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Dubai Investor Buys into Las Vegas Leisure Firm - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – A Dubai-based investment firm said on Wednesday it had bought a 50 percent stake in Las Vegas-based hospitality company The Light Group to expand its hotel and restaurant business into the Middle East.

Zabeel Investments, which was part of the emirate’s purchase of a stake in Airbus parent EADS last year, did not say how much it paid for The Light Group stake in a statement.

“Our goal is to develop the hospitality industry in the UAE and across the region,” Zabeel Executive Chairman Mohammed al-Hashimi said in the statement.

As part of the deal, Zabeel would bring Light Group’s Harmon Hotel, a private brand that it said is environmentally friendly, to the United Arab Emirates, the second-largest Arab economy.

Dubai, home to man-made islands shaped like palm trees and an air-conditioned ski slope in the desert, attracts more tourists each year than any other Arab destination outside Egypt.

Other Dubai investors have also taken interest in U.S. assets.

Investment group Dubai World last year started accumulating shares in MGM Mirage, saying it planned to invest up to $5.2 billion into the world’s second-largest casino operator.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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