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Istithmar World

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679:. The cost of the Mandarin Oriental was $ 340 million. At the time the price of $ 1.37 million was highlighted a big increase on the $ 1 million per room that Istithmar paid for the W Union Square. In Washington DC, Istithmar acquired the Hotel Washington in October 2006 for $ 150 million from Westbrook Partners who had purchased the hotel earlier that year for $ 120 million. In London, they acquired One Trafalgar Square. Other investments included the purchase of a 25% shareholding in a Thai real estate developer, Raimon Land Public Company Limited. 168: 508:, a retailer. Purchased for $ 825m in June 2008. In September 2009, Istithmar released a statement to counter rumours of a bankruptcy filing by Barney's. Despite Istithmar's wish to dispel rumours about the financial health of Barneys, the Wall Street Journal reported that US billionaire Ronald Burkle, who owns some of Barneys debt offered to convert his debt and an injection of an additional $ 50 million into Barneys in return for an 80% stake in the company. Istithmar relinquished majority ownership in May 2012 to 706:. In December 2009 Donald Trump was interviewed on CNBC and asked about Dubai. The Trump Tower had been expected to be a $ 1.1 billion project with a 62-story building with penthouses costing $ 3,000 a square foot or $ 30 million a penthouse. Trump stated: I was going to do a deal there with Nakheel and they paid me a lot of money to go into a partnership and they were getting ready to start the building about a year ago and they were all excited and then the market collapsed on them. 66: 227: 25: 480:
financial crisis and were $ 9 billion by the end of 2008. In the article, Jackson indicated that Istithmar had delivered returns of approximately 10% since its foundation. According to The Times in an article on 7 February 2010, Istithmar invested a total of $ 3.8 billion of its own capital from its foundation and took on an additional $ 14 billion of debt.
642:, an entertainment company. Istithmar bought a 20% stake in August 2008. In a related deal, Istithmar's sister company Nakheel agreed to a 15-year partnership to develop a permanent show on the Palm Jumeirah. In February 2010, a Canadian newspaper wrote that Istithmar may consider selling its stake, which it is estimated to have acquired for $ 600 million. 496:, the US media company. Istithmar bought a 2.4% stake in February 2006, and hired Carl Icahn to work with them on the investment. In early 2006, Time Warner's stock price traded above $ 50 a share. Jackson disclosed the stake was sold in the second half of 2008, when the stock price was trading below $ 50 a share. 729:
W Hotel, New York Union Square. The Times reports that Istithmar incurred a $ 283m loss, when it accepted $ 2m for its stake in the W Hotel, after it defaulted on its debts. LEM, an affiliate of Lubert-Adler Real Estate Funds now controls the hotel. On 1 March 2010, Bloomberg reported that the lender
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Tamweel, a real-estate finance company. Istithmar has a 21.6% stake. In September 2008, Istithmar suspended two of its executives who were working at Tamweel pending an investigation into financial wrongdoings. In August 2009, they were released on bail having been held without charge for a year. The
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on The Palm Jumeirah; Mandarin Oriental New York; W Union Square; Hotel Washington in DC; a significant equity stake in Kerzner International; a significant equity stake in IHI plc; and the QE2. In February 2008, Nakheel Hotels announced the acquisition of a 50% stake in a Mexican resort based on an
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Real estate in the UK. In November 2009, Bloomberg reported that the Great Portland Estates had acquired two building developments in London (one on Regent Street, another near Oxford Street) for £10 million and a share in future profits. Istithmar had acquired the two properties for £80 million two
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Istithmar World Capital states on its website that it has deployed $ 3.5 billion of capital in 35 investments across the globe. In an interview with the Financial Times in March 2009, the then CEO, David Jackson indicated that total assets under management by Istithmar had declined due to the global
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Each of the divisions had its own management teams until a re-organisation was enacted at the end of 2009 and in early 2010. Istithmar World Capital saw the departure of its co-CIOs, John Amato and Felix Herlihy, who had joined the firm in 2006, who announced their departure in September 2009. On 20
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a resort at Palm Jumeirah in Dubai. The project was valued at $ 1.2 billion of which $ 500 million was equity from the shareholders. In March 2006, Istithmar led a consortium to take Kerzner International private in a transaction worth $ 3.6 billion. Istithmar increased its shareholding from 13% to
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IHI plc. In December 2006, Istithmar Hotels invested Euro 178 million in International Hotel Investments, a Maltese company listed on the stock exchange. According to the Bond Prospectus of IHI issued in March 2010, Istithmar owns 33% of IHI. Istithmar made its investment at €1 a share. On 2 March
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downgrading the affected agencies to sub-investment grade status. The effect of the announcement was widespread fear in the global financial markets with a negative impact of equities markets around the world and a significant increase in the cost of insuring debt issued by Dubai related entities.
