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South Korean company invests in Dubai Business Bay

12-Jul-2006

Dubai Properties

Dubai Properties, the real estate arm of the government-owned Dubai Holding has announced that Sungwon Corporation, one the largest integrated construction companies in South Korea, is investing in multi-million dollar real estate ventures at Business Bay and Culture Village in Dubai.

“We are very pleased to establish a permanent presence in Dubai. Apart from our first two projects at Business Bay and Culture Village, we are negotiating other deals with Dubai Properties that will be announced soon,” said Yoo-Soo Jeon, Chairman of Sungwoon Corporation.

Founded in 1978, Sungwoon is a large scale, integrated real estate development, construction and engineering company. It specialises in high-rise, mixed-use complexes, civil works, environmental plands and special projects including championship golf courses, world class stadia and resorts.

Saudi Arabia gives the go-ahead for $679.9m Emaar Economic City

12-Jul-2006

Saudi Arabia

Emaar Economic City (EEC), a consortium headed by the UAE-based real estate giant, Emaar Properties and investors from Saudi Arabia, has announced that the Capital Market Authority (CMA) of Saudi Arabia has approved its initial public offering (IPO) of $679.9 million. The company has also received the approval from Saudi Ministry of Commerce and Industry for its incorporation.

The share capital of EEC is $2.27 billion comprising 850 million shares with a nominal value of $2.66 each. EEC will be offering 30 percent of this equity – 255 million shares – through the IPO at face value of $2.66 each. The IPO will be open from July 22 to August 2.

Mohammad Ali Al Abbar, EEC Chairman, said, “EEC will signal the dawn of a new era of economic prosperity for the citizens of the Kingdom and the IPO is the best way to ensure that investors take part in this project.”

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