istithmar world
dubai world added that the restructuring, which will be spearheaded for the company by aidan birkett of deloitte, does not include dp world, british ports company p & o, infinity world holding, istithmar world and ports & free zone world .
istithmar world’s investment portfolio spans consumer, industrial and financial services, hotels and commercial property sectors .
istithmar world ventures was formed in late 2007 as the venture and growth capital investment firm of istithmar world, the investing arm of dubai world. we aim to invest in rapidly growing businesses, primarily operating in dynamic, knowledge - based industries .
dubai world has already said prized assets from istithmar world, profitable port operator dp world and jebel ali free zone would not be sold. on tuesday, it added dubai drydocks world to the list of businesses not for sale .
dp world to buy economic zones world for $ 2. 6bn and delist from london
istithmar world (
istithmar
is arabic for
investment
) is an investment firm based in dubai, united arab emirates (uae). this company is a state - run business owned by dubai world, a dubai government - owned company, and was established in 2003. originally known as
istithmar ,
the company was renamed as
istithmar world
in 2008 .
before joining waha capital, ms. al bachir was director of corporate affairs at istithmar world, an investment company part of dubai world. prior to istithmar, she served as advisor and head of the technical support unit at uae national human resources development authority .
( bn) dubai' s broken deals at istithmar reveal sove ...
marka bought retail corp from istithmar world holdings, a subsidiary of dubai world that went into voluntary liquidation on 12 january. peel, who was not heavily involved in the negotiations to purchase retail corp, says he does not believe istithmar’s financial position created a bargain sale .
istithmar world - investment portfolio... istithmar world capital states on its website that it has deployed $ 3. 5 billion of capital in 35 investments across the globe... that total assets under management by istithmar had declined due to the global financial crisis and were $ 9 billion by the end of 2008... in the article, jackson indicated that istithmar had delivered returns of approximately 10% since its foundation ...
istithmar and dubai world are being advised on their debt restructuring proposals by at least one outside consulting firm, people familiar with the matter said .
the merger is part of an internal restructure within the dubai world group whereby the real estate business of istithmar is being joined with nakheel. the merged entity will remain a wholly owned subsidiary of dubai world .
makkawi replaces andy watson, who has been chief executive of istithmar since 2010, dubai world said in a statement. watson will remain in his role as the group managing director of dubai world, the company added .
dubai, july 19 (reuters) - istithmar world, the investment arm of indebted state - owned conglomerate dubai world, has appointed hamza mustafa, head of its real estate operations, as its new chief executive officer .
istithmar world capital is a private equity and alternative investment house. in the period since its inception, istithmar world capital has invested in over 35 companies with total capital deployed in excess of us $ 3. 5 billion. istithmar world capital has successfully established itself as a major investment firm with a diverse portfolio of successful companies in three broad industry sectors - consumer, financial services and industrial. the geographic scope of the current portfolio includes north america, europe, the middle east and the far east. istithmar world capital has been recognized for its success with various prestigious awards from leading industry publications such as banker middle east and euromoney .
istithmar world, which was created in 2003 as the investment arm of dubai world specializes in private equity and alternative investment opportunities globally. in the five years since its inception, istithmar world has built a portfolio of investments in markets ranging from north america and europe to asia and the middle east, and across a variety of sectors, including consumer, industrial, financial services and real estate .
empg international (empgi) will be 66. 7 per cent owned by empg and 33. 3 per cent owned by istithmar world capital, the alternative investment arm of dubai world, which is owned by the government of dubai .
but in a sign that dubai world may struggle to keep its trophy buys, istithmar world sold its w hotel in manhattan in a foreclosure auction on tuesday for $ 2 million. it bought the property for $ 282 million in 2006 .
dubai, sept 2 (reuters) - dubai world, the state - owned conglomerate that completed a $ 25 billion debt restructuring in 2011, named on monday ziad makkawi as the new chief executive for its investment arm, istithmar world .
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nakheel hotels and resorts has merged with istithmar’s hospitality arm to create nakheel hotels after holding company dubai world consolidated its hotel business under one banner to create a fully integrated hotel investment company .
former chief executive officer of istithmar world, with overall responsibility for business initiated by istithmar world across its divisions – private equity, hotels, real estate, finance and administration, and funding. prior to his appointment as ceo, mr. jackson served as the first chief investment officer of istithmar world from 2003 to 2006. he sat on the board of directors of several dubai world and istithmar world companies and currently sits on the board of advisors for the yale school of management. before joining istithmar world, mr. jackson spent over 10 years on wall street, primarily at lehman brothers and later marco polo partners. in 2007, private equity international named mr. jackson on its list of “50 global movers; the most influential people in global private equity. ” mr. jackson was also named among “100 most powerful people in new york real estate” by the new york observer. mr. jackson holds a master’s degree in business administration from yale university and a bachelor’s degree in economics from princeton university .
