UAE Investments Worldwide

[Krazy]

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.

[Krazy]

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.

[Krazy]

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.

[Krazy]

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.

[malec]

What about that 100bn one in India?

[dubaiflo]

what abt the emaar city in pakistan?

[smussuw]

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.



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.

[AltinD]

2% stake in DaimlerChrysler

[Badbakht]

Madame Tussaud and associated theme parks.

[dubaiflo]

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

[Krazy]

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.

[dubaiflo]

4.3bn Dollar.
these are insane figures...

[Krazy]

Istithmar buys London landmark



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.

[dubaiflo]

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...

[Krazy]

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.


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.

[Dubai-Lover]

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


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.

[smussuw]

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

[dubaiflo]

why not... different departments..whatever.

anyway! DO NOT BUY ANY GERMAN COMPANY EXCEPT BMW.

[Alle]

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...

[Dubai-Lover]

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.


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.