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Dubai mulls more investments in South Africa |
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10/11/2006 8:32:12 AM |
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DUBAI - Dubai’s government-owned Istithmar investment agency said it was mulling more ventures in South Africa, adding to its joint 7.01-billion-rand ($899.9 million) purchase last year of Cape Town’s V&A Waterfront.
Istithmar, which last week spent $1 billion on a stake in Standard Chartered Plc, is considering as many as three projects in Cape Town and Johannesburg, and may make an investment as early as the first quarter of next year, David Jackson, the agency’s chief executive officer, told Reuters on Monday.
“South Africa’s economy is performing very well and there are lots of opportunities,” Jackson said, declining to be more specific about the planned investments. South Africa, the continent’s largest economy, is hosting the soccer World Cup in 2010.
Istithmar in September bought the V&A Waterfront, South Africa’s top tourist spot with 22 million visitors a year, with a group of investors including British-based London & Regional Properties. Istithmar put up half the money.
Dubai, benefiting from record oil revenue to its Gulf Arab petroleum-producing neighbours, has spent more than $12.5 billion on foreign purchase this year, including $6.8 billion on British ports and ferries group P&O.
Istithmar alone expects to spend 60 percent more on acquisitions this year, or as much as $4 billion, compared with last year, Jackson said.
South African gross domestic product grew 4.9 percent in 2005, the fastest pace since 1984, and may expand by around 4 percent a year for the next 2 years, according to Moody’s Investors Service. |
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