Press Releases

Essdar Capital Limited (“ECL”) and Essdar Capital Managers Limited (“ECML”), both incorporated in the Dubai International Financial Centre (“DIFC”) are pleased to announce the buy-out of ECL and ECML by the existing management.

ECL and ECML will be pursuing necessary approvals from the Dubai Financial Services Authority (“DFSA”) for continuation of the authorization from DFSA and will seek to complete necessary formalities with DIFC shortly. (ECL and ECML together referred to as Essdar).

This is one of the first management buy-outs in the Middle-East of a specialist financial institution and may change the trend of how financial institutions are owned and operated in the region. We are grateful to our past shareholders and directors for their kind assistance and guidance which enabled Essdar’s accomplishments.” said Mohammad Sotoudeh, CEO of Essdar.

Essdar is one of the leading specialist regional financial advisory, asset management and investment firms. Essdar is one of the only regionally based financial institutions which has successfully completed number of debt restructuring advisory transactions, sovereign advisory transactions, raised debt and equity capital and successfully managed investments in Middle East distressed debt – achieving both entry and exits globally and in the region. The management team of Essdar have completed more than US$ 50 bln worth of debt restructurings in the Middle East, which very few firms can parallel in the region.

Essdar Capital Limited is pleased to announce its appointment by a Government in the GCC region to advise on debt optimisation strategy for a nationally important and strategic subsidiary.

Essdar has been mandated to complete a full review of the entity’s operations, cash flows and current and future commitments to provide a future solution for the future financing and refinancing needs to the subsidiary.

Mr. Mohammad Sotoudeh, CEO of Essdar said:

“We are really pleased to be working with the Government. Sovereigns have always been a core focus for Essdar. At Essdar, we have always prided on our debt capital markets expertise and our ability to bring innovative and out of the box solutions to the table for our clients. We really appreciate this opportunity and this is a strong testimony to our debt capital markets expertise and our clients’ confidence in them.”

About Essdar Capital Group

Essdar is one of the leading specialist regional financial advisory, asset management and investment firms. Essdar is one of the only regionally based financial institutions which has successfully completed number of debt restructuring advisory transactions, sovereign advisory transactions, raised debt and equity capital and successfully managed investments in Middle East distressed debt achieving both entry and exits globally and in the region. The management team of Essdar have completed more than US$ 50 billion worth of debt restructurings in the Middle East, which very few firms can parallel in the region.

Essdar Capital Limited is pleased to announce that it has been mandated to act as “Financial Advisor” to a US$ 125 million serviced accommodation project for a major development in Oman. Essdar is mandated to provide financial advisory including financial modelling for the Project and arranging of project finance.

About Essdar Capital Group

Essdar is one of the leading specialist regional financial advisory, asset management and investment firms. Essdar is one of the only regionally based financial institutions which has successfully completed number of debt restructuring advisory transactions, sovereign advisory transactions, raised debt and equity capital and successfully managed investments in Middle East distressed debt – achieving both entry and exits globally and in the region. The management team of Essdar have completed more than US$ 50 billion worth of debt restructurings in the Middle East, which very few firms can parallel in the region.

Media enquiries:

Essdar Capital Limited
Unit 1001, Level 10, Liberty House, DIFC.
PO Box 34339, Dubai, UAE
Tel: +971 4 37522 77
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Essdar Investments Limited (“EIL”) is pleased to announce the sale of Class A Floating Rate Senior Secured Unrestricted Notes (the “Notes”) issued by Blue City Investments 1 Limited. EIL is managed by Essdar Capital Managers Limited (“ECML”), a company authorized and regulated by the DFSA. (EIL and ECML together referred to as Essdar).

EIL was hitherto holding a principal face value amount of the Notes as of 7 November 2006 of USD 658.25 million. EIL had no investments in any other Classes of notes issued by Blue City Investments 1 Limited which were subordinated to the Class A Notes.

