Dubai Investments Real Estate Acquires Prime Dubai Properties From ANC Holdings LLCSource: eyeofdubai.com, Tuesday February 26, 2008Dubai Investments Real Estate LLC (DIRC), the real estate arm of Dubai Investments PJSC (DI), has acquired prime properties in Bur Dubai, the heart of old Dubai, through its subsidiary Al Mujama Real Estate LLC by way of a recent deal with ANC Holdings LLC.
According to the agreement, which was signed by Khalid Kalban, Managing Director & CEO of Dubai Investments and Tayeb Baker, Chairman of ANC Holdings LLC, Al Mujama Real Estate has acquired 3 furnished apartment buildings with over 117 hotel apartments and a plot of land on which a Four Star Business Hotel is under construction.
“As a rapidly growing real estate company, Dubai Investments Real Estate LLC has endeavored to continuously set and meet challenging new standards", said Khalid Kalban. “Dubai has emerged as one of the most popular tourist destinations in the world.
This has resulted in an ever-increasing demand for hotel accommodation throughout the Emirate. Our acquisition of these new properties marks an important addition to DIRC’s portfolio and DIRC’s first venture into the hospitality sector. We are confident that this venture will be a great success.“
Obaid Al Salami, General Manager of Dubai Investments Real Estate and Al Mujama Real Estate said: "The three existing apartment buildings, which have been operational as hotel apartments under the name ‘Al Faris Hotel Apartments’, are located in Bur Dubai and consist of studio, one-bedroom and two-bedroom apartments that are available for rent on an annual, monthly or daily basis. These buildings also have certain ground floor spaces allocated towards and available for retail rent".
He added: “The Four Star Business Hotel which is under construction will be located on a plot opposite the prominent Burjuman Mall in Bur Dubai. Once completed, it will house 153 elite Business Suites. The construction of this building has been awarded to ANC Contracting Company LLC".
Bur Dubai, considered the heart of old Dubai is home to major shopping malls, teeming textile markets, international banks, restaurants, office buildings, electronics & computer markets and is a stone’s throw away from the World Trade Center.
From left to right: Tayeb Baker, Chairman of ANC Holdings LLC and Khalid Kalban, Managing Director & CEO of Dub
Zabeel Capital partners with ANC to form Education Investment Company AED 300 million earmarked for initial education investments through Kings' Holdings.Source: arabianbusines.com, Wednesday 21 May, 2008Dubai-based Zabeel Capital has partnered with ANC Holdings LLC to form Kings' Holdings, a company focused on investment in education. The joint venture is the first of its kind between the two companies, and comes with values and objectives that are in line with the UAE's prestigious government strategy for 2015, which are designed to ensure sustainability, development and a high quality of life for all UAE nationals.
The venture represents Zabeel Capital's first strategic financial investment in Education in the UAE, with an investment of AED 300 million. "Everyone at Zabeel Investments is a true believer in education," commented HE Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments.
"With the launch of Kings' Holdings in partnership with ANC we are fulfilling our promise to continue to invest in education in the UAE making our education facilities second to none, and we are committed to pursuing this strategy for the future of the UAE," he added.
While Kings' Holdings already include Kings' Dubai within its portfolio, a benchmark primary learning institute, the partnership will enable the creation of Kings' College. Scheduled to open in September 2009, this 1.2 million sq ft all-through education facility will cater for children aged one to 18.
The campus is located in Nad Al Sheba and will provide British curriculum education as its educational basis, with a dedicated teaching philosophy by qualified and experienced educators. The school will also encourage involvement in the arts and sports as a means for furthering the education experience.
"This partnership comes at a time when both our companies have become well respected and valued members of the investment community," said Tayeb Baker, Chairman of ANC Holdings LLC. "The fact that Kings' Holdings is a company dedicated to education investments only solidifies both ANC Holdings and Zabeel Capitals commitment to the community," he added.
Kings' College will house three schools on one inclusive campus with a wide range of outstanding discrete and shared facilities. The Early Years Centre will take children aged from one to five, implementing worldwide best practice in early childhood development, with innovative areas for discovery confined to a safe environment.
The four form entry primary school will provide excellent and wide-ranging facilities to support teaching and learning in preparation for the next phase, while the six forms of the secondary school will prepare students for higher education.
Jbran Rahal, Managing Director for Zabeel Capital, commented: "This joint investment in the education field will further raise the bar on quality education in the UAE. From an investment perspective, education is one of the most solid sectors to capitalise on, and with the UAE's rapid development and the influx of new residents, quality education institutions will be in great demand."
The joint venture comes as part of the company's continued efforts to support education in the UAE with Zabeel Investments continuing to run its AED 30 million education and leadership program Bidaya in partnership with Nakheel.
Kings' College Campus
ArcelorMittal Enhances Its Distribution Activities in United Arab EmiratesSource: steelguru.com, Monday June 30, 2008ArcelorMittal announced that it intends to acquire 60% of the entire issued share capital of DSTC FZCO, a newly incorporated company located in the Dubai free zone.
DSTC LLC is a Dubai-based privately owned entity, founded in 1986, which currently employs 50 personnel. It sells principally to the construction market, which represents more than 50% of its activity. DSTC LLC's distributes approximately 120,000 tonnes of products per year. In 2007 its revenues were about EUR 70 million.
The release said that “Together with DSTC FZCO, ArcelorMittal is widening its offering in the Middle Eastern area. DSTC FZCO will acquire the main business of a steel distributor in the United Arab Emirates, Dubai Steel Trading Company LLC.”
This new acquisition is the first step towards the creation of a fully-fledged distribution network in the Gulf Cooperation Council area for the distribution of long and flat steel products including beams, plates, and hollow sections.
Mr. Philippe Darmayan CEO of ArcelorMittal Steel Solutions & Services said, “This is an important partnership that will spearhead our distribution network in the Middle East Area.”
Jumeirah Golf Estates announces building contractorsSource: Khaleej Times, Sunday May 30, 2008Al Naboodah Laing O’ Rourke Co LLC and ANC Contracting (a member of the A.N.C. Group of Companies) announced as key building contractors for Jumeirah Golf Estates.
Jumeirah Golf Estates, Dubai’s premier residential golf development and host venue for the Dubai World Championship from 2009, today officially announced the award of two key building contracts for Phase A of the property development.
ANC Contracting is building 99 villas within the Flame Tree Ridge community and 66 villas in the Fireside community. ANC Contracting has already mobilized to site and undertaken preparatory works in advance for the villa construction, which is now underway and on schedule.
Additionally, Al Naboodah Laing O’ Rourke Co LLC will construct the Whispering Pines cottages and casitas, together with the prestigious Norman Clubhouse and ancillary buildings.
David Spencer, Chief Executive Officer - Golf for Leisurecorp, the owner of Jumeirah Golf Estates, said:
“We are delighted to formally announce ANC Contracting and Al Naboodah Laing O’ Rourke Co LLC, as key contractors for properties at Jumeirah Golf Estates. Both firms are now part of the team delivering not only unique world-class courses but what will be on completion, the most desirable residential communities in Dubai.”
Chris Preece, General Manager of A.N.C. Contracting, commented: “ANC is proud to be associated with this premier development and looks forward to partnering with Jumeirah Golf Estates in the successful delivery of this exceptional quality project. The use of a partnering form of contract is a credit to the client in having the foresight to recognize the advantages of such a contract in the current very buoyant market conditions.”
Jumeirah Golf Estates