istithmar is an alternative investment house based in the united arab emirates. it is 100% owned by dubai world, which is in turn wholly owned by the government of dubai. istithmar was established in 2003 with the key mission of earning exceptional returns for its investors while maintaining due regard for risk .
the deals have forced istithmar to halt investments and threaten to unseat jackson, the ceo, people familiar with the situation said last week. co - chief investment officers john amato and felix herlihy are leaving, according to istithmar .
dubai world closes in on $ 10. 5bn debt settlement extension - the national
“it, therefore, makes sense for istithmar hotels to join the nakheel organisation, providing the hotels group with additional resources, capabilities, and the backing of one of the world’s foremost real estate developers .
dw is considering using the 80 per cent stake it has in dp world – worth some $ 13bn – as collateral for all or part of its long - term debts, and it still has other assets it can sell, mostly a mix of hotel and real estate interests held by the istithmar world subsidiary .
sept. 14 (bloomberg) - - dubai investment firm istithmar world may be the first sovereign wealth fund to liquidate after a $ 27 billion spending spree financed largely with borrowed money, people briefed on the matter said .
there had already been signs in britain, where it owns huge swathes of assets, that dubai was unravelling. last month dubai world' s investment arm, istithmar world, sold two london properties – marcol house in regent street and an office building in newman street – for a knockdown price of £10m. istithmar had bought the properties for £90m, but was forced to sell when it found itself unable to pay the interest on a loan .
mustafa joined the investment vehicle in 2009 and has previously held senior positions at real estate developer nakheel international, istithmar said on thursday .
besides istithmar and dubai world debt held by deutsche bank, barclays and rbs, much of what remains is held by lenders based in the middle east, the people said. spokespeople for the three banks declined to comment yesterday .
istithmar world ventures follows a disciplined, return - oriented investment approach. we focus on two distinct yet complementary investment styles: investing directly in late - stage venture and growth companies, and investing indirectly by sponsoring specialized equity funds .
the oil - rich united arab emirates has shown an increasing appetite for investments in other parts of the world. in the three years since its inception, istithmar has invested in more than 30 companies in three sectors - - consumer, industrial and financial services - - deploying in excess of $ 1. 6 billion of capital, according to istithmar' s web site .
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istithmar' s deals were part of dubai ruler sheikh mohammed bin rashid al maktoum' s attempt to raise the arabian peninsula emirate' s profile as he tried to vault it into the top ranks of the world' s financial centers .
istithmar also bought stakes in cirque du soleil, the montreal - based company known for staging extravagantly acrobatic circus - like performances around the world, and yacht haven grande, a marina complex in the caribbean catering to so - called mega - yachts .
istithmar world is a premier investment company with a broad international portfolio across north america, europe, the middle east, asia and africa. our activities span a variety of verticals, ranging from consumer, industrial and financial services to hotels and commercial property .
dubai (reuters) - fears that dubai’s debt problems are not limited to troubled state conglomerate dubai world battered investor confidence in the world’s top oil - exporting region and sent shares across the gulf tumbling on wednesday .
world agreed to sell the american operations to an american - owned firm to assuage concerns over national security .
istithmar world’s investment portfolio spans consumer, industrial and financial services, hotels and commercial property sectors. among its assets are the atlantis resort in dubai, entertainment group cirque du soleil, and the mandarin oriental hotel in new york. (reporting by dinesh nair; editing by david french )
istithmar was not included in dubai world’s $ 25 billion debt restructuring deal, reached in 2011, which called for full repayment after five and eight years, partly through asset sales. however, the investment vehicle’s assets are likely to be among those sold to repay the parent firm’s creditors .
global holding company dubai world focuses on strategic growth areas of transport and logistics, drydocks and maritime, urban development .
the original eco - lodge in the region, positioned at the foothills of the virunga mountains and the world famous volcanoes national park, home to the world’s last remaining free roaming mountain gorillas. refurbishment plans for the lodge are far advanced .
at least half the $ 10 billion i was involved with at istithmar was poorly invested and completely un - hedged ,
turner said in an interview yesterday. turner, who now lives in europe, says he left istithmar last year and was accused of embezzlement. he denies those claims and said he is prepared to fight the charges in court .
