, was an important operational and financial base for the hijackers who carried out the attacks against New York and Washington, the FBI concluded.

Sen. Charles Schumer, a Democrat whose district includes the New York port, urged the administration to consider the sale carefully.

"America's busiest ports are vital to our economy and to the international economy, and that is why they remain top terrorist targets," Schumer said. "Just as we would not outsource military operations or law enforcement duties, we should be very careful before we outsource such sensitive homeland security duties."

Last month, the White House appointed a senior DP World executive, David C. Sanborn of Virginia, to be the new administrator of the Maritime Administration of the Transportation Department. Sanborn worked as DP World's director of operations for Europe and Latin America.

Critics of the proposed purchase said a port operator complicit in smuggling or terrorism could manipulate manifests and other records to frustrate Homeland Security's already limited scrutiny of shipping containers and slip contraband past U.S. Customs inspectors.

"When you have a foreign government involved, you are injecting foreign national interests," Kreitzer said. "A country that may be a friend of ours today may not be on the same side tomorrow. You don't know in advance what the politics of that country will be in the future."

Shipping experts noted that many of the world's largest port companies are not based in the U.S., and they pointed to DP World's strong economic interest in operating ports securely and efficiently.

"Does this pose a national security risk? I think that's pushing the envelope," said Stephen E. Flynn, who studies maritime security at the New York-based Council on Foreign Relations. "It's not impossible to imagine one could develop an internal conspiracy, but I'd have to assign it a very low probability."

Changing management over the U.S. ports "doesn't offer al-Qaida any opportunities it doesn't have now," said James Lewis, who worked with the U.S. committee at the State and Commerce departments. "It's in Dubai's interest to make sure this runs well. There is strong economic incentive to be sure these worries never materialize."

Flynn and others said even under foreign control, U.S. ports will continue to be run by unionized American employees. "You're not going have a bunch of UAE citizens working the docks," Flynn said. "They're longshoremen, vested in high-paying jobs. Most of them are Archie Bunker-kind of Americans."

Peninsular and Oriental and DP World set approval by the U.S. security committee as a condition for the sale. In regulatory papers, the companies said either the committee must agree not to formally investigate the purchase or Bush must not move to block the sale for national security purposes.

Since the Sept. 11 attacks, the FBI has said the money for the strikes was transferred to the hijackers primarily through the UAE's banking system, and much of the operational planning for the attacks took place inside the UAE.

Many of the hijackers traveled to the U.S. through the UAE. Also, the hijacker who steered United Airlines flight into the World Trade Center's south tower, Marwan al-Shehhi, was born in the UAE.

After the attacks, U.S. Treasury Department officials complained about a lack of cooperation by the UAE and other Arab countries trying to track Osama bin Laden's bank accounts.

A service of the Associated Press(AP)

------------


Good news, but ..ehm what does the first paragraph supposed to say??? :bash:
well typical US article. idiots.

Etihad in bid for Man Utd
Monday, 13 February 2006
7DAYS

ETIHAD, the UAE national airline and Qatar airlines are in competition to replace Vodafone as the main sponsor of Manchester United Football Club it was reported yesterday.

While it was known that Etihad were in talks with Manchester Utd, it comes as a surprise that there are two Middle Eastern airlines competing to clinch the deal.

The Sunday Telegraph revealed that the deal would be worth in excess of $17 million annually to the club which was bought last year.

The contract would include shirt sponsorship and could include ‘presenting rights” on the club’s Old Trafford Stadium in Manchester. Emirates already sponsor Arsenal, a London club.

:eek: this will be a tough fight, etihad vs emirates (chelsea before, now arsenal) :D

:eek: this will be a tough fight, etihad vs emirates (chelsea before, now arsenal) :D

No, no, Flo!!!! :tongue2:

It is Etihad VS Qatar Airways.

Emirates already sponsor Arsenal.

I dont think QA stands a chance. Go Etihad! :D :cheers:

face, please read it again.

Istithmar holds 2.4% stake in Time Warner
By Shakir Husain, Staff Reporter



Dubai: UAE investment firm Istithmar controls 2.39 per cent of US media company Time Warner's stock and has hired one of US financier Carl Icahn's entities as its advisor, according to a regulatory filing.

Icahn has been trying to influence the direction of Time Warner and owns about 3.5 per cent of the company's stock.

Istithmar acquired the stake in January through $2 billion in participation notes issued by Swiss bank and global asset manager UBS.

Istithmar said last month it had signed an agreement with UBS to create a derivative instrument that would give Istithmar exposure to Time Warner shares. The issuance of the instrument to Istithmar Media Investments (IMI), a subsidiary of Istithmar, was aimed at investment purposes only, it said.

The participation notes give Istithmar effective control of more than 109 million Time Warner shares, citing the company's filing with the US Securities and Exchange Commission on Thursday.

Exposure

A participation note is a form of loan. However, the payoff is not only dependent on the rate of interest but also on the profit or loss of some underlying stock.

"In a typical situation the investor accepts a low or zero interest rate in return for exposure to a share," London-based derivatives expert Cormac Butler said. Time Warner is facing a proxy battle with Icahn, who has proposed break up of the world's largest media company into four groups.

"Icahn wants sufficient control to achieve his strategy of breaking up Time Warner," Butler told Gulf News.

Under the agreement with Istithmar, UBS does not have economic exposure or control over the shares.

"When there is a closely fought proxy battle, the value of the right to vote is usually very high. Carl Icahn represents just under 3.5 per cent of Time Warner's shareholders. It does look as though UBS has transferred voting rights to Istithmar," Butler said.

:runaway: they won't like to hear that...

poor US guys...

face, please read it again.

Flo,

it says that Etihad and QA are competing for Man U.

The last says that Emirates ALREADY sponsor Arsenal.

yeah but what i say is that emirates/arsenal and etihad/manu will have a tough fight then ;)

oh ok. i get your point now. :)

wow, 17mill is huge!

im worried about this 'presenting rights' though. if either company touch the old trafford name, their brand will be ruined in the uk.

Dubai may touch Dh55b mark


this figure doesn't include investments already owned by Dubai Government :)
they only cover what has been announced so far

Some "interesting" articles about the Dubai ports deal in the US


Lawmakers urges White House to review Arab port takeover

Critics contend deal could affect national security

Sunday, February 16, 2006

http://i.a.cnn.net/cnn/2006/POLITICS/02/19/port.security.ap/story.portnewark.gi.jpg
Operations at Port Newark, one of the facilities affected by the deal allowing an Arab company to run operations.

WASHINGTON (AP) -- U.S. lawmakers formally asked the Bush administration Thursday to reconsider its approval of a sale giving a company in the United Arab Emirates control over significant operations at six major American ports.

The lawmakers, including four senators and three House members, sharply criticized the UAE as inconsistent in its support of U.S. anti-terrorism efforts.

They also said the country was a key transfer point for shipments of nuclear components sent to Iran, North Korea and Libya and was one of only three nations that had recognized the Taliban as Afghanistan's legitimate government.

"Outsourcing the operations of our largest ports to a country with a dubious record on terrorism is a homeland security and commerce accident waiting to happen," said Sen. Charles Schumer, D-New York. "The administration needs to take another look at this deal."

The Bush administration defended its approval of the sale. A spokesman for the White House National Security Council, Frederick Jones, said Thursday that security implications of the deal were "rigorously reviewed."

The Associated Press reported Saturday that government-owned Dubai Ports World had won approval for the $6.8 billion deal from a secretive U.S. panel that considers security risks of foreign companies buying or investing in American industry.

Since then, a growing faction in Congress wants the White House to reconsider its approval of DP World's purchase of the London-based Peninsular and Oriental Steam Navigation Co., which British shareholders approved Monday.

The British firm, the world's fourth-largest ports company, runs commercial operations at shipping terminals in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.

The Committee on Foreign Investment in the United States reviewed the transaction and did not object. The committee, run by the Treasury Department, also includes officials from the departments of Defense, Justice, Commerce, State and Homeland Security.

Although it declined to comment on the committee's decision last week, the Treasury Department said Thursday the consensus of the panel's 12 members was that the sale did not present national security problems. The review included an assessment from U.S. intelligence agencies, the department said.

"Clearly no responsibility of government is more important than protecting the national security," the department said in a statement.

Critics have complained that control over port operations by DP World could endanger U.S. security. They cite the UAE's history as an operational and financial base for the hijackers who carried out the September 11, 2001, attacks against New York and Washington.

The lawmakers pressing the White House on Thursday included Sens. Schumer, Tom Coburn, R-Oklahoma, Frank Lautenberg, D-New Jersey, and Chris Dodd, D-Connecticut, and Reps. Chris Shays, R-Connecticut, Vito Fossella, R-New York, and Mark Foley, R-Florida.

On Wednesday, the chairman of the House Homeland Security Committee, Rep. Peter King, R-New York, said he spoke to senior White House officials, whom he declined to identify, and urged them to review the purchase. King said he believed the White House took the issue "very seriously and will look into it."

Treasury Secretary John Snow, asked during a budget hearing Wednesday about the committee's approval, said he was not permitted to discuss specific transactions the panel considers.



Congressman: Port deal lacks sufficient security

Arab company would be allowed to run six ports

Sunday, February 19, 2006

http://i.a.cnn.net/cnn/2006/POLITICS/02/16/congress.ports.ap/story.portnewark.gi.jpg
Operations at Port Newark, one of the facilities affected by the deal.

WASHINGTON (AP) -- U.S. terms for approving an Arab company's takeover of operations at six major American ports are insufficient to guard against terrorist infiltration, the chairman of the House Homeland Security Committee said Sunday.

"I'm aware of the conditions and they relate entirely to how the company carries out its procedures, but it doesn't go to who they hire, or how they hire people," Rep. Peter King, R-New York, told The Associated Press.

"They're better than nothing, but to me they don't address the underlying conditions, which is how are they going to guard against things like infiltration by al Qaeda or someone else, how are they going to guard against corruption?" King said.

King spoke in response to Homeland Security Secretary Michael Chertoff's comments Sunday about conditions of the sale. King said he learned about the government's terms for approving the sale from meetings with senior Bush administration officials.

Chertoff defended the security review of Dubai Ports World of the United Arab Emirates, the company given permission to take over the port operations. Chertoff said the government typically builds in "certain conditions or requirements that the company has to agree to make sure we address the national security concerns." But Chertoff declined to discuss specifics saying that information is classified.

"We make sure there are assurances in place, in general, sufficient to satisfy us that the deal is appropriate from a national security standpoint," Chertoff said on ABC's "This Week."

London-based Peninsular and Oriental Steam Navigation Co., was bought last week by DP World, a state-owned business. Peninsular and Oriental runs major commercial operations in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.

Lawmakers from both parties are questioning the sale as a possible risk to national security.

"It's unbelievably tone deaf politically at this point in our history," Sen. Lindsay Graham, R-South Carolina, said on "Fox News Sunday."

"Most Americans are scratching their heads, wondering why this company from this region now," Graham said.

Sen. Barbara Boxer, on CBS' "Face the Nation," said, "It is ridiculous to say you're taking secret steps to make sure that it's OK for a nation that had ties to 9/11, (to) take over part of our port operations in many of our largest ports. This has to stop."

Secretary of State Condoleezza Rice told Arab journalists in an interview Friday at the State Department, that it was "the considered opinion of the U.S. government that this can go forward." She pledged to work with Congress because "perhaps people will need better explanation and will need to understand some of the process that we have gone through."

At least one Senate oversight hearing is planned for later this month.

"Congress is welcome to look at this and can get classified briefings," Chertoff told CNN's "Late Edition." "We have to balance the paramount urgency of security against the fact that we still want to have a robust global trading system," he added. (Watch senator attack deal -- 2:55)

Sen. Robert Menendez, D-New Jersey, who is working on legislation to prohibit companies owned or controlled by foreign governments from running port operation in the U.S., said Chertoff's comments showed him that the administration "just does not get it."

Sen. Charles Schumer, D-New York, joined some family members of September 11 victims at a news conference Sunday to urge President Bush to personally intervene. The president "should override the agreement and conduct a special investigation into the matter," Schumer said.

Dubai Ports World should not be excluded automatically from such a deal because it is based in the UAE, Chertoff said.

Critics have cited the UAE's history as an operational and financial base for the hijackers who carried out the attacks of September 11, 2001. In addition, they contend the UAE was an important transfer point for shipments of smuggled nuclear components sent to Iran, North Korea and Libya by a Pakistani scientist.

Dubai Ports World has said it intends to "maintain and, where appropriate, enhance current security arrangements." The UAE's foreign minister has described his country as an important U.S. ally in fighting terrorism.

"I would hope that our friends in Abu Dhabi would not be offended by the fact that in our democracy, we debate these things," Rice said in the interview with the Arab journalists.



Suit seeks to block Arab firm's takeover of U.S. port operations

Sunday, February 19, 2006

http://i.a.cnn.net/cnn/2006/POLITICS/02/19/port.security.ap/story.portnewark.gi.jpg
Operations at Port Newark, one of the facilities affected by the deal.

WASHINGTON (AP) -- A company at the Port of Miami has sued to block the takeover of shipping operations there by a state-owned business in the United Arab Emirates.

The effort is the first American courtroom effort to capsize a $6.8 billion sale that has prompted a national debate over security risks at six major U.S. ports affected by the deal.

The Miami company, a subsidiary of Eller & Company Inc., is a business partner with London-based Peninsular and Oriental Steam Navigation Co., which Dubai Ports World purchased this month. In a lawsuit in Florida circuit court, the Miami subsidiary said that under the sale it will become an "involuntary partner" with Dubai's government and it may seek more than $10 million in damages.

The Miami subsidiary, Continental Stevedoring & Terminals Inc., said the sale to Dubai was prohibited under its partnership agreement with the British firm and "may endanger the national security of the United States." It asked a judge to block the takeover and said it does not believe the company, Florida or the U.S. government can ensure Dubai Ports World's compliance with American security rules.

A spokesman for Peninsular and Oriental indicated the company had not yet seen the lawsuit and declined to comment immediately.

The lawsuit represents the earliest skirmish over lucrative contracts among the six major American ports where Peninsular and Oriental runs major commercial operations: New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia. The lawsuit was filed moments before the court closed Friday and disclosed late Saturday by people working on the case.

The sale, approved by the Bush administration, has drawn escalating criticism by lawmakers in Washington who maintain the United Arab Emirates is not consistent in its support of U.S. terrorism-fighting efforts. At least one Senate oversight hearing is planned. (Read about congressional opposition Sunday)

The Port of Miami is among the nation's busiest. It is a hub for the nation's cruise ships, which carry more than 6 million passengers a year, and the seaport services more than 30 ocean carriers, which delivered more than 1 million cargo containers there last year.

A New Jersey lawmaker said Saturday he intends to require U.S. port security officials be American citizens, to prevent overseas companies operating domestic shipping facilities from hiring foreigners in such sensitive positions. Republican Frank A. LoBiondo, chairman of the Coast Guard and Maritime Transportation Subcommittee, cited "significant" security worries over the sale to Dubai Ports World.

Caught by surprise over the breadth of concerns expressed in the United States, Dubai is cautiously organizing its response. The company quietly dispatched advisers to reassure port officials along the East Coast, and its chief operating officer -- internationally respected American shipping executive Edward "Ted" H. Bilkey -- is expected to travel to Washington this week for meetings on Capitol Hill and elsewhere.

The Bush administration in recent days has defended its approval of the sale, and has resisted demands by Congress to reconsider. State Department spokesman Sean McCormack described the United Arab Emirates on Friday as a "long-standing friend and ally" and said the United States and UAE had a good relationship.

But Mayor Martin O'Malley of Baltimore on Saturday criticized the president's approval of the ports deal as an "outrageous, reckless and irresponsible decision" and urged the White House to reconsider the sale. Baltimore is one of the affected ports, and O'Malley is co-chairman of the U.S. Conference of Mayors' Task Force on Homeland Security. O'Malley also is running for the Democratic gubernatorial nomination in Maryland.

they just dont like the fact that Arabs are owning them now :D

Jumeirah appointed to manage Shanghai's most prestigious new luxury hotel development

Jumeirah, the dynamic and rapidly growing luxury hospitality group, manager of the world famous Burj Al Arab hotel in Dubai, has been appointed by Shanghai Lixing Hotel Limited, a joint venture between Shanghai Hotel Investments Limited and Shui On Private Group, to manage Shanghai's most prominent and prestigious new hotel development in the downtown Luwan District.
United Arab Emirates: 17 minutes ago

http://www.ameinfo.com/images/news/8/22138-xintiandi.jpg
An artist impression of HanTang Jumeirah Shanghai

The project brings to reality the vision of Leo Koguan, Chairman of Shanghai Lixing and through the appointment of Jumeirah creates a partnership of excellence. This partnership is expected to redefine the luxury hotel standard in China.

HanTang Jumeirah Shanghai will be part of Xintiandi, the exciting food & beverage, retail and entertainment component of a master-planned 52 hectare development in the heart of downtown Puxi, Shanghai, which will encompass prestigious office space, high-end residential complexes and quality retail facilities. The luxury hotel, designed by New York based Kohn Pedersen Fox Architects and Japanese interior design firm Super Potato, will feature 338 spacious guestrooms, suites and villas, extensive, state-of-the-art conference & banqueting facilities as well as a luxury spa. The hotel will also feature unique food & beverage concepts that will reflect the commitment to quality and innovation that will be evident throughout the development. The hotel is scheduled to open in mid 2008.

Shanghai is considered to be one of the world's most vibrant and progressive cities, striving to become one of the most prominent financial centers in the world. The unique nature of this development will further enhance the destination's global standing and will create a memorable experience for both business and leisure travellers to the city.

This management agreement with Shanghai Lixing follows Jumeirah's recent announcement of its intention to accelerate its portfolio growth, and closely follows the group's entry into the North American market with the launch of Jumeirah Essex House in New York on January 15th this year.

Leo Koguan, Chairman of Shanghai Lixing commented: 'Life is magical and precious, therefore we have to celebrate life. I am delighted to partner up with Jumeirah and together we will redefine the meaning of luxury. We will treat each of our guests as a VIP and provide facilities that enable them to celebrate his or her life to the maximum.'

Gerald Lawless, CEO of Jumeirah commented:
'We feel privileged to have been appointed by Shanghai Lixing to manage this luxury hotel in the heart of downtown Shanghai, China's primary commercial city, and are proud to be associated with such a high profile and prestigious development.'
He added: 'The essence of Jumeirah can be expressed in two words - 'Stay Different' - and we believe that this hotel development represents a unique opportunity to create one of the world's greatest and most individual hospitality experiences.'

