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Mon 21 May 2007 01:11 AM

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Zabeel buys Emaar stake

Dubai-based investment firm buys 10% stake in Emaar Industries from Amlak.

Dubai-based Zabeel Investments said on Sunday it had bought Amlak Finance's 10 % stake of an Emaar Properties affiliate that specialises in manufacturing investments.

Zabeel did not say in a statement how much it paid Amlak for its stake in Emaar Industries and Investment. Zabeel also bought 2 % of the firm from an unnamed investor, it said.

Amlak, which posted a 35.4 % drop in first quarter net profit, wants to focus on its Islamic mortgage financing business in order to boost profit growth this year, Chairman Nasser al-Shaikh told Reuters earlier this month.

Emaar owns 40 % of Emaar Industries, set up in 2005 with 250 million dirhams ($68.08 million) of seed money.

Zabeel, which earlier this year bought an undisclosed stake in private equity firm Abraaj Capital, has interests in real estate, construction, financial services and education.

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