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Nakheel Hotels. In December 2007, Istithmar Hotels merged with its sister company Nakheel Hotels, keeping the name Nakheel Hotels, with CEO of the Istithmar division becoming CEO of the merged entity. At the time, the business was reported to have investments with a value of $ 3 billion. Projects
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An analysis of Istithmar's investment portfolio which included the investment of $ 3.8 billion with an associated $ 14 billion of debt, has not performed positively. In a number of cases, Istithmar has lost control of assets or sold at a loss. As a subsidiary of Dubai World, the company has been
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to Istithmar, 201 Park Avenue South PEH LLC, sued Istithmar claiming that "Istithmar had misappropriated approximately $ 3.2 million from an account established to fund renovations to the hotel and had improperly used these funds for its own personal uses" and over a $ 75 million loan guarantee.
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Istithmar World, which was created in 2003 as the investment firm of Dubai World specializes in private equity and alternative investment opportunities globally. In the five years since its inception, Istithmar World has built a portfolio of investments in markets ranging from North America and
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announced that EMPG and HMH had reached an agreement to restructure the finances of the company and recapitalize its balance sheet with a substantial fresh cash investment by institutional investors. According to the Irish Times the investments by the current equity holders of EMPG, including
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Knickerbocker Hotel. The Wall Street Journal reported on 3 March 2010, that Istithmar had defaulted on its $ 300 million mortgage to Danske Bank. In addition to the 300,000-square-foot (28,000 m) building at 42nd and Broadway in New York, Istithmar had acquired an adjoining site for $ 76
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On 26 November 2009, the Wall Street Journal reported that Dubai World was seeking to sign a 6-month debt standstill agreement with its creditors. In response to the announcement Moody's and Standard & Poor's downgraded the debt of various Dubai government-related entities, with Moody's
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In addition to preceding list of investments, the re-organisation of Dubai World, announced in October 2009, led to a number of other assets being transfer to Istithmar from an investment management perspective. These assets included Dubai World Africa, an investment vehicle for the African
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On 30 November 2009, Dubai World made a statement in an attempt to counter rumours and mis-understanding. In the statement, Dubai World indicated that Istithmar would not be part of the proposed restructuring process. Instead the restructuring process would focus on several property related
439:. Other Board Members include Mohammad Ibrahim Al Shaibani (Director General of the Dubai Ruler's Court), Farouk Bin Hamad Al Thani (Chairman, Belwan Al Thani Group) Abdul Rahman Saleh Al Saleh (Director General of the Finance Department), Hamad Mubarak Bu Amim (Director General of the 620:
company's shares have been suspended from the stock exchange since November 2008. However, according to Bloomberg, in February 2010, the company is seeking permission to have its shares restart trading. However the company needs circa $ 272 million for its operations.
490:, a Singapore base water utility. Istithmar bought a 20% stake in July 2004 for approximately S$ 25 million. Istithmar sold it stake in early 2009. In January 2010, Istithmar entered into a legal dispute with Hyflux over the potential exercise of warrants. 576:, a hedge fund based in London. Istithmar acquired its 3% stake directly from the founders of GLG in June 2007. The $ 3.4 billion reverse acquisition was calculated at a price of $ 10 a share. At the end of 2009, GLG's shares traded at $ 3.22 a share. 740:, a Dubai-based utilities company fully owned by Istithmar World. Palm Utilities is a holding company to Palm District Cooling that provides chilled water and district cooling services to various communities and developments in Dubai. 713:
cruise ship. Purchased for $ 100 million from Cunard in June 2007. In February 2010, the Press Association wrote that Isithmar may sell the QE2, despite its prior plan to turn the boat into a luxury hotel, based at the
626:, listed on the London Stock Exchange with a retail and commercial presence in over 50 countries with a focus on emerging markets. Istithmar has a 2.7% stake. Istithmar bought it stake for $ 1 billion in October 2006. 749:
in Cape Town, South Africa. Other investments include game reserves, wildlife conservation and eco tourism in Africa, with operations in South Africa, Rwanda, Comoros, Mozambique, Senegal and Zimbabwe.
