| Topic: |
Politics > Politics-USA |
| User: |
"Tuttles Almanac" |
| Date: |
03 Jun 2006 10:24:29 AM |
| Object: |
Dubai Firm Buys Major U.S. Home Builder |
Dubai firm buys California home builder for $1 billion
http://www.mercurynews.com/mld/mercurynews/news/breaking_news/14726664.htm
LOS ANGELES - A real estate company based in
United Arab Emirates acquired California home
builder John Laing Homes for $1 billion in cash.
Newport Beach-based John Laing is the second-largest
privately held home builder in the United States.
Its acquisition marks the first U.S. venture by
Dubai-based Emaar Properties, one of the world's largest developers.
"This agreement will provide Emaar with an important
gateway into the U.S. real estate market," Mohamed Ali Alabbar,
Emaar's chairman, said in a statement Thursday.
The deal has been approved by the federal Committee
on Foreign Investment in the United States.
John Laing Homes had revenue of $1.6 billion last year
on 2,891 residential closings. It ranked 20th among
U.S. builders and owns or controls 150,000 undeveloped lots.
The deal will give the company resources to grow beyond
its principal markets in California and Colorado, Larry Webb,
John Laing's chief executive, said in a statement.
He said the former subsidiary of British construction
company John Laing PLC had not been pursuing a sale.
Emaar approached him late last year, Webb said.
Webb and other top executives have agreed to multiyear
contracts and will continue to run the company,
which will become a division of Emaar.
Emaar builds luxury housing and commercial developments
throughout the world, with projects in Egypt, Turkey,
India, Saudi Arabia, Morocco and Pakistan, among other markets.
Among its best-known projects is the Burj Dubai,
which upon its completion in 2008 will be the world's
tallest skyscraper.
The developer generated $2.3 billion in revenue last year
and posted profit of $1.3 billion.
______________________________________________________
The high standards of Dubai's Emaar:
http://www.emaar.com/AboutEmaar/Index.asp
Our Goals are:
1.Service Excellence - to achieve an 80% customer
satisfaction rating, 80% of our customers feel satisfied with
their lifetime relationship with us, and 50% of our
customers are willing to recommend Emaar to others.
2.Inspired People - 50% of employees are willing to
recommend Emaar as a good employer to others, 80% of
our employees rate leadership in Emaar as above average,
we achieve a 20% improvement in Management capability
rating, Emaar is recognized as good employer because:
We reward at market rate or above, we have an effective
succession plan, we demonstrate we have innovative and
creative people, we run a UAE Nationals development program.
3.Financial Strength - we deliver consistently strong annual
growth in revenues and profits, we have an optimal
debt/equity ratio, we increase the proportion of rental
income in the total turnover.
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| User: "" |
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| Title: Good |
03 Jun 2006 12:33:09 PM |
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Stork replied to:
Dubai firm buys California home builder for $1 billion
http://www.mercurynews.com/mld/mercurynews/news/breaking_news/14726664.htm
That's good! Spend some of that oil money they got back over here!
The ultimate victory in the war on terror will come when Islamic people
realize they can compete economically and get rich by creating valuable
new projects and investing their resources wisely. I'd rather trade
homes and dollars with them, then bullets, any day of the week.
This is the same cold war strategy we used to bring down communism, and
it will work against militant islamism as well.
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