Ad spend in UAE touches $1.3 bn in 2007March 31st, 2008 - 6:47 pm ICT by admin
(Gulf Business Capsule)
Dubai, March 31 (IANS) Advertisement spending in the United Arab Emirates (UAE) rose from $869 million in 2005 to $1.3 billion in 2007, the highest in the Middle East, a new report said. According to the 2007 Advertising Spend Report of Pan Arab Research Centre, the bulk of the money, about 64 percent, went to Arabic and English newspapers, the Gulf News reported.
“The significant growth of new industries such as the real estate, government and financial sectors has created new powerhouses in terms of advertisers that had previously not existed and consequently, the contribution to the advertising and media industries’ top and bottom lines has also grown exponentially,” Nassim Ghrayeb, chief executive of market research firm YouGovSiraj, was quoted as saying.
Television accounted for 16 percent of the advertising spend, while magazines got 13 percent, the report said. Another two percent went to radio commercials, five percent to outdoor ads and one percent to cinema advertisements.
The top spenders were popular brands that were into the real estate, telecom, jewellery, airline and food industries.
Dubai firm acquires big stake in Singapore spa group
Dubai International Capital (DIC), the $13 billion global investment arm of Dubai Holding, has paid an undisclosed sum for a significant stake in Singapore-based True Group, which runs a chain of yoga, fitness and spa centres in Southeast Asia.
The True Group operates 17 outlets and has 70,000 members in Singapore, Malaysia, Thailand and Taiwan and now plans to expand to 100 outlets over the coming five years.
“We view this acquisition as an important milestone in the evolution of Dubai International Capital Emerging Markets as it demonstrates our ability to operate even in the most challenging mergers and acquisitions and credit market conditions and reinforces our position as a partner of choice for such well-run businesses,” Sameer Al Ansari, executive chairman and chief executive of DIC said.
DIC’s investment is expected to help True Group expand throughout Southeast Asia, the Indian subcontinent and the Middle East.
Dubai real estate firm launches investment vehicle
Omniyat Holdings, the Dubai-based real estate conglomerate, has announced the establishment of its newest company, Omniyat Investment Management (OIM), at the Dubai International Financial Centre (DIFC), with plans to manage deals worth over 2 billion dirhams ($544.5 million) in 2008.
“With OIM, we are taking another step towards realising our vision of being active in the entire real estate value chain,” OIM president and chief executive Mehdi Amjad said in a statement.
“OIM will be 100 percent focused on real estate and will benefit from the synergies created by Omniyat Properties.”
The new company, which is licensed by the Dubai Financial Services Authority (DFSA), aims to be the pre-eminent funds and asset management company operating in the DIFC, according to the statement.
It is the first company of its type affiliated to a freehold property developer, in this case Omniyat Properties.
The new company has been authorised by the DFSA to arrange investment deals, advise on financial products or credit, and manage assets.
“We aim to offer a range of property fund products and we have a ready deal flow because of our property development arm, Omniyat Properties,” Amjad said.
Abu Dhabi, US companies in real estate JV
The Abu Dhabi government-backed investment company Mubadala Development has signed a joint venture (JV) deal with US-based real estate developer, The John Buck Co (TJBC).
The new company, to be called John Buck International, will specialise in premium quality, integrated real estate development, leasing and management services.
“A vibrant and world class real estate sector is critical to sustaining Abu Dhabi’s economic growth and Mubadala is committed to delivering quality commercial real estate in the emirate through partnerships that bring the best international expertise to Abu Dhabi,” Mubadala’s chief financial officer Carlos Obeid said after the signing of the deal.
The new company will focus on Abu Dhabi for the first 18 months. The venture is 51 percent owned by Mubadala with TJBC taking the remaining 49 percent.
Mubadala is currently developing campuses for UAE University in Al Ain, and for Zayed, Paris-Sorbonne, and New York Universities in Abu Dhabi.
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