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H.E. Mohammed Al Gergawi, Chairman of Dubai Holding said:
"DIC made outstanding progress in 2007 under Sameer Al Ansari's leadership. Sameer Al Ansari and the DIC team have built a highly profitable international investment company in a remarkably short time and these exceptional results reflect DIC's high standards of corporate governance and high levels of employee satisfaction. These results also reinforce the UAE's status as a career destination for talented professionals in the financial sector and demonstrates its position as a leading global financial centre".
Sameer Al Ansari, Executive Chairman and CEO of DIC said: "DIC has achieved a great deal in a short time with a significant investment push into Asian markets this year and the closing of several major transactions in 2007. We are building on this momentum with an ambitious recruitment drive at a senior level with a target of 130 employees by the end of 2008 compared to 85 in 2007. We are hiring the resource and senior talent we need for the next phase of DIC's ambitious growth strategy".
DIC's assets under management now total over $12bn with a target to double assets under management to $25bn within the next two years.
DIC has been profitable since its inception in 2004 and has earned global recognition as a world class investment company.
DIC Private Equity acquired three companies in Europe during 2007 investing over $4bn in what was and remains a very difficult financial environment, bringing the total number of portfolio companies to six.
DIC's portfolio includes industrial packaging leader Mauser; global leader in specialty alumina Almatis; and Alliance Medical, the leading provider of diagnostic imaging services to the European healthcare sector.
DIC Private Equity made a successful exit from Tussauds Group with Blackstone-owned Merlin Entertainments Group in March 2007 and achieved an IRR of 78% (over £1bn in cash), retaining an 18% stake in what is now the world's second largest visitor attractions operator.
DIC was recently awarded MENA Private Equity Firm of the Year by Dow Jones Private Equity News in the 6th annual Awards for Excellence in Private Equity Europe 2008.
DIC Global Equities also made four significant investments in 2007 in large-capitalisation, global companies with long term potential for above average risk-adjusted returns.
These investments include EADS (EADS announced on May 14th 2008 that it had turned profitable in Q1 2008) and Sony Corporation (which also announced a better than expected outlook on May 15th 2008) with both companies showing strong gains in the value of their stock.
DIC's Global Strategic Equities Fund ('GSEF') completed its first round of fundraising at $1.3bn and the Global Equities division of DIC acquired stakes in ICICI Bank and DLF in India and successfully divested its $1bn stake in DaimlerChrysler.
DIC Emerging Markets division made its first direct investment in the region with the family-owned Rivoli Group, a luxury retail chain based in the UAE. DIC's Jordan Dubai Capital, a $300m fund, acquired a 51% stake in the Central Electricity Generating Company through its energy investment arm ENARA Energy Arabia.
DIC recently announced the launch of China Dubai Capital, a $1bn fund to invest in China in partnership with First Eastern as well as Saudi Dubai Capital, a $1bn fund to invest in KSA.
Posted by Eman Hassan
