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Established: 2006
US$ Billion: n/a
Origin: Oil
Firm Investment Style: Portfolio
Entity Structure: Corporate
Transparency Rating: n/a
Summary:
Founded in 2006, it is a sovereign entity launched by the government of Dubai pursuant to Dubai Law No. 3 of 2006. Dubai World plays a significant role in the creation of projects among the top companies in the Middle East. Their main focus will be on new areas of growth, such as media, healthcare, tourism, property, energy, industrial, research and humanitarian-related projects. Around 50% of their investments are in North America and the remaining in Asia.
Historically many of these commercial enterprises were run by The Corporate Office (the TCO), an unincorporated arm of the Government of Dubai led by Sultan Ahmed Bin
Sulayem. Eventually these assets were transferred to Dubai World.
Major Sovereign Wealth Enterprises:
1. DP World
DP World is one of the largest marine terminal operators in the world, with 49 terminals and 12 new developments across 31 countries. It was established through the merger of
UAE-based Dubai Ports Authority(DPA) with DPI Terminals in September 2005.
September 2005,
2. Economic Zones World (EZW)
It is one of the largest developers and operators of free-trade zones; special economic zones; and activity-specific business, logistics and industrial parks.
3. Leisure Corp
Started in 2007, it has become a driving force in world golf and the wider sports and leisure industry, identifying, investing in, and managing premier sports and leisure assets.
4. Nakheel
It one of the world's largest privately held real estate company, with developments that span the residential, retail, commercial and leisure sectors. Nakheel World LLC (Nakheel World) was incorporated on July 23, 2006 as a limited liability company pursuant to the Federal Companies Law (trade license number 583991). At registration, Nakheel World had an issued capital of AED 300,000. Sultan Ahmed Bin Sulayem is the Executive Chairman of Nakheel World.
5. Limitless
Established in 2005, it is global real estate developer across all market segments, delivering distinctive and sustainable developments. Limitless has projects in the UAE, Malaysia, Vietnam, Saudi Arabia, Jordan and Russia, with more to come in Europe, Africa, the Middle East, Asia and the Far East.
6. Istithmar
Founded: 2003. Istithmar PJSC (IPJSC), a Dubai, U.A.E.-based private equity firm.
It is 100% owned by Dubai World. It is a joint venture partner of Kerzner International, Ltd. Istithmar Hotels FZE is a subsidiary if IPJSC. It primarily focuses its investments primarily in the consumer, financial services, industrials and real estate sectors.
7. Dubai Natural Resources World (DNRW)
Dubai Natural Resources World (DNRW) was established as a new business unit of Dubai World in September 2008. Its mandate is to build a diversified portfolio of strategic long-term investments in natural resources. Areas of interest include energy, mining and metals, and agriculture. DNRW is also committed to making a positive contribution to sustainable development. Headquartered in the prestigious new DMCC Almas Tower in Dubai’s Jumeirah Lakes Towers development, DNRW has already made some significant achievements in the short time since its launch.
8. Drydocks World
Drydocks World has been firmly established as a leading and expanding international player in ship repair, conversion, new building and other marine-related activities. Those in the group include Drydocks World – Dubai, which is an amalgamation of Dubai Drydocks and Jadaf Dubai; Drydocks World – Singapore, formerly Pan United Marine; Drydocks World – Batam, a greenfield development in Indonesia; Platinum Yachts FZCO; and Platinum Yacht Management.
9/11/2009
Istithmar Said to Halt Investment; Dubai Weighs Sale
According to Bloomberg, "Istithmar World, the Dubai sovereign wealth fund, is halting investments as part of a restructuring effort after spending more than $25 billion this decade on stakes ranging from a yacht marina to luxury retailer Barneys New York, according to people familiar with the plan. The process may result in a sale of the fund or its assets, they said. Istithmar, run by David Jackson, said this week that co-chief investment officers John Amato and Felix Herlihy would leave the firm. Jackson’s job is under review, the people said. A restructuring by Istithmar and its parent Dubai World may mark the most public reversal of fortune for a state-controlled investment firm since global credit markets seized up in 2007. Sovereign wealth funds, fueled in part by oil revenue, have become sources of capital around the world for companies, including Citigroup Inc. and Morgan Stanley. "
read more: Bloomberg
4/29/2009
MGM, Dubai World reach CityCenter agreement; lawsuit dropped
According to the Las Vegas Sun, "MGM Mirage and Dubai World said Wednesday they settled their differences over funding for CityCenter, with MGM Mirage agreeing to cover potential cost overruns and Dubai World agreeing to pay back some CityCenter payments that had been covered by MGM Mirage during the past two months. And lenders agreed to fully fund the remaining money needed to finish construction of the complex, which has an updated budget of $8.5 billion, MGM Mirage said.
And importantly, MGM Mirage said in a flurry of announcements that it obtained waivers from its lenders to allow it to proceed with the new CityCenter funding plan. Under both deals, MGM Mirage put up additional collateral in the form of some casinos and undeveloped land -- those assets now probably cannot be sold unless other security replaces them. The company also again warned that if it can't correct its balance sheet problems, it may elect to file for bankruptcy."
read more: Las Vegas Sun
11/18/2008
Nevada officials OK Dubai World investment plan
According to the AP, "Nevada gambling regulators gave approval Thursday for investment firm Dubai World to acquire a bigger stake in MGM Mirage Inc., a move the casino company's leader-in-waiting said will help it survive a "paralyzed" global economy.
Jim Murren, the chief operating officer of MGM Mirage who will replace Terry Lanni as its chief executive December 1, said partnering with Dubai World would help MGM Mirage navigate current conditions that have been tough on consumers and borrowers. Lanni announced last week that he was retiring after more than 13 years at the helm of the world's second-largest casino company and the largest gambling operator on the Las Vegas Strip.