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analysts said today that the statement from dubai world is likely to ease fears about the scale of the crisis in dubai .
an analysis of istithmar' s investment portfolio which included the investment of $ 3. 8 billion with an associated $ 14 billion of debt, has not performed positively. in a number of cases, istithmar has lost control of assets or sold at a loss. as a subsidiary of dubai world, the company has been mentioned in numerous press reports related to the high debt levels of its parent. since late 2009, the company has seen numerous departures of high profile executives .
the cost of insuring dubai’s debt against restructuring or default rose sharply on wednesday as investors grew increasingly nervous about dubai world’s restructuring .
istithmar, which means investment in arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. istithmar’s ‘i’ investment philosophy is based around three core principles - - ideas, inquiry & integrity - - sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from north america to europe to asia to the middle east .
dubai world last week said jackson had its
full support ,
adding that istithmar
will continue to be a key subsidiary into the future .
sheikh mohammed also said last week that he wasn' t concerned about the emirate' s ability to repay at least $ 4. 52 billion of debt this year .
istithmar contributed about $ 2. 5 billion of its own cash to back $ 27 billion of purchases since 2003, the people said, speaking anonymously because the strategy was private. it used so - called non - recourse bank loans, backed by specific assets, to finance about 75 percent of its acquisitions, one of the people said. the rest was funded with a mixture of its own cash and money borrowed from banks on a term - loan basis that was backed by istithmar or dubai world, the person said .
in its most detailed statement since the crisis erupted last week, the state investment company dubai world said' constructive' talks had started over $ 26bn of debt, including a $ 6bn sukuk bond sold by nakheel, one of the property companies owned by dubai world .
unlike government - controlled funds in kuwait and abu dhabi, flush with cash from oil production, or in china, backed by export earnings, istithmar fueled purchases such as the takeover of barneys new york by borrowing as much as 90 percent of the money, the people said. istithmar' s parent, dubai world, tapped middle eastern and european banks including barclays plc, royal bank of scotland group plc and deutsche bank ag, leaving those three with combined debt holdings of at least $ 1. 5 billion, the people said .
george dalton, general counsel at dubai world, referred requests for comment to spokespeople for the group, who didn' t reply yesterday .
“mr. mustafa has made notable contributions to achieving the company’s core objectives by leading several high profile restructurings and dispositions of key assets, ” sultan ahmed bin sulayem, istithmar’s chairman, said in the statement .
former head of product development and director at istithmar world, ms. jamshed also held positions at shuaa capital, kpmg and merrill lynch. ms. jamshed holds a master’s degree in business administration and a bachelor’s degree in science and business administration from the american university of sharjah. ms. jamshed is also a certified teacher for business professionals by the cbp association .
the investment strategy of the funds was flawed, according to chris turner, the 45 - year - old british risk manager who was hired in 2007 as director of risk management at istithmar' s real estate unit .
it' s critical that dubai downplay any restructuring of istithmar as business - as - usual ,
younsi said .
they' ve put way too much money and resources to let their reputation collapse .
if that degree of the earth' s curvature could be captured at that height, the world wouldn' t be much larger than uttar pradesh .
waha capital’s senior management team is comprised of talented professionals with significant regional and international experience and world - class expertise developed at leading global investment firms .
hotel washington' s estimated 250 employees have been notified of the closing, and two mock w guest rooms are being designed by istithmar and the hotel' s future operator, according to ron pierson, assistant general manager .
for over two decades, dr chang has provided investment and financial advisory services to businesses, financial institutions, and government and academic bodies around the world .
analysts said the move highlighted dubai holdings’ vulnerable position as most at risk of defaulting on debt after dubai world as capital markets become reluctant to lend dubai .
he added :
empgi will bring world - class education solutions and expertise to its markets, helping to deliver educational reform and enhance the educational experience .
learn why businesses around the world trust our innovative “source - to - pay” solutions to deliver unparalleled visibility and insights that enable our customers to deliver business value .
the firm has unique access to the expertise, global network and proprietary investment opportunities of dubai world, a diversified holding company owned by the government of dubai .
shares of glg partners inc. , a hedge fund with offices in new york and london in which istithmar bought a 3 percent stake, have lost more than 61 percent of their value since the deal was announced in june 2007 .
now, dubai world is in talks with its creditor banks to restructure at least $ 12 billion in debt, a person close to the talks said, speaking anonymously because the negotiations are private. istithmar or its assets will probably be sold to help its parent repay the debt, the person said. nakheel pjsc, the dubai world unit behind a series of palm - shaped, man - made islands on the emirate' s coast, has a $ 3. 52 billion islamic bond due in december. islamic bonds adhere to a prohibition against receiving or paying interest .
the refurbished property is expected to reopen by the end of 2008 or early 2009, said joe sita, chief executive of dubai - based istithmar hotels, which owns hotel washington. he declined to share details about the renovation and its cost .