Bush Didn't Know About Ports Deal

http://us.news3.yimg.com/us.i2.yimg.com/p/ap/20060221/capt.mh10402212304.ports_security_mh104.jpg?x=380&y=181&sig=jxDiKBGjoKgPQ6JbT88R4A--
An aerial view of the Port of Miami is shown in this May 26, 2005 file photo. Florida Gov. Jeb Bush said Tuesday, Feb. 21, 2006, that his brother, President Bush, would adequately protect national security as part of the federal government's approval of the sale of a ports operator to a state-owned company in the United Arab Emirates. Under a proposed deal, a British company that has been running some operations at six U.S. ports would be acquired by Dubai Ports World. The British company owns a 50 percent share in the Port of Miami Terminal Operating Co. (AP Photo/Alan Diaz, File)

WASHINGTON - President Bush was unaware of the pending sale of shipping operations at six major U.S. seaports to a state-owned business in the United Arab Emirates until the deal already had been approved by his administration, the White House said Wednesday.

Defending the deal anew, the administration also said that it should have briefed Congress sooner about the transaction, which has triggered a major political backlash among both Republicans and Democrats.

Bush on Tuesday brushed aside objections by leaders in the Senate and House that the $6.8 billion sale could raise risks of terrorism at American ports. In a forceful defense of his administration's earlier approval of the deal, he pledged to veto any bill Congress might approve to block the agreement.

But Lawmakers determined to capsize the pending sale said Bush's surprise veto threat won't deter them.

"I will fight harder than ever for this legislation, and if it is vetoed I will fight as hard as I can to override it," said Rep. Pete King, R-N.Y., chairman of the Homeland Security Committee. King and Democratic Sen. Charles Schumer (news, bio, voting record) of New York said they will introduce emergency legislation to suspend the ports deal.

Another Democrat, Sen. Bob Menendez of New Jersey, urged his colleagues to force Bush to wield his veto, which Bush — in his sixth year in office — has never done. "We should really test the resolve of the president on this one because what we're really doing is securing the safety of our people."

White House counselor Dan Bartlett said Wednesday the UAE company, Dubai Ports, "is a reputable firm that went through a congressionally approved vetting process." He said the U.S. has "the necessary safeguards to make sure that the security of our country is in place" and that rejecting the deal would send "a dangerous signal to people overseas that America plays favorites."

"The president wants this deal to go forward because it was followed by the book and he wants Congress to understand that," Bartlett said on CBS' "The Early Show." He told Fox News Channel that Bush felt strongly that "we need to be adding strategic partners" in the Mideast.

But Sen. Joseph Biden (news, bio, voting record), D-Del., said the bipartisan opposition to the deal indicated "a lack of confidence in the administration" on both sides. "Sure, we have to link up with our Arab friends but ... we want to see and those in Congress want to know what ... safeguards are built in," Biden said on ABC's "Good Morning America."

The first-ever sale involving U.S. port operations to a foreign, state-owned company is set to be completed in early March. It would put Dubai Ports in charge of major shipping operations in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia. "If there was any chance that this transaction would jeopardize the security of the United States, it would not go forward," Bush said.

Defending his decision, Bush responded to a chorus of objections this week in Congress over potential security concerns in the sale of London-based Peninsular and Oriental Steam Navigation Co.

Bush's veto threat sought to quiet a political storm that has united Republican governors and Senate Majority Leader Bill Frist of Tennessee with liberal Democrats, including New York Sens. Hillary Rodham Clinton and Schumer.

To assuage concerns, the administration disclosed some assurances it negotiated with Dubai Ports. It required mandatory participation in U.S. security programs to stop smuggling and detect illegal shipments of nuclear materials; roughly 33 other port companies participate in these voluntarily. The Coast Guard also said it was nearly finished inspecting Dubai Ports' facilities in the United States.

Frist said Tuesday, before Bush's comments, that he would introduce legislation to put the sale on hold if the White House did not delay the takeover. He said the deal raised "serious questions regarding the safety and security of our homeland.

House Speaker Dennis Hastert, R-Ill., asked the president for a moratorium on the sale until it could be studied further. "We must not allow the possibility of compromising our national security due to lack of review or oversight by the federal government," Hastert said.

Bush took the rare step of calling reporters to his conference room on Air Force One after returning from a speech in Colorado. He also stopped to talk before television cameras after he returned to the White House.

"I can understand why some in Congress have raised questions about whether or not our country will be less secure as a result of this transaction," the president said. "But they need to know that our government has looked at this issue and looked at it carefully."

A senior executive from Dubai Ports World pledged the company would agree to whatever security precautions the U.S. government demanded to salvage the deal. Chief operating officer Edward "Ted" H. Bilkey promised Dubai Ports "will fully cooperate in putting into place whatever is necessary to protect the terminals."

Bush said protesting lawmakers should understand that if "they pass a law, I'll deal with it with a veto."

Lawmakers from both parties have noted that some of the Sept. 11 hijackers used the United Arab Emirates as an operational and financial base. In addition, critics contend the UAE was an important transfer point for shipments of smuggled nuclear components sent to Iran, North Korea and Libya by a Pakistani scientist.

Since when did Dubai become such a big threat to the national security of the US?

It isn't, but a lot of American's are not educated enough to tell the difference between countries in the Middle East ... and also political opponents will cease upon anything just to win some favour with the public.

Another good article is here: http://news.bbc.co.uk/1/hi/world/americas/4737940.stm

Bush Port Defiance Fuels Bipartisan Anger

http://us.news3.yimg.com/us.i2.yimg.com/p/ap/20060222/capt.992823803bbf451198200dfef3886bf8.bush_dcgh104.jpg?x=380&y=327&sig=AGeEdyG54Hjzey371gNMOg--

WASHINGTON - President Bush's marquee issue, the war on terror, is being turned against him by Democrats and rebelling members of his own party in an election-year dustup over a deal that allows an Arab company to manage major U.S. ports.
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People in both parties are suggesting it's another case of Bush seeming to be tone deaf to controversy — on top of government eavesdropping, Katrina recovery and Vice President
Dick Cheney's hunting accident.

The storm is forcing the president to choose between losing face with the Arab world and embarking on what would be his first veto battle with the GOP-led Congress. And it has enabled Democrats to seemingly outflank him on a key GOP issue: national security.

Has Bush lost his way politically — or at least his touch?

"In regards to selling American ports to the United Arab Emirates, not just NO — but HELL NO," conservative Rep. Sue Myrick (news, bio, voting record), R-N.C., wrote Bush in a terse letter on Wednesday that she also posted on her Web site.

No matter that no American port is actually being sold, Bush faces a spreading rebellion among Republicans, Democrats and port-state governors.

"I think somebody dropped the ball. Information should have flowed more freely and more quickly up into the White House. I think it has been mishandled in terms of coming forward with adequate information," said Rep. Vito Fossella (news, bio, voting record), R-N.Y.

At issue: Bush's strong defense of an arrangement that would put a government-owned United Arab Emirates company in charge of major shipping operations in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.

The deal transferring port management from a British firm to Dubai Ports World has already been approved by both companies and an adminstration review panel.

Despite Bush's assertion that UAE has been one of the most helpful Arab countries in the war on terror, both Senate Majority Leader Bill Frist of Tennessee and House Speaker
Dennis Hastert of Illinois threatened legislation to put the deal on hold. Bush, in turn, vowed to cast his first veto — if necessary — to stop any such attempt.

"It's a strange thing for Bush to have slipped into, given the savvy you expected from this administration, with a vice president who spent over a decade on Capitol Hill," said Princeton University political scientist Fred Greenstein. "It seems as if his people would have seen that there was potential for trouble, and at least done their homework on the Hill."

Although a veto showdown could still be avoided, port-deal opponents were optimistic they could muster the two-thirds majorities needed to override one. "This deal doesn't pass the national security test. I think it is a mistake," said Rep. Jim Saxton (news, bio, voting record), R-N.J., chairman of a House subcommittee on terrorism threats.

Bush learned about the arrangement himself only in recent days amid increasing news coverage, said presidential spokesman Scott McClellan.

While Bush had struck a defiant tone on Tuesday in back-to-back sessions with reporters on Air Force One and outside the White House, McClellan on Wednesday acknowledged Congress should have been briefed earlier "given all the attention that has been focused on this and given the fact that it has been mischaracterized."

The phrase "tone deaf" to describe Bush's interaction with Congress was uttered by lawmakers as politically different as Sens. Lindsey Graham, R-S.C., and Joseph Biden, D-Del.

The Dubai Ports deal "is not a national security issue," suggested GOP consultant Rich Galen. "It is an issue of this administration having a continuing problem with understanding how these things will play in the public's mind and not taking steps to set the stage so these things don't come as a shock and are presented in their worst possible light."

With Bush's ratings stuck at about 40 percent, the incident is one more major distraction to his efforts to focus on his second-term domestic agenda.

Syndicated radio host Laura Ingraham was among the conservatives criticizing the deal, asking on her Wednesday program, "How do we know people they're hiring are passing background checks?"

The dispute brought to mind a 1999 flap when conservatives admonished the Clinton administration for acquiesing on Panama's awarding of a contract to a China company, Hong Kong-based Hutchison Whampoa Ltd, to run ports at both ends of the Panama Canal.

But then, almost all the criticism was from Republicans. Now, it's bipartisan.

"I think there are certain things you have to be really worried about. And one of them is port safety," said Robert O. Boorstein, a senior national security adviser in the Clinton White House.

"You have to call it an increbile tin ear that this administration could do that, with nobody stopping and saying, `excuse me?' said Boorstein, now with the Center for American Progress, a liberal think tank.

This is getting pretty serious now

Port Authority sues over Dubai control of NJ port

PHILADELPHIA (Reuters) - The Port Authority of New York and New Jersey filed a lawsuit on Friday to stop a United Arab Emirates company from taking over management of its container terminal at Port Newark in New Jersey.

The authority, jointly owned by the states of New York and New Jersey, argued that the deal under which state-owned Dubai Ports World would take over management from the British company P&O violates the terms of P&O's lease.

The transaction is part of a $6.85 billion deal under which DPW would manage terminals at six major U.S. ports. The plan has sparked protests from federal and local lawmakers and officials who fear the ports' security will be hurt if they are managed by a company whose owner has been accused of having links with terrorist groups.

The Port Authority said it has a right to review changes in port management under the existing lease agreement. The lawsuit, filed in the Superior Court in Newark, urged the court to declare that the purchase of P&O requires consent of the Port Authority under the lease, that the container terminal is in breach of its lease, and that the lease is terminated.

The suit names P&O Ports North America, and Port Newark Container Terminal LLC as defendants.

Lawmakers opposed to the takeover noted links between UAE and al Qaeda but
President George W. Bush has defended the deal, calling the UAE an ally in the war on terror.

"The Port Authority has been deprived of its right to conduct a thorough review of the purchase ... of the identity, qualifications, experience and reputation of the purchasers ... and of the proposed impact that the change may have on the control and ownership," the lawsuit said.

New Jersey Gov. Jon Corzine urged the other governors of states with ports affected by the DPW deal -- Louisiana, New York, Florida, Connecticut, Maryland and Pennsylvania -- to join the lawsuit.

Democrat Corzine issued the invitation in letters to each governor, saying the lawsuit "will seek to enjoin this sale of vital assets to a foreign nation without our states having had the opportunity to determine the extent of the threat to the safety of our citizens."

In London, a U.S. company at the Port of Miami, Eller & Co. Inc., filed a petition in High Court opposing the takeover.

On Thursday, the State of New Jersey sued the federal government to block the deal.

Officials at P&O Ports North America did not return phone calls seeking comment.

New Jersey Sen. Robert Menendez on Friday dismissed DPW's offer to delay assuming control of the port terminals.

"We can't rely on non-binding promises from foreign governments to secure our ports," he said. "If the Bush administration will not stop this deal from closing, Congress must."

Friday, 03 March 2006
7DAYS

History may yet teach us a lesson – that some things never change The news of TECOM’s $160 million SmartCity investment in Malta broke while I was there on a press trip.

Al Arabiya Television were making a documentary, Arabian Business magazine was represented as was Al Hilal Publishing. I presented my Dubai Eye travel show live from the island via an ISDN line.

But, we were all interested to see how the news of the new IT village would play out in Malta and what, if anything, we could learn.

While UAE residents might yawn at yet another multi-billion dollar investment announcement the Maltese were almost dancing in the streets about this seemingly paltry sum.

We, the anesthetised residents of this country, probably wouldn’t even notice a $160 million investment announcement unless it was a slow news day. What that says is anyone’s guess.

Malta is a small island with a lengthy history that has seen the country’s fortune wax and wane over the centuries. The small republic was even under Arab rule long ago. The return of the Arabs is far more welcome this time.

No Maltese politicians were complaining about security or trying to push through ridiculous law suits about foreign ownership or Arab management a la Hillary Clinton.

The posturing former First Lady who is definitely not running for President in 2008 hasn’t done her Middle Eastern credibility any good – if she ever had any. And, I can’t help finding it strange that her husband spends so much time in the Middle East, but then maybe it is to keep away from her plus he’s paid good money. I digress.

The Maltese politicians could not ignore the opportunity of having their say about the Dubai Internet City clone of course.

The initial perceived benefits were not necessarily the investment, the redevelopment of a virtually derelict area of the island (Ricasoli) or the jobs that will be created (5,600 over five years).

The first thoughts were that the government would have to pull its finger from wherever it had been hiding it in order to speed up company formation and slim down bureaucracy in general. Indeed, it would have to contractually agree to do that.

It appears, from the local media coverage, that Malta’s government can be a little sluggish. An open appeal in The (Maltese) Sunday Times from the Malta Employers Association was: “That bureaucratic barriers will not hinder this seminal project.”

The government has hopped, nay, leapt into action and set up a new department to deal with this requirement. Just what governments always need - another department?

One columnist, called Roamer, thought that the Maltese government should not rest on its laurels now that it has secured this deal, well, almost secured the deal, announcements were made for political gain in Malta, I overheard in one conversation.

Nothing is signed yet. Nevertheless, Maltese Consul General, Anthony Tabone, based in Dubai, assured me it was a formality.

Resting on ones laurels apart from being mildly uncomfortable means to the Maltese columnist that they shouldn’t forget road construction and traffic management (sound familiar to anyone)?

They should also not forget overflowing drains and occasional power cuts (spooky). They should not forget that a visit to any government office or department should be swift and efficient (I’m saying nothing).

What Roamer was getting at I fear, was that even with great developments in certain areas responsibilities in the more mundane areas should not be forgotten.

In closing the columnist said, “It would be a pity if we got the macro picture in focus and allowed micro levels of government to wallow in inefficiency because department heads and their middle management remain unaccountable for what is happening down the line.”

If a country with a six thousand year history has these kinds of problems, we perhaps should not moan quite as much about the similarity of the issues we have to face.

What else did we learn from this investment into Malta by TECOM, the parent of Dubai Internet City, and ultimately owned by the Dubai Government?

We learned of a shrewd investment. Malta is still a geographical gem and reasonably priced as a springboard into Europe. I didn’t mention that?

It has strong ties with one of the last gems in the oil and gas world, Libya. I didn’t mention that either? Emirates will soon increase flights, via Larnaca, to the island to five times a week. Now if you’d listened to my travel show I definitely said that.

WHEN WILL THE UAE START TO INVEST MORE IN AFRICA?? Not all countries there are basket cases. Look at Ghana, Senegal, Botswana, Gabon, Namibia, Kenya or South Africa...these countries are all yelling for investors and are almost virigin territory.

PS.I DO LOVE YOUR COUNTRY VERY MUCH

I would say Algeria would/should be a prime target for Middle Eastern countries to invest in ...

Yes, of course Algeria but I was talking about sub-saharan Africa..there are vast opportunities literally "yearning" to be exploited

What do you think dubai should invest in?


im faily sure DP world have seveal projects in africa.

i also think etisalat may be building a phone network somewhere.

WHEN WILL THE UAE START TO INVEST MORE IN AFRICA?? Not all countries there are basket cases. Look at Ghana, Senegal, Botswana, Gabon, Namibia, Kenya or South Africa...these countries are all yelling for investors and are almost virigin territory.

PS.I DO LOVE YOUR COUNTRY VERY MUCH
Etisalat baught a telecom company which operate in several african countries.

emaar is investing in morocco with its Bahia Bay as well.

They need a stable and non-corrupt government before investment will come ... unfortunately that is holding back so many African countries :(

Anybody know if this is a legit company? All I could find on the net was Dubai Investments not "New Dubai Investments" ...is it the same one?
Registrant:
New Dubai Investments PJSC
P.O.Box 28179
Dubai, Dubai ---
AE
9740-

Domain Name: TORREMAYO.COM

Administrative Contact:
Fardan, Ali ali.fardan@undisclosed.com
P.O.Box 28179
Dubai, Dubai ---
AE
9740-

Technical Contact:
Fardan, Ali ali.fardan@undisclosed.com
P.O.Box 28179
Dubai, Dubai ---
AE
9740-

they should start investing in the media, this DP issue has shown that there are many "westerners" ignorant about Arabs and the ME thanx to the Jews..

actually little antisemitic prick, Israel's ZIM shipping supported the deal, and if you want to see where ignorance or prejudice or simple hate against arabs started from take a visit
to your friend bin laden or to the muslim terrorists in iraq, in sudan, in chechniya, in pakistan, in afganistan, in nigeria..etc

Saif is right

i hope this will not go through
it could house a terrorist network!!!


Dubai rumours spark rent rises in Manhattan

Reuters

New York: Shares of Midtown Manhattan office landlords rose after rumours a Dubai-based company may pay a hefty price for two buildings owned by Boston Properties.

The rumour was stoked by comments on Monday by real estate heavyweight Sam Zell, chairman of Equity Office Property Trust, that there was a $2 billion-plus deal in the works in Manhattan.

Boston Properties, whose chairman is Mort Zuckerman, has been interviewing brokers for the sale of 280 Park Ave. and No. 5 Times Square, the headquarters of accounting firm Ernst & Young, according to a high-powered New York broker who did not wish to be identified. Both buildings are fully leased and would be sold together.

New York real estate followers have speculated that one potential buyer may be investment firm Istithmar, headed by Sultan Ahmad Bin Sulayem, that bought a Park Avenue building last year.

Neither representatives of Istithmar or Boston Properties could immediately be reached for comment.

Such a high value placed on the properties means that similar Midtown buildings would be worth more too, pushing up share prices of the landlord companies as well, said Bank of America Securities analyst John Kim.