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January 2010, the CEO of Istithmar World Capital, David Jackson announced that he would be leaving the firm. Andy Watson, who had been promoted from CIO of Nakheel to CIO of Istithmar became acting CEO.
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Istithmar Hotels, a subsidiary initially formed in April 2006 to hold Istithmar's hospitality assets. Istithmar Hotels acquired a number of landmark New York properties including:
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resort. The resort found itself in financial difficulty, and in March 2010, Istithmar and other equity holders had to offer an injection of an additional $ 100 million of equity.
766: 1078: 648:, an Indian Airline. Istithmar invested a total of $ 50m in SpiceJet by December 2005. The entire 13.4% stake was sold in February 2010 for 1.74 billion rupees ($ 37 million). 1127: 828: 795: 1514: 416:, United States, Istithmar World invests through its three separately-managed divisions: Istithmar World Capital, Istithmar World Aviation and Istithmar World Ventures. 396:
mentioned in numerous press reports related to the high debt levels of its parent. Since late 2009, the company has seen numerous departures of high-profile executives.
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Gulf Stream Asset Management, an asset management company. Istithmar acquired a majority stake in April 2008. At the time of the transaction, Gulf has $ 3.8 billion of
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Istithmar World Ventures is a venture capital platform that provides promising start-ups and greenfield ventures with the necessary financial and managerial resources.
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which was the company's biggest lender in a deal which reduced Barney's debt from $ 590 million to $ 50 million (although Istithmar still maintains a minority stake).
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Istithmar World Aviation invests in fast-growing sectors of the aviation and aerospace industry, including airlines, manufacturing, engineering and financing.
1266: 1226: 1215: 937: 388:, a Dubai government-owned company, and was established in 2003. Originally known as "Istithmar," the company was renamed as "Istithmar World" in 2008. 905: 664: 1170: 2219: 1957: 737: 420:
Istithmar World Capital is the private equity and alternative investment arm of Istithmar World. Since inception, IWC has made over 35 investments.
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subsidiaries, most notably Nakheel. The statement noted that the total debt subject to the proposed restructuring was circa $ 26 billion.
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Europe to Asia and the Middle East, and across a variety of sectors, including consumer, industrial, financial services and real estate.
1036: 774: 1191: 1082: 832: 1273: 1464: 440: 1738: 1708:"Dubai Investment House, Istithmar, Acquires the 280 room W Hotel Union Square in New York for US$ 285 million / October 2006" 130: 2058: 1864: 596:, an investment company focused on education in China and India. EMPGI was incorporated in May 2008 as joint venture between 455: 962: 102: 1421: 1920: 1664: 1518: 660: 1884: 109: 2194: 1768: 856: 629: 502:. Bought in Sept 2007 and sold toward end of 2009. Jackson indicated that Istithmar made no return on the investment. 206: 149: 52: 83: 38: 1037:"Istithmar re-opens old wounds in Singapore | Global Water Intelligence - Archive: Global Water Intelligence" 1015: 2214: 746: 734:
million. The plan was to convert the building from its current use, an office block, back into an upmarket hotel.
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ESPA International, a spa and skincare treatments company. In April 2008, Istithmar acquired a 40% stake in ESPA
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of $ 315 million. In April 2008, Nakheel announced the investment of $ 375 million for a 50% stake in the
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Istithmar and others, will see their combined investment of over $ 3.5 billion written down to zero.
2142: 451: 656: 623: 567: 518:, a specialty retailer in the US, which Istithmar bought in July 2006 for $ 300m. The vendor was 76: 1791: 1707: 721:
Kerzner International. In July 2005, Istithmar entered into a partnership with Kerzner to build
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2010, the stock traded at Eu 0.80 a share according to the Maltese Stock Exchange website.