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dubai world has begun talks with banks to restructure $ 26bn (£15. 8bn) of debt as the gulf emirate begins to tackle problems that rattled global stock markets .
the announcement on wednesday that dubai world, shouldering almost $ 60bn (£36. 5bn) in debt, would seek a six - month moratorium on repayments sent shockwaves through world markets. just hours earlier, the government, run by sheikh mohammed bin rashid al - maktoum, had raised $ 5bn from two banks for its own debts .
this talk looks at the results and effectiveness of the british special operations executive, or seo, and the french resistance in supporting the second world war d - day landings .
dr soon young chang, an established veteran in the uae with a long global tenure in the investment arena, was appointed as board member of dubai world in dec 2010 .
dubai’s predicament stands in stark contrast to the six - year boom when it snapped up assets, lured celebrities and courted the media with projects such as the world’s tallest building .
but vociferous minority holders of nakheel’s bond are demanding repayment, which could tip both dubai world and the builder of the emirate’s palm islands into default and potentially damage larger claims .
but this is just a snapshot of istithmar' s activity. in the us, it acquired 280 park avenue last june for roughly $ 1. 2bn. two days earlier, the dubai company said it had paid $ 300m for the knickerbocker hotel at 6 times square, and istithmar spent $ 705m for 230 park avenue, the 34 - storey helmsley building, in november 2005. pegasus realty - another royal family offshoot - recently revealed plans to invest an estimated $ 150m in real estate projects in india .
a camel walks on jumeirah' s popular tourist beach in front of tower blocks in dubai in this november 28, 2009 file photo. fears that dubai' s debt problems are not limited to troubled state conglomerate dubai world battered investor confidence in the world' s top oil - exporting region and sent gulf shares tumbling on wednesday. reuters / steve crisp
‘the dam busters’ tells the story of 617 squadron and its daring and extremely difficult mission, which went on to become one of the most famous episodes of the second world war .
dubai world helped to develop much of the emirate’s spectacular skyline; now it wants a six - month moratorium on its debt repayments. photograph: karim sahib / afp / getty images
with time running out for a deal on nakheel’s bond, bankers said bondholders may have to accept some impairment, leaving dubai world free to negotiate with longer - term debt holders .
in november of 2007, istithmar sold an office tower at 280 park avenue, home to the headquarters of the national football league, for $ 1. 28 billion. it had bought the tower for $ 1. 18 billion 17 months earlier, public records show .
dubai world has been at the forefront of the emirate' s aggressive efforts over the past decade to transform itself into a hub for finance and tourism in the region. lacking the natural resouces of its richer neighbour abu dhabi, dubai borrowed more than $ 80bn and is now paying the price as local property prices crash and the rest of the world struggles with the downturn .
nakheel chief executive chris o’donnell said: “with the continued growth and rationalisation of the dubai world businesses, and following the merge of istithmar and nakheel’s real estate divisions, it is now timely for the group to join its hotel businesses together. the merger will not only consolidate our resources and existing investments, but will also continue the process of creating a broad based real estate company, focusing on activities from development and asset management through to funds and investment management. ”
there are horrifying reports of prisoners being raped and tortured. show trials, complete with obviously coerced confessions, have only reminded the iranian people, and the world, of the government’s illegitimacy .
the talks will be conducted on an' expedited' basis, dubai world said, and will include the possible sale of a slew of trophy assets the company garnered over the last decade. the news of the talks follows a warning on monday from a senior official from the dubai government that it had no obligation to rescue banks from loans to dubai world that have since soured .
the hotels group was formed in april 2006 as the hotel investment and asset management business of istithmar and has, in less than two years, accumulated a global hotel property portfolio whose enterprise value is more than $ 3 billion (dh11bn), the group said in a statement yesterday .
dubai’s emaar properties, the arab world’s biggest developer, said on wednesday it had decided to drop a proposed merger with three entities owned by dubai holding because the marriage would bring no economic benefits .
dubai sovereign wealth funds are leveraged like private equity funds ,
said rachel ziemba, a senior analyst covering sovereign wealth funds at roubini global economics, a new york - based economic research firm .
istithmar belongs to a parent company with a significant amount of debt coming due .
it came three days after parliament approved most of ahmadinejad' s government ministers in a move that bolstered his position after nearly three months of political turmoil in the world' s fifth - largest oil exporter .
‘hope and glory’ tells the story of a young boy growing up in london during the second world war. the film explores two themes that greatly affected the home front during the war, the blitz and evacuation .
istithmar bought the historic hotel in october 2006 for $ 150 million from westbrook partners - - the second time that year the hotel changed hands. westbrook had purchased the 341 - room property for $ 120 million in the spring of 2006 from gal - tex, a company owned by the moody family of texas .
istithmar’s investment portfolio comprises over 50 successful companies with premium assets within financial services, consumer, industrial and real estate sectors, in addition to investing in hedge funds, listed equities and alternative investment projects. the company’s equity investment exceeds us $ 2. 6 billion across markets ranging from north america to the far east .