In November, Istithmar bought 230 Park Ave. for $705 million, which translated into an initial yield called a cap rate of about 4.89 per cent.

The net operating income of a building divided by its price results in its initial cap rate, equivalent to the interest the buyer is willing to accept on its investment.

The real estate industry uses cap rates to value buildings the lower the initial cap rate, the higher the price of the building.

A price of $2.2 billion for the two Boston Properties buildings would translate into a cap rate of 4.5 per cent, said the broker. At $2 billion the rate would still be well under 5 per cent.

"It makes sense that somebody like Istithmar could buy it," said the broker of the Boston Properties package. "You wonder how much money that one group wants to put into this egg basket."

Still, even if Istithmar doesn't buy it, the talk alone may spur competitive offers, the broker said.

"There are other buyers like that," he said. "Once you get an investor from a part of the world that's really high profile and prominent that invests in a market, other people from that market typically say, 'If it's good enough for them, it's good enough for me."

:rofl:

if they keep their attitude towards the middle east it would only be reasonable not to allow this.

+ jumeirah would have to sell essex house as well ;)

anything Dubai do those days is extremly vital for the americans

Emaar launches US$700 million Lakeside project in Turkey

Emaar Properties, the world's largest property development company, has today announced its latest international expansion venture with a landmark development valued at US$700 million in Istanbul, the cultural and commercial hub of Turkey.
United Arab Emirates: 41 minutes ago

http://www.ameinfo.com/images/news/1/23311-Artist.jpg
Artist rendering of a residence in Emaar's Lakeside project in Turkey.

The Lakeside project will introduce the master planned community concept to the ancient city and offer lifestyle options that have become synonymous with Emaar.

The Lakeside project is a joint venture between Emaar Properties, and Atasay, Turkey's largest gold jewellery exporter. The initial investment figure of US$700 million will be followed by a further US$5-10 billion over the next few years. In addition to the Lakeside project, Emaar and Atasay are also currently focusing in identifying potential sites for shopping centres, commercial space and hotels developments.

The Lakeside project is located in the western part of Istanbul, just 20 kilometres from Ataturk International Airport and 50 minutes from the city centre, covering 1.7 million square metres. The project will include 600 luxury villas, recreational and social spaces for residents as well as a wide range of community amenities. With villas situated on the slopes of the nearby Buyukcekmece Lake and the Marmara Sea, residents will be able to take in the stunning views of the picturesque lake from their exclusive homes.

'Today's announcement marks another milestone in Emaar's ongoing international expansion. As part of Emaar's 'Vision 2010' program of rolling the Emaar brand name across the world, Turkey was a significant market to our plans and demonstrated ideal market conditions for high quality master planned communities,'


said Mr Mohamed Ali Alabbar, Emaar's Chairman.

'Istanbul is both an ancient city with an impressive past and a modern metropolis with an exciting future; it is the perfect time to contribute to its progress,' he added.

Mr Cihan Kamer, Atasay's Chairman said: 'We are excited that we are working together with Emaar to build world class landmark projects in Turkey. With this partnership, our goal is to serve the Turkish people and provide quality communities with increased lifestyle options.'

Steeped in history, present day Turkey has been shaped by three ancient empires with two of the seven ancient wonders of the world, namely the Temple of Artemis and the Mausoleum of Halicarnassus having been located in the ancient land. The Lakeside project will complement this rich history taking inspiration from the surrounding natural beauty of the Buyukcekmece Lake.

'The Lakeside project is the first of many Emaar projects in Turkey. Not only are we looking at the real estate sector, but also at investing in finance, energy, telecom, tourism and media sectors as part of Emaar's long-term investment plans within the country. We look forward to the opening of our new corporate office in Istanbul during the next quarter,' said Dr Nader Mohammed, Emaar's Executive Director - International Operations.

With joint ventures and projects across the region covering Saudi Arabia, Morocco, Syria, Egypt, India and Pakistan, Emaar is taking its successful formula to the rest of the world.

Etisalat have already paid around $2.6billion for a 26% stake in Pakistan's telecomms. network. This privatisation could well be the start of a whole new relationship between S.E. Asia and the M.E. I hope it does, that way, Dubai's $billions will be much better invested in growing economies like Pakistan and India, rather than wasted away in Federal reserves like that of the ungrateful Americans.

Al Gergawi announced $12 billion investments in Moroco.

Say hi to Dubai Towers - Casablanca.

Looks like Mr. Abbar was dead serious when he said emaar would be the biggest company in the world by 2010

Dubai giant estate firms invest in Morocco

Emaar Properties, Dubai Holdings sign nine billion dollar tourism deals with Morocco over next 10 years.

CASABLANCA, Morocco - Two major Dubai-based firms signed agreements with Morocco on Wednesday to invest a total of more than nine billion dollars in tourism projects over the next 10 years.

The agreements were signed here by Emaar Properties, which is the world's richest real estate firm in terms of market capital, and Dubai Holdings, both based in the United Arab Emirates.

http://www.middle-east-online.com/pictures/big/_16113_dubai-rabat-deal-29-3-06.jpg
Rabat, Marrakesh, Casablanca and Tangiers are the targets


They covered "residential and tourism improvement and development" in Rabat, Marrakesh, Casablanca and Tangiers.

In Rabat, Emaar agreed to invest 3.1 billion dollars to improve the Rabat beach area and Dubai Holdings is to put two billion dollars into tourism projects in the historic Bouregreg valley separating Rabat from Sale.

In the region of Marrakesh, the agreements envisaged a total of 2.4 billion dollars in investments, of which 1.4 billion dollars would come from Emaar, in the Atlas Mountains tourist area and ski resort of Oukaimeden.

Also in Marrakesh, one billion dollars is to be invested in projects at Chrifia by Dubai Holding and the Moroccan state-owned Caisse Marocaine de Depots et de Gestion (CDG).

Finally, Emaar plans to spend 650 million dollars in Tangiers to build hotels and other businesses in the city.

The investment agreements were signed in the royal palace of Casablanca by representatives of the Moroccan state and by the two Emirates groups in the presence of King Mohammed VI.

dubai towers in casablanca would look great!

i hope that emaar will build nice looking and highrise buildings in casablanca like the ones in Dubai .

Tecom outbids Vivendi for Tunisie Telecom

Tunis: Dubai's Tecom-Dig outbid French Vivendi in a tender for 35 per cent of Tunisie Telecom, offering 3.05 billion Tunisian dinars ($2.24 billion) versus 2.76 billion dinars offered by the French group, officials said at an open auction session.

Vivendi offered 2.44 billion dinars early this month ahead of Tecom's 2.38 billion, and the two companies were selected as a result by the Tunis government to bid in the auction, out of an original field of seven players.

"We did not expect Dubai's Tecom-Dig to be so much higher," said Christian Lalonde, a member of his company's delegation at the auction.

Among the initial bidders was France Telecom, with a bid of 1.90 billion ranking fourth behind a consortium of Saudi Oger and Telecom Italia with 2.12 billion. Tunisian government officials said Dubai's Tecom will be formally approved as the final winner within 72 hours as it stated in the details of the tender.

Tunisie Telecom has about 4.2 million mobile and fixed-line customers.

I feel sorry for Etisalat on this one :lol:

Is tecom a part of etisalat?

no but both of them entered the bid against each other and Tecom won

TECOM is part of Dubai Holdings

Emaar's global operations to take lead role

Casablanca: Emaar Properties' international investments have bypassed its domestic commitments and the company is looking for more ventures to expand its global footprint.

Mohammad Ali Al Abbar, Chairman of Emaar, said his company's international operations will dominate its future activities.

"In two years, 80 per cent of our projects will be located outside the UAE," Al Abbar said.

"It is a difficult task to manage a company with such big operations spread across the region, then what is so easy? However, nothing is impossible."

Emaar's commitments to its international operations have crossed $35 billion, according to the company's estimates.

In terms of value, this is much higher than its UAE operations.

In the UAE, Emaar's largest project is the Burj Dubai development, the value of which is expected to exceed $20 billion.

Emaar's external commitments include $10 billion each in Saudi Arabia and Turkey, followed by Morocco with $6.9 billion and India where the company is investing in projects worth $6 billion. In addition, it has sizeable commitments in Syria and other markets.

Emaar recently appointed Ahmad Al Matroushi as head of its UAE operations while dividing its international portfolio according to the countries where the projects are located.

It has six major projects in Morocco, including those already announced.

The company, which has handed over 13,000 apartments and villas, is currently in a major international expansion drive that will see the announcement of more new projects in the region.

Emaar has identified a number of countries for expansion. Earlier, it successfully executed the construction of the Hyderabad Convention Centre in India, which the company has identified as a major growth area.

Recently, Emaar was mandated to develop King Abdullah City, a $26 billion development in which its share of investment will be about $10 billion.

"Both Indian and Saudi markets are big for us and we have major expansion plans in these two countries. We are also going to be very big in Morocco where we will have some new and exciting projects," Al Abbar said.

Emaar has also made inroads into Egypt, and it is negotiating for new projects in Tunisia.

Dubai-based Emaar is the world's largest property developer in terms of market capitalisation.

"In two years, 80 per cent of our projects will be located outside the UAE," Al Abbar said.

:eek:

they said by 2010 they want to be one of the largest companies in the world, not only in terms of properties :eek:

it's called vision 2010 :D:D

Microsoft has a market capitalisation estimated at $400b.....so a fair way to go yet! But good look to them!

Not content on beating Singapore in a bidding war for P&O, Dubai now sets its sights on a Singaporian company!

UAE company bids for Sinagpore oil company
March 31, 2006

DUBAI, United Arab Emirates, March 31 (UPI) -- Dubai-based Aabar Petroleum Investments is offering $534 million for Singapore's Pearl Energy.

The all-cash offer aims to take the oil and natural gas exploration company private, Gulf Daily News said Friday.

API said its bid marks an 18-percent premium to the volume-weighted average price of Pearl's shares over the last month of trading.

Pearl Energy holds interests in Indonesia, Thailand and the Philippines.

Copyright 2006 by United Press International

it is an Abu Dhabi based company and luckily I have shares in it :D

^^ I thought you hated AD and everything it has....

I do, that is why I do whatever it takes to suck their money :D

why does it say dubai based btw?

The project is colossal. And according to the persons in charge for the area, it will be the spearhead of the opening-up and the development of the area of Haouz. It’s an important investment. 1. 4 billion dollar will be invested in a gigantic place in Oukaïmeden, the first ski resort of Africa, located within 70 kilometers of Marrakech in the mountains of Jbel Toubkal.

It’s a residential complex with 11 hotels and golf. The whole will occupy a surface of 600 hectares. The investors highlight that it will be the highest golf in the world, one 18 holes located at 3.000 meters height. But, before, it will be necessary to level the station to answer the international standards of the activities of winter sports.

The promoter is not other than EMAAR. Its project is part of the 8 conventions concluded between the Arab Emirates and the Moroccan government under the presidency from Its Majesty the King, Wednesday in Casablanca.

According to the technical studies, a coherent management of the tracks would allow a higher snowing. This will increase, in time and quality, the activity of the winter sports. The technical approach also considers artificial snowing, a solution adopted by several other international stations of ski. That requires alteration work through the creation of water reserves, but that can allow only 6 months of snowing.

Since 2004, the station knows favorable climatic conditions with falls of snows from the very start of the winter, (November in particular). Due to the nature of the activity, the station currently accommodates less than 5.000 visitors per weekend, whereas the period of snowing does not exceed three months. The period of snowing will be lengthened to 6 months and the site could be used during spring and even in summer thanks to its golf and its residences.

I really hope EMAAR knows what it's getting into

what sort of a crazy press release is that [unless you translated it?]

what sort of a crazy press release is that [unless you translated it?]
yes i translated it from french using altavista from an article published in economic newspaper in morocco. i didn't have choice because i couldn't find anything talking about this project in english

ah, cheers, i was just worried it might be fake.


thanks a lot for making the effort :)

Nakheel Hotels & Resorts announces first international development

Nakheel Hotels & Resorts, the UAE's premier property developer, working in partnership with Kempinski, will open its first international hotel in Djibouti on the East coast of Africa, representing the company's first overseas property development.
United Arab Emirates: 17 minutes ago

http://www.ameinfo.com/images/news/8/23668-entra.jpg
Artistic image of the entrance of Djibouti Palace Hotel.

Situated on the east coast of "the horn of Africa", the hotel will be located in Djibouti's capital - Djibouti City. The 400 room five-star Djibouti Palace Hotel will also feature luxury resort facilities including a beach club and retail arcade, as well as a state-of-the-art conference centre. The hotel will be the first new build 5* hotel in Djibouti, and will be run by one of the world's most established hotel operators, Kempinski Hotels and Resorts. The hotel is part of a large integrated development which will also include a number of residential types (furnished and unfurnished apartments and villas), commercial offices and retail opportunities. Nakheel is also working on other leisure developments within the country of Djibouti which include a mountain top spa and island resorts.

The first phase of the hotel is already under construction, and the hotel and conference centre will be completed by the November 2006, in time to host the COMESA (Common Market for Eastern and Southern Africa) Meeting of Council of Ministers, which will be attended by leading political figures from throughout the world, including heads of state from the twenty member countries.

The beachfront hotel will be situated near to the Port of Djibouti, and it will continue Dubai's investment in Djibouti; helping it develop as a business and tourist destination. DP World (Dubai Ports World) manages the port and has been key in the development of an oil terminal, container terminal and industrial and commercial free zone: the port has grown to become one of the most productive terminals in Africa and one of the fastest growing container terminals in the Red Sea.

Sultan Ahmed bin Sulayem, Nakheel Executive Chairman said,


"Dubai has very good relations with the government of Djibouti - a country which is seeing excellent progression in the business and tourism sector. Djibouti is a key strategic trading hub for Dubai, and Nakheel Hotels & Resorts is proud to announce its first international hotel investment."



"This hotel will be a hotel for both business and tourist visitors, and it will include all the facilities you would expect of a luxury resort. We are very pleased to be working with Kempinski, who have an excellent record of pioneering quality hotel developments in emerging markets. The strength of the development has already been recognised by the decision of COMESA to use the hotel in 2006."

Reto Wittwer, Chairman, President & CEO, Kempinski Hotels and Resorts said, "We are delighted to be the hotel group chosen to manage Nakheel's hotel development in Djibouti. This project has the potential to raise the profile of the hospitality industry in the country and create a new awareness of Djibouti as a travel destination, and we will use all our operational expertise and marketing resources to make this happen."

The Taisei Corporation have been appointed designers and contractors for the project; the Japanese company continue their excellent working relationship with Nakheel, having been also awarded the contracts for both The Palm Jumeirah vehicular tunnel, and Almas Tower at Jumeirah Lake Towers.

EMAAR president
UAE investments in Morocco reach MAD 50 billion

The president of the group ‘Emaar', Ahmed Al Abbar, , said that “the entire UAE investments in Morocco reached recently MAD 50 billion, which will create about 30,000 job opportunities,” reported MAP news agency.

Al Abbar, who was invited to the first Moroccan local channel TVM to assist “Ma'a Al Hadat” broadcast, said these investments carry projects for upgrading and evaluating tourist and residential potentials, adding that these projects will bring about other foreign investments that can respond to the Moroccan economic potentialities and human resources.

He added that the group will focus its attention on small Moroccan cities to create new job opportunities and contribute to their development.

Morocco and UAE share the same vision and willingness to reach social and economic rebound.

Etisalat enters Afghan market

Dubai: Etisalat, the UAE's main telecom firm, has reached an agreement with Afghanistan to provide mobile phone services in the war-torn country.

Mohammad Hassan Omran, Etisalat chairman, said talks were under way with the government in Kabul to start fixed phone services.

The deal is part of a plan to become one of the top 10 global telecom operators in five years by entering Afghanistan, India, Africa and Europe, he said.

"There have been talks with Indian telecom operators to buy stakes in some companies as part of Etisalat's external expansion to enter global markets," Omran said.

Etisalat is also eyeing African markets such as Libya and Algeria, he said.

"The corporation's competitive strategy is not based on cutting prices at the expense of quality of services but is based on offering the latest services in line with international standards," he said.

Etisalat is keen to offer competitive prices at both local and regional levels, he added.

"Customer satisfaction is our key goal ? and this is why we always seek to provide our customers with the best services and meet all their demands and requirements," Omran said.

He said Etisalat was eyeing a second licence in Saudi Arabia. "Our offer is the best ? and we could compete the best and giant telecom operators to win."

If Etisalat wins the bid, it would consolidate the UAE telecom major's position in international markets, particularly in Asia and Africa where it has a presence in 13 countries, he added.

Omran also said that Etisalat was planning to offer innovative and unique services to Egyptians.

Etisalat International Pakistan (EIP), a subsidiary of UAE's telecom major Etisalat, finally took control of Pakistan Telecommunications Company Limited (PTCL) on Wednesday night, after nearly 10 months of uncertainties and tense negotiations that threatened to wreck the $2.6 billion deal.


The management control of PTCL was formally transferred to Etisalat late last night in Islamabad with the induction of new directors to the board of PTCL.

A spokesman for Pakistan Privatisation Commission said the nominees of Etisalat were formally co-opted on the PTCL board and its group of companies to complete the formal handing over of the company's management to the new owner.

The deal, which Etisalat won after a bidding war in June last year, almost unravelled in October when it failed to meet a deadline for full payment.

The handing over of the control was in line with the terms of the final pact inked at the Pakistani Parliament in March. As per the agreement, Etisalat had to pay a total of $1.4 billion within one month after the signing of the deal and the remaining amount of $1.2 billion in equal instalments over four-and-a-half years, with one instalment every six months.

Etisalat, which made the initial payment of $260 million last year, fulfilled the agreement by paying $500 million two weeks ago and another $640 million before April 12, sources close to PTCL said.

Etisalat had won the bid for a 26 per cent of PTCL shares and management rights on June 18 for $2.59 billion at Rs117.01 per share.

The deal drew flak as many believed it was heavily overpriced, surpassing the bid by the nearest rival by some $1.2 billion.

Etisalat offered the highest bid with $1.96 per share, ChinaMobile of China was the second highest bidder by offering $1. 063 and SingTel of Singapore offered $0.88 at a bidding ceremony held in Islamabad by the Pakistani Privatisation Commission in June last year.

As per the original schedule, full payment and taking over control of PTCL by Etisalat would have been completed by August 28, 2005. However, when Etisalat failed to meet the deadline, Pakistan agreed to extend the completion period of the deal until October 28 last year.

