دينار
26-04-2005, Tue 1:52 PM
DUBAI businessman Mohammed Ali Rashed Alabbar’s resignation early this month as chairman of United Malayan Bhd won’t derail his plan to buy a 25 per cent stake in the company, sources said yesterday.
Mail Money was told that Alabbar had quit because his busy schedule had made it difficult for him to attend United Malayan board meetings.
Alabbar’s other positions include director general of Dubai’s department of economic development, chairman of Dubai Aluminum Co (operator of the world’s third largest aluminium smelter) and chairman of Emaar Properties PJSC, the largest real estate development company in the Persian Gulf monarchies with total assets of about US$2.5 billion (RM9.44 billion) as at end of 2003.
The tycoon is said to be still interested in pursuing the United Malayan stake, and is toying with the idea of using United Malayan as a vehicle to convince his close associate Tan Sri Syed Mokhtar Al- Bukhary to venture into West Asia’s booming construction industry.
Emaar is spending more than US$4 billion (RM15.1 billion) building luxury apartments and houses for sale to foreigners as residences and investment from outside the region for the first time.
A year and a half ago, Wawasan Perangsang Mewah Sdn Bhd, a company part owned by the 49-year-old Alabbar, had announced that it intended to buy the 25 per cent stake from United Malayan’s parent Pernas International Holdings Bhd, a hotel and plantation group. Pernas, now known as Tradewinds Corp Bhd, is controlled by Syed Mokhtar.
على ذمة جريدة ميل موني
Mail Money was told that Alabbar had quit because his busy schedule had made it difficult for him to attend United Malayan board meetings.
Alabbar’s other positions include director general of Dubai’s department of economic development, chairman of Dubai Aluminum Co (operator of the world’s third largest aluminium smelter) and chairman of Emaar Properties PJSC, the largest real estate development company in the Persian Gulf monarchies with total assets of about US$2.5 billion (RM9.44 billion) as at end of 2003.
The tycoon is said to be still interested in pursuing the United Malayan stake, and is toying with the idea of using United Malayan as a vehicle to convince his close associate Tan Sri Syed Mokhtar Al- Bukhary to venture into West Asia’s booming construction industry.
Emaar is spending more than US$4 billion (RM15.1 billion) building luxury apartments and houses for sale to foreigners as residences and investment from outside the region for the first time.
A year and a half ago, Wawasan Perangsang Mewah Sdn Bhd, a company part owned by the 49-year-old Alabbar, had announced that it intended to buy the 25 per cent stake from United Malayan’s parent Pernas International Holdings Bhd, a hotel and plantation group. Pernas, now known as Tradewinds Corp Bhd, is controlled by Syed Mokhtar.
على ذمة جريدة ميل موني