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Sat 17 May 2014 10:21 AM

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Dubai Investments unit eyes Iraq, Libya business parks

Investment company says it is in advanced talks to replicate Dubai Investment Park concept overseas

Dubai Investments unit eyes Iraq, Libya business parks
Dubai Investments CEO and managing director Khalid Kalban.

A unit of Dubai Investments is in advanced talks to set up business parks along the same lines as its Dubai Investment Park in Libya and Iraq.

Dubai Investments International, a wholly-owned subsidiary of Dubai Investments, is targeting overseas expansion and currently tapping into business opportunities in Africa and Asia.

In addition to joint ventures and strategic partnerships across Africa and Asia, the company is also eyeing commercial projects in some Middle Eastern countries, according to a statement released by Dubai Investments.

The company said it is also in advanced stages of negotiations with prospective business partners in Libya and Erbil in Kurdistan, Iraq to build an industrial, commercial and residential business park similar to Dubai Investments Park.

DI International added that it is also working closely with relevant government authorities to attract investments as also international companies to set up industrial units within these business parks.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: "The setting up of Dubai Investments International was the first step in our strategy to expand our global footprint in key markets.

"Our plans are in place and we are in advanced negotiations with leading strategic players on investment opportunities across diversified sectors in the existing and new geographical locations across the globe to consolidate our position as an important international player.

"We are now in the process of setting up agencies and representative offices across strategic markets."

He added: "We are also in advanced negotiations to replicate the successful business model of DIP and have already received invitations from different countries."

DI International was launched in 2013, as part of DI strategy to catapult its international operations and reinforcing itself as a global conglomerate.

Earlier this month, Dubai Investments said its first-quarter net profit rose 26 percent.

The company said its profit for the three months to March 31 was AED265 million ($72.2 million). That would compare with a profit of AED211 million in the prior-year period.

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