The deal was almost written off when that deadline was also missed over differences on payment schedules. Finally, in December 2005 both sides hammered a new payment schedule and Pakistan's Cabinet Committee on Privatisation approved it on January 6, 2006.

Under the amended deal, Etisalat has now paid $1.4 billion before taking over the management control of the PTCL. The remaining $1.2 billion will be paid in nine six-monthly instalments by the end of 2010.

Etisalat, which had been enjoying a monopoly status as the sole telecom operator in the UAE, is making several successful overseas forays following UAE's government's decision to allow a second operator du. According to Mohammed Hassan Omran, Chairman of Etisalat, the corporation aimed to be among the top 10 telecommunications corporations in the world. Central to achieving that goal is the PTCL deal as Pakistan’s mobile industry offers tremendous scope for growth.

Its subscriber numbers surged to nearly 20 million from just two million over the past two years, adding some 1.25 million subscribers every month.

The country's telecom penetration grew to 18 per cent from 4.5 per cent in just two years and it is projected to rise 35-40 per cent in another two years, with another 30 million users expected to be added in 24 months.

from emirates today:

Jumeirah Group wants more properties in North America

Shweta Jain Business Reporter

Jumeirah Group is eyeing three to four more destinations in North America, after it took over the management of NewYork’s Essex House hotel earlier this year, according to a company official.
“We are working closely with some people and are keen to get involved in more properties in North America, especially some of the gateway cities. If we can manage that, it would be a significant achievement for us,” Gerald Lawless, Chief Executive Officer of Jumeirah Group, said.

“Jumeirah will grow with the investments by Dubai Holdings, of which we are a part,” he added.

Lawless, however, said Jumeirah Group does not have specific projects in hand at the moment.

“It all depends on where the opportunity comes from.” The Jumeirah Group has a five-year plan of having 40 hotels into its fold by 2010.

Lawless, who was attending the (April 11-12) Global Travel and Tourism Summit in Washington DC, said the summit addressed how Dubai can set an example for other countries when it comes to tourism.

“In Dubai, private sectors work closely with the government when it comes to travel and tourism, and even in other areas.

There are lessons that other countries can learn from Dubai,” said Lawless.

Another area that the summit laid emphasis on, according to Lawless, was that the United States is keen to attract more people from the Middle East.

“The US authorities need to, and are going to, address the issue of making the whole visa process easier, in order to encourage more people to travel to the US easily,” said Lawless

R

Wait 'til the Senate get to hear about this! What fun!

^^ :lol: maybe they will even force them to sell the essex house again :D

Emaar to develop Dh6.7 billion Marina Al Qussor project in Tunisia
[Saturday, April 15, 2006 3:15:00 pm]

http://i2.tinypic.com/vhtgs7.jpg

Emaar Properties PJSC has announced its plans to develop the AED 6.7 billion (US$1.88 billion; TND 2.54 billion) Marina Al Qussor project on Tunisia’s eastern coastline. The 442 hectare Marina development is located within the county of Sousse towards the southern end of the Golfe de Hammamet and will offer a mix of living options and tourist attractions with a large Marina Village at its centre.

At a special ceremony in the capital Tunis, Emaar Chairman Mohamed Ali Alabbar presented the high profile project to the Tunisian President Zine El Abidine Ben Ali. The project will add a premier tourist destination on the southern shores of the Mediterranean away from the hustle and bustle and yet be closely located to Tunisia’s key cultural sites for tourists to explore.

Speaking at the event Mr Alabbar said: “We are honoured to showcase Marina Al Qussor to Tunisia’s President Zine el Abidine Ben Ali today. Tunisia is a country rich in heritage and we look forward to the opportunity of adding to its world class attractions with the development of Marina Al Qussor. This project is a timely addition to Tunisia’s thriving tourism industry which has been attracting the world’s attention.”

“Yesterday’s presentation sees us looking at other parts of North Africa for the development of our master planned communities and lifestyle options that have become synonymous with Emaar. With its thriving tourism industry, Tunisia is a significant market for Emaar to roll out such communities that offer everything from a thriving resort atmosphere to a quiet retreat,” said Mr Alabbar. Emaar's Marina Al Qusoor development is in line with Tunisia's tourism policy which is currently focused on residence tourism which enables high end tourists to buy homes in areas with beautiful landscape for longer stays. The country attracted 6.4 million tourists in 2005 and is aiming for tourism revenue of close to US$2 billion in 2006.

The various components of Marina Al Qussor range from over 4,000 residential units with villas, townhouses and apartments located on the lakeside, beach, marina and quayside; six hotels ranging from luxury boutique to four star located on the beach and marina; leisure facilities with the marina, yacht club, beach clubs, spa resort, sports club, 18-hole golf course, clubhouse, driving range; and retail space located on the marina and quayside.

The development offers a series of ever changing environments ranging from natural lakes to golf landscapes and olive groves to the existing El Medfoun forest and sandy beaches. In contrast to these natural landscapes, the central marina village area will offer the ideal backdrop to the hustle and bustle of the resort centre. The village will become the heart of the resort with shops, restaurants and apartments surrounding the 400 berth marina that will support boats of all sizes including large private boats that cruise the Mediterranean.

The architectural character of the development is based on numerous distinctive traditional Tunisian elements from building techniques to styles and materials. Low rise buildings add to the charm of the site allowing uninhibited views across the development.

Emaar’s innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many investors. The integration of schools, health facilities, parks, landscaped environs and retail centres within master-planned golf, equestrian and marina themed communities has proven to a big attraction for the home buyer. With joint ventures and projects covering Morocco, Saudi Arabia, Turkey, Syria, Egypt, India, Pakistan and now Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

R

Emaar announces plans for AED 6.7 billion Marina Al Qussor development in Tunisia

Emaar Properties PJSC, the world's number one property developer, today announced its plans to develop the AED 6.7 billion (US$1.88 billion; TND 2.54 billion) Marina Al Qussor project on Tunisia's eastern coastline.
United Arab Emirates: 49 minutes ago

http://www.ameinfo.com/images/news/9/24089-MarinaAlQussoraMarinaart.jpg
442 hectare mixed use development on Tunisia's eastern coastline

The 442 hectare Marina development is located within the county of Sousse towards the southern end of the Golfe de Hammamet and will offer a mix of living options and tourist attractions with a large Marina Village at its centre.

At a special ceremony in the capital Tunis yesterday, Emaar Chairman Mohamed Ali Alabbar presented the high profile project to the Tunisian President Zine El Abidine Ben Ali. The project will add a premier tourist destination on the southern shores of the Mediterranean away from the hustle and bustle and yet be closely located to Tunisia's key cultural sites for tourists to explore.

Speaking at the event Mr Alabbar said: 'We are honoured to showcase Marina Al Qussor to Tunisia's President Zine el Abidine Ben Ali today. Tunisia is a country rich in heritage and we look forward to the opportunity of adding to its world class attractions with the development of Marina Al Qussor. This project is a timely addition to Tunisia's thriving tourism industry which has been attracting the world's attention.'

'Yesterday's presentation sees us looking at other parts of North Africa for the development of our master planned communities and lifestyle options that have become synonymous with Emaar. With its thriving tourism industry, Tunisia is a significant market for Emaar to roll out such communities that offer everything from a thriving resort atmosphere to a quiet retreat,' said Mr Alabbar.

Emaar's Marina Al Qusoor development is in line with Tunisia's tourism policy which is currently focused on residence tourism which enables high end tourists to buy homes in areas with beautiful landscape for longer stays. The country attracted 6.4 million tourists in 2005 and is aiming for tourism revenue of close to US$2 billion in 2006.

The various components of Marina Al Qussor range from over 4,000 residential units with villas, townhouses and apartments located on the lakeside, beach, marina and quayside; six hotels ranging from luxury boutique to four star located on the beach and marina; leisure facilities with the marina, yacht club, beach clubs, spa resort, sports club, 18-hole golf course, clubhouse, driving range; and retail space located on the marina and quayside.

The development offers a series of ever changing environments ranging from natural lakes to golf landscapes and olive groves to the existing El Medfoun forest and sandy beaches. In contrast to these natural landscapes, the central marina village area will offer the ideal backdrop to the hustle and bustle of the resort centre. The village will become the heart of the resort with shops, restaurants and apartments surrounding the 400 berth marina that will support boats of all sizes including large private boats that cruise the Mediterranean.

The architectural character of the development is based on numerous distinctive traditional Tunisian elements from building techniques to styles and materials. Low rise buildings add to the charm of the site allowing uninhibited views across the development.

Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many investors. The integration of schools, health facilities, parks, landscaped environs and retail centres within master-planned golf, equestrian and marina themed communities has proven to a big attraction for the home buyer.

With joint ventures and projects covering Morocco, Saudi Arabia, Turkey, Syria, Egypt, India, Pakistan and now Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

DP World to build new terminal at Port of Djibouti

Global terminal operator DP World is delighted to announce plans to develop a new container terminal facility in Doraleh at the Port of Djibouti.
United Arab Emirates: 2 minutes ago

The US $300 million investment will enable DP World to handle an additional 1.5 million TEU annually.

This investment is the latest of a number of large scale development projects undertaken by DP World which will further strengthen the company's global network of port operations. The company is already engaged in the development of several international container transhipment terminals designed to enhance world trade. Current major projects include the India Gateway Terminal at a green field site in Vallarpadam, Cochin, and the recently completed first phase of the Pusan Newport development project in Korea.

The new terminal at Djibouti will be located 11 kilometres from the existing one and DP World plans to start work on the site within the next few months. The terminal, which will have eight Super Post-Panamax gantry cranes and a quay length of 900 metres, is expected to commence operations in late 2008.

DP World manages the Port of Djibouti which currently has the capacity to handle 10 million tonnes of cargo and 500,000 containers per year. Under DP World management, container productivity at the port has doubled to more than 25 moves per hour, putting it amongst the highest in Africa.

Joost Kruijning, Senior Vice President Operations, DP World, commented: "When completed, this facility will give DP World a very strong platform to service our customers' operations in Eastern and Southern Africa. Our commitment to investing in this project is long term and I look forward to working closely with our partners to develop Djibouti into a key regional transhipment hub."

Djibouti lies on the main east-west trade route with minimal deviation and serves as the gateway for the strong transit trade to Ethiopia and the hinterland. Its economy is service-based and the port operations account for a bulk of the country's economic activity. The regional economy is continuing to develop and there is a rapidly increasing demand for expanded infrastructure to handle the existing transportation challenges.

Mohammed Sharaf, CEO DP World, added:

"This project is in line with our long term strategy, which is based our customers need and where they wish us to be with the quality services they have come to expect of DP World. Investment in infrastructure is vital for Djibouti to support its hinterland and to benefit from its rapidly growing economy. DP World remains committed to long term investment to ensure that we meet our customers' current and future needs as well as those of local communities and the region."

This announcement follows DP World's $30 million investment in the Doraleh Oil Terminal project The Government of Djibouti has contracted DP World to manage the terminal once it is completed.

Emaar seems to love waterfront developments...Dubai Marina, UAQ Marina, Saudi, Morroco, Tunisia...even the BD has a lake around it...and now the creek is near it...

R

DUBAI: Middle Eastern logistics firm Aramex International said yesterday it agreed to acquire Dublin-based Twoway-Vanguard, but did not say how much it was going to pay for the Irish freight services firm.
Aramex, owned by Dubai-listed Arab International Logistics, said the acquisition would increase its revenue to about $350mn in 2006.
The company reported revenues of 459mn dirhams ($125mn) in 2005.
Twoway-Vanguard has 15 offices across the United Kingdom, Ireland and the Netherlands and employs over 350 people.
Its 2005 revenues topped $85mn, Aramex said in a statement on the Dubai bourse website.
“Twoway-Vanguard...will strengthen our position in key European markets,” the statement quoted Aramex chief executive Fadi Ghandour as saying.
The statement did not give details of the deal and company officials could not immediately be reached for comment in Dubai.
Ghandour said in February that Aramex was looking to expand through acquisitions, especially in Europe and Asia.
Last year Aramex bought UK-based Priority Airfreight to try to increase its share of trans-Atlantic trade and announced in February that it had acquired Egypt-based Freight Professionals. – Reuters

Emaar launches Dh6.7b development in Tunisia

16 April 2006

TUNIS — Emaar Properties PJSC yesterday announced its plans to develop the Dh6.7 billion ($1.88 billion) Marina Al Qussor project on Tunisia's eastern coastline.The 442 hectare Marina development is located within the county of Sousse towards the southern end of the Golfe de Hammamet and will offer a mix of living options and tourist attractions with a large Marina Village at its centre.

At a special ceremony in the capital Tunis yesterday, Emaar Chairman Mohamed Ali Alabbar presented the high profile project to the Tunisian President Zine El Abidine Ben Ali.

The project will add a premier tourist destination on the southern shores of the Mediterranean away from the hustle and bustle and yet be closely located to Tunisia's key cultural sites for tourists to explore.

Speaking at the event Alabbar said: 'We are honoured to showcase Marina Al Qussor to Tunisia's President Zine el Abidine Ben Ali. Tunisia is a country rich in heritage and we look forward to the opportunity of adding to its world class attractions with the development of Marina Al Qussor. This project is a timely addition to Tunisia's thriving tourism industry which has been attracting the world's attention.'

'Yesterday's presentation sees us looking at other parts of North Africa for the development of our master planned communities and lifestyle options that have become synonymous with Emaar. With its thriving tourism industry, Tunisia is a significant market for Emaar to roll out such communities that offer everything from a thriving resort atmosphere to a quiet retreat,' said Alabbar.

Emaar's Marina Al Qusoor development is in line with Tunisia's tourism policy which is currently focused on residence tourism which enables high end tourists to buy homes in areas with beautiful landscape for longer stays.

The country attracted 6.4 million tourists in 2005 and is aiming for tourism revenue of close to $2 billion in 2006.

The various components of Marina Al Qussor range from over 4,000 residential units with villas, townhouses and apartments located on the lakeside, beach, marina and quayside; six hotels ranging from luxury boutique to four star located on the beach and marina, leisure facilities with the marina, yacht club, beach clubs, spa resort and sports club.

DP to float tender for $450m Kochi project
Posted: Sunday, April 16, 2006
Dubai

Dubai Ports (DP) World will soon float a tender for the design of its planned $450million container terminal in Kochi in the southern Indian state of Kerala.

This will be followed by another tender for the project's main construction, DP World chief executive officer Mohammad Sharaf was quoted as saying by a Gulf News report.

"We've completed borehole surveys. In a couple of months we'll issue a tender for design," he said.

DP World's investment in India is part of its $3 billion plus spending plan that covers new container terminals at Yarimca in Turkey and Qingdao in China. It confirmed yesterday that it would invest $300 million in a container terminal in Djibouti.

The company signed an agreement with the Cochin Port Trust in February last year to build, develop and operate a container transshipment terminal at Vallarpadam in Kerala.

DP World handles about half of India's container throughput since acquiring Britain's Peninsular and Oriental Steam Navigation Company (P&O) last month. It has smoothly taken over P&O's business at Indian ports, Sharaf said.

He said there were no monopoly concerns or procedural issues related to the acquisition in India.


Dubai ports completed one year after taking over the "rajiv gandhi container terminal" of cochin port, and there was a 9% growth in total container traffic last year.

Kochi box project picking up momentum


KOCHI: The International Container Transshipment Terminal (ICTT) of India Gateway Terminal Pvt Ltd at Vallarpadam is on track, according to a senior executive.

“The Ministry of Environment and Forests has given its in-principle environmental clearance and a final clearance in expected by early May,” Joseph told Express. “Six designs of the terminal have been shortlisted and the final design will be okayed by mid-May,” he said.

“Quay 8 and 9 have already been deepened to 12.5 metres, which gives us an advantage over competing ports for accepting mainline vessels. Tenders for deepening the ICTT site up to 14.5 metres will be floated soon,” Joseph said.
Said DP World Commercial Manager Elvis D’Cruz: “The average number of vessel calls at RGCT was about 20 per month when we took over in April last. It is 36 to 37 now.

READ MORE (http://http://www.newindpress.com/NewsItems.asp?ID=IEB20060422120029&Topic=0&Title=Business&Page=B)

Istithmar buys Knickerbocker

Dubai's Investment firm, Istithmar, has agreed to buy the former Knickerbocker Hotel in New York City for more than $300m, reported Bloomberg citing a report in the New York Post. The purchase price values the property situated at 1466 Broadway at around $1,000 per sqft.

Bush approves Dubai defense purchase

By Caren Bohan
14 minutes ago



WASHINGTON (Reuters) - President George W. Bush approved Dubai's $1.24 billion takeover of Doncasters, a British engineering company with U.S. plants that supply the Pentagon, the White House said on Friday.

ADVERTISEMENT

The decision, announced by White House spokesman Scott McClellan, followed a congressional uproar over security fears that scuttled another Dubai state-owned company's plan to acquire operations at major U.S. ports.

The interagency Committee on Foreign Investments in the United States sent its confidential recommendation on the Dubai takeover of Doncasters to Bush on April 13.

"The president this morning accepted the committee's recommendation," McClellan said. "The committee recommended approval of the transaction after closely scrutinizing it and concluding that it would not compromise our national security."

http://news.yahoo.com/s/nm/20060428/ts_nm/security_dubai_bush_dc

^^ :omg: :omg: Bush has become a fundamentalist terrorist-loving Muslim...Look what he's gone and done!!! what we gona do? Arrrrghhhhhhh :badnews:









(...say the Americans)

Istithmar and easyHotels plan big foray into India


Dubai-based Istithmar Hotels has partnered with easyHotel to launch eight budget hotels in India, a website said yesterday.
Entrepreneur Stelios HajiIoannou, who owns easyHotel and easyJet, yesterday said at the Centre for Asia Pacific Aviation’s India Investor Summit in Mumbai that the alliance with Istithmar Hotels would result in the opening of eight budget hotels across Indian metropolitan cities over the next four years, the TurboNews website said.

Haji-Ioannou said: “We are very excited about partnering with Istithmar and targeting the burgeoning demand for budget hotels caused by the recent explosion in budget air travel in India. We eagerly look forward to carving a niche for ourselves in the region and capitalising on this boom in budget travel.” Istithmar Hotels aims to open an easyHotel in Mumbai, Chennai, New Delhi and Kolkata over the next two years, and another four properties in other cities by 2009.The alliance plans to open more easyHotels in the Middle East, North Africa, Levant, India and Pakistan over the next five years, the site quoted Istithmar CEO Muneef Tarmoom.

