UAE, Palestine to set up a joint investment firm

Khaleej Times Online ^ | 2/18/06 | AHMED A. ELEWA

[takenoprisoner]

DUBAI — The UAE and Palestine have agreed to the establishment of a new joint investment company, to be announced within a few weeks, according to Mazen Sinokrot, the Palestinian Minister of Economy, who has recently visited the UAE.

Speaking exclusively to Khaleej Times, Sinokrot said, "The purpose of establishing such venture is to explore the investment opportunities in Palestine, and to boost the economic ties with the UAE. Further we are planning as well an Initial Public Offering for the company in the UAE."

"We have already started with the first step towards establishing this company by talking to a large number of investors, that are expected to be the seed for the new entity, including Palestinian as well as Emirati investors, and we expect that this company will see the light within the coming few weeks," he added.

Opportunities: Palestine, according to Sinokrot, offers a variety of opportunities for investors, as there are "several strategic mega-projects on the table," he said.

"We seek to benefit from the UAE's expertise in the field of building and developing marine ports, to develop the Gaza port, not only that, we are also in critical need of management expertise," he added while referring to the successes of Dubai Ports World, paving the way for yet a new venture for the world's number three ports operator.

[takenoprisoner]

The UAE has bought our strategic ports and plan on operating them right under our noses in Pa,La,NY,NJ,MD.

What's going on here? Have we lost our sanity?

[FeeinTennessee]

I know I was disturbed when I heard about that too. Our sovereignty going down the drain.

[MJY1288]

The State Department is behind this, it seems UAE has recently purchased a German company called MAERSK recently and this is how it all got started

[MJY1288]

The other thing is that they are not buying the Ports, they are buying the rights to manage them. I'm not in favor of this deal at all, but there is more to this than just UAE buying our Ports, cause they're not.

Earlier tonight Fox News did a segment on this, and from what I could gather, the biggest threat would be exposing how our Ports operate and their vulnerabilities

[Richard Kimball]

Buying the rights to manage the ports gives them significant access to them. The unification of these financial and political entities is not coincidental, in my opinion.

[takenoprisoner]

6.8 billion to operate our ports...fine

I think you answered why they are buying these rights in the first place( to learn our security first hand) , and then in the second final place, to use that information eventually to destroy us.

[endthematrix]

UAE is also gaining divisons of CSX. Sea-Land (now MAERSK Sea-Land) was part of CSX.

Dubai Ports International to acquire CSX Corporation's international terminal business

CSX-served Ports

[coconutt2000]

Yuck... I bet this is another scheme to bilk Palestinians out of money intended to pay for the provision of their public services.

[takenoprisoner]

looks like they have a well thought out plan to infiltrate.

[endthematrix]

Dubai may touch Dh55b mark
BY JAMILA QADIR

10 February 2006

DUBAI — Dubai’s total overseas investments may touch Dh55 billion if the latest DP World bid of Dh25.3 billion for the British port operator Peninsular and Oriental Steam Navigation Company (P&O) is successful, according to industry estimates.


Early last year, DP World, then Dubai Ports International, completed the acquisition of CSX World Terminals (CSXWT), the international terminal business of CSX Corporation, for a closing cash consideration of $1.142 billion.

The company already has extensive operations in the Middle East (Jeddah and the home terminals of Jebel Ali and Port Rashid), Africa (Djibouti), Europe (Constantza, Romania) and India (Visakhapatnam).

Late last year, DP World completed acquisition of green field coastal site at Yarimca, Turkey, for $105 million, and rights to construct new container terminal. It also plans to invest over $170 million in terminal infrastructure.

DP World is considered the largest Dubai overseas investor, with estimated total investments of well over Dh30 billion in various projects around the world.

Dubai Holding, whose combined investment in international projects is estimated at around Dh20 billion, is the second biggest overseas investor.

Last year Dubai International Capital (DIC), the international investment arm of Dubai Holding, announced that it has signed an agreement to acquire UK-based Doncasters Group Limited (“Doncasters”) for £700 million from Royal Bank of Scotland Equity Finance. Completion of the transaction is subject to regulatory approval and is expected this month.

This investment follows a series of strategic, value-driven investments by DIC including a $1 billion investment in DaimlerChrysler, the £800 million acquisition of The Tussauds Group, along with its anchor investments of $272 million in JD Capital investment company in Jordan and $150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East. Also last year, Dubai International Properties, another subsidiary of Dubai Holding, and the Istanbul Metropolitan Municipality unveiled plans to build a multi-use tower complex in Turkey’s commercial capital Istanbul.

The project, to be called Dubai Towers — Istanbul, costs $500 million, and marks the first project within the $5 billion joint investment venture announced between the two parties.

Earlier this year Dubai Holding’s subsidiary luxury hospitality group Jumeirah International took over the management of the famous Essex House hotel in New York, rebranding it Jumeirah Essex House, following a $500 million buyout by Dubai Investment Group, also a subsidiary of Dubai Holding, from Strategic Hotel Capital in September last year.

The group, which will invest $50 million in refurbishment and rebrand, is also pouring $14 million in its Lowndes Hotel in London for extensive refurbishment programme.

Another fast emerging international investor is Dubai-based Istithmar investment holding company, which has already invested over Dh3.5 billion in various projects around the world.

Last year Istithmar acquired one of New York’s most famous landmark buildings — 230 Park Avenue in Manhattan, also known as the Helmsley Building, a 34-storey gold-domed office block which sits at the top of Park Avenue, in a $705 million deal.

Early last year, the company also purchased a high profile property in London, paying $273 million for One Trafalgar Square, a prestigious office block in the heart of the UK capital.

More recently, Istithmar has bought Inchcape Shipping Services in a deal reported to be worth over Dh1 billion.

Also last month the company along with two wholly owned subsidiaries of Singapore’s Temasek Holdings bought a combined 11.88 per cent of the Bangkok-based Bumrungrad Hospital shares for 2.2 billion baht ($55 million).

[Flavius]

yes

[takenoprisoner]

"Yuck... I bet this is another scheme to bilk Palestinians out of money intended to pay for the provision of their public services. "

You mean bilking the US, EU, and Israel who provides those funds along with the UAE and SA. The so called palestinians have no money beyond what is handed out to them as charity, and their only major product is local and worldwide terror.

[MJY1288]

I also remember the story I read about Pat Buchanan confronting Ronald Reagan about the Japanese buying up our Banks and even the rights to manage Yellowstone National Park's vending and maintenance contracts. Reagan let Buchanan finish and without hesitation, he dismissed his concerns by saying "The Japanese know a good investment when they see one"

We might learn more about the Terrorists, than they learn about us when we consider our technology advantage

[Stellar Dendrite]

ping

[endthematrix]

From a buisness standpoint...it's good.

"The move has awed the shipping world and zips DP World up from its seventh ranking making it the world's third largest port operator. Hong Kong's Hutchison Whampoa is currently the largest and Port of Singapore Authority is in second place. "

[Das Outsider]

There are no terrorists. We were never at war with terrorists. We have always been at war with carnival operators and trained poodles. In other news, the chocolate ration has been increased to 2 grams. Doubleplusgood, indeed.

[trubluolyguy]

The UAE will be running our ports AND be in bed with Hamas?

I to think I have defended this President when others called him stupid.

[servantboy777]

I tell ya, Bush waited till his second term to turn into a liberal puke. He's like his daddy, they are both globalist. Our lawmakers are selling us down the river.

[Stellar Dendrite]

The Al Qaeda Training Manual discovered in the UK describes recruiting seaport workers as making good recruits:

------ "TWELFTH LESSON: ESPIONAGE "

Information needed through covert means: Information needed to be gathered through covert means is of only two types:

First: Information about government personnel, officers, important personalities, and all matters related to those (residence,work place, times of leaving and returning, wives and children, places visited)

Second: Information about strategic buildings, important establishments, and military bases. Examples are important ministries such as those of Defense and Internal Security, airports, seaports, land border points, embassies, and radio and TV stations.

---

Candidates for Recruitment Are:

1. Smugglers

2. Those seeking political asylum

3. Adventurers

4. Workers at coffee shops, restaurants, and hotels

5. People in need

6. Employees at borders, airports, and seaports
http://www.thesmokinggun.com/archive/jihadmanual.html

[MJY1288]

I don't like the deal, but the old saying is.. keep your friends close, but keep your enemies closer. Long Shore-man would still have control of all the labor operations of each of these Ports. My biggest objection is the exposure of the operational aspects of these Ports and the possibility of this information being used to plot against us.

Since I don't know all the details, I will refrain from condemning the deal off hand, and wait until all of the details are brought out into the Sun Light as the Congressional Hearings get underway