Residents with any information have been urged to contact the concerned authority
emergencies8 hours ago
Investment Corporation of Dubai (ICD), an investment arm of the Government of Dubai, acquired 25 per cent stake in Corporación America Italia (CAI), a subsidiary of Corporación América Airports (Caap), the largest private sector airport concession operator in the world by number of airports, said a press statement on Thursday.
The two parties also signed a Memorandum of Understanding (MOU) to jointly pursue new opportunities in the airport sector in Italy, Eastern Europe (excluding Russia) and the Middle East.
The parties didn't disclose the value of the deal.
CAI is the controlling entity of Toscana Aeroporti, a publicly traded Italian company which manages and holds the concessions for the Florence and Pisa airports in Italy. Since its initial public offering in February 2018, Caap acquired an additional 11 per cent ownership stake in TA, increasing its stake from 51 per cent to approximately 62%. Following the closing of the Transaction, Caap will have a 75 per cent share ownership of CAI.
Mohammed Al Shaibani, CEO, Investment Corporation of Dubai, said the establishment of a partnership with Caap is in line with the sovereign wealth fund's strategy to diversify its portfolio.
"The purchase of shares in CAI augments the partnership whilst also giving ICD access to Toscana Aeroporti, an established, well-performing airport group in a mature economy with development potential."
"This partnership provides a solid foundation to jointly identify and develop new opportunities in the airport sector in the future, while maintaining our focus on delivering on our growth strategy in other key markets, primarily Argentina and Brazil," said Martin Eurnekian, CEO of Corporación América Airports.
The Transaction is expected to close by August 31, 2018 - subject to satisfaction of certain customary conditions precedent.
-waheedabbas@khaleejtimes.com
Residents with any information have been urged to contact the concerned authority
emergencies8 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world9 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae9 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae10 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena10 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae10 hours ago
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
mena10 hours ago
The decision aims to protect the safety and security of pilgrims
gulf11 hours ago