DUBAI, 17 January 2008 — Millennium Private Equity (MPE) announced that it had established an investment structure with the Investment Corporation of Dubai (ICD) as its sole investor, to invest into Bharti Infratel, an Indian telecoms tower business. ICD is the investment arm of the government of Dubai and manages the government’s portfolio of investments in over 40 local, regional and international corporations. MPE, an entity regulated by the Dubai Financial Services Authority (DFSA), which is the private equity arm of Millennium Finance Corporation (MFC), committed $100 million together with other investment firms such as Temasek Holdings, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners out of a total investment of $1billion into Bharti Infratel (Infratel), a subsidiary of Bharti Airtel Ltd., the leading telecoms player in India. Bharti Infratel owns close to 20,000 sites and also has a 42 percent stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites. Bharti Infratel and Indus Towers will provide passive infrastructure services to all telecoms operators on a non-discriminatory basis.
Tourism Project Developers Show
Arab News
DUBAI — Over 50 leading tourism projects developers displaying projects worth over AED 700 billion and a number of local and international corporate and individual investors, tourism officials, facilities operators, global destination brands and specialists are expected to make the first Tourism Development Projects and Investment Market (TDIM) exhibition in Dubai next week a huge success, Frederic Theux, president, Reed Exhibitions Middle East, said. Addressing a press conference at the Dubai International Exhibition and Convention Center, Theux said the tourism industry’s excellent response to the exhibition pointed to the tremendous potential that the sector holds out for further investment and development. The exhibition, to be held from Jan. 20 to 22, will occupy 19,000 square meters at the Dubai International Exhibition and Convention Center, Zabeel Hall and Hall 1. TDIM 08 is the first-ever show dedicated to developments and investments in the tourism sector.
Alba Revenues Goes Up by 70 Percent
Arab News
MANAMA — The total Alba revenues of the year 2007 rose to $340 million, which were distributed to the shareholders, Bahrain Mumtalakat Holding Company and Sabic Investments, for which Alba is marketing. This was an increase of 70 percent compared to 2006, a senior Alba official said yesterday. The Chairman of the Board Dr. Esam Abdulla Fakhro, who briefed the finance minister on the performance, said that as a continuation of our success in 2006, the 2007 was a remarkably outstanding year in all aspects; Alba reported the highest production, sales, and profitability, in addition to breaking the world safety record in aluminum industry. Shaikh Ahmed Bin Mohammed Al-Khalifa, the minister of finance and chairman of Bahrain Mumtalakat Holding Company, received in his office Dr. Esam Bin Abdulla Fakhro, the chairman of the Aluminum Bahrain (Alba) board of directors, who presented a $270 million check as Mumtalakat’s share of Alba revenues in 2007, in the presence of Ahmed Saleh Al-Noaimi, the Alba chief executive. Also present were the Bahrain Mumtalakat Holding Company Chief Executive Talal Al-Zain, and Mumtalakat Deputy Chief Executive Mahmood Hashim Al-Khooheji.
Villamar@ the Harbor Sold
Mahmood Rafique, Arab News
MANAMA — The 70 percent of upcoming $650 million Villamar@ the harbor project has already been sold, the vice chairman of the Gulf Holding Company told a roundtable held in Bahrain yesterday. Ahmed Al-Ameer, vice chairman and chief executive officer, GHC, who also announced the awarding of $11.5 million Downtown Al-Areen infrastructure works contract to downtown construction company Bahrain, said that the company was considering to reduce the size of the previously proposed $250 million sukuk due to a strong response from the market. Gulf Holding Company having recently awarded the construction contract for Bahrain’s first truly Downtown district “Downtown Al-Areen,” Gulf Holding Company (GHC), with a view of further speeding up the development process, today announced the appointment of Downtown Construction Company — Bahrain as the lead infrastructure contractors for the second and final phase of the project. As per terms of the contract, Downtown Construction Company will be responsible for all infrastructure work, including construction of roads, water storage facilities and other services.
BIC to Host New Motor Sport Event
Arab News
MANAMA — A prestigious new event for the region was announced yesterday at the Bahrain International Circuit (BIC) the Motor Sport Business Forum Middle East. The event will take place on April 1-2 in the immediate build-up to the 2008 Gulf Air Bahrain Formula One Grand Prix. The five-year agreement between the BIC and event organizer IM2 Events will bring the most influential decision makers in the multibillion dollar global motor sport industry to the region. The Motor Sport Business Forum Middle East joins the established Motor Sport Business Forum in Monaco, which has become one of the most influential meeting places in world motor sport. Announcing the new event, BIC Chairman Talal Al-Zain said, “We are delighted to announce this partnership. The Middle East has become the biggest growth market for motor sport in the world — not only in terms of public support and enthusiasm but also in terms of corporate investment. The Motor Sport Business Forum Middle East will bring expertise and contacts from around the world to meet with the business community here in the Gulf. This Forum is for the Region and the country and the prospective opportunities it brings are very exciting.”
Motexha 2008 From March 31
Arab News
DUBAI — Motexha 2008, region’s biggest garments and fashion accessories event, will take place at the Dubai International Exhibition Center from 31 March to 2 April 2008, organizers announced yesterday. “The world’s fashion and textile industry cannot ignore the stellar growth taking place in the Middle East market with the UAE the biggest textile fashion market in the GCC,” said Jim Meltz, show manager for Motexha at IIR Middle East. “Motexha’s visitor numbers have grown consistently over the years because the overwhelming majority is seeking competitively priced products for everyday wear. Manufacturers and suppliers at Motexha appreciate the mass market concept of mid-range, high turnover products,” he added.
