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Abraaj buys 34.5pc stake in EIH

DUBAI — Abraaj Capital's Property Real Estate fund has acquired a 34.5 per cent stake in Emirates International Holdings (EIH). Gulf Resources LLC, Sharjah is the largest shareholder in EIH.

Abraaj now holds the second largest stake in EIH, which has an initial paid up capital of Dh250 million.

With a portfolio comprising of luxurious residential and commercial developments , EIH is attracting an impressive line-up of investors.

The company recently partnered with Sunland Group Limited, one of Australia's reputed property development companies, to embark on the global roll out of 'Palazzo Versace' resorts, which capture the unique essence of the Versace brand and its discerning global clientele.

The significant investment by EIH was included is the acquisition of a 50 per cent stake in Palazzo Versace, Gold Coast, already a major resort in Australia. Further resorts are expected to be announced soon.

Speaking about Abraaj Capital's investment in the company Reza Jaffar, Managing Director of EIH said: “We are proud to announce our partnership with Abraaj Capital as we are confident that our development expertise, coupled with the expert investment capability of Abraaj will be a winning combination,”

With the addition of Abraaj Capital's Real Estate fund as a major shareholder, EIH now enjoys a stronger investor base with other key shareholders. “We have closely followed the latest developments and growth of EIH. Through careful due diligence we concluded that EIH's business plans are very promising and carry with them excellent future prospects,” said Arif Masood Naqvi, CEO, Abraaj Capital.