Essdar aims to be one of the finest regional financial advisory, asset management and investment firms. Essdar’s shareholders together with their affiliates and investors include Middle Eastern private royal wealth funds, sovereign wealth funds and institutional investors with substantial investments in the global markets. The foundation of Essdar’s approach is to leverage the combined strengths of its stakeholders and focus on its core competencies in sovereign advisory, complex debt restructurings, structured finance and investment solutions.

Press Release Sale of Notes

Notes for editors:

Essdar is a 100% owned subsidiary of Essdar Capital Holdings Limited.

Media enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Complinet presented the 5th GCC Regulators Summit in the Emirate of Abu Dhabi under the auspices of the Emirates Securities and Commodities Authority. It was inaugurated by the U.A.E.’s Minister of Economy, H.E. Sultan Bin Saeed Al Mansoori, as well as H.E. Abdullah Al Turifi, the CEO of the Securities & Commodities Authority.

The annual GCC Regulators Summit is the Middle East’s leading regulatory, compliance, risk and corporate governance event. It provides an interactive platform for discussing challenges, proposing solutions and sharing best practices amongst the regulatory community.

After a lengthy selection process and award panel discussion, awards are given to compliance and risk professionals in recognition of their achievements and the contributions they have made in keeping their companies at the forefront of the global financial services profession.

Sarah Ingram, Chief Compliance Officer of Essdar Capital won the prestigious Best 2010 Contributor in the Compliance Industry for the Middle East.

Media enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Essdar Investments Limited (“EIL”) is pleased to announce the completion of its Tender Offer to acquire Class A Floating Rate Senior Secured Unrestricted Notes (the “Notes”) issued by Blue City Investments 1 Limited. Essdar Capital Limited (“ECL”), a company authorized and regulated by the Dubai Financial Services Authority (“DFSA”), acted as the Financial Adviser to the Tender Offer. EIL is managed by Essdar Capital Managers Limited (“ECML”), a company authorized and regulated by the DFSA. (EIL, ECL and ECML together referred to as Essdar)

EIL has acquired Notes with a principal amount as of 7 November 2006 of USD 588 million at an average discount of 37.15% from the face value of the Notes. With this purchase EIL now holds over 99% of the Notes representing USD 655 million in original face value of the Notes. The investment represents a significant step towards Essdar’s regional distressed debt strategy.

Essdar aims to be one of the finest regional financial advisory, asset management and investment firms. Essdar’s shareholders together with their affiliates and investors include Middle Eastern private royal wealth funds, sovereign wealth funds and institutional investors with substantial investments in the global markets. The foundation of Essdar’s approach is to leverage the combined strengths of its stakeholders and focus on its core competencies in sovereign advisory, complex debt restructurings, structured finance and investment solutions.

The Chairman of Essdar, H.E. Hamad Abdulla Al Shamsi said: “We are very proud of the completion of this transaction by Essdar. This investment is a landmark transaction in regional distressed debt and is a significant step towards Essdar’s regional strategy. Essdar will continue to provide innovative investment strategies in equity and debt capital markets.”

Mohammad Sotoudeh, CEO of Essdar, said: “With the credit crunch more and more entities are finding it difficult to refinance. Essdar’s strategy is to look at such businesses and develop and execute a strategy which can extract value for our investors and the businesses.”

Essdar RNS announcement 9th June 2010

Media enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Essdar Investments Limited (the “Purchaser”) announced on 22 July 2009 an invitation to holders of the $399,000,000 Class A1 Floating Rate Senior Secured Unrestricted Notes due 2013 (the “Class A1 Notes”) and the $262,500,000 Class A3 Floating Rate Senior Secured Unrestricted Notes due 2016 (the “Class A3 Notes” and, together with the Class A1 Notes, the “Notes”), issued by Blue City Investments 1 Limited (the “Issuer”), to submit offers (the “Offers”) to sell to the Purchaser their Notes for cash (the “Invitation”).

In accordance with the invitation for offers to holders of the Class A1 Notes and the Class A3 Notes dated 23 July 2009 (the “Invitation for Offers”), the Purchaser hereby announces that all Notes tendered prior to the Expiration Time (as defined in the Invitation for Offers) have been accepted without pro-ration. The weighted average offer price has been determined and shall be as set out below. Settlement of the Note purchases shall proceed in accordance with the timetable set out in the Invitation for Offers (as such timetable was subsequently amended by notice given prior to the Expiration Time).

