| 03 Feb 2010 |
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Qatari Diar finalizes negotiations on strategic partnership with Vinci
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In exchange for the wholesale transfer of Cegelec, Diar acquires substantial equity holding in Vinci
3 February 2010 (Doha, QATAR) - QATARI DIAR Real Estate Investment CompanyQATARI DIAR Real Estate Investment Company
, an international leader in sustainable development, finalized negotiations over a strategic partnership with French public works group Vinci today. After a round of exclusive negotiations that began on August 31, 2009, DIAR has agreed to the wholesale transfer of Cegelec, a technological-solutions firm, in exchange for 31.5 million shares in Vinci. As a result of this transaction, QATARI DIARQATARI DIAR will become Vinci's largest shareholder after the group's employee savings fund. QATARI DIARQATARI DIAR is currently working with Vinci on the Qatari Diar- Vinci Construction Grands ProjetsQatari Diar- Vinci Construction Grands Projets (QDVC)(QDVC), which is carrying out studies on the proposed bridge between Qatar and Bahrain. The two groups have also worked together on a number of major projects for building DIAR's visionary urban development Lusail City. This agreement will only deepen the cooperation between DIAR and Vinci, and promises a unique opportunity to develop their joint operations.
will appoint a director to the Vinci Board, subject to shareholders approval, and will also be a member of the group's strategy and investment committee. Subject to some exceptions, the agreement also stipulates that QATARI DIARQATARI DIAR will keep an interest in Vinci that could range between 5% and 8% for three years. For Vinci, the contribution of Cegelec will be reflected by growth in its annual revenues of more than $4 billion. Mr Ghanim bin Saad Al-Saad, Managing Director and CEO of QATARI DIARQATARI DIAR, commented on the agreement saying, "We are very enthusiastic to deepen our relationship with the Vinci Group, the world's leading integrated concession-construction group and our long-standing partner in a number of major DIAR development projects. I am confident that this partnership will greatly benefit the work of Qatari DiarQatari Diar, as we continue to advance our vision of creating forward-thinking developments with world-class standards."
Launched in 2004, Qatari DiarQatari Diar
is wholly-owned by the Qatar Investment Authority and currently has more than 35 projects active in more than 20 countries around the world.- Ends -
About QATARI DIAR Real Estate Investment CompanyQATARI DIAR Real Estate Investment Company
: Wholly owned by the Qatar Investment Authority, QATARI DIAR Real Estate Investment CompanyQATARI DIAR Real Estate Investment Company
was established in December 2004 to support Qatar's growing economy and to co-ordinate the country's real estate development priorities. QATARI DIARQATARI DIAR creates distinguished property developments with local culture and lifestyle experience to attract tourism and residents generating sustainable and tangible socio-economic benefits. QATARI DIARQATARI DIAR's vision is to become the most trusted and effective real estate investment company by focusing its value proposition on the creation of quality, well-planned and desirable sustained developments. QATARI DIARQATARI DIAR also provides local and foreign property developers with further opportunities to invest in numerous projects across the globe, including but not limited to Qatar, Syria, Morocco, Egypt and Europe. www.qataridiar.comFor further information, kindly contact:
John Watts - Brown Lloyd James
Tel: +974 687 6682
© Press Release 2010
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