Dubai Group, the Gulf-based financial services giant, is planning to capitalise on opportunities presented by the ongoing global financial crisis by snapping up under-valued assets in the depressed markets of Europe and the United States.
The group, which is part of the state-backed Dubai Holding investment company, has said that it intends to launch a fund in the early part of 2009 that will investment in mainly non-residential property in Europe and the US, as well as other assets.
Dubai Group already has about USD2bn invested in the US real estate market, and could raise up to another USD2bn with the new fund. There are no plans however, for the fund to invest in the US investment banking sector.
Dubai Group was established in the year 2000, when it was known as The Investment Office. It was renamed to Dubai Investment Group in the earlier part of 2004 when a decision was taken to raise the company’s profile and expand its investment activities. In January 2007, Dubai Investment Group was renamed to Dubai Group following Dubai Holding’s restructuring creating a financial conglomerate with six investment companies, each focusing on a specific sector and geographical focus.
Dubai Group is headquartered in Dubai with offices in Pittsburg, New York, London, Istanbul, Hong Kong and Kuala Lumpur. Through its subsidiaries and affiliates Dubai Group has business interests in 26 countries.
Last week, Dubai Bank, a Dubai Group company, announced plans to take a larger slice of the Islamic banking sector in the Middle East, with the launch of its medium-term notes (MTN) program to issue Shari’a-compliant bonds, more commonly known as Sukuk.
Dubai Bank CEO, Salaam Al Shaksy, explained that this programme is part of Dubai Bank’s strategy for growth and expansion, which has been bolstered by the unification of Dubai Bank and Dubai Islamic Investment Group under the umbrella of the Dubai Banking Group, part of the Dubai Group, last May.
“This is a historic milestone for Dubai Bank, as we prepare to fund an aggressive plan for growth and expansion in retail and corporate Shari’a-compliant banking services across the region and beyond,” said Mr. Al Shaksy.
“Sukuk issuance will support funding this strategy and position us regionally as a leader in Shari’a-compliant banking, placing us amongst leading financial institutions," he added.
Dubai Bank’s CFO, Ahmed Elshall, highlighted that Dubai Bank has appointed UBS and Standard Chartered as arrangers for the programme, which will be listed on both the London Stock Exchange (LSE) and the Dubai International Financial Exchange (DIFX).
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