|
UAE group to divest stakes
United Arab Emirates, Business, 5/11/1998
A U.A.E. business group said yesterday it is ready to sell a controlling stake in four major hotels in the gulf states, the first such private sector initiative in the country's hotel sector.
Al-Fahim group sources said it would invite national private investors to buy between 60 and 20% of its U.A.E. Crown plaza hotels, worth nearly 1.4 billion dirhams ($361 million).
"A publicly-held company will be created to manage the hotels after the sale," the group sources added.
"It is the first initiative to be taken by the private sector in the UAE" hotel sector, he said. "I strongly support the transfer of large family firms into publicly-held companies to reduce risks and create investment opportunities for citizens."
Previous Stories:
UAE trade team visits Muscat Securities Market
(4/1/1998)
UAE purchases 40% of Sri Lanka airlines
(4/1/1998)
UAE to expand cellular networking
(3/19/1998)
Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.
|
Advertise on ArabicNews.com. MyFlowers.com sold more than $2700 of flowers in one month advertising on ArabicNews.com! Make your company, and products a success. Special rate for new and small business. Inquire!Advertising Info
|
