Dubai Investment Group
From Wikipedia, the free encyclopedia
The Dubai Investment Group manages the financial and real estate interests of H.H. Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and the Prime Minister and Minister of Defense for the UAE.
The company was originally called The Investment Office but was re-named in May 2005 to better reflect its ties to Dubai. The Dubai Investment Group is one of several financial and real estate affiliates of Dubai Holding, which was launched in October 2004 to manage infrastructure and capital projects within Dubai. Other Dubai Holding affiliates include Dubailand, Dubai Energy, and Jumeirah Hospitality and Leisure.
The Dubai Investment Group primarily invests in international stocks and real estate, including investments in US real estate. It holds a portfolio of 21,000 rental apartments throughout the American states of Texas, Florida, Georgia, and Arizona.
In September 2005, the Dubai Investment Group purchased the Essex House, a luxury hotel on Central Park South, New York, from Goldman Sachs and Prudential Real Estate]. The Westin-managed hotel was rebranded a Jumeirah property and is currently undergoing a $50m renovation.
In May 2006, Dubai Investment Group bought 40% stake in Bank Islam, a subsidiary of Malaysia government-controlled BIMB Holdings Bhd. Islamic banks operate under Shariah laws, which ban investments that pay interest or that derive profit from alcohol, tobacco, pork, gambling or weapons.