“Bringing the easyHotel chain to India will alleviate the acute shortage of rooms available to the budget traveller.With its no-frills, economical prices and low overhead costs, the easyHotel brand is perfectly suited for budget travellers,”Tarmoom said.

and

Istithmar sets sights on global trophy property acquisitions


Having just helped seal a $1.2 billion (Dh4.4bn) deal for a New York City trophy office building, the Executive Vice-President of investments for Dubai-based Istithmar said his firm’s appetite for global real estate is still strong.
“In the US, we believe in what we call key gateway cities,” Istithmar’s David Jackson said. “For us we see that primarily being in New York in the United States. It could possibly be extended to Los Angeles, maybe Miami.” Istithmar, an investment holding company indirectly owned by the Government of Dubai, focuses on private equity, real estate, and alternative investments. It is headed by Sultan Ahmed bin Sulayem and affiliated with DP World, which Bin Sulayem chairs.

DP World tried to buy control of six US ports as part of its takeover of the UK-based P&O, but dropped its bid after a storm of political opposition shattered the deal.

But there have been no such objections to real estate deals. Late on Tuesday, Boston Properties said it had agreed to sell 280 Park Avenue, a 1.2-millionsquare-foot office building for $1.2bn (Dh4.4bn).

Boston Properties, headed by real estate and publishing mogul Mortimer Zuckerman, declined to identify the buyer, but on Thursday Jackson confirmed that Istithmar agreed to buy the building after the firm had been rumoured for weeks to be in talks for the purchase.

The price is expected to translate into an initial yield – known in the United States as a capitalisation rate – of 4.5 per cent, said Jackson. The cap rate is seen as being equivalent to the interest rate the buyer is willing to accept on his investment.

“I would characterise our strategy as generally being opportunistic,” said Jackson, speaking from New York. “This thing was not widely marketed. It was brought to us, sort of off-market. It was a rare opportunity, so we moved forward with it.” The deal is expected to close in the current quarter. Istithmar, which means investment in Arabic, has no immediate plans to undertake major renovations of 280 Park Avenue.

The building sits between 48th and 49th streets and tenants include Credit Suisse and CIBC World Markets.

“There’s some releasing and reletting opportunities there and some sprucing up things we’re looking at,” he said. “What we tend to do is we go in and do a 100-day Swot [strengths, weaknesses, opportunities and threats] team and discern what kind of things we need to do.” Istithmar initially also wanted to buy 5 Times Square, the headquarters of accounting firm Ernst &Young, from Boston Properties. But the transaction would have made Istithmar its auditor’s landlord, presenting a conflict of interest to the accounting firm, which has a long-term lease.The discussions ended.

Istithmar, which last year bought nearby 230 Park Avenue for $705m (Dh2.5bn), has been looking at other properties, including large hotels and residential buildings.

It lost out to New York real estate tycoon Harry Macklowe in an attempt for the Drake Hotel at Park Avenue and 56th Street in NewYork.

“The price just got away from us on that,” Jackson said.

Istithmar owns properties in London, including One Trafalgar Square, a high-profile office building. It also has property in Dubai and is actively looking for real estate investments in Turkey and in China.

“Those are probably the markets where we are most active at the moment,” he said.

In Turkey, the company is looking to develop or buy residential, office, retail or mixed-use properties in Istanbul.

“In China,” he said, “it’s kind of a soup to nuts, almost everything really.” Other Middle East targets for investment include Bahrain, Morocco and Lebanon, areas the company considers “growth markets”, which usually require ground-up development instead of acquisitions.

“We would love to find perfect existing cash-flow projects where we think it’s a matter of doing some small redevelopment or repositioning the building to get uplift in the rent,” Jackson said.

“That just doesn’t exist in these markets. What we find in new markets is that we’re better off finding a site and developing it from scratch,” he said. (Reuters)

R

Dubai Holding plans big investment in India
SHANTANU NANDAN SHARMA

TIMES NEWS NETWORK[ SUNDAY, APRIL 30, 2006 12:24:00 AM]

DUBAI: India will be a focus country in Dubai Holding’s expansion plan in Asia. After the acquisition of Thomas Cook India by one of its subsidi-aries — Dubai Investment Group, Dubai Holding has been in talks with various Indian companies to build high rises like Dubai Tower and set up smart cities on the lines of Dubai internet city and knowl-edge village.

Fadet Al Ali, chief financial and operating officer, Dubai Holding, told ET that talks were on at various levels to invest more in India. “We are now bullish on Asia right from India to Japan. Wherever we go, we usually collaborate with the respective governments for our projects.

We have already set up offices in Kuala Lumpur, Hong Kong and Xian (China). So far as our expansion plan in India is concerned, it will be executed from our headquarters in Dubai,” Ali said.

Another Dubai Holding subsidiary, Sama Dubai, which is building Dubai Towers in Istanbul and Doha, is also looking for ideal locations in India to build such towers.

Farhan Faraidooni, CEO of Sama Dubai, said, “We have a vision for Asia in which we recognise India is a hot market. We are talking with various governments in Asia, and hope-fully, we will have a few projects coming up in Asia by the end of this year.

Talks are on and India may figure in it. The USP of our project is that we adapt to the local architecture and environment. If we go to India, we will ensure that Indian architecture will feature in our buildings.”

Significantly, India may also turn out to be an important destination for Dubai Holding’s investment arms. Dubai International Capital, one of its investment subsidiaries engaged in capital market investments, is drawing up plans for big time investments in India.

Dubai Holding currently acts as the holding company for 19 companies operating in 11 industries ranging from infrastructure, finance, real estate, tourism, energy, industrial manufacturing and hospitality.

Emaar Properties breaks ground at Rabat waterfront

Staff Report


Dubai: Emaar Properties, the largest real estate developer in the world, broke ground yesterday at the Rabat waterfront, the site of its fourth luxury planned community in Morocco.

Situated on the Moroccan capital's western side, the 11-kilometre, Dh12.5 billion Saphira development will have high quality residential communities and a vast array of hotel and leisure facilities, in addition to the infrastructure needed to turn the area into a world-class tourism, retail and leisure hub.

The Governor of Rabat Province, Hassan Amrani, and Emaar Chairman Mohammad Ali Al Abbar led a delegation that met Rabat city government officials and Emaar's board of directors at the site for the ceremony.

"Rabat is one of the country's most famous historic and cultural centres and the plans for Saphira will bring something new and refreshing to it. The community will become an integral part of Rabat City," Amrani said.

Yesterday's ground-breaking follows the signing of a Memorandum of Understanding between the government of Morocco and Emaar at the end of March, which allows Emaar to begin work on three unique developments stretching from the Atlas Mountains to the Atlantic coast and includes world-class golf and ski communities, Riviera living and luxury spas and resorts.

Al Abbar said: "The Saphira development is a vital step in returning the capital to its historical stature as a city coveted by the world. Just as Morocco is a proving ground for Emaar's international expansion, we envision Saphira as the launch pad for the Rabat of the new millennium.

"What we are doing here today is giving Rabat a window on the ocean once more. Saphira is the first fruit of Emaar's special relationship with the Government of Morocco, a relationship that will position us both as pioneers of millennial living."

Saphira stretches along 11 km of picturesque Atlantic coastline. The community is situated on Rabat's Corniche and is made up of nine distinctive districts.

Residential areas will include the family neighbourhood of Grand Littoral, the beachfront community of Beaux Rivages, the apartment community of Nouvelle Vague set in park surrounding and the lakeside Trois Rives.

Dubai World to undertake huge projects in Pakistan

Dubai World has become the latest in a string of UAE companies eyeing a piece of the Pakistani economy, in the middle of a massive privatisation drive.

Yesterday, the holding company that manages big names like DP World, Nakheel, Istithmar and the Dubai Multi-Commodities Centre said it will work with the Government of Pakistan to undertake large-scale infrastructure projects.

“Pakistan is one of the world’s fastest growing economies making it an attractive market for Dubai World. We have a close relationship with Pakistan and would like to further strengthen it by capitalising on opportunities in the country,” said Dubai World Chairman Sultan bin Sulayem in a statement.

Bin Sulayem was in Islamabad for meetings with Pakistani President General Pervez Musharraf, where the two sides agreed that Dubai World subsidiary Nakheel would look at real estate developments in Pakistani urban centres.

“We have a significant shortage of quality housing units across the country and Nakheel is ideally placed to plug this gap as a result of the expertise it has developed from the various megascale projects in Dubai,” President Musharraf said, reiterating the government’s commitment to “facilitating foreign investment” into the country.

Pakistani investments are garnering the interest of entities across the UAE looking for outward expansion to unload some of their liquidity flows. UAE phone giant Etisalat just last month took over management control of Pakistan Telecommunications Company, the largest telephone service provider in the country, while Ras Al Khaimah Development Office is also eyeing a number of industry-related privatisation deals in Pakistan.

Meanwhile, Dubai Islamic Bank (DIB) will be the core banking sector beneficiary of any upcoming projects, charged with advising and arranging Dubai World’s entry into Pakistan.

DIB opened its first branch in Karachi in late March – the first of eight branches to be opened by subsidiary DIB Pakistan.

The Dubai-World DIB partnership indicates that private equity financing could be the mechanism of choice for any future projects.

Last month, the two sides said they would bring seven private equity funds worth $5 billion (Dh18.37bn) to the market in the coming year-and-a-half.

They said the funds would invest in energy, financial institutions, infrastructure, real estate, health, education, general industries and technologies, and media and telecommunications – and will be focused regionally.

In addition to real estate, Dubai World and the Government of Pakistan said they would look at investments in industrial infrastructure – including industrial parks and free zones.

They also discussed oil-and gas-related projects, infrastructure projects, airports, ports and terminal management.

DP World has already been shortlisted to operate the Gwadar port in Pakistan, and recently unveiled plans to Emirates Today of exporting its port-led free zone concept to India and elsewhere in the Subcontinent.

$11.2b 'Jeddah Hills' launched in Saudi Arabia
BY A STAFF REPORTER

10 May 2006


RIYADH — Emaar Middle East (EME), a joint venture between UAE-based Emaar Properties and Saudi-based real estate company Al Oula Development, yesterday announced the development of Jeddah Hills — an SR42 billion ($11.2 billion) community located in the port city of Jeddah.

The development marks the second major foray into Saudi Arabia for Emaar Properties, with the massive 2,286 hectare Jeddah Hills project, following the announcement of the $26.6 billion King Abdullah Economic City in December last year.

At a signing ceremony in Riyadh yesterday, Prince Mishal bin AbdulAziz Al Saud joined Emaar Chairman Mohamed Ali Alabbar and Al Oula Chairman Suliman Al Muhaidib to explain the vision behind the landmark project.

Nearly 20,000 residential units — a combination of townhouses and single homes — will be on offer, alongside commercial and retail facilities.

Homes ranging from 500 sq. m. to 1500 sq. m. and will offer larger, scenic, home lots not commonly available in Jeddah. Residential units will go on sale from the first quarter of 2007. "Jeddah Hills is truly a unique project. It shows us how development can take place in a manner which is harmonious with nature and yet offers a luxury living environment.
Set between 70 and 90 metres on a hilltop, Jeddah Hills offers spectacular views over the surrounding landscape towards the Red Sea, North Jeddah and the Mountains in the East," said Mohamed Ali Alabbar.

R

DP world to continue US ties
Posted: Thursday, May 11, 2006




Dubai


Dubai Ports (DP) World has announced that it would continue to focus on opportunities in the US markets following the enactment of new investment legislation, despite the recent setback.

A Gulf News report quoted Mohammad Sharaf, chief executive as having said: "We, like other foreign investors, are awaiting the new legislation on foreign investment in the US, and continue to pursue investment in the country."

A top US official termed the blockage as "unfortunate", saying the matter should not stand as an obstacle to the ongoing free trade agreement (FTA) negotiations between them.

"Every country has manipulated trade to suit their needs. The DP World affair is unfortunate," former Senator George Mitchell told Gulf News yesterday.


Source: TradeArabia.com

Dubai Plc has got a foot in the door of the European banking sector, with a stake in Greek banking firm, MARFIN Financial Group.

Dubai Financial, a subsidiary of the Dubai Investment Group (DIG), the global investment arm of Dubai Holding, confirmed it had bought a 31.5 per cent stake in MARFIN Financial Group, one of the fastest growing banking groups in Europe.

"I am pleased that the acquisition of the 31.5 per cent stake in MARFIN has been completed in a spirit of good faith and cooperation with the management of the group,” said DIG CEO, Soud Ba’alawy, in an obvious nod to the recent issues sorrounding DP World’s purchase of UK ports operator P&O.

Ba’alawy, who will also serve as the bank’s chairman said he planned to expand the Greek bank’s activities across Europe and into other global marketplaces.

“We have major plans to extend the European and global reach of MARFIN which enjoys excellent fundamentals,” he said.

In addition to the chairman’s position, and subject to regulatory approval for the share purchase, the Dubai-based investment group has also been provided with seats on MARFIN’s board.

MARFIN, which is listed on the Athens Stock Exchange, has a market capitalisation of approximately dhs 6.6 billion.

The bank has previously made a series of strategic acquisitions and now has controlling stakes in a number of banks across Greece and internationally.

Dubai Financial’s portfolio includes Thomas Cook India Limited (TCIL), as well as a 68 per cent stake in Dubai Bank.

Exploiting Pakistan's Gold Coast
Ikram Sehgal writes from Karachi

For a country with two sea-ports serving a population of 150 million (not counting the hundreds of millions in countries beyond) it is vitally important to have alternatives. Population congestion and possible economic factors because of the emerging markets of Central Asia require that a sea-land dimension along a separate south-north axis be added for expansion, otherwise all facilities and opportunities are likely to be clogged.

A bird's eye view of Pakistan's coast from Karachi westwards gives us in succession at least three possible ports capable of processing ocean-going vessels. While retaining Ormara for purely military use, what is required now is a sustained effort not only at Gwadar but also Pasni. The long coastline with stretches of virgin beaches and adjacent vast empty spaces hinterland require well-planned commercial exploitation.

It is personally satisfying that recommendations made in my articles: "Economic Exploitation of the Coastal Areas-1 and 2" (Jan 16 and Jan 23, 1990) and "Pakistan's Gold Coast"(April 10, 1999) are now being implemented, better late than never.

Once oil was discovered in quantity in the Gulf, it was only a matter of time before some major commercial centres with port facilities came up, both inside and outside the Gulf. Instead of anticipating the opportunity at the mouth of the Hormuz, Pakistan lost a golden opportunity because of a lack of bold and visionary planning.

During peacetime the Gulf ports are commercially very viable, given geo-political stress they become very vulnerable. If Central Asia is to be commercially served, most of the ports except for the Iranian ones are on the wrong side of the Gulf.

For three major reasons, therefore, a port on the Pakistani coast on the Asian mainland in the vicinity of both the Gulf Statesand Iran becomes a viable proposition, viz (1) outside the possible war zone, (2) land access to the whole of Central and South Asia and China, (3) sea access to the Gulf ports making it an ideal transit station, and (4) easy enhancement of existing communications infra-structure. Of particular commercial interest would be to have supertankers off-take oil from oil staging points served by smaller vessels from the Gulf.

If Gwadar had been developed as a major port at about the same time as Dubai, Dubai would never have enjoyed the commercial success it presently enjoys. Gwadar has many natural advantages that the Gulf ports lack. For trade and commerce, Gwadar (unlike Dubai) is a natural land access port to Asia, with emphasis on "land access." Anything on the southern side of the Gulf has to be ferried across, involving logistics, time and money. Moreover there is plenty of land available for expansion, the Gulf has this in short supply.

A lateral road connects the coastline it to the Iranian port of Chahbahar (and the Iranian road network), a road connection with the RCD highway gives it access to not only whole of Central Asia but also Sinkiang Province of China. A rail line connecting it to the Zahidan-Quetta existing rail line would add to its accessibility to Central Asia. Because of the Karakoram Highway, it would be more economically feasible for China to have land access to Kashgar etc through Gwadar. Similarly Kyrgystan, Uzbekistan, Kazakhstan, Tajikistan and Turkmenistan can all be best served from Gwadar or Pasni.

As one of the most strategic locations in the world, ports along this coastline, Gwadar (or Pasni) will be in a position to influence economic and military direction in the region. To summarize some of the international advantages, viz, the port (1) can work as a services and transit point for Afghanistan and CIS countries (2) serve Sinkiang Province of China (which is 3000 kms away from Chinese ports as compared to 1,500 kms from Gwadar or Pasni) (3) can facilitate US security and strategic objectives particularly the proposed North-South pipeline from Central Asia, and conversely (4) gives Russia their age-old dream of a warm water access.

On the domestic front, the ports will viz (1) open new markets, (2) earn more income for the people as a service industry and uplift standards for the whole population of Pakistan, (3) become a global synchronized trading hub, and (4) concessions to neighbouring countries will contribute to geographical stability in the region.

Great cities and towns can come up along the highways in the totally desolate areas of the country, these ports will serve not only commerce and industry but tourism as well. For the poverty-stricken rural backward areas along the route this will be God-sent. The vast undeveloped area can host many large inland fish and shrimp farms, coconut and date cultivations, even fruit farming under controlled conditions, etc.

The investment opportunities in the ports itself are tremendous viz (1) warehouses and cold storages, (2) cargo handling and trucking yards, (3) development of commercial and residential areas, with hotels and motels, hospitals, colleges, and schools, (4) wide stretches of sun-swept beaches a possible tourist destination, (5) shipyards and dry docks, (6) marine fuel depots, (7) large oil storages and farms as well as an oil refinery, and (9) export processing zone, on the lines of Dubai's Jebel Ali.

Foreign port operators will certainly be interested in running Gwadar Port. One must be very careful in selecting the right port operator, the first consideration must be the protection of Pakistan's supreme national interest, that includes commercial security.

We have to avoid an operator who may have conflict of commercial interest, a vested geo-political interest (directly or indirectly) and even a possible hidden agenda. We should avoid any operator that is owned and controlled by a single country.

Regretfully Dubai World Port (DWP), which has recently made a bid for running Gwadar Port, must be a non-starter for all these reasons. DWP has recently been in the news because of being not allowed to run US Ports through its P&O subsidiary, US Congress canceling the deal with the US citing "national security reasons."

While I am very fond of Dubai, in the business sense Gwadar will eventually be competing with Dubai, According to DWP's own projections, the anticipated volume growth in the Gulf will surge to 162 million tons annually, three times more than the 54 million tons that DWP is presently handling.

