New firm to invest $5.4bn in projects
Dubai, October 29, 2007
United Holdings, a private multi-disciplinary holding investment firm, was launched today with plans to embark on investments worth Dh19.8 billion ($5.4 billion) in the coming years.
Positioned as a premium investment company with offices in the prestigious Emirates Towers, United Holdings will initially focus its resources on opportunities predominantly in the real estate sector.
“United Holdings is dedicated to delivering premium investment opportunities for its shareholders, beginning here at home,” said Mohammed Ali Al-Hashimi, chairman. “Following extensive research and planning we are very proud to officially launch United Holdings and we are well positioned to address investment opportunities across a wide range of economic sectors.”
United Holdings has plans to invest in a number of prestigious real estate projects in Dubai in prime locations which will include: Sheikh Zayed road, Umm Suqueim, Palm Jumeirah, Downtown Burj Dubai, Palm Jebel Ali, Palm Deira, Dubai Water Front and The World Islands amongst others.
The company also has ambitious plans for real estate developments in Abu Dhabi, the northern Emirates as well as overseas.
Construction has already begun on the Dh900 million Tiara United Office tower on Sheikh Zayed road which is part of the iconic Dh2.4 billion Tiara United Towers joint venture with Zabeel Investments slated for delivery in 2009.
Specific details with regards to other projects will be announced in due course, officials said.
United Holdings plans to diversify its investment portfolio through investing in a wide range of assets across economic sectors, which will include: hospitality, financial services, industry and manufacturing and private equity.
“Currently we have allotted a significant amount of our initial investment capital for real estate related opportunities in the UAE, while the remaining capital will be distributed for investments in emerging real estate markets and a diversified array of sectors outside of real estate,” said Abbas Kiani, CEO. “Over the coming years United Holdings will become a widely respected and globally recognised investment organization built on the highest standards of quality and value.” – TradeArabia Arab News