DUBAI, 21 November 2006 — Mizin, the real estate development company of Tatweer, announced yesterday the launch of Majan, a modern mixed use development incorporating residential, commercial, retail, leisure and cultural sectors, representing downtown Dubailand. The project will drive an investment of AED 15 billion within a period of three years. Located on the Emirates Road, nearby Global Village, the 16.5 million sq ft freehold development will consist of three components: 32 percent of the area will comprise residential units, 44 percent will be dedicated for retail and entertainment, and 24 percent for commercial units.
NBK Capital Fund to Raise $300m
DUBAI, 21 November 2006 — NBK Capital, the investment and merchant banking subsidiary of the National Bank of Kuwait (NBK), announced yesterday that it has successfully completed the first closing of its NBK Capital Equity Partners Fund, a private equity fund focused on investing in companies seeking capital for expansion and/or restructuring. The fund currently has commitments totaling $200 million and is in the process of raising an additional $100 million with an expected final closing by year-end bringing the total fund size to $300 million. NBK and NBK Capital are collectively committing $30 million to the fund, representing 10 percent of total commitments.
German Minister Visits DIFC
DUBAI, 21 November 2006 — The federal minister of finance for Germany, Per Steinbrueck, yesterday visited the Dubai International Financial Center (DIFC) to further strengthen the business relationship between Germany and the UAE. Steinbrueck was welcomed to the DIFC by the Governor Dr. Omar Bin Sulaiman. The minister was accompanied by a delegation of 12 officials from the German Ministry of Finance. Germany has a long history of close trade links with the UAE and in recent years increasing numbers of high level politicians and businessmen have been visiting Dubai to encourage more extensive business cooperation. A regional office of the German Business Council and a delegate office of the German Chamber of Industry and Commerce have both been established in Dubai.