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the ports division of dubai world has also been reviewing its £1. 5bn london gateway port project, some 25 miles east of central london, and last week secured a £300m rescue loan from the european investment bank .
behind the global boom in property is a wall of cash from dubai. in the past month, istithmar, the royal family' s investment vehicle, spent over £1bn on three landmark central london office blocks - the adelphi off the strand, 90 long acre in covent garden and the shell - mex building on the thames .
barneys is in talks with creditors about a restructuring or bankruptcy. loehmann' s holdings inc. , a discount retailer with more than 60 stores that was acquired by istithmar in 2006, had its junk - rated debt rating cut three notches last week by standard & poor' s, based on
poor
operating performance .
a deal with dubai world for celebrity chef jamie oliver to build two restaurants at the jumeirah golf estates and design kitchens for many of the homes in the area, which had no set budget limit, has also been cancelled .
in the wake of the crisis, dubai’s government has said its assets, which include emirates airline, would not be involved in any firesale to plug dubai world’s debt, though assets belonging to the conglomerate itself could be sold .
maziar bahari, the documentary filmmaker and newsweek correspondent imprisoned in iran for the last 11 weeks, is a leading contender for the prince of asturias award for concord, one of the world' s most prestigious honors... .
istithmar world aviation holdings invests in fast - growing sectors of the aviation and aerospace industries including airlines, airports, support services, suppliers, manufacturing, engineering, and financing. the firm has substantial investments in dubai aerospace enterprise (dae) which is rapidly becoming a leading force in aircraft maintenance and leasing, iwa executive jets, a commercial executive jet operation, and daallo airlines (the national airlines of djibouti). with its noteworthy investments, the firm is geared to play an important part in securing dubai’s position as the leading global hub for aviation and aviation - centered ventures .
investors have been left in the dark since the gulf business hub announced on nov 25 that it sought to delay payment on dubai world debt while it overhauls the sprawling state firm, which builds and operates everything from ports to luxury flats .
about half of dubai’s $ 143 billion pile of debt has to be repaid by the end of the decade, according to the international monetary fund. that is almost double the uae’s forecast revenue from exporting oil this year. one of seven semi - autonomous sheikhdoms in the u. a. e. , dubai has endured the 53 percent fall in oil prices over the past two years relatively unscathed, but some belt tightening is inevitable. the financial times reported on sept. 12 that istithmar world – a government investment company – has made most of its staff redundant to save money .
according to the wall street journal, final negotiations between dubai' s istithmar fund and barneys parent, the new york - based apparel and accessories company jones apparel group inc. (jny), are still being worked out. an announcement is expected by monday, the newspaper said, attributing the details to an anonymous source familiar with the matter .
“international banks are not going to see this as a dubai world problem. they will see it as a state problem, a regional problem, ” keith edwards, head of asset management at doha - based firm the first investor, said .
not only does marka have some of the world’s most iconic brands under its belt, its founders are 151 of the most successful businessmen in the uae. they originally kicked in 45 percent of the company’s cash, the maximum allowed under dfm regulations .
dubai world (dw), the indebted conglomerate, is close to a deal that will extend repayment of us $ 10. 5 billion of borrowings until 2022, and enhance the emirate’s ability to raise new capital for another round of rapid growth .
the gulf emirate, one of seven that make up the united arab emirates, has been at the centre of the biggest collective shock to markets for a year since abruptly announcing last wednesday that dubai world wanted to delay interest payments on its debt .
one example of risky investing, according to turner, came in 2007, when dubai world bought about $ 5. 5 billion of mgm mirage stock at between $ 82 and $ 95 without any hedge. the stock now trades at about $ 12 .
under chief executive officer david jackson, the former lehman brothers holdings inc. executive who has led the fund since 2006, and his predecessor, muneef tarmoom, istithmar roamed the world to target high - end businesses. the fund bought a stake in perella weinberg partners, the boutique advisory firm run by joseph perella, and two of manhattan' s most exclusive hotels, the w union square and the mandarin oriental at the time warner center. it acquired the queen elizabeth 2, the cunard line flagship for more than three decades, with plans to convert it into a hotel to be moored beside the emirate' s palm island .
sita said: “nakheel is renowned worldwide for its projects such as the palm jumeirah and the world, and is playing a major role in driving dubai’s tourism growth, increasing the number of hotels in the emirate by more than 50 per cent through its developments .
while dubai’s government has tried to ring - fence profitable businesses from the $ 26 billion restructuring at dubai world, its problems have led to credit downgrades on all government - linked firms amid investor fears that state aid would not be forthcoming in times of trouble .
abu dhabi is now and will continue calling the shots in dubai ,
said rochdi younsi, head of middle east research at eurasia group, a new york - based political - risk consulting firm, who expects additional bailouts from abu dhabi .
they' re making serious demands that dubai keep only its viable arms and consolidate or shut down overleveraged ones like istithmar .
khaled is a founding member of the advanced technology investment company (atic) and played a key role in the joint venture transaction with advanced micro devices (amd) to establish the second largest chip manufacturing company in the world, global foundries, in january 2009 .
dubai and abu dhabi are both part of the uae, the world’s third - largest oil exporter. banks lent dubai government - linked firms on the implicit understanding that they were backed by the federal government or abu dhabi, home to most of the uae’s oil .