'We are in troubled times and this is a time, we believe, to face our challenges very quickly,' Murren said. 'We have a crisis of confidence in the consumer.'
The plan approved by the Nevada Gaming Commission authorizes the investing arm of the Dubai government to increase its current 9.4 percent stake to as much as 20 percent of the gambling company."
read more: International Herald Tribune
11/18/2008
Dubai World not for sale, Bin Sulayem says
Dubai: Dubai World and its subsidiaries are not for sale, Sultan Ahmad Bin Sulayem, executive chairman of one of Dubai's largest holding companies, said in an interview. "We are still studying the option of offering stakes of Dubai World companies for public subscription, which is a valid option for companies," Bin Sulayem told the Arabic daily Al Khaleej. "However, we have not entered negotiations for selling stakes or received any offers," Bin Sulayem said, adding that the issue is not open for discussion.
read more: Gulf News
11/1/2008
Dubai World chairman says group does not face funding crunch
Gulf News reports that, "Dubai World on Thursday said it faced no resource-crunch in its expansion plans as its chairman discounted the likelihood of a huge impact of the global financial crisis on the Gulf region. The group, which owns companies such as real estate developer Nakheel, private equity firm Istithmar and the world's fourth-largest port operator DP World, said it continues to pursue acquisitions in many countries."
read more: Gulf News
10/14/2008
Dubai's Istithmar opens office in New York
Dubai government investment agency Istithmar World said on Tuesday it was opening an office in New York as it looks to tap investment opportunities on the American continent created by the financial crisis. The announcement comes soon after other Gulf investment firms said they would wait for the U.S. downturn to bottom out before snapping up bargains. "The current global market conditions have opened up many windows of opportunity for us," said David Jackson, chief executive of Istithmar World Capital, a unit of the state-owned investment firm.
read more: Thomson Reuters
6/10/2008
Dubai World buys Wal-Mart property firm Gazeley
According to Thomson Reuters, “Dubai World said on Tuesday it had bought Wal-Mart-owned property developer Gazeley Limited, and a source familiar with the matter said the Dubai government investment firm had paid between 300 and 400 million pounds ($588-$784 million). Dubai World would not comment on the price.”
read more: Thomson Reuters
5/22/2008
Memorandum of Understanding (MOU) between MMC and Dubai World
According to the MOU, "The detailed feasibility study encompassing inter-alia, land usage, infrastructure requirements and soil investigation for the masterplan development of the land are currently in progress. Discussions with Dubai World are on-going pending the finalization of the detailed feasibility study. We will make the appropriate announcement for immediate release to Bursa Malaysia Securities Berhad if there are any further developments in relation to the MOU. This announcement is dated 22 May 2008."
read more: MMC
4/18/08
Dubai World to invest and partner with Republic of Benin in major tourism plan
According to AME News,"Dubai World announced today that it has entered negotiations with the Government of Benin to develop large-scale tourist attractions in the West African country, including a 32 kilometre beachfront development, which will be masterplanned , as well as an international hotel in the capital city of Porto Novo."
read more: AME info
4/4/08
Dubai World creates an all-female PE Firm
Forsa, LLC is a investment firm in the United Arab Emirates.
read more: Forsa
2/29/08
Dubai World fights back at criticism
Sultan Ahmed Bin Sulayem, chairman of Dubai World, said sovereign wealth funds may choose to not invest in Europe in response to EU criticism that funds are too "opaque". The criticism came from EU Monetary Affairs Commissioner Joaquin Almunia and EU Internal Market Commissioner Charlie McCreevy earlier in the week. In response to McCreevy who stated a necessity for common principles regarding transparency and governance, Sultan Ahmed Bin Sulayem said "If somebody comes with regulations that make it difficult for someone from certain geographical locations to invest in Europe or the west, people will take their investment somewhere else."
read more: BBC News
2/24/08
Hotelier plans $170mn luxury resort on The World Island Greece
The owner Van Gysel of the Island of Greece on Nakheel's man-made The World Islands announced on Sunday plans to turn the Island into a luxury boutique resort.
Van Gysel has said 'V…Greece on The World' would be "inspired by light and water" and offer "a vision of pure and simplistic comfort and ultimate luxury".
The Island complex would include shops, restaurants, and a 65-room boutique. Construction is to begin this year, with Italy-based Achietti Associatti responsible for the design.
read more: Arabian Business
2/24/08
Flagship ocean liner sold to Dubai World
The flagship of the Cunard ocean liners, QE2 has been sold to Dubai World for $100 million and will be decommissioned in November. The ship will cease her role as a passenger vessel and be refurbished and transformed into a luxury floating hotel. The hotel will be located on a pier at The Palm Jumeirah, the world's largest man-made island.
read more: Malaysia Sun
Dubai World
**There are more investments than this over the 5% threshold
| Company |
Country |
Industry |
% Ownership |
Comments |
| Labroy Marine |
Singapore |
Industrials |
98.4% |
Dubai World (Subsidiary) |
| Hyflux Ltd |
Singapore |
Industrials |
8.8% |
Istithmar (Subsidiary) |
| MGM Mirage |
United States |
Consumer Services |
8.87%
|
Dubai World(Subsidiary) |
|
| Company |
Country |
Type |
% Ownership |
Comments |
| Barneys New York |
United States |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| Loehmann's Holding Inc |
United States |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| Inchcape Shipping Services |
United Kingdom |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| ESPA International |
United Kingdom |
Private |
40%% |
Istithmar World Capital - Dubai World |
| Beng Kuang Marine Ltd |
China |
Investment |
37.88% |
Dubai World |
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1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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