Hard-nosed businessmen (which is as it should be), why should DWP will give Gwadar any preference in face of DWP's existing assets? Take how tough the Eitselat negotiators were! At best Gwadar will be best used as a staging area for Dubai's land access to Asia.

By controlling this deep water port just outside the Gulf, DWP will ensure that future trade growth revenues will be achieved through their own assets. It is in their strategic commercial interest not to allow Gwadar to become a free-trade hub for regional and transit cargo. Control of Gwadar Port is meant only to support DWP's own growth and give the minimum preference to (and at the cost of) Pakistan's strategic and commercial interests.

Unless we effect drastic change along our coastline, at best our economic planners will be hoping for miracles. Bold steps must be taken to open up Pakistan's coast for economic exploitation in a careful and planned manner, otherwise we will be strangled by our over-population as well as slow-down of job creation.

Visionary planning coupled with effective implementation is required, the number of jobs that will be created for the next 30-40 years is by itself staggering. On a safe assumption, we may even have to import manpower. Pakistan stands to become the hub of economic activity in the region. And we must guard against giving up control of our strategic assets to the competition. Pakistan's economic destiny lies along this seashore, do we have the vision and the courage to meet with this challenge?

Ikram Sehgal, a former Major of Pakistan Army, is a political analyst and columnist.

Emaar subsidiary signs pact for project in Egypt

http://www.gulfnews.com/images/06/05/22/22_bus_emaar_egypt_4.jpg
Chairman of Emaar Properties Mohammad Ali Al Abbar with other officials at the signing ceremony. The Memorandum of Understanding marks Emaar’s fifth major foray into Egypt.

Dubai: Emaar Misr for Development SAE a subsidiary of UAE-based Emaar Properties and Artoc Group for Investment and Development, yesterday signed a Memorandum of Understanding (MoU) with the Alexandrina Bibliotheca (Alexandria Library) for a waterfront redevelopment project.

Following the success of the inauguration of the new Alexandria Library in 2002 on the eastern harbour of Alexandria almost exactly where the ancient Library of Alexandria stood the redevelopment project aims to provide a spectrum of facilities on Kouta Land on the west of the library, within a general vision for the whole area around the library and the entire historic old east harbour area.

The MoU marks the fifth major foray into Egypt for Emaar with announcements last year covering the four million square metre Cairo Heights residential, commercial and recreation development as well as a 280 acre integrated community based in Egypt's Smart Village.

The development features a convention centre and exhibition centre, hotel, serviced apartments, commercial, office space and shopping village.

More projects in Egypt are on the drawing board.

Broader vision

The project is envisaged to be part of a broader vision that will contain hotels ranging from four- to five-star and will include conference and exhibition facilities, retail facilities, office spaces, residential buildings, aquarium, museums and cultural buildings and underground parking.

Architects from around the world will be submitting their designs for the first phase of the redevelopment project next month and the winning projects will move forward to phase two.

Emaar unveils three real estate projects in Pakistan with total investment of AED 8.8 billion

Emaar Properties, the leading property developer, today announced three real estate developments in the cities of Islamabad and Karachi in Pakistan.

http://www.ameinfo.com/images/news/1/26091-paki.jpg
Crescent Bay.

The projects, with a total investment of AED 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 them the Islamabad communities offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centres, community club houses, parks, lakes, schools and mosques.

Karachi will be home to Crescent Bay, a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments.

Mohamed Ali Alabbar, Chairman, Emaar Properties said Pakistan represented a vital link in Emaar's global and regional plans. 'These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan,' Alabbar said.

He added: 'Pakistan will play an important role in the development of Emaar's reputation in Asia, and remains one of our most significant commitments outside of the UAE.'

The Highlands development is located within the Defense Housing Authority Islamabad (DHAI) Phase 1 extension and Canyon Views is within the DHAI Phase 2 extension. Offering approximately 50 separate community districts with its own individual identity, a spectrum of architectural styles ranging from Mediterranean, Tuscan, Mughal, Arabic and Spanish, will be available to select from.

Crescent Bay, located within Karachi's DHA Phase 8 and in close proximity to the DHA golf course, will also offer individual architectural styles for each tower within the development. All three projects are expected to be completed in the next four to five years.

Mohammed Al Falasi, Managing Director of Emaar Pakistan said: 'Our goal is to create a series of exciting developments that set new standards for commercial and residential property. Highlands, Canyon Views and Crescent Bay will set these standards and are the first of many projects that we have planned for other cities in Pakistan, which we will be developing over the next few years.'

World famous master planners on the Crescent Bay development are Halcrow International with architects Norr and Holford while master planners WATG, RNL and JZMK are working on Highlands and Canyon Views projects.

Architects for the Islamabad projects are Mazen N. Issa, Alexandra Hayes, Bassenian Lagoni and Saunders & Wiant. The master planners have brought inspiration from the world's best designed residential communities to Pakistan - offering another Emaar signature landmark to the region.

Al Falasi added: 'Furthermore, we are aiming to preserve 20 per cent of the project area as green space, offering a haven of peace and natural beauty in the middle of a thriving community.'

Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many residents around the world. The integration of schools, health facilities, parks, landscaped grounds and retail centres into master-planned golf, equestrian and marina-themed lifestyles has proved a winning combination.

With joint ventures and projects covering Saudi Arabia, Syria, Morocco, Egypt, Tunisia, Turkey and India, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

UAE's Emaar win $18 bln Pakistan property deal

DUBAI, May 31 (Reuters) - United Arab Emirates firm Emaar Properties has signed an $18 billion deal with Pakistan's Port Qasim Authority to develop land in Karachi.

A Emaar statement on the Dubai bourse Web site said on Wednesday that the development would include apartments, commercial and retail space as well as hotels and other leisure facilities.

An Emaar official said the deal was signed in Pakistan

:)

UAE to pump billions of dollars into Pakistan

Three MoUs inked for cooperation in development of mega projects; Dubai Islamic Bank to operate 50 branches; UAE investors to inject $100bn

By Shakil Shaikh

ISLAMABAD: The Islamic Republic of Pakistan (IR) and the United Arab Emirates (UAE) vowed Tuesday to further cement the whole gamut of their relations and focus on boosting economic and trade ties, defence and security relations, and invest in mega infrastructure development projects.

Prime Minister Shaukat Aziz and visiting Vice President and Prime Minister of the UAE Sheikh Mohammad bin Rashid Al-Maktoum held talks on the whole-range of relations. They held a one-on-one meeting in which the two leaders agreed to expand and further strengthen their relations at a time when the two countries also signed three Memoranda of Understanding (MoUs) for cooperation in development of mega infrastructure projects, bringing in investment running into billions of dollars, besides permission to the Dubai Islamic Bank to operate fifty branches in Pakistan.

The two leaders held a second round of talks and it was joined by their aides in which discussion was focused on bilateral matters of mutual interest. The signing of these MoUs were witnessed by Sheikh Mohammad bin Rashid Al-Maktoum and Shaukat Aziz here at the Prime Minister House.

The first MoU was signed between the Ministry of Ports and Shipping and Emmar Properties for development, improvement and modernization of infrastructure in the country and it was signed by Minister for Ports and Shipping Babar Khan Ghauri and Chairman Emmar Properties Muhammad Ali Abbar.

The second MoU pertains to development of Karachi Beach Front and was signed by Minister for Ports and Shipping Babar Khan Ghauri and Sultan Ahmed Bin Sulayem of the Dubai World. The third MoU is regarding investment in mega infrastructure projects. It was signed by Umar Ahmed Ghuman, Minister of State for Privatisation and Investment and Sultan Ahmed Bin Sulayem of the Dubai World.

Under this significant agreement investors from UAE will inject around $100 billion in various projects, including construction of residential buildings and towns, highways, airports and commercial development, increasing country’s GDP to billions of dollars.

Prime Minister Aziz invited the investors and businessmen from UAE to tap the tremendous real estate potential in Pakistan and bid for various infrastructure projects including roads, rail and ports.

UAE is the largest investor in Pakistan and has shares in Pakistan Telecommunication Company Ltd (PTCL), airlines, financial business, real estate and tractors. It has invested over $2.5 billion in different projects in the country.

The UAE side expressed desire to further increase its investments in the country and build a world-class infrastructure. Prime Minister Shaukat Aziz said Pakistan was “delighted” that the Dubai Islamic Bank was expanding its operations in Pakistan, which would further strengthen business ties between the two countries.

Trade between the two countries totalled $2.78 billion last year, with balance in favour of the UAE due to Pakistan’s import of oil and oil products. In their exclusive one-to-one meeting, Prime Minister Aziz said the two countries enjoyed common faith, culture and history and expressed resolve to further strengthen ties with UAE.

The two leaders also agreed that OIC provides an ideal platform to project the true image of Islam and also to promote its message of interfaith, inter-cultural and inter-civilization harmony. They underscored the need to dispel the misperceptions of misgivings about Islam through concerted and united efforts of the Ummah.

About Iran’s nuclear issue, he said Pakistan desires a settlement through dialogue and was against the use of force. He said Pakistan recognizes Iran’s right to use of nuclear technology for power generation under IAEA safeguards, but made it clear that Pakistan was opposed to its acquisition of nuclear weapons.

He said Pakistan would continue to support the Afghan government and believes in a strong and stable Afghanistan. He said Pakistan is keen to expand its trade and economic ties with Afghanistan and countries of the Central Asia. He said Pakistan’s trade with Afghanistan was growing rapidly and has risen to $1.5 billion.

The prime minister said Pakistan’s energy requirements were growing and it was exploring the possibility of constructing gas pipelines from Iran to Pakistan besides one from Turkmenistan via Afghanistan to Pakistan.

The UAE prime minister said Pakistan, its leadership and people were held in high esteem in the UAE and that Pakistan was the first country outside the Arab Gulf Cooperation Council to be visited by him.

APP adds: Earlier, the visiting dignitary called on President General Pervez Musharraf and discussed with him a wide range of bilateral, regional and international issues of common interest and underscored the importance of special relations between the two countries.

The president expressed satisfaction with growing economic ties between Pakistan and the UAE and hoped that the two countries would further expand bilateral relations through increased commerce and investment cooperation.

He informed the UAE leader about favourable investment climate in Pakistan and said the country has become an attractive destination for foreign entrepreneurs on the back of continued robust growth and consistency of policies. Sheikh Maktoum reciprocated Musharraf’s views and stated that the two countries are tied in strong bonds of fraternal relationship.

any 1 have the sum of the UAE's investments world wide ? in USD ?

Dubai World to set up projects worth USD10 billion across sectors in Pakistan

Dubai World has announced plans to invest in massive projects worth USD10 billion in Pakistan across different industries including infrastructure development, industrial and real estate projects.

http://www.ameinfo.com/images/news/2/25492-Sulta.jpg
Sultan Ahmed Bin Sulayem.

This includes the construction of a modern waterfront off the Karachi coastline, besides the development and management of Pakistani ports.

An announcement to this effect was made in a ceremony in Islamabad in the presence of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Excellency Shaukat Aziz, Prime Minister of Pakistan.

During the ceremony, two agreements were signed between UAE and Pakistan -- the first aimed at developing infrastructure and building commercial and industrial real estate projects. The second agreement was targeted at building free zones and modern ports which will be managed by DP World, the region's leading port and terminal operators.

Sultan Ahmed Bin Sulayem, Executive Chairman of Dubai Ports, Customs and Free Zone Corporation and Chairman of Nakheel, signed the agreements with the Pakistani Minister of Transport and Minister of Foreign Investments.

Commenting on the agreements, Sultan Ahmed Bin Sulayem said: 'Dubai World is targeting massive investments in various sectors including real estate projects in main cities across Pakistan. Dubai World, through Limitless Company - its international real estate development arm - will lead and execute investments in residential real estate sector as Pakistan lacks residential units of high quality. Limitless will bridge the gap through its expertise in the sector. In addition, Limitless will also develop real estate, entertainment and commercial projects in different regions in Pakistan.'

He added: 'Based on the extensive expertise we have in developing waterfronts, we will work on preparing detailed studies to build waterfront in Karachi - an integrated community that will be the first-of-its-kind in the Indian subcontinent. The development will encompass world-class residential and commercial buildings, shopping centres and entertainment facilities similar to the projects that Dubai is renowned to develop.'

DP World and the Pakistani government are now working closely to finalize the details of the agreements for the company to start managing and operating Qassim Port -- one of the most important and active ports in Pakistan in order to develop its operations and modernize its systems to embrace the economic and trade growth currently being witnessed in Pakistan and to make it work according to international standards that Dubai is known for.

Dubai to invest over $30b in Pakistan
BY ISAAC JOHN (Chief Business Reporter)

1 June 2006

DUBAI — Leading Dubai business groups including Emaar and Dubai World yesterday announced in Islamabad investment commitments totalling more than $30 billion, which along with some $4 billion investments already committed by Etisalat and DP World recently, will account for nearly one-third of Pakistan's gross domestic product (GDP) of $118 billion.

This phenomenal investment plans by Dubai groups in various property and industrial projects also signal the dawn of a new era of foreign direct investment flow into Pakistan, which last year attracted only $2 billion in FDI.

In addition to the investment programmes unveiled by Emaar and Dubai World, Dubai Islamic Bank yesterday also committed an investment to its operations in Pakistan, and said it will open 70 branches in the next 18 months. A Memorandum of Intent was signed between DIB and the State Bank of Pakistan to open the branches in the next 18 months.

The landmark investment commitments, made during the visit of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, comes close on the heels of an upgrading of Pakistan’s foreign-currency ceiling by two notches from B2 to Ba3, by Moody’s, and an upbeat economic forecast of 8 per cent growth made by Prime Minister Shaukat Aziz on record foreign investment and rising consumer spending. While Emaar Properties will spend $20.4 billion in real estate development in Karachi, Dubai World unveiled a $10 billion investment plan across different industries including infrastructure developments, industrial and real estate projects.

Yesterday, Emaar signed $18 billion accord with Port Qasim Authority to build a mixed-use development comprising homes, hotels and golf courses in Karachi, and announced three real estate developments in Islamabad and Karachi involving investment of $2.4 billion. These developments include a series of master planned communities that will set new benchmarks in commercial, residential and retail property within Pakistan.

Islamabad is home to two Emaar Pakistan projects — the Highlands and Canyon Views. With 1,500 acres between them the Islamabad communities offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centres, community club houses, parks, lakes, schools and mosques.

Karachi will be home to Crescent Bay, a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments.

Mohammed Ali Alabbar, Chairman, Emaar Properties said Pakistan represented a vital link in Emaar's global and regional plans.

"These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan. Pakistan will play an important role in the development of Emaar's reputation in Asia, and remains one of our most significant commitments outside of the UAE," Alabbar said.

Dubai World's projects include construction of a modern waterfront off the Karachi coastline, besides the management and development of Pakistani Ports. DP World has already made a commitment of $1.6 billion to develop Gwadar Port. Early this year, UAE's telecoms giant Etisalat concluded a landmark $2.6 billion acquisition of a 26 per cent stake in Pakistan telecoms firm PTCL.

Pakistan's economy expanded 8.4 per cent in the year to June, the fastest pace in two decades. Pakistan's long-term foreign-currency rating was raised in November 2004 by a level to B+, or the fourth non- investment grade, by Standard & Poor's, after lowering to within two levels of default status in October 1998 after the country tested nuclear weapons and attracted sanctions including a ban on aid and loans from countries in Europe and the United States. Now Pakistan has foreign-exchange reserves of $13 billion, helped by record overseas direct investment of $3 billion in the 10 months to April 30.

Friday, June 02, 2006

Dubai Ports discussing takeover of Gwadar Port management

ISLAMABAD: Pakistan and the United Arab Emirates’ Dubai Ports World are discussing the possibility of the company taking over operational management of Pakistan’s Gwadar port, a port official said on Thursday.

“DP World expressed an interest for management of Gwadar Port and we are discussing it with them,” Commodore Munir Wahid, project director of the Gwadar Port Implementation Authority, told Reuters.

Wahid declined to say how much the UAE company, the world’s third-largest container port operator, might pay. “We cannot give a figure quoted by DP world until the negotiations are final,” he said.

Another port official said DP World had emerged as the favourite for managing operations at Gwadar after Hutchison Port Holdings of Hong Kong withdrew a bid for the project.

Other bidders for the project include PSA International of Singapore, Globe Marine Services of Saudi Arabia and Pakistan International Container Terminal, the second official said. Executives of DP World discussed the management of Gwadar with Pakistani President Pervez Musharraf last month.

Sultan Ahmed bin Sulayem, Dubai World chairman, accompanied UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum on a visit to Pakistan on Tuesday and signed an agreement on infrastructure development.

The deep-sea port, built with Chinese assistance, is on the Arabian Sea, about 120 kilometres from the Iranian border. Reuters

Emaar buys John Laing Homes for $1.05 bln

NEW YORK (Reuters) - Emaar Properties (EMAR.DU), the United Arab Emirates' largest listed company, said it bought John Laing Homes, the second-largest privately held U.S. homebuilder, for $1.05 billion cash on Thursday.

The purchase creates one of the world's leading real estate developers in residential homebuilding, Emaar said in a statement.

Chairman Mohamed Ali Alabbar said John Laing gives his company an "important gateway" into the U.S. real estate market. The purchase also helps fulfill Emaar's strategy of expanding globally beyond Dubai, he said.

The transaction comes amid signs that a recent slowing in what had been a five-year U.S. housing market boom might last at least another year, economists say.

Emaar said John Laing had $1.6 billion of revenue and 2,891 residential closings last year, concentrated in California and Colorado.

The firm will remain based in Newport Beach, California, under the management of Larry Webb, its chief executive, and operate as an Emaar unit.

Both companies' boards of directors unanimously approved the transaction, which closed on Thursday, they said.

Emaar said the Committee on Foreign Investment in the United States has approved the transaction.

Gulf companies, flush with cash from the biggest oil boom in decades, are increasingly looking at strategic investments in Western countries and Asia.

Emaar said it has real estate operations in more than a dozen markets worldwide.

The firm is behind many projects driving driving a construction boom in Dubai, and is trying to replicate its success in other parts of the world.

Emaar has signed deals for luxury property projects in Egypt, India, Morocco, Saudi Arabia,
Syria, Tunisia and Turkey. This week, it said it has secured development projects worth $20.4 billion in Pakistan.

The company is also building the Burj Dubai, which upon completion in 2008 is slated to be the world's tallest building.

^^ the americans wont like that

emaar in pakistan
thnxz 2 fahad

http://static.flickr.com/64/158609691_cc53aa0755_o.jpg

great now we will have emaar in America and Canada

DP World in talks on managing Gwadar port

Pakistan and the UAE's Dubai Ports World are discussing the possibility of the company taking over operational management of Pakistan's Gwadar port, a port official said.

