The fund was unveiled during the World Economic Forum (WEF) meeting on the Dead Sea by Mohammad Al Gergawi, Chief Executive Officer of Dubai Holding and Chairman of Dubai International Capital. He said: "There is a growing number of feasible and profitable investment opportunities in Jordan.
"Through this fund we are looking to tap into the wealth of opportunities that exist in the country. We will invest in projects that will generate superior returns for investors. At the same time we are committed to contributing to the development of the country's economy and the scale and type of our investments, many of these in expansion projects, will reflect this."
Earlier today His Majesty met Mr. Gergawi and senior DIC officials to hear about the new venture and its main objectives. Mr. Gergawi thanked His Majesty for his support.
Mr. Gergawi said: "The fund represents a significant strengthening of the partnership between Jordan and Dubai and demonstrates the strong determination by both to fully realise the benefits of a properly developed entrepreneurial culture."
Mr. Gergawi revealed that DIC would be responsible for structuring the fund and identifying investment opportunities. Projected returns in excess of 25 per cent have been forecast on the back of the upturn in Jordan's economy.
Since 1998, the country's annual GDP growth rate increased to 6 per cent last year from just 3.2 per cent on the back of economic reform, market liberalization, and major trade agreements that include USFTA, EU FTA, and WTO membership.
Sameer Al Ansari, CEO of Dubai International Capital, said: "Jordan offers a wealth of investment opportunities, from start-up projects to buyouts. These have emerged in a variety of sectors, from financial services to aviation.
"We are confident that by combining DIC's experience in managing and developing diverse investment portfolios with expertise in the Jordanian market, the new fund will provide strong returns for investors and enormous benefit for the local business community."
Dr. Bassem Awadallah, Jordan's Minister of Finance, added: "The launch of this fund is a major vote of confidence in the economic potential of Jordan and provides a vital new vehicle to drive growth across all sectors of our economy. Dubai International Capital has had a huge impact on the international investment market and we are delighted that they have chosen to invest in Jordan."
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Dubai Holding launches AED 1 billion investment vehicle to target Jordan's booming economy
- Jordan: Sunday, May 22 - 2005 at 09:02
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Dubai International Capital (DIC), the investment arm of Dubai Holding, today announced that following a meeting with HM King Abdullah II of Jordan it will launch an AED 1 billion (US$272 million) investment fund that will target opportunities in the Kingdom's booming economy.
His Majesty King Abdullah II bin Al Hussein and Mohammad Al Gergawi, Chief Executive Officer of Dubai Holding and Chairman of Dubai International Capital
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Posted by Lara Lynn Golden, News EditorSunday, May 22 - 2005 at 09:02 UAE local time (GMT+4)
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Dubai International Capital
Dubai International Capital ('DIC') is the international investment arm of Dubai Holding, which owns and manages a diversified portfolio of companies operating in the fields of leisure, healthcare, technology, finance, real estate, research, education, tourism, energy and communications.
Established in October 2004, DIC employs an experienced team of international investment professionals and is committed to establishing itself as a dynamic international investor. DIC will look to build an international portfolio of diverse business assets in North America, Europe, Asia-Pacific and the Middle East/North Africa and will seek to create and maximize long term shareholder value as an active investor in different asset classes.
DIC has a $1 billion investment in DaimlerChrysler, making DIC the company's third largest shareholder, as well as the recently announced $1.5 billion agreement to purchase the Tussaud's Group.
As a member of Dubai Holding, DIC will leverage the knowledge, experience and contacts of other Dubai Holding companies to help source investment opportunities and create long-term shareholder value.
Dubai Holding
Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as research, identify and execute future major projects that will benefit the emirate and the region.
The company has been created with the goal of providing a better future for all - across the range of life-improving industries it is involved in. Each of the Dubai Holding operating companies focuses on key areas which will dynamically support the development of Dubai as a world leading hub for commerce, leisure and finance, in turn driving these companies to become leaders in their respective fields in the Middle East and beyond.
Dubai Holding currently has more than 20 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, humanitarianism, tourism, energy, communication, industry, biotechnology and hospitality.
These companies include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubai International Capital, Dubai Industrial City, Dubai Properties, Dubai International Properties, Dubai Humanitarian City, Dubai Knowledge Village, Arabian Radio Network, Dubai Outsource Zone, International Media Production Zone, E-Hosting Datafort, Empower, SamaCom, Jumeirah International, Dubiotech and Dubai Studio City, Dubai Investment Group and Dubailand.
For further information, please contact:
Fakher Daghestani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
P O Box 28063, Dubai, UAE
Tel : (971 4) 3344550; Fax : (971 4) 3344556
Dubai International Capital ('DIC') is the international investment arm of Dubai Holding, which owns and manages a diversified portfolio of companies operating in the fields of leisure, healthcare, technology, finance, real estate, research, education, tourism, energy and communications.
Established in October 2004, DIC employs an experienced team of international investment professionals and is committed to establishing itself as a dynamic international investor. DIC will look to build an international portfolio of diverse business assets in North America, Europe, Asia-Pacific and the Middle East/North Africa and will seek to create and maximize long term shareholder value as an active investor in different asset classes.
DIC has a $1 billion investment in DaimlerChrysler, making DIC the company's third largest shareholder, as well as the recently announced $1.5 billion agreement to purchase the Tussaud's Group.
As a member of Dubai Holding, DIC will leverage the knowledge, experience and contacts of other Dubai Holding companies to help source investment opportunities and create long-term shareholder value.
Dubai Holding
Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as research, identify and execute future major projects that will benefit the emirate and the region.
The company has been created with the goal of providing a better future for all - across the range of life-improving industries it is involved in. Each of the Dubai Holding operating companies focuses on key areas which will dynamically support the development of Dubai as a world leading hub for commerce, leisure and finance, in turn driving these companies to become leaders in their respective fields in the Middle East and beyond.
Dubai Holding currently has more than 20 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, humanitarianism, tourism, energy, communication, industry, biotechnology and hospitality.
These companies include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubai International Capital, Dubai Industrial City, Dubai Properties, Dubai International Properties, Dubai Humanitarian City, Dubai Knowledge Village, Arabian Radio Network, Dubai Outsource Zone, International Media Production Zone, E-Hosting Datafort, Empower, SamaCom, Jumeirah International, Dubiotech and Dubai Studio City, Dubai Investment Group and Dubailand.
For further information, please contact:
Fakher Daghestani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
P O Box 28063, Dubai, UAE
Tel : (971 4) 3344550; Fax : (971 4) 3344556
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