Zabeel Investments partners with Dubai International Capital on Sony stake
Dubai-based Zabeel Investments has co-invested alongside the Global Strategic Equities Fund L.P. (GSEF) in its investment in Sony Corporation. The General Partner of GSEF, NewDawn GSE Asset Management Limited is a wholly-owned subsidiary of Dubai International Capital Asset Management (DICAM). This is the second time Zabeel Investments has partnered with GSEF to invest internationally, the first being the stake in European Aeronautic Defence and Space Company (EADS).
Zabeel Investments announced in March this year that it was investing in GSEF, with the intention of the fund being used to invest in Fortune 500 companies. Speaking of the addition to the company’s investment portfolio, Executive Chairman, HE Mohammed Ali Al Hashimi, said: “Sony Corporation’s brand equity is amongst the strongest in the world. The company’s innovation and diversification of offering fit well within our portfolio, while this co-investment opportunity with GSEF is evidence of a strong future partnership.”
“We will continue to seek out opportunities where we can strategically partner on investments and equity acquisitions, particularly in companies with proven track records or those which provide a tactical advantage. While there are a host of local and regional investment prospects, there is still a wealth of international opportunities in the market.”
Zabeel Investments has embarked on a host of projects during 2007, including a strategic 12 per cent equity stake in Emaar Industries & Investments (EII), a private joint stock company established to capitalize on the growth prospects of Middle Eastern, North African and South Asian manufacturing sectors. At the start of the year the company announced it had taken a stake in regional private equity leader Abraaj Capital, as well as stakes in Depa United Group and the Madaares initiative, a private joint stock company from National Bonds launched to raise educational standards in the UAE.
Located at Dubai International Financial Centre (DIFC), Zabeel Investments is focused on the areas of commercial real estate development and management, private equity and asset management. The company also has interests in hospitality, finance, media and education. Its development projects include the Tiara Residence on Palm Jumeirah, the Tiara United Towers on Sheikh Zayed Road and America Hotels & Resorts in Tatweer’s AED 200 billion Bawadi entertainment themed development.