The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
uae2 hours ago
Carlyle, which made its direct presence in the region in 2006 with the opening of an office at the Dubai International Financial Centre, did not provide financial details for the transaction, which closed on Monday.
The second largest US private equity firm said equity for this investment would come from Carlyle MENA Partners, a growth capital and buyout fund that closed in March 2009.
The US buyout firm made its regional presence felt stronger in 2007, when it sold its subsidiaries Standard Aero and Landmark Aviation to Dubai Aerospace Enterprise in a transaction valued at $1.9 billion.
Carlyle, which has around $89 billion of assets under management worldwide committed to 67 funds as of December 31, 2009, has now regional offices in Dubai, Cairo and Istanbul. Carlyle claimed that it is the first and only global private equity firm to have a fund dedicated purely to the MENA region.
This investment in GLC is the fund’s second in three months following the investment in Medical Park, Turkey’s second largest healthcare group, in December 2009 and its first in the GCC.
“We are exceptionally proud of GLC’s achievements to date and believe Carlyle’s institutional support will facilitate our plans for expansion and further enhance the world class products and services we provide,” Abdullah Al Hobayb, Chairman and co-owner of GLC, said in an e-mailed statement.
GLC manufactures a broad range of indoor, outdoor, and industrial lighting products. In addition GLC represents leading international lighting brands, and provides complete lighting solutions to its clients. GLC is a leader in the lighting industry in the Middle East supplying products to institutions in the private as well as the public sectors.
“We look forward to supporting GLC in achieving its expansion ambitions,” said Walid Musallam, Carlyle Managing Director and Head of Carlyle MENA.
“The GCC region, holding the world’s fifth largest GDP, has seen increased economic development in recent years and continues to have strong growth projections. By making targeted and strategic investments into regional companies, Carlyle has demonstrated its commitment to investing in the growth and development of this dynamic and vital part of the global economy,” the statement said.
Carlyle said its investment in GLC underscored the firm’s commitment to developing markets. Carlyle has made 118 investments in Asia to date, including 45 in China and 22 in India.
“We look forward to applying Carlyle’s post-transaction expertise to help create value at GLC. Having completed over 900 international investments in the past 22 years, Carlyle can be an effective partner for family groups within the Kingdom and throughout the Gulf,” said Firas Nasir, Managing Director responsible for GCC investments within Carlyle MENA Partners.
The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
uae2 hours ago
Attendees can expect a diverse selection to suit every style and budget
kt network2 hours ago
Artificial intelligence can give instant analysis and crunch data at superhuman speeds — but can it understand a joke? What about empathy and morale?
jobs2 hours ago
The group was operating within a command centre that was located inside a mosque adjacent to the Salah Ghandour Hospital, it said in a statement
mena3 hours ago
The encounter took place in North Waziristan which borders Afghanistan
asia4 hours ago
Once you're inside this popular destination, you'll have to follow a number of rules — first of which is, 'don't pick flowers'
life and living4 hours ago
Beyond giving information, great teachers are ‘experience architects’, designing growth-promoting safe spaces where everyone flourishes
opinion5 hours ago
Iranian foreign minister landed in Damascus as Israeli response to Tehran's attack is under consideration
mena5 hours ago