Weighted average offer price

Class A1 Floating Rate Senior Secured Unrestricted Notes due 2013 – $570.00 per $1000 principal amount
Class A3 Floating Rate Senior Secured Unrestricted Notes due 2016 – $543.67 per $1000 principal amount

Capitalised terms used in this announcement have the meanings ascribed to them in the Invitation for Offers.

Press Release: Price Announcement

Notes for editors:

Essdar is a 100% owned subsidiary of Essdar Capital Holdings Limited.

Media enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Essdar Investments Limited (“Essdar”) has today announced a public tender offer (the “Offer”) to purchase the outstanding Class A Floating Rate Senior Secured Unrestricted Notes (the “Notes”) issued by Blue City Investments 1 Limited (“Blue City”) with outstanding principal amount of US$ 661.5 million. The Offer may increase Essdar’s aggregate Note holding to more than 75%. Essdar sought and obtained the consent of Blue City for a notice of the Offer to be made available to Note holders through the Euroclear and Clearstream clearing systems. Essdar Capital Limited, regulated by the Dubai Financial Services Authority, is the financial adviser.

Essdar Investments Ltd. – Press release

Notes for editors:

Essdar is a 100% owned subsidiary of Essdar Capital Holdings Limited.

Media enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
E-mail: info@essdarcapital.com
Web: www.essdarcapital.com

Essdar Capital Limited has been appointed as Advisor and Project Manager on the UAE Sovereign Credit Rating exercise by the UAE Ministry of Finance.

Essdar Capital Limited has been mandated as Advisor to the UAE Ministry Of Finance on matters regarding the financial aspects of the UAE economy.

Essdar Capital today announced that H.E. Hamad Abdulla Al Shamsi, one of the UAE’s most prominent business figures, will succeed H.E. Khalil Foulathi as Chairman of Essdar Capital Holdings Limited and its two operating subsidiaries in the Dubai International Financial Centre, Essdar Capital Limited and Essdar Capital Managers Limited.

H.E. Khalil Foulathi was appointed as Board Chairman of the Central Bank of the UAE further to President H.H. Sheikh Khalifa bin Zayed Al Nahyan Federal Decree Number 56 of year 2008, and as such H.E. Khalil Foulathi has relinquished the Chairmanship of Essdar Capital Board. Essdar Capital’s CEO, Mohammad Soutedeh stated “H.E. Foulathi’s contribution as a founder of Essdar Capital has been extremely significant. We wish him the very best with his new appointment.”

H.E. Al Shamsi is currently the Chairman of Al Quadra Holding as well as the CEO of International Capital Trading. H.E. Al Shamsi is a director of leading regional institutions such as the Abu Dhabi Council for Economic Development, Etihad Airways, Finance House and Qatar telecom (Qtel).

Essdar Capital Limited Nomination and Corporate Governance Committee conducted a thorough search to find a suitable replacement for H.E. Foulathi and deliberately set the bar high to ensure the right candidate was appointed. Hafsa Al Ulama, Vice Chairman of Essdar Capital stated “The Board of Essdar Capital is delighted to make this excellent appointment. H.E. Al Shamsi was chosen based on his unquestionable knowledge of the markets as well as the GCC region, and his strong belief in corporate governance and international best practice. He will be a strong leader to take Essdar Capital through the next stages of growth and expansion.”
H.E. Al Shamsi said: “I am honoured to have been invited by the Board to become Essdar Capital’s Chairman and to help build on the initial stages that the current management has wrought. It is a great business model, with unequalled local and international expertise and I am looking forward immensely to working to take Essdar Capital forward in the future.”

The appointment of H.E. Al Shamsi will take effect immediately.

Essdar Capital, a newly established specialized investment and advisory firm, today announced that it has been granted two licences by the Dubai Financial Services Authority (DFSA) to operate and establish two entities in the Dubai International Financial Centre (DIFC).