563:. Istithmar committed in December 2006 to invest $ 170 million in the Pension Corporation. 454:, before being entirely replaced a few hours later, on the instructions of Dubai's ruler, 8: 2096: 2086: 1195: 531:
The Pension Insurance Corporation. Other shareholders in the Pension Corporation include
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Please help update this article to reflect recent events or newly available information.
2168: 1277: 722: 328: 1640:"Istithmar Hotels completes Purchase of Majority Stake in Mandarin Oriental, New York" 570:. At the end of 2009 their stated assets under management had fallen to $ 3.6 billion. 2158: 1057: 672: 2021: 1742: 1687:"Hotel Washington to close next month, prepare for W - Washington Business Journal" 693: 639: 505: 369: 2137: 1352: 968: 601: 528:, a mergers-and-acquisitions boutique. Istithmar invested $ 100m for a 10% stake. 365: 2111: 2081: 540: 335: 2183: 1131: 515: 509: 413: 302: 2116: 1422:"Dubai to free 3 ex-Tamweel property execs on bail - Markets and Companies" 573: 2106: 2067: 493: 385: 340: 532: 373: 1982: 1816: 1492: 1251: 987: 909: 536: 1899: 1614: 1544: 1147: 1079:"Istithmar Vows to Support Barneys as Rumors Swirl »Istithmar World" 65: 2091: 645: 633: 560: 519: 409: 318: 2011: 1171:"Perella Weinberg Raises More Than $ 1 Bln for Boutique (Update5)" 978: 976: 2121: 1979:"Business Real Estate News | Technology | Travel Guide" 1896:"Business Real Estate News | Technology | Travel Guide" 1865:"Donald Trump's new-found scepticism about Dubai | Business" 1813:"Business Real Estate News | Technology | Travel Guide" 1611:"Business Real Estate News | Technology | Travel Guide" 1541:"Business Real Estate News | Technology | Travel Guide" 1489:"Business Real Estate News | Technology | Travel Guide" 1444:"Tamweel Plans to Ask Permission to Restart Trading, Itihad Says" 1401:"Istithmar suspends Al-Shirawi, Kalthoum - Markets and Companies" 1292: 1248:"Business Real Estate News | Technology | Travel Guide" 1144:"Business Real Estate News | Technology | Travel Guide" 614: 1590:"Great Portland Has $ 617 Million to Spend After Istithmar Deal" 450:
In July 2012, the board of Istithmar was reshuffled by chairman
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that controls Houghton Mifflin Harcourt and Istithmar.
1792:"Nakheel Hotels acquires 50% stake in Mexican Resort" 1634: 1632: 384:(UAE). This company is a state-run business owned by 1348:"EMPG in $ 125m joint venture with Dubai government" 1103: 1058:"UAE Takes Stake in Time Warner; Hires Icahn Outfit" 461: 90:. Unsourced material may be challenged and removed. 1629: 855: 1321:"O'Callaghan sets his sights on emerging markets" 180:may be compromised due to out-of-date information 2200:Financial services companies established in 2003 2181: 1104:O'Connell, Vanessa; Spector, Mike (2010-01-29). 1375:"Private equity interest in Istithmar ISS sale" 1274:"Recent News :: Houghton Mifflin Harcourt" 435:The Board of Istithmar is led by the Chairman, 585:, a publisher in the US. On 22 February 2010, 2052: 938:"Statement from Dubai World »Istithmar World" 1955: 1862: 1465:"News & Media - Standard Chartered Bank" 1958:"Dubai World Coughs Up Knickerbocker - WSJ" 1345: 857:"Dubai government replaces Istithmar board" 704:Trump International Hotel and Tower (Dubai) 689:Trump International Hotel and Tower (Dubai) 483:Existing and historic investments include: 53:Learn how and when to remove these messages 2059: 2045: 1956:Pruitt, A.D.; Karmin, Craig (2010-03-03). 