then there is africa: dubai world, part of a consortium that has already committed $ 2bn to the purchase and development of cape town' s victoria and albert waterfront, is looking at further potential investments in the financial services industry, says chairman sultan ahmed bin sulayem .
queen elizabeth curise expected to attract 500, 000 tourist per year by zaher bitar, staff reporter published: 00: 00 july 3, 2012 dubai: the emirate added another iconic tourist destination to the list by converting the queen elizabeth 2 cruise ship into a floating hotel at rashid port turning the whole area into an entertainment port village in 18 months, sultan ahmad bin sulayem, chairman, istithmar world, said. he said: the vessel will be moored next to the original cruise terminal at port rashid and converted into a 300 room luxury hotel, with top quality lifestyle facilities, while the terminal itself will be developed into a maritime museum... .... urltoken
on the 70th anniversary of the invasion of poland by germany and the opening of world war ii, perhaps today presents the perfect time to revisit w. h. auden’s famous poem, “september 1, 1939, ” written in the immediate aftermath of those events. the piece appeared in
the injustice of bahari' s incarceration, taken as emblematic of the repression faced by millions of iranians and by those who insist on freedom of expression everywhere in the world, is a factor that may be taken under consideration by the asturias jury. but his work also speaks for itself .
he was speaking after the $ 2. 6bn sale by dw of its jebel ali free zone (jafza) last week to dp world, a deal which virtually seals the conglomerate’s ability to repay the first tranche – around $ 4. 4bn – of its total debts ahead of schedule .
alone to fall by over $ 1 billion last year, according to america' s commerce department—at a time when gulf states, flooded with petrodollars, have been on a spending spree. but even if investment in america is picking up again—this week istithmar, the dubai government' s investment arm, was said to be close to an $ 825m deal to buy barneys new york, a fashion retailer—doubts remain and investment opportunities elsewhere beckon .
dw owns nakheel, the developer behind the palm resort - which earned a high profile when premiership footballers were linked with properties there - and dubai ports world (dpw), which hit the headlines in britain this year because of its acquisition of p & o, the port and ferries operator .
stock markets in new york, london, tokyo and capitals across europe have recovered since tumbling on thursday shortly after the news of the debt delay first broke. shares in dubai and abu dhabi fell again on tuesday on concerns the troubles at dubai world will ulimately deter foreign investment in the region .
after decades of unprecedented growth and expansion dubai' s overheated economy is reaching its melting point. dubai world, the state - owned real - estate and ports giant that has driven much of the economic growth in the city - state in recent years, has asked for a moratorium on its debt
dubai world unit nakheel, the developer whose debt is at the center of the crisis, has a $ 3. 5 billion bond maturing monday. the bond’s trustee, deutsche bank, held a conference call on wednesday to coordinate the administrative process, sources said, but it was not clear what would happen next .
the government wanted to put dubai in the same league as london and new york ,
said victoria barbary, a senior analyst in london at monitor group, a consulting firm based in cambridge, mass .
when times were good, the government was happy to have jackson and his team making headlines around the world .
government of dubai media office – 16 february 2017in his capacity as ruler of dubai, vice president and prime minister of the uae his highness sheikh mohammed bin rashid al maktoum has issued decree no (3) of 2017 on the formation of the board of directors of dubai world under the chairmanship of his highness sheikh ahmed bin saeed al maktoum .
the jafza deal gives dw a total of nearly $ 3. 5bn of financial firepower in its talks with creditors. on top of the cash payment of $ 2. 6bn from dp world, the global ports group also assumes responsibility for some $ 856m of debt owned by dw, most of that a $ 650m sukuk repayable in 2019 .
during the night of 24 march 1944, 76 airmen escaped from the prisoner of war camp stalag luft iii. only three made it home and, of the remainder, 50 were murdered on hitler' s orders. this talk will explain what actually happened in the so - called great escape, one of the second world war' s most infamous incidents .
you' ve suggested afghanistan produces much more opium than the world actually consumes. oh, yes. since 2005 the afghans have cultivated almost twice world demand. the bottom should have fallen out of the opium market. but it hasn' t. prices are back down to where they were a decade ago, but they should be much lower considering the amount of opium being produced. that suggests that a lot of opium is not reaching the market. we have been wondering where it is. now, in a number of military operations in the southern provinces, nato troops have found huge amounts, which is evidence that the taliban have been sitting on huge stockpiles. i can report—and this is breaking news—that opium cultivation and production fell for the second year in a row in 2009. but again this year, supply exceeds demand. someone is hoarding 10, 000 tons of opium—enough to satisfy two years of world heroin addiction, or three years of morphine prescription. where and why? we don' t know. but it' s strange and potentially dangerous... . (more )
but groups such as dubai holding and dubai world (dw), both of which are maktoum vehicles, are dominant. dubai holding has some 100 subsidiaries, including hotels group jumeirah, and dic, the bidder for liverpool, which is also owner of tussaud' s and travelodge and holder of 10 per cent of daimler chrysler shares, for which it paid $ 1bn .
