Home  Business Solidere sets up international company |
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Solidere sets up international company |
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Written by Daily Star
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Solidere announced on Monday the establishment of Solidere International LTD in Dubai International Financial Center (DIFC) with a share capital of $700.05 million.
Solidere's equity percentage from the 11 millions shares of the new Company is 37.2 percent. Solidere International had completed successfully a private placement to raise $700 million and to bring-in new investors and strategic partners. The statement said that Solidere International's object is to undertake different real estate activities all over the world, with a special focus on the Middle East, the Mediterranean countries and North Africa.
"Solidere International shall rely, in all its activities, on the high level of expertise in the fields of development, finance and management, which were acquired by Solidere through its activities and achievements over the last 12 years," the company said.
It added that this had allowed Solidere to become a renowned and distinguished international name in real estate development. Solidere International, in partnership with the Government of Ajman, started a large development project in the Emirate of Ajman (UAE) on a surface area of 12 million square meters, 25 minutes away from Dubai International Airport.
The Master Plan of the region stipulates the establishment of an urban land-use mix encompassing residential, office, commercial, entertainment and hotel buildings, in strategic locations. - The Daily Star
Daily Star staff
Tuesday, July 10, 2007
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