The deep-sea port is on the Arabian Sea, about 120 km from the Iranian border.

'DP World expressed an interest for management of Gwadar Port and we are discussing it with them,' Commodore Munir Wahid, project director of the Gwadar Port Implementation Authority, said.

Wahid declined to say how much the UAE company, the world's third-largest container port operator, might pay.

'We cannot give a figure quoted by DP world until the negotiations are final,' he said.

Another port official said DP World had emerged as the favourite for managing operations at Gwadar after Hutchison Port Holdings of Hong Kong withdrew a bid for the project.

Other bidders for the project include PSA International of Singapore, Globe Marine Services of Saudi Arabia and Pakistan International Container Terminal, the second official said.

Executives of DP World discussed the management of Gwadar with Pakistani President Pervez Musharraf last month.

Sultan Ahmed bin Sulayem, chairman of Dubai World, which owns Dubai Ports World, accompanied UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum on a visit to Pakistan and signed an agreement on infrastructure development.

UAE, Pakistani firms launch $300mn private equity fund

Abraaj Capital and BMA Capital launch largest ever Pakistan focused USD 300 million Private Equity fund

Abraaj Capital, one of the leading private equity firms in the Middle East, North Africa and South Asian region and BMA Capital, one of the most prominent investment firms in Pakistan's financial markets have launched a US$ 300 million fund, the Abraaj BMA Pakistan Buyout Fund L.P.

It is the largest Private Equity fund ever to target investments in Pakistan.

The Abraaj BMA Pakistan Buyout Fund will target an internal rate of return of 30% and will pursue a broad-based and opportunistic strategy, rather than a sector focused strategy. The fund will concentrate on sectors with high growth rates and proven business models. It will also look into fragmented sectors with room for consolidation, with significant barrier to entry and with stability of business cycle and resistance to recession.

Her Excellency Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Economy,

'UAE and Pakistan enjoy a special relationship as highlighted by HH Sheikh Mohammed's latest visit to Pakistan. Pakistan offers tremendous investment opportunities and UAE is keen to play an important role for Pakistan's development. Abraaj BMA Pakistan Buyout Fund is a step in this direction which I support whole heartedly.'

Commenting on the announcement, Arif Naqvi, CEO & Vice Chairman, Abraaj Capital said: 'We are delighted to announce our latest buyout fund dedicated to Pakistan. Pakistan's economy is the second fastest growing economy in Asia. The Government's increasing focus on privatisation and the extremely conducive regulatory environment for foreign investment present great opportunities for business and we are delighted to be part of it.'

Farrukh Khan, CEO, BMA Capital, said: 'We are extremely pleased to partner with Abraaj Capital in this pioneering venture. We see a number of consolidation opportunities in many fragmented industries such as insurance, banking, basic materials, power, automotive parts, telecom, textiles, etc. With BMA's deep knowledge and understanding of Pakistan and involvement in landmark transactions in Pakistan and Abraaj Capital's regional expertise in private equity, we intend to focus on 'buy & build' initiatives, under-leveraged companies with quality assets or stable cash flows and under-managed or under-capitalized assets, adding significant value for both our partner companies and shareholders in the process.'

Emaar makes inroads into US market with $1.05b acquisition
By Saifur Rahman, Business News Editor



Dubai: Emaar Properties is to acquire the second largest US private developer, John Laing Homes, for Dh3.85 billion ($1.05 billion) in cash, marking its foray into the United States, the company said yesterday.

John Laing Homes achieved $1.6 billion in revenues last year through 2,891 residential units. It has 1,000 employees on its payroll.

"The Dh3.85 billion ($1.05 billion) all-cash transaction has been unanimously approved by the boards of directors of both companies and closed on June 1, 2006," Emaar said in a release.

Based in Newport Beach, California, John Laing Homes is the second largest privately-held homebuilder in the United States. It has been building homes in the US for more than 150 years and builds single-family detached and attached homes, luxury homes, townhomes, paired homes, courtyard homes, and urban development.

"Partnering with John Laing Homes is consistent with our strategy of expanding our business on a global basis beyond Dubai. This agreement will provide Emaar with an important gateway into the US real estate market," Mohammad Ali Al Abbar, Chairman of Emaar Properties, said in a statement.

"Emaar will leverage John Laing's industry and management expertise and export it into markets around the world, while providing John Laing Homes with additional resources to grow," he said.

With this, Emaar joins other Dubai-based entities Dubai Holding and Dubai World in acquiring US assets.

This is the fourth major acquisition of US assets by UAE-based entities in a year, following the acquisition of Doncasters by Dubai International Capital, Essex House by Dubai Holding and another New York property by Istithmar, the investment arm of Dubai World, and marks the growing investment appetite of Dubai's entities in the international markets.

The deal also comes close on the heels of a major setback by DP World in acquiring six US ports.

Al Abbar recently told Gulf News his company's overseas investment will soon overshadow its domestic projects in the UAE. Emaar has just closed four major development deals in Pakistan, with a combined value of Dh79 billion, following five other projects in Morocco with a total value in excess of Dh25.32 billion.

John Laing Homes will be operated as a division of Emaar. John Laing Homes corporate headquarters will remain in Newport Beach, and continue to be managed by chief executive Larry Webb.

^^ now if the congress will like that .. :runaway:

Limitless unveils Dh73b Karachi property project

Dubai: Limitless, the Dubai-based real estate developer, will invest more than Dh73 billion in a new mega project in Karachi, Pakistan's commercial capital.

The company will spearhead the Karachi Waterfront, a 25,000-hectare collection of residential, commercial, recreational and entertainment facilities, and represents its first international project since being officially launched by Dubai World in April.

Phase one of the project will involve an investment of Dh73.4 billion over the next ten years for developing over 2,000 hectares of waterfront property.

The new city will be home to special economic zones, creating a hub for trading, manufacturing and services industries.

Subsequent phases are expected to involve much larger investments.

The project is part of the Pakistani government's initiative to relieve pressure on Karachi and attract investment into the country.

Dubai World Chairman Sultan Ahmad Bin Sulayem revealed details of the project after a ceremony held in Islamabad which was attended by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Pakistan's Prime Minister Shaukat Aziz.

"This is a major project involving phased development of the 25,000 hectare site west of Karachi. It will be a new Karachi," said Bin Sulayem.

"Limitless' focus on creating balanced developments for large urban communities will ensure that the development meets the economic and social needs of the government and people of Pakistan," he said.

Company sources said several other projects are in the pipeline, some planned for Dubai, which will be announced shortly.

"In the coming months we hope to reveal more details of other projects, but only when we are confident we have found the best solution to address the needs of each community," Limitless CEO Saeed Ahmad Saeed said.

Limitless is part of Dubai World, the holding company that includes Nakheel, Istithmar, the Ports, Customs and Free Zone Corporation as well as DP World.

Its announcement follows strong Middle East interest in Pakistan. Emaar recently unveiled four major Pakistan projects worth almost Dh75 billion, while Dubai Islamic Bank said it plans to open 70 branches in the next 18 months.

Limitless all set to build New Karachi

BY MUZAFFAR RIZVI

DUBAI — Dubai World has revealed that its integrated international real estate developer company — Limitless — will spearhead the multi-billion dollar Karachi Waterfront development project comprising residential, commercial, recreational and entertainment facilities.

Sources told Khaleej Times yesterday that the mega project will develop 25,000 hectare of prime waterfront property in southern port city of Karachi.

"Phase-1 of the project in commercial hub of Pakistan will involve an investment of $20 billion over the next ten years. It will develop more than 2,000 hectare of prime waterfront property in the city," the sources said adding that subsequent phases of the project are expected to involve much larger investments.

They further said that several other projects are also in the pipeline in Dubai and elsewhere, and will be announced shortly.

The announcement for Karachi Waterfront project was made during the recent visit of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to Pakistan. The Memorandum of Understanding (MoU) to this effect was signed by Pakistani Minister of State for Privatisation and Investment, Umar Ahmed Ghuman and Dubai World Chairman Sultan bin Sulayem in Islamabad.

Revealing the details of the project, Chairman Dubai World Sultan bin Sulayem said: "We are delighted to lead the development of the Karachi Waterfront project. This is a major project, involving phased development of the 25,000 hectare site in the port city of Pakistan."

"It will be a new Karachi," Bin Sulayem maintained.

"Limitless' focus on creating balanced developments for large urban communities will, we believe, ensure that the development meets the economic and social needs of the government and the people of Pakistan," he added.

The CEO of Limitless, Saeed Ahmed Saeed, said the master plan of the project is being finalised and it could cater the needs of people.

"At present, the exact elements of the master plan are being finalised considering the overall needs of the people and the best approach to develop a self-sustaining community," Saeed added.

"The business of creating balanced developments is a challenging one. It is a relatively new science, which requires a great deal of research, flexibility and a multi-disciplinary approach to ensure that the balance sought is not only achievable but sustainable," Saeed observed.

"In the coming months we hope to be able to reveal more details on other projects — but only when we are confident that we have found the best solution to address the needs of each community," Saeed added.

Karachi Waterfront will evolve as Limitless prepares the master plan in line with local and government needs. According to an official, the project will contain a defined and carefully weighted balance of residential, commercial, recreational and entertainment facilities.

"The new city will also be home to Special Economic Zones, creating a hub for trading, manufacturing and services industry. All components of the development will be supported by a world-class infrastructure and amenities," the official said.

The waterfront development project is part of the Government of Pakistan's initiative to attract investment and visitors to Pakistan. It is the first international mega project announced by Limitless since the company was officially launched in April, 2006.

Limitless can lay claim to three specific areas of expertise that provide the company with a competitive advantage internationally — master planning large urban communities, waterfront development and the implementation of large balanced projects. Initial equity capital for Limitless is provided by Dubai World, but the company plans to tap the debt markets and look at strategic investors to finance its early growth and new projects.

Dubai Royalty buys Times Square landmark

NEW YORK (AP) — The one-time Knickerbocker hotel in Times Square has an illustrious history: Enrico Caruso sang from its balcony, Maxfield Parrish's 30-foot-long painting "Old King Cole" hung in its barroom and the martini is believed to have been invented there.

Now the Beaux-Arts-style Knickerbocker, long since converted into apartments and textile showrooms, may be returned to its bygone Gilded Age splendor.

Istithmar Hotels, an investment arm of the royal family of Dubai, announced this week that it has acquired the landmark building at the southeast corner of Broadway and 42nd Street for $300 million, and plans to restore it as a luxury hotel in the prime tourist district.

"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," said Muneef Tarmoom, Istithmar's chief executive officer.

Istithmar plans to convert the Knickerbocker into a five-star, 300-room hotel. The royal family of the oil-rich Persian Arab emirate on the Persian Gulf recently made other investments in New York City. Among them are the $600 million purchase of 450 Lexington Ave., a 40-story tower at 45th Street, and 230 Park Ave., a gold-crowned 34-story tower between 45th and 46th streets, for which it paid $705 million.

Financed by John Jacob Astor, the 16-story Knickerbocker hotel, distinct for its terra cotta and limestone ornamentation and mansard roof, opened in 1906. It was one of midtown's premier hotels and one of the tallest buildings in Times Square; It was converted into an office tower in the 1950s.

The hotel closed in 1921, and Parrish's "Old King Cole" was later moved to the St. Regis hotel. Legend has it that the martini was named for its bartender, Martini di Arma di Taggia, and Caruso was known to sing to his fans from his balcony suite.

Emaar’s move into US to help its global plan

Emaar’s $1.5 billion (Dh5.5bn) acquisiton of US-based John Laing recently, will result in an infusion of capital for the American firm and allow Emaar tap into the expertise of operating in a developed economy.

While Dubai investors have been snapping up commercial real estate in the US, analysts say this is the first purchase of this size by a Dubai company.

Emaar Chairman Mohamed Ali Alabbar said he plans to tap John Laing’s management skills to help Emaar build homes throughout the world.

“We are young and we need experience,” he said. Emaar was founded in 1997; John Laing has been building homes in the US for more than 20 years.

An infusion of capital could allow John Laing, one of the largest private US home builders, to expand its operations beyond its core markets in California and Colorado states.

As part of the deal, John Laing said it will be able to retain its senior management and culture.

“We were always being courted by large American builders, but we had no desire to do that,” said Larry Webb, chief executive of John Laing.

“We have a distinct culture. If we got purchased by a large American public builder they would want us to change our culture.This [deal] is the perfect cultural fit for us.” Last year, Emaar’s home prices ranged $300,000 (Dh1.08m) to $7 million (Dh25.2m), and its revenue totalled $2.2 billion. By comparison, John Laing’s prices ranged $200,000 (Dh720,000) to $7 million (Dh25.2m). John Laing is ranked by Builder magazine as the 34th largest builder in the US by number of closings, with $1.6 billion (Dh5.7bn)in revenue last year.

Analysts have been dissecting the sale, looking for insight about possible acquisition activity across the industry.

“What Emaar is doing could be a catalyst for further consolidation in the industry from strategic buyers,” said Ivy Zelman, a Credit Suisse Group analyst in Cleveland.

UAE property developer forays into Jordan

7-Jun-2006

Reputed UAE real estate developer, Tameer Properties has announced the commencement of its Jordanian subisidiary, Jordan Company for Real Estate Development (Tameer) on Amman Stock Exchange. Al Mal Capital, the lead manager and bookrunner for the international tranche of the share placement, has indicated that Tameer shares, originally priced at one Jordanian dinar now value 2.75 dinars in volume of more than 1.3 million shares.

“In regional markets that have presented challenges, the success of the Tameer IPO is an example of Al Mal Capital’s ability to deliver a solid foundation of investor capital to compelling and innovative businesses,” said Naser Nabulsi, executive chairman of Al Mal Capital.

Tameer’s IPO for 53 million dinars, or 25 percent of its capital, was 14 times oversubscribed and generated more than 760.5 million dinars($ 1 billion) in subscriptions. With 70 percent of the funds coming from international investors, Tameer is set to be the leading real estate developer in Jordan . The company is currently involved in a number of major residential and tourism projects in the country.

Dubai Investment Group acquires Berlin's Märkisches Zentrum for AED 380 million

DIG - Real Estate & Hospitality, a subsidiary of the Dubai Investment Group LLC (DIG), the global financial investor of Dubai Holding, today announced the acquisition of Märkisches Zentrum (MZ Centre), a 55,000 square meter suburban shopping centre in Berlin, Germany.

http://www.ameinfo.com/images/news/4/25454-SoudBaalawy.jpg
DIG's Chief Executive Officer, Soud Ba'alawy.

The AED 380 million (€88 million) MZ Centre is DIG's second acquisition in line with its strategy to create a German multi-tenant retail portfolio, focusing on assets that offer long-term revenue streams and value-add asset management opportunities. Financing for the transaction is being provided by Merrill Lynch International.

DIG's Chief Executive Officer Soud Ba'alawy commented: 'The acquisition perfectly complements our existing retail investment, Hansecenter in Rostock, and adds significant momentum to our strategy of building up a presence in the multi-tenant retail market in Germany. MZ Centre also provides crucial shopping and social facilities to the residents of Reinickendorf, which our planned improvement scheme will enhance further.'

Originally developed in the early 1970's, MZ Centre generates gross annual revenue in excess of AED 34.9 million (€7.4 million).

Elaborating on the significance of the acquisition, Duncan Macaulay, Global Head of Real Estate, DIG - Real Estate & Hospitality, said, 'MZ Centre offers many opportunities to improve not only the businesses of existing retailers, but also the shopping experience of local residents. We look forward to actively managing the asset with new customer-driven initiatives.'

The centre, which was extended by 10,000 square meters in 2002, accommodates 120 tenants, with a weighted-average remaining lease term in excess of 5 years. Anchored by H&M and Woolworths, other well known tenants include McDonalds, Wöhrl, Citibank, Deutsche Bank, T-Punkt, Lidl and REWE.

DIG's investment and planned improvement program assures the future success of MZ Centre and retailing for the Reinickendorf district of Berlin.

DIG was advised on its acquisition by the London and Berlin offices of Colliers International. The property will be managed for DIG by Donaldson Deutschland.

DP World in talks on managing Gwadar port


There is some really strict resistance against this deal and it has been in the media for weeks.

^^ The pakistani authorities has been excited about Dubai managing the ports where before than I ever heard DP World or Dubai ever talked about it.

UAE's IFFCO Launches Venture in Pakistan

Friday June 9, 2006, 9:06 pm

KARACHI, June 9 Asia Pulse - Iffco, a UAE based corporation which manufactures and markets a wide range of integrated mass market consumer products, launched its Pakistan venture at a local hotel in Lahore recently.

The Iffco Pakistan launch event witnessed by the leading retailers, distributors, dealers and traders from the Punjab and NWFP provinces.

The event was addressed by keynote Iffco Pakistan speakers that included the Chief Executive Officer Iffco Pakistan Mashkoor Alam, the Brand Manager Huma Mahmud and the GM Sales Asif Khan.

The CEO outlined the broader strategy for marketing Iffco products in Pakistan and assured the trade partners that quality would be the key to Iffco's success in Pakistan.

Mashkoor Alam also noted that Iffco have invested in state-of-the-art manufacturing facilities that are at par with global standards.

Has anyone heard of the $40bn city Emirati investors are going to be build near Alexandria, Egypt. It was on the first page of Al Ahram a couple of weeks ago. I found an arabic article online which mentioned it but I lost the link, all you arabic speakers please help me find it on www.ahram.org.eg.

And today, while I was watching the World Cup opening match there was an ad about a "Cairo Uptown" or something by Emaar. The ad was very vague, it started with a referee flipping a coin between two soccer players. The coin had CA on it which I think stood for Above Cairo or Cairo Above. Seemed very interesting cuz at the end just before Emaar's logo faded in, it said "Cairo Uptown. Look above" which I took as a hint of a highrise development.

Anyway, there are many signs of a huge real estate boom exploding in Egypt fuelled by Gulf money, and correct me if I'm wrong but $40bn is the highest price tag of any Emirati-funded project I've heard of, including those in Dubai!

Emaar launches $500m project in Syria

http://www.tradearabia.com/source/2006-06/11/emaar.jpg

Damascus

Emaar Properties, one of the world's largest real estate developers, will create a modern landmark in the rich cultural heritage of Syria with the ground-breaking ceremony of the SYP26 billion ($500 million) Eighth Gate development.