1765:"Nakheel - Where Vision Inspires Humanity" 745:Continent. The flagship investment is the 1565: 1441: 885:"Dubai World Seeks Debt Standstill - WSJ" 808:"Blowout at Barneys | New York Post" 207:Learn how and when to remove this message 150:Learn how and when to remove this message 1739:"IHI - New Bond Issue 2010 - Prospectus" 2220:Private equity firms of the Middle East 1587: 1106:"Burkle Angles for Barneys Stake - WSJ" 882: 474: 430: 2210:Investment in the United Arab Emirates 2182: 805: 613:Arcapita, an investment bank based in 441:Dubai Chamber of Commerce and Industry 2040: 1515:"Dubai may put Cirque stake on block" 1194:. Pension Corporation. Archived from 456:Sheikh Mohammed bin Rashid Al Maktoum 2032:Istithmar sells £172m West End asset 853: 161: 88:adding citations to reliable sources 59: 18: 1789: 1470:. Standardchartered.com. 2015-03-04 1300:"EMPG agrees $ 650m cash injection" 1168: 829:"Istithmar boss Jackson steps down" 632:, a healthcare service provider in 16:Investment firm based in Dubai, UAE 13: 1934:. Businessweek.com. Archived from 1841:. Businessweek.com. Archived from 1039:. Globalwaterintel.com. 2009-12-31 864:from the original on July 24, 2012 14: 2231: 2000: 1566:Chowdhury, Anirban (2010-02-05). 1424:. ArabianBusiness.com. 2009-07-30 1403:. ArabianBusiness.com. 2008-09-14 984:"QE2 sets sail in Dubai sell-off" 630:Bumrungrad International Hospital 437:Sheikh Ahmed bin Saeed Al Maktoum 34:This article has multiple issues. 1442:Alkhalisi, Zahraa (2010-02-21). 1346:Keena, Colm (October 21, 2008). 747:Victoria & Alfred Waterfront 716:Victoria & Alfred Waterfront 687:that were highlighted included: 462:Dubai related financial concerns 225: 166: 64: 23: 2066: 1971: 1949: 1924: 1914: 1888: 1878: 1856: 1831: 1805: 1783: 1757: 1731: 1721: 1700: 1679: 1653: 1603: 1581: 1559: 1533: 1507: 1481: 1457: 1435: 1414: 1393: 1367: 1339: 1313: 1240: 1219: 1209: 1184: 1162: 1136: 1119: 1097: 1071: 1050: 1029: 1008: 458:, by the board of Dubai World. 75:needs additional citations for 42:or discuss these issues on the 1710:. Hotel-online.com. 2006-10-12 956: 930: 898: 876: 854:Kerr, Simeon (July 20, 2012). 847: 821: 799: 789: 759: 1: 1588:Packard, Simon (2009-11-11). 753: 500:InterContinental Hotels Group 1302:. Irishtimes.com. 2010-02-23 883:Cummins, Chip (2009-11-26). 806:Covert, James (2009-09-10). 399: 7: 1867:. London: Theguardian.co.uk 1863:Andrew Clark (2009-12-01). 718:in Cape Town, South Africa. 677:Mandarin Oriental, New York 549:Och-Ziff Capital Management 10: 2236: 2164:DP World Tour Championship 1169:Cox, Adrian (2006-06-15). 608:Inchcape Shipping Services 315:Ahmed bin Saeed Al Maktoum 2151: 2130: 2074: 967:January 28, 2010, at the 906:"Business : Markets" 698:Fontainebleau Miami Beach 587:Houghton Mifflin Harcourt 583:Houghton Mifflin Harcourt 526:Perella Weinberg Partners 346: 334: 324: 308: 288: 266: 251: 241: 233: 224: 2195:Companies based in Dubai 2143:Sultan Ahmed bin Sulayem 452:Sultan Ahmed Bin Sulayem 2022:Elicyon Dubai Penthouse 1004:(subscription required) 926:(subscription required) 661:The Knickerbocker Hotel 