Dubai buys into Sony


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Dubai buys into Sony

Phil Elliott 09:09 (BST) 26/11/2007

$13 billion state fund purchases undisclosed number of shares

Dubai International Capital has bought an undisclosed number of shares in Sony Corporation, thought to be worth as much as USD 500 million.

The company, which manages a USD 13 billion fund on behalf of the emirate's ruler, had previously stated it was looking to invest USD 500 million in a Japanese company on November 19.

And now, according to a report on Bloomberg, the company has acquired a "substantial" stake in Sony, said its CEO Sameer al-Ansari in a statement.

"The combination of Sony's truly global brand, its leadership position in product design and its global footprint will spur the business' medium term growth."

The move pushed up Sony's share price by 4.6 per cent to JPY 5500 (USD 50.6), beating the Nikkei average which rose 1.7 per cent largely down to a strong US retail performance in the post-Thanksgiving period last week.

Source: Gamesindustry.biz

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Those guy in Dubai really have a lot of money.

When The Palm islands and everything is finished I want to go to Dubai :p

The only problem is that all of that money is tied to their oil. Once they start losing the oil, their money will go away. That is why they are putting so much money into things like the Palm Island so that they have a stream of revenue(tourism) after the oil is gone.

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They certainly are investing in a wide variety of businesses....

its becuase their oil reserves are almost dried up...they need to invest to make sure they can continue to operate

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The only problem is that all of that money is tied to their oil. Once they start losing the oil, their money will go away. That is why they are putting so much money into things like the Palm Island so that they have a stream of revenue(tourism) after the oil is gone.

exactly ... that's why I like the UAE government ... they are really smart at things like this and businesses and stuff ^^; ..

unlike the "other" government who has oil and just oil ... =__=;

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The only problem is that all of that money is tied to their oil. Once they start losing the oil, their money will go away. That is why they are putting so much money into things like the Palm Island so that they have a stream of revenue(tourism) after the oil is gone.

you could not be more wrong. go research dubati and find out how much revenue comes from oil, about 6%, the rest, a huge majority comes from free trade.

dubai is on the right track of becoming one of the worlds best tourism and trade destinations.

i just get really tired when people think DUBAI = OIL

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  • 1 month later...

I personally think that is foolish move to Invest in Sony , not because of the company but because of going fears of a slowdown/crash/pullback in the American economy which will indirectly hurt the Japanese Market, in the year 2007 the Nikkei came down by 15% on an average & its poised to come down by more in the Year 2008. No matter how good a company is it has to move with the market & if Nikkei goes down then, Sony has to go the same way too.

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people failed to mention that 60% of the stack came from QIC (Qatar Invest Corp)

That's from Doha, the city that helped make Dubai what it is today.

Sadly Doha doesn't have the great promotion team that Dubai has

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:rolleyes:

It's a shame we here at Neowin don't have a Post of the Year Award. Surely, to bump a 2 month old topic to convey the profound sentiment of an eye-rolling smiley is a meritorious act indeed.

That said, it is a risky business maneuver. Hope this works out for them; a cash injection never hurts a company's operations.

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  • 1 month later...
people failed to mention that 60% of the stack came from QIC (Qatar Invest Corp)

That's from Doha, the city that helped make Dubai what it is today.

Sadly Doha doesn't have the great promotion team that Dubai has

What?

Doha helped Dubai in what it is today?

You don't compare Doha to Dubai. You actually compare the whole country, Qatar, to Dubai.

Qatar is following Dubai steps. Whatever Dubai does, Qatar follows in 5 years or so.

But please explain what you said. How did Doha help Dubai?

VidER

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