Inspired by the legendary seven gates that were access points to Syria's rich civilisation, Eighth Gate is a mixed use development in Yafour, approximately 15 minutes from the Damascus city centre. The development offers a unique lifestyle choice in Syria and is the first foray of Emaar's multi-billion investment in the country.

A joint venture between Emaar Properties and IGO, an offshore investment and property development company, Eighth Gate recreates the luxury and style that characterise Emaar's world-class Dubai developments.

The ground-breaking ceremony also highlighted the significance of the second Syrian Emarati Economic Forum held in Syria on June 10 and 11. The Forum, addressed by top-ranking officials from Syria and the UAE, showcased new regional opportunities in the entire economic spectrum including property development.

Abdullah Al Dardari, Syrian Deputy Prime Minister said: "Emaar was the perfect partner for this project. As an internationally recognized company, their history of creating master planned communities is renowned. Eighth Gate will become a referral point for modern community living."

Emaar board director Majid Saif Al Ghurair said: "Syria has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. The Eighth Gate is our first project in Syria and we are pooling in all our capabilities as well as tapping local and international talent to make it the best start."

Moufaq Al Gaddah, chairman of IGO added: "We are pleased to be working with Emaar in developing a community of this quality. The new Eighth Gate will recreate the magic of a bygone era but in a modern context."

Divided into three zones - the Commercial Centre, the Waterfront and the Residential - the exclusive development comprises apartments as well as a classical style piazza, commercial tower, plaza and a retail mall inspired by the souks of Damascus. A new lifestyle address, Eighth Gate would offer high-street shopping experiences and al fresco dining out options.

The Eighth Gate retail mall will be the biggest ever in Levant and has been designed by a world-class designer with extensive expertise in developing spectacular shopping malls.

Eighth Gate office buildings will sprawl over one million sq ft Apart from a modern ambience, the office development will feature basement parking.

As part of the first phase, Eighth Gate will introduce more then 200 serviced apartments. Designed to meet the demanding requirements of both the Syrian clientele as well as international visitors, the apartments will feature all modern amenities.

With joint ventures and projects covering Saudi Arabia, Turkey, Morocco, Egypt, India, Pakistan and Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.

Jumeirah Strengthens Asian Presence
Francis Killory joins Jumeirah as Vice President of Development Asia Pacific, based in Shanghai, China

Dubai | Jumeirah, the dynamic and fast growing Dubai based luxury hospitality group, has announced the appointment of Mr. Francis Killory as Vice President of Development Asia Pacific.

Killory will be responsible for growing the Jumeirah portfolio of luxury hotels and resorts in Asia Pacific’s major cities and international resort locations.

With a strategic global focus on aggressively entering new markets over the coming months and years, Jumeirah will continue to follow its core operating philosophy. The commitment to 'Stay Different' - the company's tagline - and the drive for quality in all of its activities, are reflected in the number of prestigious travel and tourism awards that the Group has won, including the award for 'Best Business Hotel Group in the Middle East and Africa' by readers of Business Traveller Magazine Asia and Business Traveller Magazine UK.

In his new role, Killory will oversee Jumeirah’s growth initiative from the Group’s Development office in Shanghai, China, where the company recently signed its first PRC flagship property in China’s financial capital, the 338-room HanTang Jumeirah Shanghai, which is scheduled to open in mid 2008.

Killory has been active in Asia Pacific hotel development for 15 years, and has previously served in senior development positions with Inter-Continental, Meridien Hotels & Resorts, and Carlson Hotels Asia Pacific. He is fluent in Mandarin Chinese, and holds a MBA from Cornell University and an MSc in e-Commerce from the Hong Kong University of Science and Technology

Paul McPherson, Chief Development Officer of Jumeirah said: “Francis brings a wealth of knowledge and experience to our team and his appointment is an important step in our aim to accelerate Jumeirah’s growth in the Asia Pacific region and to further establish the brand in this key market for us.”

Killory commented “I am delighted to join one of the world’s fastest growing luxury hotel groups and I look forward to leading the successful development of Jumeirah in the Asia Pacific region.”

Note to Editors: Jumeirah properties are regarded as among the most luxurious and innovative in the world and have won numerous international travel and tourism awards. The Dubai based luxury international hospitality group encompasses the world renowned Burj Al Arab, the world’s most luxurious hotel, the multi-award winning Jumeirah Beach Hotel, Jumeirah Emirates Towers, Jumeirah Beach Club Resort and Spa, Madinat Jumeirah and Jumeirah Bab Al Shams Desert Resort & Spa.

The group’s activities are however, not restricted to hotel and resort management. The Jumeirah Group portfolio also includes Wild Wadi, regarded as one of the premier water parks outside of North America and The Emirates Academy of Hospitality Management, the region’s only third level academic institution specializing in the hospitality and tourism sectors.

Jumeirah has also expanded internationally and manages the Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London’s Belgravia.

Building on this success, Jumeirah Group has become a member of Dubai Holding, a collection of leading Dubai based businesses and projects, in a step that aims to initiate a new phase of growth and development for the group.

As of January 15th 2006, Jumeirah has assumed management of the Essex House, one of New York’s most prominent hotels.
CONTACT
Anne Bleeker
Director of Public Relations & Communications
Phone: +971 4 3300111
Fax: +971 4 3016655
Email: Anne.Bleeker@jumeirah.com

----

rather interesting.
i like the way jumeirah is going. i love them in fact.

surely one of the best hospitality brands in the world.

no wonder, it is part of DH.

Anyway, there are many signs of a huge real estate boom exploding in Egypt fuelled by Gulf money, and correct me if I'm wrong but $40bn is the highest price tag of any Emirati-funded project I've heard of, including those in Dubai!

Emaar and DP World last week signed and announced an initial investment of $30bn in Pakistan's Real Estate, Port & Shipping, and Infrastructure sector, they said that they plan investments that would go over $100bn!! :)

^I was talking about the price tag of a single project, not the company's total investments in the country

Dubai to develop industrial zone in Vietnam

Dubai: Vietnam is looking for UAE investment as the former socialist economy becomes more integrated with the outside world.

Vietnam's vice-president Truong My Hoa told Gulf News the recent commitment by Dubai's DP World to invest $200 million in a container port outside Ho Chi Minh City will give a boost to bilateral relations.

"Dubai is investing at the right time in Vietnam. We have adopted a liberal economic policy and we are ready to facilitate further investment by Dubai. Now we have trade relations with 70 countries," she said during a recent visit to the city.

The vice-president said Vietnam was looking for foreign investment in infrastructure projects, shipping, agriculture, tourism and refining.

A member of the Association of Southeast Asian Nations (Asean), Vietnam is an oil-producing country but imports petroleum products because it lacks refining facilities. It is in the process of launching its second refining project in an area called Dung Quat.

Jamal Majid Bin Thaniah, group chief executive officer of Ports and Free Zone World, a newly-formed Dubai entity, told the visiting Vietnamese officials that the emirate was keen to develop an industrial zone in Vietnam.

Istithmar looks at India and China for investment, cautious on US

Dubai: Dubai investment firm Istithmar is considering US opportunities on a "case-by-case" basis after US lawmakers derailed Dubai Ports' purchase of US port facilities earlier this year.

The firm also plans to boost investments in emerging markets such as India and China, its Chief Investment Officer David Jackson said in an interview.

The political firestorm over Dubai's purchase of port assets in the US could cause Middle Eastern investors to re-think investments in the US, he said.

DP World bought the facilities at six US ports earlier this year as part of a $6.8 billion purchase of Britain's P&O but it later said it would sell the US assets after American lawmakers said voiced security concerns.

"My thought is that the US needs to be careful about what it puts in its security bucket as a justification for denying investment," Jackson said. "If the US continues to make it difficult, there are other growth opportunities where people can put capital."

So what is the total company worth and investement worth?

How is UAE is able to invest so much localy and internationaly, in such a short time?

Global marine terminal operator DP World has announced that it has been granted a 30 year concession to develop and operate a new container terminal in the southern zone of the Port of Callao, Peru.

The concession has been awarded by the Agency for Investment Promotion (Proinversion) and the National Port Authority (APN).

DP World will own 70% of the development company through its subsidiary P&O, with the balance held by a local Peruvian partner, the Unimar group of companies. The closing date for the signing of the concession contract is scheduled for 19 July 2006.

Callao is the largest and fastest growing container port on the west coast of South America with a compound annual growth rate of over 14% per annum since 2000. The new terminal will become the first facility in the Port to be equipped with gantry cranes with nine in operation by the completion of the project.

The new facility will initially be constructed with two berths comprising 660m of quay line and 22 hectares of yard, which, dependent upon the timing of the relevant permits and approvals, could be operational in the second half of 2009. Further development will be phased in line with demand growth with total capacity projected to reach 1.35 million TEUs (twenty foot equivalent container units). Preliminary estimates of capital expenditure are approximately US$210 million for the first two berths. The berths will initially be capable of handling vessels of 5500 TEU nominal capacity.

DP World Chairman Sultan Ahmed Bin Sulayem said:
'We are extremely pleased to have been selected as the preferred bidder by the Peruvian Government. We look forward to using our expertise to develop a world-class container terminal at Callao that will bring significant economic benefits to Callao and its surrounding areas, which in turn will help Peru continue its impressive growth'

Group CEO of DP World's parent company Port & Freezone World (P&F World) Jamal Majid Bin Thaniah said:

'The new facility at Callao will give customers access to the rapidly growing Latin America market through efficient, quality terminal services. Peru is a gateway to the west and central Latin America - a region with considerable potential.'

DP World Senior Vice President and Managing Director of the Americas, Dave Sanborn said:

'Peru is an important addition to our Latin America portfolio, which also includes Puerto Cabello in Venezuela and Buenos Aries in Argentina. With efficient services offered through Peru in the west, Venezuela in the northeast and Buenos Aries in the east, importers and exporters will have greater choice and better access to this important market.'

^^ The pakistani authorities has been excited about Dubai managing the ports where before than I ever heard DP World or Dubai ever talked about it.
Yes, those politicians are corrupt and allowed the deal to go through without bidding. Hutchinson port holdings wanted a part in it but our government broke the rules and did not allow bidding. The Pakistani media is concerned because DP world managing Gwadar may not be in our contries intrest while Hutchinson port holdings manages Karachi and does a excellent job.

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How is UAE is able to invest so much localy and internationaly, in such a short time?

As far as I know, they borrow alot of money, like so many Silicon Valley start-ups. Dubai doesn't have much money (yet) with a GDP of 30-something billion USD, triple of what it was ten years ago.


Istithmar PJSC, a major investment house based in the UAE, announced yesterday that it has acquired London's One Trafalgar Square for GBP 155 million.

The acquisition financing bank is Barclays Capital.

^^ there is no need for any state owned company in Dubai to borrow money.

smussuw might be able to give u more details but i seriously doubt what u said.

Actually dubaiflo, I heard about Dubai governmental companies borrowing money like Emirates airline, DP World and TECOM.

They borrow alot of money but I believe that they have alot of money too.

where do they borrow it from then..?

banks or bonds.

http://archive.gulfnews.com/indepth/pando/more_stories/10027854.html

that is interesting.

of course i knew the companies themselves actually don't have that much money, but i thought they would take it from the govt.

Using leverage is common for any business person - its often more sensible to borrow than use your own capital.

Every countrie borrows money from companies, banks and other companies. So they can invest.

Dubai Companies Showering Pakistan With New Projects

ISLAMABAD- More than anywhere else, Dubai companies are showering Pakistan with new projects, reports Gulf News. In its report published on June 27 on "A magnet for investment", contributed by staff reporter Ivan Gale, said that IMF success story, in 2004 the country passed through the latest of several structural adjustment programs.

The same year, it raised $500 million through a Eurobond. In another progressive step, just months ago it adopted international arbitration standards in business disputes, the Gulf News report added.

These efforts, the report said, have invigorated the economy and created new business opportunities, says Professor Rodney Wilson, director, Durham University's Institute for Middle Eastern and Islamic Studies in UK.

He noted its GDP growth rate has surged six to eight percent in the last few years, creating a new dynamism in the region.

Pakistan, the report said, is perceived as an under-served market and a friendly place for Dubai companies to do business.

The country has undeveloped land suitable for large projects and a cheap labour market. It said that as director of the Middle East and Central Asia unit for the IMF, Mohsin Khan is often privy to big deals brewing in Pakistan.

A month ago, he heard rumours that Dubai companies might invest there. But when Emaar and Limitless announced real estate projects valued at $40 billion (Dh 147 billion) in early June, even he was taken by surprise, the report added.

"Most people thought the Etisalat deal in 2005 was big, and it was," he said, adding: "But when you hear deals 10 times that size, that's pretty astounding."

The Gulf News also reported that a few years ago Pakistan wasn't a popular foreign investment choice for UAE companies. In 1998, the country defaulted on an international loan, and was generally regarded as a risky country to do business, it added.

According to statistics by the State Bank of Pakistan, foreign private investment from UAE into Pakistan tallied a modest $17.3 million in 2001-02. But after making impressive strides reforming its banking sector and standardising business practices, Pakistan is showing a big green light which Dubai companies are finding hard to ignore, the report added. It said recently there has been a succession of announcements for multi-billion projects in Pakistan.

In June 2005, a consortium of Etisalat and the Dubai Islamic Bank announced it would invest $2.6 billion for a 26 percent ownership and management rights in Pakistan telecom, PTCL. In May 2006, Emaar said it would invest $20.4 billion in four real estate developments in Karachi and Islamabad.

Limitless, Dubai World's international real-estate arm, followed with news of a $20 billion (Dh 73.4 billion) plan to invest in a mixed-use Karachi real-estate project. At about the same time, the Pakistan government also authorised the Dubai Islamic Bank to open 50 to 70 branches in Pakistan, the report added. It also said that the scale of the deals dwarves all previous foreign investment in Pakistan.

Last year, foreign investors injected $3 billion in the country, compared to more than $40 billion that the Dubai projects will pump into the economy over the next few years equivalent to more than 10 percent of Pakistan's GDP, the Gulf News report said.

The report also said that in truth, Dubai companies won't be spending tens of billions of dollars of their own money straight off. Most projects will build mixed-use residential and commercial units that they can pre-sell, using the proceeds to complete construction over a period of five to 10 years.

Still, Pakistan has emerged as the premier destination for UAE companies aggressively expanding their operations abroad, the report said. The Gulf News report said that part of the reason lies at home.

With the pace of new projects beginning to slow, Dubai is approaching a saturation point with high-profile residential projects. At the same time, companies are trying to diversify their assets. Increasingly, they're looking abroad.

About the dominant force, the Gulf News report said that crude oil prices have nearly tripled since 2002, and the UAE is riding an oil boom that the IMF predicts will last for some time. It forecasts crude prices to remain over $60 a barrel for the next five years.

"Where is the money going?" asks financial analyst Steve Brice of Standard Chartered Bank in Dubai. "Due to high oil prices, the answer is hardly surprising almost anywhere," he wrote in a recent paper. Asia remains the dominant force, he said. "Petrodollars are increasingly going to countries in the emerging world", the report added.

According to the Gulf News report, the IMF Director Khan said that Dubai companies are ahead of the game by thinking regionally, and particularly likes the name of Dubai World's international real estate development arm, Limitless. "Everyone says 'so and so, limited,'" he said. "It really describes Dubai companies in terms of acquisitions." This audacious investment plan is unfolding all over the Middle East, North Africa and Asia.

Emaar is taking a lead role in the $27 billion (Dh1 00 billion) King Abdullah City development in Saudi Arabia, and is engaged in billion-dollar projects in Morocco and Egypt. Dubai World is also expanding boldly into ports in Djibouti, Vietnam and China, the report said.

About the business-friendly environment, the report said that UAE companies are feeling more comfortable with the Pakistani economy, and cultural similarities with the Gulf all contributed to the deals, said Khan. Many Pakistanis also hold senior positions in Dubai firms and provide local expertise in the Pakistan business climate, he added.

A burgeoning economy is creating a new affluent class among its 175 million residents, who will be capable of affording these higher-end real estate projects. Estimates by Limitless put the Pakistan housing shortage at six million dwellings, the report added.

Nonetheless, most observers give the deals unequivocal thumbs-up, including Brice of Standard Chartered Bank. "Pakistan might not be the easiest place in the world to do business, but the returns should be relatively healthy", the report added.

Dubai seeks to establish financial centre in India

DUBAI: Dubai International Financial Centre (DIFC), a major regional offshore financial services hub, said yesterday it was in talks to create a financial district in India.

Omar bin Sulaiman, governor of state-owned DIFC, said the Indian centre might open as early as 2007 but stressed that talks with the Indian government were "at an early stage".

Asked if the proposed Indian centre would have an independent regulator set up with DIFC's help, he said: "We will look at the whole spectrum. Anywhere from the real estate side and the cluster-building side, all the way to regulation and regulators, or linking the exchange."

Since DIFC opened in 2004, many of the world's leading financial institutions including Morgan Stanley, Merrill Lynch and Credit Suisse have applied for and received licences to offer financial services as they seek to tap Middle East oil wealth.

DIFC expects the number of financial firms there to rise by five times to 250 by 2009 and has ambitions to eventually rival London, New York and Hong Kong, a senior executive has said.

DIFC is a major real estate project, but it is more than just a property developer. It has its own courts, and its regulator, the Dubai Financial Services Authority, is independent of the UAE central bank.

Dubai has had to embrace Western-style legal norms, in contrast to existing Islamic laws in the emirate, to make the 50-hectare jurisdiction appeal to global investors.

DIFC is also home to Dubai International Financial Exchange (DIFX), which lists a dozen stocks, depository receipts and bonds.

Sulaiman said DIFC is in talks with two Western countries and up to five Asian countries about setting up financial centres. He declined to give more details but said the eastern countries were more likely to seek help with regulatory supervision.

Last week rumours that Emirates, owned by the Dubai government, were looking into buying British Airways forced the price of BA stock up 5%. As with all rumours there has been a breathing space – though the stock has continued to push to record levels of 377 pence.

BA is currently facing anti-trust allegations in the US, so it is expected that this may put a damper on any current speculation.

:eek2: Holy Cow! Imagine if this deal goes down... This could create greater publicity than the DP World buyout.

Will there be any impact on the stability of any emirates property groups who have invested mega money in Beirut ?

^^ yeah i read this a while ago, but only rumour.. i doubt they will get through with this.. would be awesome for Emirates and Dubai... and really sensible.

i mean UK is such an important market for Dubai flights..

u sure that isnt an outdated news?

last time I checked Emirates Airlines denied it :)

Well, denial in corporate takeovers is never a sign that its not going to happen... As far as I know, its still on the cards....