UAE Investments Worldwide

[AltinD]

???

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.

[smussuw]

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

[dubaiflo]

i have no doubts on that one.

[Dubai-Lover]

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.

[smussuw]

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.



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.'

[AltinD]

http://edition.cnn.com/2006/BUSINESS...eut/index.html

[dubaiflo]

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

[dubaiflo]

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




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.

[Krazy]

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.

[smussuw]

^ Etisalat denies it.

[AltinD]

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

[juiced]

Sleeping with the devil nearly

[Dubai-Lover]

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.

[Dubai_Steve]

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.

[dubaiflo]

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).

[dubaiflo]

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???
well typical US article. idiots.

[Face81]

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.

[dubaiflo]

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

[Face81]

Originally Posted by dubaiflo

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

No, no, Flo!!!!

It is Etihad VS Qatar Airways.

Emirates already sponsor Arsenal.

I dont think QA stands a chance. Go Etihad!

[dubaiflo]

face, please read it again.