'We don’t have enough money and we are not really in this business' - Ras Al Khaimah official.
Ras al Khaimah, one of seven emirates that make up the United Arab Emirates, has no interest in investing in the Liverpool Football Club or other soccer clubs as it can’t fund such deals, said the head of the RAK Investment Authority.
“We are not in football clubs,” Khater Massaad, also an adviser to Ras al Khaimah’s Crown Prince Sheikh Saud bin Saqr al-Qassimi, said in an interview yesterday in the emirate. “We don’t have enough money and we are not really in this business.”
The Investment Authority is focusing on industrial investments, he said.
Ras al Khaimah, a rocky outcrop along the Persian Gulf, has attracted as much as $3 billion in industrial investments in four years as it seeks to boost economic expansion, Massaad said. The emirate’s economy is expected to grow 10 percent this year from 8 percent in 2009, Massaad said June 9.
The Abu Dhabi United Group for Development and Investment, controlled by Sheikh Mansour Bin Zayed Al Nahyan, bought English soccer club Manchester City from former Thai Prime Minister Thaksin Shinawatra in 2008.
Dubai-based businessman Sulaiman Al-Fahim sold 90 percent of Portsmouth in October to Saudi Arabia’s Ali Al-Faraj six weeks after completing his own buyout of the English Premier League soccer club.
Refreshing honesty and objectiveness, but Mr. Massaad is setting a dangerous precedent here with his wild and crazy idea that you need to have the money and understand the business before you make an investment. If this catches on it could spell an end to GCC investment companies buying overpriced trophy assets on spurious grounds. What then for the poor chairmen of these companies, who would no longer be able to be photographed standing next to famous sportsmen, celebrities or businesspeople, most of whom are smirking in disbelief at the price they've been able to get? Where will it all end?!
It's not a shame to say I don't have enough money and I don't understand certain businesses. It only reflects the rational thinking behind the words. RAK has always been a more shrewd investor. Keep up the good work!
Nice to hear that RAK has both feet on the ground. Not just investing for the sake of investing. Keep up the good work.
can someone please explain to me then whats the actual point of this article....dont recall hearing any rumours that they were in talks with Liverpool (stand corrected obviously) totall waste of space
Does anyone know what is the size of the fund that is managed by RAKIA and what size of investments they consider when directly investing in industrial projects in RAK?