Dubai Investments partners with Fujairah Investment Establishment to launch Al Taif Investments

Under the terms of an agreement signed between the two parties, Al Taif Investments will begin operations [this month] with a capital of AED 500 million. DI has acquired a stake of 60 per cent in the joint venture, with the other 40 per cent owned by FIE.

The new company, which will begin by investing in real estate and industry ventures, also plans to buy existing companies and develop a diversified portfolio of greenfield and finance-oriented projects in the near future. The launch of Al Taif is expected to present a range of long-term investment opportunities for regional and international investors who are keen on capitalising on the rapid growth being witnessed across the UAE.

"This is a great opportunity to expand our local presence and benefit from the potential investment opportunities in Fujairah, as it is DI's strategy to expand both in the UAE and regionally. DI will work closely with FIE to leverage our combined strength to support the development of viable enterprises within the region and develop a robust investment portfolio,"

commented Khalid Kalban, Managing Director and Chief Executive Officer, DI.

"Al Taif Investments will be based in Fujairah, but investments will not be limited to the emirate, as we plan to invest both locally and internationally. We believe that Al Taif will eventually foster the growth of small, medium and large business enterprises in the region, which will in turn contribute to maximising employment opportunities for UAE Nationals, and also ensure sustained economic prosperity through greater revenues," Kalban added.

"Fujairah's strategic and unique location, on the East Coast, plays a key role in its development," said Kalban. "Fujairah offers several advantages to companies keen on setting up operations in the emirate, such as state-of-the-art infrastructure facilities including an international airport, a fully-equipped port and a flourishing freezone. Moreover, Fujairah's unspoiled natural beauty with mountains, waterfalls, oases, long stretch of sandy beaches and the several valleys and water springs add to the emirate's appeal to visitors from around the world."

Mohamed Saeed Al Dhanhani, Director, FIE, noted, "This partnership would not have materialised without the support and direction of H.H. Sheikh Hamad Bin Muhammad Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, whose vision supports the growth of the emirates. We are happy to partner with DI to launch Al Taif Investments, as the company has an excellent track record when it comes to strategically investing in business ventures that contribute to the overall growth of the country's economy."

"We are certain that Al Taif will trigger a new phase of foreign investments into Fujairah, which will see the emirate become one of the most important business and tourism destinations in the region. In partnership with Dubai Investments, we are confident of achieving excellent results that will see Al Taif constantly expanding its portfolio of investments in diversified fields," Al Dhanhani added.

Dubai Investments PJSC, with 44 subsidiary companies and more than 23,500 shareholders, has more than 12 years of successful experience in establishing, acquiring and strategically participating in corporate ventures throughout the UAE and internationally.

Fujairah Investment Establishment (FIE), which is the investment arm of the Fujairah Government, invests in diverse sectors such as real estate, finance and key industry ventures.