Falak Holding, a diversified UAE business group and one of the...

Falak Holding, a diversified UAE business group and one of the three promoters of the multi-billion dirham Dubai Sports City, is in discussions to invest in Sudan's mining sector.

Its property arm Falak Properties has investments totalling Dh600 million in Dubai projects and plans to unveil new investments in Dubai Sports City.
But outside the UAE the company's focus is on the mining and energy sectors, Falak chairman Abdul Rahman Falaknaz told Gulf News.

"We are talking with some people in Sudan for investment in mining. It will be a joint venture. It could be with the Sudan government," Falaknaz said in an interview.

The group has investments in Canadian and Australian metals companies.

It has shares in Metalex and Northern Canadian Mineral in Canada and Australian steel companies Boulder Steel and Golden West Australia.

In an announcement to the Australian Stock Exchange in April, Boulder said it wanted to have a secondary listing on the Dubai International Financial Exchange (DIFX).

"We are interested in minerals and energy because that is where the market is today," Falaknaz said, adding he wanted to grow his business through the companies in which he has stakes.

"We have gone to India in housing through the Canadian company. We are also in Angola and Turkey through our Canadian investment," he said.

Falak has also set up a furniture venture in Dubai Investment Park with a Turkish company.

The company is looking for new investment opportunities in China under a three-year investment plan.

Falaknaz said the investment amount will be "substantial" but could not provide a figure.

There are about 20 business enterprises within Falak Holding, which is consolidating its various activities.

Talking about his flagship project, Falaknaz said he and his partners would invest Dh10.75 billion in various components of Dubai Sports City.

Apart from building a host of academies for sports like hockey, cricket, football, swimming and athletics, Dubai Sports City will house more than 150 commercial, residential and mixed use towers.

A large shopping mall specialising in sports merchandise will be a key part of the venture.

Outside investors are expected to invest an additional Dh10 billion in various projects.

http://www.sudandevelopmentprogram.org/sp/news/news410.htm