Kuwait group in Canadian motor sport complex deal
Ontario, October 14, 2008
An investment consortium led by Kuwaiti Islamic investment bank Bayt Al Mal Investments will spearhead finance for a major motor-sport, entertainment and commercial complex in the Niagara region of Ontario.
Bayt Al Mal has already acquired 623 acres of land in Fort Erie, six kilometers from the US-Canadian border, where this master-planned complex will be built.
“This is a vanguard project being the first GCC investment of this magnitude in Canada which also gives Bayt Al Mal a market-leading edge. Having successfully secured this transaction, we are now exploring other potential business opportunities in Canada,” said Suleiman AlQimlas chairman Bayt AlMal Investment.
The project aims to create 1,200 jobs and a C$34 million annual tax revenue, said a Ontario official.
'This is an outstanding example of how FDI supports growth in Ontario,' Bayt Al Mal did their homework, recognized Ontario's tremendous potential and made a wise decision to invest here. This investment is only the beginning and will help to widen the investment corridor between the Middle East and Ontario,' said Sandra Pupatello minister for International Trade and Investment, Ontario, Canada.
'Bayt Al Mal has seized a first-mover advantage in Ontario, and we certainly consider them a leader in this respect. On our part we are committed to providing the necessary support to help make this initiative a success,” she added.
Peter Partington, regional chairman for Niagara, underscored the substantial economic impact of the investment. “This project will generate over C$34 million per year in new tax revenue alone and create over 1,200 jobs. The region will receive a huge shot-in-the-arm through increased economic development and tourism.”
Looking ahead Shams Faiz, chief operating officer at Bayt Al Mal Investments stated, “Our aim is to be a GCC-Canada investment specialist and we will soon be announcing our ‘Invest Canada’ program that will open a number of well studied investment projects for our regional investors.”
“This is a strategic location giving us access to a motor-sport fan base of over 120 million people,” said Faiz. 'We have invested significant capital and management resources in Canada and have developed major alliances that will provide our investors with a unique advantage in accessing high quality high return investment opportunities there.'
'We have local presence in Canada through our subsidiary Emirates Consulting, which oversees our investor interest and helps us in developing proprietary transactions and business relationships,' he added.
'We have been working closely with Bayt Al Mal for the past 18 months”, stated Mayor of Fort Erie, Douglas Martin whose city will host the complex.'
'This agreement has generated great excitement and anticipation amongst my regional colleagues and my fellow Mayors of Niagara Falls, St. Catherines, Welland, and Port Colborne,' he added.-TradeArabia News Service