world controversy, will probably be passed within the next few weeks. the new rules will increase the transparency of reviews and should help to thwart any future backlash in congress. but they include an automatic 45 - day investigation, on top of the normal 30 - day review, for firms wholly or partially owned by foreign governments. this will catch many middle eastern firms .
an authentic bush lodge, taking its name from the legendary novel “jock of the bushveld”, situated where the famous author sir percy fitzpatrick originally had his camp overlooking the confluence of two rivers on what is now a 6000 hectare exclusive - use concession within the world famous kruger national park, offering guests a five star experience in one of africa’s last remaining true wilderness area .
dubai: the 14th dubai international film festival (diff), held under the patronage of his highness sheikh mohammed bin rashid al maktoum, uae vice president and prime minister and ruler of dubai, today unveiled its rich and diverse lineup of films and events. this year the festival will introduce audiences to the most highly anticipated new films from around the world, alongside a diverse events
after an explosive rally since march, many analysts were already warning that world equity markets looked overvalued .
here we are now, four and a bit weeks from year - end, and there would be a desire to lock in profits. what dubai does is accelerate that process ,
says nick parsons of nab capital .
markets are going to be hugely volatile .
dr. shuja ali has over two decades of experience in private equity, operations and strategic management consultancy. as chief investment officer, shuja heads all investments and his specific focus, spanning across the entire portfolio, is to marry the financial / leverage aspects of each investment with its operations and strategic plan. this has been a key task in the recent restructuring. shuja has worked across the gamut of deals from sourcing to acquisitions to asset management, refinancing and restructuring, to exits. shuja started at istithmar world as managing director heading the portfolio operations & strategy group. the team was created in 2006 to enhance the capabilities of the investment teams to deliver value to the assets under management and also actively participate in the pre - acquisition stage – from idea generation, to concept stage, due diligence. the skill - set brought to the assets by shuja and his team was a mix of tangible strategic viewpoint, functional operational depth, and operations risk assessment .
marka’s food and beverage lineage will kick - start with the world’s first harper’s bazaar café and taste of italy by heinz beck casual restaurant, having partnered with the global fashion magazine and the michelin - starred chef. both are due to open in spring — at dubai design district (d3) and the galleria on al wasl road, respectively — and will be the first of a chain .
in 1970, mr. burns founded regent international hotels in hong kong. in the company’s 22 - year history, regent international opened 17 luxury hotels around the world. in 1992, he sold his interest in regent to four seasons hotels & resorts. in 2001, after a five - year restoration, he opened the 21 - room grand hotel a villa feltrinelli in gargano, italy .
“even though it is going to be tough to restructure $ 26b of debt, dubai world’s creditors have an incentive to do so in order to reduce the haircut that they will have to take, ” rachel ziemba, an analyst at roubini global economics, told bloomberg .
time is short but they might still avoid defaulting on nakheel’s $ 3. 5bn bonds due on december 14. ”
fadi marouf, is a seasoned real estate & private equity professional with extensive experience in cross border transactions in us, uk, europe, asia and the middle east. he has held senior management positions at large investment groups: • managing director of investments at tharwa capital: dubai based investment holding company that asset manages current and future projects on behalf of its investors and provides advice to companies owned by its investors relating to investment, divestment, funding and joint venture opportunities. projects include real estate and hospitality developments in the middle east region, oil and gas projects and real estate investments in the uk and us. • director and head of investments at meraas capital: set up and was in charge of the investment function at meraas group (one of dubai government investment arms). responsible for investments in the real estate, hospitality, retail, healthcare and infrastructure sectors. investments at meraas capital include the acquisition of a stake in four prime new york office buildings in manhattan including the general motors building and adjacent apple store in a consortium with goldman sachs and boston properties at a total transaction value of usd 4 billion. • director of transactions – real estate at istithmar: worked at istithmar since inception and was involved in numerous investments across the world including prime income producing real estate assets, development joint ventures, launch of third party funds, pre - ipo investments and indirect investments in middle east, asian & us based funds. mr. marouf holds a bachelor in business administration from the american university of beirut and a masters in accounting and finance from the london school of economics .
stephen lewis of monument securities says clearing up the bad debts hidden throughout the world' s financial system will put the brakes on recovery for a long time .
the latest dubai problem is typical of the obstacles that stand in the way of sustained economic expansion, while the financial situation remains fragile ,
he says .
in simple language, the dubai crisis is symptomatic of an economic depression .
