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Thu 14 Jun 2007 01:46 AM

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DI buys into Al Qudra Sports

Dubai Investments will buy a 50% stake in Al Qudra Sports Management.

Dubai Investments has signed an agreement to buy a 50% stake in Al Qudra Sports Management (QSM), Gulf News says today.

The Dh15m stake will entitle DI to place two members on the QSM board. Salah Al Shamsi, Al Qudra Holding’s chairman and managing director said “Taking into consideration the trend to outsource specialised services, we anticipate a great success.”

Khaled Kalban, CEO of DI told Gulf News “We are allocating Dh1bn for investments in new projects in the sports sector during the coming two years.”

DI signed the deal through its real estate arm to capitalise on the experience gathered by QSM in Abu Dhabi, the paper says.

The joint venture’s first project will be the development of Dubai Premier Club, a luxury venue to be built over 30,000 square metres in Dubai.

Kalban added "Other projects include a ladies’ sports club in Al Ain. We are also targeting other projects in the region such as in Qatar and Morocco, where the two holding companies already have real estate developments under way.”