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Dubai company to buy assets in Croatia, Cyprus |
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10/19/2006 11:15:44 AM |
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DUBAI — Istithmar Leisure, which has set into motion a multi-billion dirham programme to develop worldclass leisure assets, is close to finalising deals with developers in Croatia and Cyprus to acquire golf courses, marinas and beach clubs to spread its reach beyond the UAE borders.
Over the next few years, the newly formed subsidiary of Istithmar — Dubai World's investment company— will also develop 40,000 marina berths, four golf courses and 20 beach clubs in Dubai to keep pace with the emirate's fast growing profile as a sought-after leisure, water sports and holiday destination. It will also be seeking joint venture investment opportunities in global and regional leisure assets.
The company, headed by David Spencer, Chief Executive Officer, will give final touches to its global strategy by end-2006 and by the first half of 2007, will be geared up to make strategic investments within and outside the region.
Top on the list of prospective cross-border investment destinations are Oman and Morocco. "We will also be exploring opportunities in Jordan, Al Ain, Southern Europe and the Subcontinent," said Spencer.
Speaking to Khaleej Times, Spencer said Istithmar Leisure has a multitude funding options to finance these ambitious projects that are scheduled for completion from next year onwards. Launched in September 2006, Istithmar Leisure's current portfolio includes Jumeirah Golf Estates, Nakheel Marinas, Island Global Yachting, and beach and recreation clubs.
"Our focus is on the development of Istithmar's current leisure assets inside Dubai and internationally, as well as identifying new high-yielding investment options," he said. The company will also be looking at overseas and regional opportunities to market its expertise and skills in developing leisure assets, he said.
Spencer said Istithmar Leisure has taken over operation of all beach and recreation clubs in the Nakheel portfolio, including facilities at The Palm islands, The World and other major developments. However, all day to day operations of these assets are being handled by third party groups.
He said when the company-developed marina berths become operational, Dubai, which currently has 2,200 marina berths, will emerge as one of the world's best recreational boating centres. "The appetite for beach and water sporting activities is growing as Dubai keeps on adding miles and miles of new coastlines," he said. The consolidation of Istithmar's and Nakheel's leisure related assets under Istithmar Leisure is in line with the holding company's aim to shape Dubai into the world's leading leisure and lifestyle destination, Spencer said. "We will look for the development of our current assets, while seeking new investment opportunities around the world."
Istithmar's existing investments include Standard Chartered Bank, Bank Muscat International, Tamweel, Inchcape Shipping Services, V&A Waterfront, easyHotel and Kerzner International. Established with an initial investment capital pool of $2 billion, Istithmar has, to date, invested in 35 companies deploying approximately $1.6 billion in equity capital.
Istithmar Leisure's Jumeirah Golf Estates is a landmark development that is set to become a worldclass residential golfing community. With four courses and 11 planned residential communities, the development will offer luxurious living to more than 1,000 families.
Island Global Yachting is the world's leader in the design, development, construction, and operation of mega-yacht marinas and related upland facilities including retail, restaurant, and commercial space. With more than 7,000 mega-yachts across the world today, Island Global Yachting is targeting a sector that is currently under-served. |
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