4 June 2006

Emaar invades the US

It’s not ok for a UAE company to manage the US Eastern Seaports, but it is ok for a UAE company to sell US houses.

Emaar has acquired John Laing Homes, the second-largest privately owned US Real Estate company.

In a tidy deal where a cool US$1.05 billion exchanged hands AND is sanctioned by the Committee on Foreign Investment in the United States (CFIUS), Emaar will begin its earnest foray into the US Real Estate Market, running John Laing Homes as a full subsidiary of the Dubai-based company.

In a wise move, the top management has been retained in longterm contracts to continue in their roles.

Read more in Emirates Today and on the Laing Homes website.

In another related article, the amount of UAE investment into the USA increased from 2004's US$519 million (Dh1.9bn) to US$1.93 billion (Dh7.1bn) in 2005. This Emaar deal should see that figure significantly increase for the 2006 total.

1 comments:

The Lady said...

Henceforth, the whole world will be referred to as Dubai Inc.

Looks like the emirate is out to take over everything.