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Dubai World unit Istithmar sails into Canada with 'The Shark'

Dubai World investment firm Istithmar said yesterday it has acquired a stake in Canada-based technology company GPS Industries (GPSI).

  • By Shakir Husain, Staff Reporter
  • Published: 00:00 November 30, 2006
  • Gulf News

Dubai: Dubai World investment firm Istithmar said yesterday it has acquired a stake in Canada-based technology company GPS Industries (GPSI).

Istithmar's two-month-old business unit Istithmar Leisure and Australian golfer Greg Norman's company Great White Shark Enterprises will jointly acquire 1,574,089 newly issued GPSI Series B convertible preferred shares and related warrants for $15.7 million.

Istithmar controls 30 per cent of GPSI and Norman has a 15 per cent stake, a company spokesman told Gulf News.

GPSI provides Wi-Fi enabled global positioning systems (GPS) for golf facilities and residential communities.

Istithmar Leisure and Norman are working on the development and design of Jumeirah Golf Estates in Dubai, which will have four golf courses, including two designed by Norman.

"This partnership investment in GPSI, with Great White Shark Enterprises, is a perfect fit with our current investment portfolio," David Spencer, chief executive of Istithmar Leisure, said in a statement.

The first phase of Jumeirah Golf Estates includes 13 residential districts surrounded by four environmentally-themed courses.

Istithmar said GPSI's top product Inforemer has "reinvented the application of global positioning" to the way golf courses are managed.

The applications cover activities like distance player management, tournament management, customer relationships and food and beverage management.

Robert Silzer, GPS chief executive officer, welcomed the new investment. "Norman has been a valued strategic investor in GPSI for several years," he added.

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