Beirut (APD) - The Kuwait-based A'ayan Leasing and Investment Company announced that it acquired a logistics firm based in UAE in a bid to embark on mega projects in the country. A'ayan intends to boost the acquired company's capital to KD 35 million ($120 million), the Kuwait-based daily Al-Watan reported Tuesday.
The acquired company which was not named by the daily has already embarked on a hotel apartments' project in UAE named Pier 24. The project, located on an area of 4,400 square meters on Dubai's harbor would be completed in 2006.
A five-star hotel apartments' project called Pier 8 would also be built by A'ayan's new subsidiary on an area of 4,000 square meters on Dubai's harbor as well.
A'ayan's new subsidiary will also construct a tower for offices on an area of 4,000 square meters in Dubai. The tower will be close to the largest cargo airport in the world which will be built in the Jebel Ali region, the daily said.
The company will also build a public warehouse close to the future airport. This warehouse will be owned by the company and will provide its storage services to other firms.
"The company's shares total 350 million and each share will be priced at 110 Kuwaiti fils," sources close to A'ayan Leasing told Al-Watan.
"The acquired firm will be listed on the Kuwait Stock Exchange by the end of 2006. Earnings per share are expected to reach 18 to 19 Kuwaiti fils in the first year of the firm's age and would attain 30 Kuwaiti fils in following years," the source claimed.
"A'ayan is expected to secure 75% of the railway station project in UAE. It would acquire a 70,000-square-meter land on this project," the source said.
A'ayan Leasing and Investment Company provides leasing and financing services in compliance with Islamic law or Sharia. [FC]
By Shikrallah Nakhoul
© APD (Arab Press Digest) 2005
