Dubai Investments mulls acquisitions worth $100m – Kalban

By: Amr Adel

Dubai – Mubasher: Dubai Investments is currently examining three acquisition deals worth a total of $100 million (AED 367.30 million), stated managing director and CEO Khalid bin Kalban on Saturday.

Speaking at the Mirdif Hills Sales Launch event, Kalban told reporters that the targeted deals will focus on companies operating in energy and water services.

Dubai Investments has also reached a financing agreement worth AED 1.1 billion ($300 million) with the First Gulf Bank (FGB) and Abu Dhabi Commercial Bank (ADCB) to finance the Mirdif Hills project, the CEO said.

We expect to receive the loan by the end of December, he noted, adding that the remaining 20% of the project will be self-financed through the company.

On Saturday, Dubai Investments commenced the launch of its sales for its Mirdif Hills real estate project, developed by the company's subsidiary, Dubai Investments Real Estate, at a cost of AED 3 billion.

The final phase of the project is scheduled for completion in the further quarter of 2018.

The 3.9 million sq. ft. project comprises residential and commercial units as well as entertainment utilities.

Dubai Investment Real Estate is also planning a $200 million investment in an 80-storey tower on the Dubai Water Canal, Kalban revealed, adding that the three-year development will commence in April 2017.

As for the Emicool listing on the Dubai Financial Market (DFM), the CEO stated that the company was awaiting the suitable time to launch 30% in an initial public offering (IPO).

The IPO is pending an improvement in financial markets, he added.

 

Translated by: Nada Adel Sobhi

MUBASHER Contribution Time: 10-Dec-2016 19:13 (GMT)
MUBASHER Last Update Time: 10-Dec-2016 19:14 (GMT)