657:W New York Union Square 624:Standard Chartered Bank 568:assets under management 408:, UAE, with offices in 364:("istithmar- استثمار" ( 2215:Sovereign wealth funds 1060:. Fox News. 2006-02-16 1018:. Globalwaterintel.com 771:www.istithmarworld.com 553:Royal Bank of Scotland 351:www.istithmarworld.com 1495:on September 29, 2008 246:Finance and Insurance 2097:Economic Zones World 1932:"Bloomberg Business" 1902:on February 18, 2006 1839:"Bloomberg Business" 1794:. Asiatraveltips.com 1642:. Asiatraveltips.com 1547:on December 12, 2008 1521:on February 23, 2010 1085:on February 11, 2010 944:on February 22, 2010 767:"Board of Directors" 669:450 Lexington Avenue 545:Lloyds Banking Group 475:Investment portfolio 431:Board and management 382:United Arab Emirates 368:) for "investment" ( 84:improve this article 2087:Dubai Maritime City 1985:on January 27, 2010 636:and South East Asia 354:www.istithmar.world 221: 2169:Dubai Championship 2012:Dubai World Africa 1790:smh (2008-02-25). 1617:on October 4, 2009 1381:on January 8, 2015 1192:"News & Media" 777:on 17 January 2013 723:Atlantis, The Palm 329:Financial services 219: 2177: 2176: 2092:Dubai Ports World 2007:Istithmar website 1845:on March 22, 2010 1771:on March 12, 2009 1689:. Bizjournals.com 1327:on April 26, 2010 1280:on April 19, 2010 1254:on March 15, 2011 673:Helmsley Building 663:at Times Square; 404:Headquartered in 359: 358: 217: 216: 209: 199: 198: 160: 159: 152: 134: 99:"Istithmar World" 57: 2227: 2205:Investment banks 2061: 2054: 2047: 2038: 2037: 1995: 1994: 1992: 1990: 1981:. Archived from 1975: 1969: 1968: 1966: 1965: 1960:. Online.wsj.com 1953: 1947: 1946: 1944: 1943: 1938:on March 5, 2010 1928: 1922: 1918: 1912: 1911: 1909: 1907: 1898:. Archived from 1892: 1886: 1882: 1876: 1875: 1873: 1872: 1860: 1854: 1853: 1851: 1850: 1835: 1829: 1828: 1826: 1824: 1819:on April 8, 2009 1815:. Archived from 1809: 1803: 1802: 1800: 1799: 1787: 1781: 1780: 1778: 1776: 1767:. Archived from 1761: 1755: 1754: 1752: 1750: 1741:. Archived from 1735: 1729: 1725: 1719: 1718: 1716: 1715: 1704: 1698: 1697: 1695: 1694: 1683: 1677: 1676: 1674: 1672: 1663:. Archived from 1657: 1651: 1650: 1648: 1647: 1636: 1627: 1626: 1624: 1622: 1613:. 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Archived from 763: 726:30% in the deal. 694:enterprise value 640:Cirque du Soleil 506:Barneys New York 229: 222: 218: 212: 205: 194: 191: 185: 178:factual accuracy 170: 169: 162: 155: 148: 144: 141: 135: 133: 92: 68: 60: 49: 27: 26: 19: 2235: 2234: 2230: 2229: 2228: 2226: 2225: 2224: 2180: 2179: 2178: 2173: 2147: 2138:Mohammed Sharaf 2126: 2112:P&O Ferries 2102:Istithmar World 2070: 2065: 2003: 1998: 1988: 1986: 1977: 1976: 1972: 1963: 1961: 1954: 1950: 1941: 1939: 1930: 1929: 1925: 1919: 1915: 1905: 1903: 1894: 1893: 1889: 1883: 1879: 1870: 1868: 1861: 1857: 1848: 1846: 1837: 1836: 1832: 1822: 1820: 1811: 1810: 1806: 1797: 1795: 1788: 1784: 1774: 1772: 1763: 1762: 1758: 1748: 1746: 1745:on May 23, 2010 1737: 1736: 1732: 1726: 1722: 1713: 1711: 1706: 1705: 1701: 1692: 1690: 1685: 1684: 1680: 1670: 1668: 1667:on May 23, 2007 1659: 1658: 1654: 1645: 1643: 1638: 1637: 1630: 1620: 1618: 1609: 1608: 1604: 1595: 1593: 1586: 1582: 1573: 1571: 1564: 1560: 1550: 1548: 1539: 1538: 1534: 1524: 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