H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in his capacity as Ruler of Dubai, has given the directives for the establishment of a private joint stock company with an initial capital of one billion dirhams.Sheikh Ahmed bin Saeed Al Maktoum, will head the new company named Deira Investment, while Major General Rashid Al Fattan and Abdullah Ahmed Al Habbai have been appointed as the new company's Board Chairman and Deputy Board Chairman respectively.Two representatives from the Dubai Government Investment Corp. and Noor Bank, will also serve on the new company's board.Meanwhile, a bilateral agreement has been signed here today between the newly established company and South Korea's Sung Wong company.Based on the agreement, the two firms would jointly execute a giant real estate and tourism project in Dubai at an initial cost of about US$5billion. Sheikh Ahmed bin Saeed Al Maktoum, signed for Deira Investment, while President of Sung Won signed for his side.Earlier today, Sheikh Ahmed and Major General Al Fattan toured a number of projects being executed by Sung Won in the South Korean capital to familiarise themselves with the building models of the Korean company. Source
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