ArabianBusiness.com - Middle East Business News
Monday, 23 November 2009 20:15 UAE time

YOUR DIRECTORY /

| Share |

Arcapita, Qatar Diar target utilities sector

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 16 December 2007
MEGA CONSTRUCTION: An artists impression of the Lusail development in Qatar.

Bahrain's Arcapita Bank said on Saturday it will invest in utilities and other infrastructure with a state-owned Qatari firm that owns London's Chelsea Barracks and is developing a $5.5 billion project in Qatar.

Arcapita, which owns Northern Ireland's largest utility, Viridian Group, will invest in a venture with Qatari Diar Real Estate Investment Company, one of the agencies the government of Qatar is using to acquire assets around the world.

Their venture, Diar Infrastructure Services Company, will develop, own and operate utilities in Diar's $5.5 billion Lusail development as well as its other projects around the world, Arcapita said in a statement.

Story continues below
advertisement

The infrastructure projects include district cooling, sewerage treatment, desalination, power generation and telecommunications, it said.

Arcapita, which complies with Islam's ban on lending on interest did not say how much it would invest or how it would raise the cash. The investment bank usually invests on behalf of its clients.

Arcapita Bank bought Viridian last year in a 1.62 billion pound ($3.29 billion) deal.

Qatari Diar bought the Chelsea Barracks from Britain's Ministry of Defence last year, saying it wanted to turn the parade ground and military buildings into apartments.

Diar is the owner and developer the Lusail project, a 35-square kilometre development that will include an entertainment district modelled on London's Piccadilly Circus.

It owns 45% of Barwa Real Estate Company, which agreed in October to buy and refurbish the Royal Monceau hotel in Paris.

Diar is owned by the Qatar Investment Authority (QIA), which invests the government's surplus oil and gas revenue, and made an unsuccessful 10.6 billion pound bid this year for J. Sainsbury's, Britain's third largest supermarket chain. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

RELATED LINKS

  1. Arcapita Bank»
  2. Qatari Diar Real Estate Investment Company»

 EMAIL ALERTS

  1. Arcapita Bank

  2. Qatari Diar Real Estate Investment Company

  3. Construction & Industry


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. Dubai developers see negative press reports decline 07
    23 Nov ' 09 at 15:51
    Of course there is a lack of bad press. There are no new projects commencing, no projects getting handed over, no people buying, loads...   More  »
  2. Why I h8 junk txts 05
    23 Nov ' 09 at 17:06
    Putting your phone on silent is the obvious solution (although irritating - can't they just stop sending the texts?!) But the problem...   More  »
  3. Dubai population grows 1.9% in Q2 05
    23 Nov ' 09 at 13:24
    Fact: I have left the country and so has another colleague of mine. Some others are in the process of leaving. Moreover, there are lots...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM