Feb 25 2009
|more articles from|
GCC experts demand Sovereign Wealth Funds focus on local investments
Losses after the crisis amount to USD 450 billion, and expected to rise to USD 600 billion
GCC economy experts have demanded the intervention of Sovereign Wealth Funds (SWFs) to pull the economy out of its state of fluctuation caused by the global financial crisis, and to raise the rate of investments in the market from the current 5% to between 20-30%. SWFs have sustained a heavy loss of USD 450 billion, a figure which could go up to USD 600 billion if investments abroad continue to depreciate.
Sheik Abdullah bin Fahid Al Shakrah, Al Hanoo and Emirates Industrial Cities (EIC) Chairman, said "Sovereign Wealth Funds are not a new phenomenon, it dates back to 1953, and have become increasingly important due the economic crises resulting from wars, famine, and high petrol prices. The sum of money that GCC countries have made in the past 3 years is estimated at USD 3,770 trillion, with part of this being invested in purchase operations, the acquisition of shares in companies, trusts, treasury bonds, and regional and international institutions".
Al Shakrah, whose company is currently developing Al Nujoom Islands and EIC projects, added "Many economic experts are trying to assure GCC citizens that the crisis in the gulf will not last long, discouraging them from investing in the Asian market, and attracting them to the Western markets. SWFs have, more than once, supported the foreign markets, and it is now time for them to support and revive the local economy".
However, Sovereign Wealth Funds are not exclusive to GCC countries. Norway, for example, has one of the largest SWFs in the world, valued at USD 322 billion.
About Al Hanoo
Right from the days of its inception in 1972, Al Hanoo Holding Company has been committed towards the development of the property sector in KSA and many other neighbouring countries.
Besides properties, Al Hanoo Holding Company has also founded subsidiary companies that have a strong presence in Contracting, Gas and Electricity networks installation, Agriculture, Trading, and many other developing sectors. This diversified approach is what makes Al Hanoo a pioneer and an integral facet in the economic hub of various countries in the world.
About Emirates Industrial city
Based in Emirates Industrial City project, Emirate Industrial City is a joint-stock company between Al Hanoo Holding, Abudullah Al Zamil Co., Muhammad Abdul Aziz Co., Al Saeedan Properties and Kal Development. The Company specializes in industrial cities' development and Real Estate. It had made itself a powerful presence in the market through Emirate Industrial City project located in Sajaa, Sharjah, on the road between Dubai and Rak. This project covers an astounding 38,000,000 square feet, with strategic location having direct access to important free zones, highways, air, land, and marine ports, and import-export corridors, in addition to being surrounded by a 100 meter wide-road, offering easy access to the project. The project will also feature lots of exclusive amenities. The company has implemented a wide range of services and facilities in the project, making it a brilliant example for industrial cities in the future; moreover, the project has made big rewarding revenues. The project, with complete infrastructure, is an industrial one, which investors have made big success by choosing it.
For further information, please contact:
Mustafa Al Khafaf
Tel: +971 4 3298996
Fax: +971 4 3298995
© Press Release 2009
© Copyright Zawya. All Rights Reserved.
- UPDATE 1-Korean women scrap meeting Japanese mayor over brothel remarks
- REFILE-Elderly Korean women cancel meet with Osaka mayor over war brothel remarks
- Korean "grannies" cancel meet with Osaka mayor over war brothel remarks
- Solar plane completes second leg of cross-country flight in Texas
- College student snares record long Burmese python near Miami
- There's More