(MENAFN- Khaleej Times) Dubai Investments unveiled on Monday plans to develop an industrial cluster that also features residential and office components in Riyadh.
Modelled on the company's successful Dubai Investment Park (DIP), the Riyadh project will encompass 11,000 square metres of land.
Land has been acquired for the project costing SR1.2 billion (Dh1.2 billion) in which Dubai Investments will have a 20 per cent stake, Khalid bin Kalban, chief executive, said.
There are also plans to develop two more projects in Saudi Arabia with partners there.
The group also aims for a wider cross-border foray with new industrial parks. As part of the drive, a land area of 45,000-50,000 square kilometres has been acquired in Angola. Tunisia and Morocco are also on the radar.
Bin Kalban said Dubai Investments has identified some sectors and promising growth markets which provide the stimulus to invest and generate high returns.
"The company plans to continue its international expansion plans and leverage its business models across newer markets, particularly in the Middle East, Africa and Asia," he said at a media briefing.
The focus on global expansion comes close on the heels of Dubai Investments announcing the launch of Dubai Investments International - its wholly-owned subsidiary targeting strategic partnerships and forays in global markets. DI International is currently in advanced stages of negotiations with prospective partners across the region and beyond.
Dubai Investments will also be looking to create bases for some of the light manufacturing operations in its portfolio.
Dubai Investment Park will see an influx of new funding, in the range of Dh6 billion to Dh7 billion, both by the owning company as well as those initiated by private sector investors.
The company is also venturing into academia through the setting up of a campus in Dubai through an affiliation with Beirut University. The plan is to launch courses from September.
Another exposure would be in healthcare via a $60 million outlay.
"At the time of the financial crisis, we took a deliberate policy of slowing down on the asset build up," said bin Kalban. "Not much funding was available for one, and also we preferred to use funds available to us on paying off the debts of subsidiaries. We never had any need to restructure our loans, nor did we fault on payments. And we kept paying dividends," he said.
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