Dubai: Two UAE-based private companies – Gulftainer, a subsidiary of Crescent Petroleum and Damac Properties - are investing in two funds with state-run Russian Technologies’ investment vehicle Prominvest, totaling nearly Dh3 billion ($800 million).
"A contract is to be signed within an hour here", a source close to the deals told Gulf News from Sochi.
“We are waiting for Vladimir Putin, Prime Minister of Russia is to attend the signing ceremony,” the source told Gulf News.
Badr Jafar, Executive Director of the Crescent Group and Vice Chairman of Gulftainer and Hussain Sajwani, Chairman of Damac Properties are in the Black Sea resort city of Sochi to sign contract.
Of this, Gulftainer will be involved in $500 million (Dh1.83 billion) while Sajwani’s Damac Properties will participate in a $300 million (Dh1.1 billion) fund.
Jafar’s Crescent Petroleum had earlier signed a joint venture agreement with Rosneft, one of Russia’s largest energy companies to invest in energy exploration opportunities in the region, where energy is largely controlled by state-owned enterprises.
“This is another major demonstration by the Crescent Group of its commitment to building strong economic ties with our Russian brothers, pulling together the synergies and strengths in our respective areas of expertise,” Jafar said in a statement.
Gulftainer Co. LLC operates container terminals in Sharjah’s ports, including Khorfakkan.
Crescent Petroleum is one of the largest private sector energy exploration companies in the Gulf, which owns a stake in Dana Gas, a public joint stock company listed on the Abu Dhabi Exchange.
“The rapid growth of the Russian Economy will increase demand for more efficient and a wider range of port and logistic services - Gulftainer and Prominvest will together meet that challenge using Gulftainer's well established reputation for optimum efficiency in the Ports and Logistics industry, plus the vast expertise and local knowledge of the successful Prominvest organisation in Russia,” Jafar said.
Damac, the largest private developer in Dubai, has delivered 3,600 homes to investors and buyers and is slated to deliver another 3,500 across the GCC in the next 12 months. It will invest $300 million in real estate projects, including the facilities for the 2014 Winter Olympic Games in the Black Sea resort city of Sochi
Hussain Sajwani, Chairman of Damac Properties said, ''Damac Properties, as the Middle East’s largest private luxury developer, continues to pursue growth by expanding and diversifying in international markets.
“We now have projects in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia. With a proven track record of developing and delivering luxury properties and a strong capital position, we are continually assessing investment opportunities in other territories.
“We have always been interested in investing in the CIS countries and this joint venture presented us an opportunity to enter into a market with great potential and a strong regulatory and transparency framework.''
