Record foreign investment secured at DIFC

The Dubai International Financial Centre (DIFC) today announced a major deal securing what is thought to be one of the biggest ever Foreign Direct Investment (FDI) in a building project in the Middle East. The Al Salam Group, a Saudi Arabian development and investment company has invested AED 550 million in the scheme.

The DIFC is being established to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East . It has already received commitment from many of the world's biggest financial services businesses such as Aon, Credit Suisse and Standard Chartered.

“HH Sheikh Mohammed's vision for the next great international financial centre is fast becoming a reality.” Said Anis Al Jallaf, Chairman of the Board of Directors of DIFC. “We have already announced that many of the world's leading financial institutions have committed to the DIFC and the announcement that the Al Salam Group is investing such a large sum in the DIFC is further evidence of this.”

He added, “It is extremely gratifying for us to have secured the involvement and investment of a company of the stature of the Al Salam Group in the DIFC.”

Naser Nabulsi, CEO of DIFC said, “Raising foreign direct investment is one of DIFC's key objectives as deals such as this one with Al Salam Group confirm the world's view that Dubai's economy is one to invest in.

The DIFC will bring considerable foreign investment to the UAE and the region and we are already beginning to demonstrate this. The DIFC is creating a truly international financial hub for the whole of the region to benefit from.”

The Investment from Al Salam is the first to be announced following the announcement on the 23rd February 2004 that the DIFC was seeking investment and joint venture partners.

Sheikh Zaid Alsharif, Chairman of the Al Salam Group said, “The Al Salam Group is delighted to be a part of the DIFC, which we are sure will be the next great Dubai success story. Sheikh Mohammed's commitment to creating a hub for international finance in the Middle East is commendable and we look forward to working with the excellent team he has assembled.”

The Al Salam Group is involved in many major projects in the region including a substantial tourism scheme in Lebanon worth over 1.3 billion US dollars that is expected to create thousands of local jobs. The Group also has over 12 billion dollars invested in real estate projects in Saudi.