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From the archives: Big buys, from Dubai

Istithmar goes on a spending spree

Sheikh Mohammed bin Rashid Al Maktoum
Sheikh Mohammed bin Rashid Al Maktoum

Some speculate all roads lead to the Prince. The Prince is Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai. The roads include deals done by Istithmar, a company said to be his investment arm, and other purchases by Persian Gulf entities.

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Last month, Istithmar, which means “investment” in Arabic, appeared to be on a buying spree. In early June the group closed on its purchase of 280 Park Avenue, the 1.2-million-square-foot Midtown office property where tenants include Deutsche Bank, the National Football League and AG Edwards, for $1.2 billion. Read the full article from the July 2006 issue after the jump.