Gulf Capital and Related Companies Join Forces and Launch a Ground-Breaking Mixed-Use Real Estate Development Venture "Gulf Related".
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Gulf Capital and Related Companies Join Forces and Launch a Ground-Breaking Mixed-Use Real Estate Development Venture "Gulf Related"With Initial Capitalization of AED AED - Automated Engineering Design 180/US $50 million, Gulf Related to Identify and Pursue Marquee Development Opportunities with an Early Focus on the Growing Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. Markets
Gulf Capital, one of the region's leading alternative asset management firms, and Related Companies, the most prominent privately-owned US-based real estate firm, today announced the launch of a new regional real estate development venture that will focus primarily on high-end, mixed-use real estate destination developments in the Gulf.
The new pan-GCC company, "Gulf Related", will be based in Abu Dhabi Abu Dhabi (ä`b thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. and will identify and pursue marquee large-scale mixed-use real estate development opportunities, initially in Abu Dhabi and the Kingdom of Saudi Arabia, followed by a Middle East and Northern Africa (MENA MENA Middle East & North Africa
MENA Middle East News Agency (Arabic Wikalat Al-Anbaa' Al-Sharq Al-'awsat)
MENA Medium-Energy Neutral Atom
MENA Mammalian Enabled
MENA Mission Element Need Analysis ) wide regional expansion at a later stage. Gulf Related's initial capitalization is AED 180 million ($50 million) and is expected to rise to over AED1 billion by 2012.
Related cemented its relationship with the MENA region and increased its global prominence in 2007 when the company aligned with an elite consortium of international partners through a $1.4 billion equity and debt investment by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , MSD (MicroSoft Diagnostics) A utility that accompanied Windows 3.1 and DOS 6 that reported on the internal configuration of the PC. A variety of information on disks, video, drivers, IRQs and port addresses was provided. Capital, Kuwait Investment Authority The Kuwait Investment Authority (KIA) is Kuwait's government investment arm, specializing in local and foreign investment. It was founded to manage the funds of the Kuwaiti Government in light of financial surplusses after the discovery of oil. , The Olayan Group and Mubadala Development Company The Mubadala Development Company (Arabic:شركة مبادلة للتنمية) is a state owned company of the Abu Dhabi government in the United Arab Emirates. .
Gulf Related's senior management will be led by Kenneth A. Himmel, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Related Urban, the mixed-use division of Related Companies. Related Companies and Ken Himmel pioneered the concept of mixed-use urban development beginning in the 1970s with Himmel developing such destinations as Water Tower Place and 730 North Michigan in Chicago, Illinois, Copley Place in Boston, Massachusetts and Reston Town Center The Reston Town Center (RTC) is a group of offices, stores, and restaurants in Reston, Virginia. Layout
The Reston Town Center is designed with open avenues and with wide sidewalks. It is built around Freedom Square, a medium-sized open area between the surrounding shops. in Reston, Virginia, and Related developing such iconic developments as Time Warner Center The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City. Its design, by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill, consists of two 229 m (750 ft) towers bridged by a multi-story atrium containing upscale retail in New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and CityPlace in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. .
The new joint venture will look at multi-phase master-planned mixed-use development opportunities in urban centers as well as larger-scale community developments organized around new town centers. These projects will capitalize on Related's unparalleled track record in creating unique urban experiences that combine the energy and vitality of an urban destination with local lifestyle and culture. Residential projects will offer both affordable and luxury villas as well as high-rise buildings. Related has extensive expertise in mixed-use projects that seamlessly integrate indigenous architecture with exciting retail, restaurant, entertainment, hotel, office and residential uses.
Commenting on the new venture, Mr. Hareb Al Darmaki, Chairman of Gulf Capital, said: "The GCC GCC: see Gulf Cooperation Council.
(compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). enjoys a robust macro-economic outlook, significant liquidity and a young growing population. These, coupled with a positively turning inflection point Inflection Point
An event that changes the way we think and act.
-Andy Grove, Founder of Intel.
For example, the fall of the Berlin Wall was an inflection point in global politics and the commercialization of the Internet was an inflection point in technology. in the real estate and construction markets, make the timing of launching a first-class regional real estate venture with world-class partners highly opportune. Gulf Capital's Board decided to expand into this attractive real estate asset class by partnering with the most experienced and capable developer. We are fortunate to have found the ideal partner in Related Companies, which boasts an outstanding track record and is the best-in-class real estate firm in the United States."
Mr. Stephen M. Ross For other persons named Stephen Ross, see Stephen Ross (disambiguation).
New York City-based real estate developer Stephen M. Ross is founder, chairman and CEO of The Related Companies, L.P. , Chairman, Founder and CEO of Related Companies said: "Related Companies has always maintained an extremely disciplined approach to both the markets we operate in and the product types we deliver. We have been studying the Gulf market and exploring the opportunities it presents for the past few years and we are thrilled to have found a solid regional partner in Gulf Capital with whom we will jointly pursue strategic real estate development opportunities in the region. It is our firm belief that the GCC is one of the fastest growing and most promising regions in the world and we are confident that together we will identify and unlock select exemplary and sustainable development opportunities."
Dr. Karim El Solh, CEO of Gulf Capital, added: "This is an important milestone in the evolution of Gulf Capital. As a leading regional alternative asset management firm, the natural progression for Gulf Capital was to expand into real estate, a new alternative asset class for us. Our entry into the regional real estate market is a timely one given the considerable drop in both land prices and construction costs as well as the surging demand in select areas of the GCC. Our new real estate activities will be highly complementary to our thriving private equity business".
Mr. Kenneth A. Himmel, President and CEO of Related Urban added: "In addition to its equity investment contribution in the joint venture, Related brings not only unrivaled real estate development expertise and relationships with some of the most active and successful hotel, retail, and restaurant brands, but a dedication to creating hand-crafted destinations that resonate with local lifestyle and culture. We expect that the projects identified and launched by Gulf Related will be among the most preeminent and successful real estate destinations in the Gulf, with a collection of unique brands and tenants. Just as importantly, these projects will help guide the continued regional growth and economic development through smart growth and sustainable planning in select urban locations."
Mr. Marvin Traub, President of Marvin Traub Associates and former Chairman and CEO of Bloomingdales and a retail business executive widely credited with transforming modern merchandising and marketing, will be advising Gulf Related on its retail investments and will maintain an ongoing strategic role with Gulf Related.
Mr. Ross added: "Gulf Related will also leverage Related's deep experience in affordable housing. As one the largest US developers of affordable housing, Related is in a unique position to capitalize on the huge pent-up demand for affordable housing in the Gulf."
The Kingdom of Saudi Arabia currently has an acute housing shortage, with demand projected at 1.3 million residential units over the next seven years. The UAE capital has severely undersupplied residential and commercial stock, with the residential market expected to remain undersupplied until 2012.
Dr. Karim El Solh concluded: "While Gulf Capital continues to be focused on its growing Private Equity business, we are equally excited about the possibility of providing our shareholders and investors with additional exposure to the fast growing real estate asset class. Related has an exceptional track record in this arena and we believe Gulf Related, leveraging our combined strengths, is well-equipped to become the premier mixed-use real estate developer in the GCC." 2009 Al Bawaba (www.albawaba.com)
2009 Al Bawaba (Albawaba.com)
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