the warning signs have been coming for some time. property prices in the emirate had fallen 50% from their peak and follies including a set of man - made islands in the shape of the world map have been left half - built. according to the bank for international settlements, banks have claims totalling $ 123bn on debtors in the united arab emirates, $ 88bn of which are held by european banks and $ 50bn by uk banks alone .
mr shaheen believes there will be a knock - on effect as dubai seeks to raise capital for another round of rapid expansion. in addition to expo 2020, which could cost as much as $ 43bn to develop, other “mega - projects” have also been announced by government - related enterprises (gres) in the emirate, like dubai canal, the mall of the world and mohammed bin rashid city, as well as the ongoing construction of al maktoum airport .
ahmed shaheen, dubai - based associate director of investment firm exotix, which deals in “distressed debt”, said: “dw has taken a very proactive stance towards asset realisations – atlantis, palm utilities, gazeley and now ezw [ economic zones world, the owner of jafza ]. this is a demonstration of the company’s willingness and ability to meet the upcoming 2015 maturity, but it more importantly breeds goodwill among its lenders as it attempts to restructure the 2018 maturity. ”
if anywhere is emblematic of the debt - fuelled extravagance of the past decade, it is surely dubai, which strove to have the tallest, the biggest and the best of everything. if it collapsed, it would have profound effects on other emerging nations, the relationship between the west and the middle east, and the ownership of scores of well - known businesses. in the worst case, it could wreck fragile confidence and pitch the world back into recession .
iran has prepared an updated nuclear package and is ready to hold talks with the world powers on its nuclear program, press tv has learned. the package will be offered to the veto - wielding members of the united nations security council - - britain, china, france, russia and the united states plus germany (p5 + 1). the six world powers will meet in the german city of frankfurt on wednesday to discuss iran' s nuclear issue. confirming the report, iran' s top nuclear negotiator saeed jalili told reporters on tuesday that the tehran government has updated its proposed nuclear package in view of last year' s global developments, including the economic downturn and the georgian crisis. jalili, who also heads iran' s supreme national security council, added that the islamic republic is ready to cooperate with western countries to' remove common concerns [ about its nuclear program ] in international arena'... . (more )
istithmar world ( " istithmar " is arabic for " investment " ) is an investment firm based in dubai , united arab emirates ( uae ) . this company is a state-run business owned by dubai world , a dubai government-owned company , and was established in 2003 . originally known as " istithmar , " the company was renamed as " istithmar world " in 2008 . istithmar world , which was created in 2003 as the investment arm of dubai world specializes in private equity and alternative investment opportunities globally . in the five years since its inception , istithmar world has built a portfolio of investments in markets ranging from north america and europe to asia and the middle east , and across a variety of sectors , including consumer , industrial , financial services and real estate . an analysis of istithmar 's investment portfolio which included the investment of $ 3.8 billion with an associated $ 14 billion of debt , has not performed positively . in a number of cases , istithmar has lost control of assets or sold at a loss . as a subsidiary of dubai world , the company has been mentioned in numerous press reports related to the high debt levels of its parent . since late 2009 , the company has seen numerous departures of high-profile executives . 
istithmar world (" istithmar " is arabic for " investment ") is an investment firm based in dubai, united arab emirates (uae). this company is a state-run business owned by dubai world, a dubai government-owned company, and was established in 2003. originally known as " istithmar, " the company was renamed as " istithmar world " in 2008. istithmar world, which was created in 2003 as the investment arm of dubai world specializes in private equity and alternative investment opportunities globally. in the five years since its inception, istithmar world has built a portfolio of investments in markets ranging from north america and europe to asia and the middle east, and across a variety of sectors, including consumer, industrial, financial services and real estate. an analysis of istithmar's investment portfolio which included the investment of $ 3.8 billion with an associated $ 14 billion of debt, has not performed positively. in a number of cases, istithmar has lost control of assets or sold at a loss. as a subsidiary of dubai world, the company has been mentioned in numerous press reports related to the high debt levels of its parent. since late 2009, the company has seen numerous departures of high-profile executives.
istithmar world (" istithmar " is arabic for " investment ") is an investment firm based in dubai, united arab emirates (uae). this company is a state-run business owned by dubai world, a dubai government-owned company, and was established in 2003. originally known as " istithmar, " the company was renamed as " istithmar world " in 2008. istithmar world, which was created in 2003 as the investment arm of dubai world specializes in private equity and alternative investment opportunities globally. in the five years since its inception, istithmar world has built a portfolio of investments in markets ranging from north america and europe to asia and the middle east, and across a variety of sectors, including consumer, industrial, financial services and real estate. an analysis of istithmar's investment portfolio which included the investment of $ 3.8 billion with an associated $ 14 billion of debt, has not performed positively. in a number of cases, istithmar has lost control of assets or sold at a loss. as a subsidiary of dubai world, the company has been mentioned in numerous press reports related to the high debt levels of its parent. since late 2009, the company has seen numerous departures of high-profile executives.