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Thread: UAE property group looks to S'pore listing

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006

    Default UAE property group looks to S'pore listing

    Published April 11, 2007

    UAE property group looks to S'pore listing

    Discussions going on with UOB Kay Hian for months


    (SINGAPORE) Emirates International Holdings (EIH), a property group linked to the Sharjah royal family, is working towards a listing in Singapore.

    BT understands the United Arab Emirates incorporated company, which has paid-up capital estimated around 250 million dirhams (S$103 million), has been talking to UOB Kay Hian for several months about a mainboard listing.

    'The talks have been ongoing but slow,' a market insider said.

    Although EIH is not as prominent or as big as Dubai property giants like Nakheel or Emaar, the company - which is 36 per cent owned by Dubai-based Emirates Investments Group (EIG) - has a portfolio of luxurious residential and commercial property in the Gulf region.

    Its main claim to fame is the upcoming super-luxury Palazzo Versace Dubai resort.

    Plans for the resort were announced in May 2005.

    The project - a joint venture between EIH, Gianni Versace and Australia's Sunland Group - is being built at the Arabian Bays on the Dubai Creek. It is expected to be completed next year.

    EIH and Sunland also built the world's first Palazzo Versace Hotel at Southport on Australia's Gold Coast in 2000.

    EIH is also behind the Emirates Financial Towers project in the Dubai International Financial Centre and operates a financial institution, Global Investment Bank, in Pakistan.

    Managing director Reza Jafar, who is also vice-chairman of Emirates Investments Group, told Reuters in Singapore yesterday the group is studying the market before making a decision on listing here.

    'We have appointed an investment bank and a legal firm as part of a process which we normally execute when we are considering any significant idea or joint venture proposal,' he said.

    EIH's parent Emirates Investments Group set up a representative office in Singapore - called Emirates Tarian - last year and immediately announced plans to invest at least US$641 million in real estate projects here as part of a major expansion into Asia.

    The chairman of EIH and Emirates Investments Group is Sheikh Tariq bin Faisal Al Qassimi, a member of the ruling family of the Emirate of Sharjah.

    The other principal officers include managing director Najib Sayegh and Singapore-based director Siva P Kunalan.

    BT understands that one project Emirates Investments Group and EIH have been looking into is setting up a Versace hotel on Sentosa.

    The Dubai-based group has also been on the lookout for en bloc residential properties in prime districts.

  2. #2
    Property Cashier Guest

    Default Re: UAE property group looks to S'pore listing

    Now even middle east people wants to beat Singaporeans to properties in Singapore.

    This is getting tough for Singapore investors.
    We need to be faster than all these Indonesians, HongKongers, Malaysians, Australians, Thais, etc..

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