From the DIFC, Essdar Capital Limited will offer a full range of advisory and financial services, including arrangement of securitized, hybrid and subordinated debt. With Essdar Capital Limited’s highly qualified and experienced management team responsible for some of the pioneering transactions in the region, it is exceedingly well positioned to accommodate the financing needs of the Middle East’s largest issuers.

Essdar Capital Managers Limited, the asset management arm of Essdar Capital, will provide investment opportunities in its funds business to both large institutional investors as well as the region’s most sophisticated private investors in key industry sectors such as Infrastructure (transportation, energy, water and electricity, telecommunications), Commercial and Residential Real Estate as well as Consumer Finance.

Nasser Al Shaali, Chief Executive Officer of the DIFC Authority, said: “As the fastest growing financial centre in the world, the DIFC is committed to providing a broad range of financial instruments to cater for the needs of the region’s investor community. We are delighted to welcome Essdar Capital to the DIFC community and we are confident that their products and services will become valuable additions to the financial mechanisms already available at the centre.”

Essdar Capital’s shareholders are amongst the UAE’s sovereign funds and prominent private institutions. Mr. Khalil Foulathi, Chairman of the Board of Essdar Capital said: “Essdar was established to provide objective, global class investment banking and asset management expertise to the region’s major institutions. Its two DIFC companies, Essdar Capital Limited and Essdar Capital Managers Limited are to be the flagship of the Group. Essdar Group is now fully operational with a strong regional team recruited from major global financial centers.”

Essdar Capital’s Chief Executive Officer, Mohammad Sotoudeh stated “The Essdar team has unique capabilities in combining best of class global product expertise as well as in depth, local knowledge to serve the financing and investment needs of the larger region. We are extremely proud to be DIFC incorporated with licences from the DFSA which shows our commitment to the highest levels of integrity, transparency and professionalism.”

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Essdar Group Media Enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
Fax: +971 (04) 329 7733
Email: info@essdarcapital.com

DIFC Media Enquiries:

Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae

Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae

Notes to Editors:

About DIFC
Website: www.difc.ae

The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just three years, over 550 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

Mohammad Sotoudeh , Chief Executive Officer of Essdar Capital announced the incorporation of Essdar Capital Limited, a holding entity, in the Caymans Islands. Essdar Capital Limited and it’s subsidiaries and affiliates will be developed upon the direct instruction of His Excellency Khalil Foulathi, First Vice President of Abu Dhabi Chamber of Commerce and Industry.

Essdar Capital Limited and its subsidiaries and affiliates will be the core of a specialized investment and advisory company in the region. The two main operating entities of Essdar Capital Limited are in the process of being incorporated within the Dubai International Financial Centre, a financial free zone designed to promote financial services within the United Arab Emirates. In addition, it is anticipated that the two main operating entities will be authorized and regulated by the Dubai Financial Services Authority, a regulatory body established within the DIFC and charged with the creation of a world-class regulatory regime which promotes integrity, transparency and efficiency. The two main operating entities are expected to be operation by the second quarter of 2008.

The shareholders of Essdar Capital Limited, will contribute to the strength of the entity and will also provide senior board expertise.

“This is an important first step towards providing bespoke financial services advisory business from the Middle East region. Our priority is to build on today’s achievement and develop operational entities out of the Dubai International Financial Centre.” Mohammad Sotoudeh, CEO of Essdar Capital Limited, said.

Agreement was reached today amongst prominent United Arab Emirates investors to set up a global specialist financial services group in order to provide financial products and services to the Middle Eastern institutional community.

His Excellency Khalil Foulathi, First Vice President of Abu Dhabi Chamber of Commerce and Industry stated that: “This is an exciting time as well as an important step towards establishing a group in the United Arab Emirates that will provide bespoke investment products and services with local knowledge as well as solid international experience.”

Essdar Group Media Enquiries:

Company Secretary
Essdar Capital Limited
Tel: +971 4 702 7777
Fax: +971 (04) 329 7733
Email: info@essdarcapital.com