DUBAI (United Arab Emirates): Hydra PropertiesHydra Properties, the leading UAE-based real estate developer, has announced that it has acquired a 47.43 per cent stake in International Fish Farming Holding Co. PJSC (Asmak)International Fish Farming Holding Co. PJSC (Asmak), a leading fish farming company in the UAE.

ASMAKASMAK is a leading holding company in the UAE and Middle East region. The company's business activities span major investments in diversified sectors that include all aspects of aquaculture industry, marketing, distribution, export and consulting and has entered into the property development sector through the recent establishment of its fully owned subsidiary 'Emirates Stallions Properties LLC' in the Emirate of Abu Dhabi. With associates and subsidiaries in the GCC states and Europe and new ventures on the horizon, ASMAKASMAK is gradually expanding its operations throughout the Middle East, Arabian Gulf and the Western Indian Ocean with well diversified business activities aiming to achieve sustainable growth in terms of revenue and profitability in order to enhance shareholders' wealth.

Commenting on HydraHydra's share acquisition, Dr. Sulaiman Al Fahim, CEO of Hydra PropertiesHydra Properties, said: "The investment in ASMAKASMAK is part of the diversification plans of Hydra PropertiesHydra Properties. We, at Hydra PropertiesHydra Properties, consider that fishing industry is very integral to the UAE economy, and giving a shot in the arm for this crucial sector is our responsibility. The diversification and expansion undertaken by the company shall firmly place ASMAKASMAK on a fast growth track and shall transform ASMAKASMAK into one of the leading companies in United Arab Emirates and the region in the coming years."

As part of the recent consolidation of equities, Hydra PropertiesHydra Properties has increased its stake in ASMAKASMAK to 47.43% after converting convertible notes of AED 140 Million into shares.

"We believe in the management of the company (ASMAKASMAK) and its Chairman H.E. Hamad Abdullah Al Shamsi. H. E. Mr. Al Shamsi has done a wonderful job in positioning the company as a pioneer in the fish farming sector. He has been truly a guiding force for the company and I'm quite confident under his leadership and guidance the company will flourish to exceptional levels of growth." Dr. Al Fahim explained.

H. E. Al Shamsi while welcoming Hydra PropertiesHydra Properties into ASMAKASMAK said: "The dynamism of Hydra PropertiesHydra Properties under the leadership of Dr. Al Fahim which he will bring into ASMAKASMAK, and with the infusion of funds and support, will go a long way to help the company expand and diversify its field of operations and grow from strength to strength in the coming years. We are looking forward to a great and mutually beneficial partnership."

The Emirates Stallions Properties LLC,- The Real Estate investment arm of ASMAKASMAK has bought four prime water front land plots in the port region on the main island of Abu Dhabi for development, investment as well as for commercial purposes. The acquired land will be developed into mix use residential as well as commercial properties.

Historically it is worth mentioning that Hydra PropertiesHydra Properties is linked in a joint venture and strategic partnership with Ras Al-Khaimah Cement Company, whereas Hydra PropertiesHydra Properties owns 20 percent of the company's shares. Hydra PropertiesHydra Properties has also recently entered into a joint venture with Kuwait's Al-Aqeelah Leasing, Finance and Investment Co., and Tassameem Real Estate Co., to establish Hydra-Al-Aqeelah Development Co., which is developing the Al-Aqeeq Marina, a mega real estate venture in the region, which will be located in Kuwait's resort city of Khairan.

-Ends-

About HydraHydra Properties
Hydra PropertiesHydra Properties is a privately owned company, established in 2006 in Abu Dhabi, the capital of UAE. The company was established with a vision to provide the UAE, Middle East and the world with unprecedented development concepts which are reflected in the company's various landmark projects. Since inception, the company has embraced the best international building criteria and has introduced fresh concepts in design and materials.

At Hydra PropertiesHydra Properties there is a firm belief in the humanizing factor. Real estate is not only about space, steel and concrete but is actually a living organism. That is why Hydra PropertiesHydra Properties always aspires to create spaces that nurture and accommodate the human side of real estate.

Hydra PropertiesHydra Properties does not only see itself as only a real estate development company. Hydra PropertiesHydra Properties has clear social commitments and responsibilities. HydraHydra never misses an opportunity to give back to society through its endless community activities in the areas of cultural awareness, support to sport activities and providing major community service through its active and ongoing role in supporting health, education and social institutions.

Hydra PropertiesHydra Properties has rapidly expanded in the UAE with several mega projects in Abu Dhabi and Dubai. Relentless efforts have allowed it to expand globally into Mexico, where it has developed 'HydraHydra Waves', one of the finest luxury projects in North America.

The company nurses more global ambitions and will soon launch projects across the continents.

On the web www.hydraproperties.com

About ASMAK
International Fish Farming Holding Co. PJSC (Asmak)International Fish Farming Holding Co. PJSC (Asmak) is a pioneer in aquaculture activities in the region and is one of the leading Aquaculture and Seafood Companies in the GCC region with well diversified business activities aiming to achieve sustainable growth in terms of revenue and profitability in order to enhance shareholders' wealth.

ASMAKASMAK currently operates through its subsidiaries and associates in United Arab Emirates, Sultanate of Oman and Kingdom of Bahrain. ASMAKASMAK operates a fish farm with a capacity of 1,700 MT in Fujairah and a fish farm in Oman with a 300 MT capacity. ASMAKASMAK operates 3 processing plants in the United Arab Emirates and the Sultanate of Oman which are HACCP, EU and FDA approved assuring best quality products to its clientele. ASMAKASMAK also owns a fleet of fishing vessels and a Tuna ranching farm in the Sultanate of Oman. In addition, ASMAKASMAK has a well established commercial operation in the United Arab Emirates and Sultanate of Oman and has a portfolio of reputable clientele in local and overseas markets. ASMAKASMAK is a partner in region's only commercial hatchery situated in Kingdom of Bahrain having annual production capacity of 4 Million juveniles.

The company has streamlined its aquaculture and seafood business operations in recent years and is further evaluating major projects within the UAE and overseas to expand as well as diversify within the aquaculture and seafood business sector.

These projects include; establishment of 10 Million per annum juvenile production capacity for fin fish hatcheries in United Arab Emirates. The project is targeted to be operational by Mid-2010. The establishment of an aqua feed mill with production capacity of 20,000 MT per annum within the United Arab Emirates. The project is targeted to be operational by end of 2010.

The expansions also include the expanding of its fish farming capacity from 2,000 MT to 3,000 MT per annum by 2009. In addition to further expanding its production capacity to 5,000 MT in next 5 years, AsmakAsmak is also in the process of introducing 'ASMAKASMAK' brand products in UAE and GCC markets by 2009.

On the Oversees front, ASMAKASMAK has established a subsidiary company 'ASMAKASMAK Europe SARL' in France. The company has commenced its operations and is expected to provide much needed presence in lucrative European market, which will assist in developing good volume and turnover.

In addition to diversification within the core business, ASMAKASMAK has also ventured into the real estate business and for that reason, has established a fully owned subsidiary 'Emirates Stallions Properties LLC' in the Emirate of Abu Dhabi. The core activities of the company include Developing, managing, leasing and selling real estate properties.

For further media enquiries contact:
Yasser Fathy /Walid El-Tigi
Arabia PR FZ LLC
Tel: +9714 3911201;
Fax: +9714 3904511
P.O. Box: 500491,
Dubai,
UAE
Office 235, Building 10 (BBC World Building),
Dubai Media City
info@arabiapr.com
www.arabiapr.com

© Press Release 2008 from Arabia PR

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