$1b Arab fund to buy Aussie farms

The Land | 22 Jun 2010

A NEW entrant into the Australian financial market, Western Gulf Advisory (WGA), plans to invest $1 billion into the Australian economy over the next few years.

WGA is a European and Middle Eastern financial services company, which has already invested about $370 million into property developments in NSW and South Australia.

The company is owned by Indian born, Bahrain-Zurich based entrepreneur, Mr Ahsan Ali Syed.

Mr Ali and his chief financial officer, Mr Omer Khan, are currently developing a 10 year plan to grow WGA’s assets internationally.

Mr Omer Khan said WGA was committed to long term investment in Australia, and was impressed with Australia’s economic durability.

“Australia’s internationally competitive, advanced market economy and liberal business policies are among the reasons we are committed to this plan,” Mr Omer said.

“We are developing a long term plan for Australia, and intend on investing in various projects from property development and infrastructure to agriculture and mining.”

The Bahrain-Zurich based company is currently engaged in negotiations with Cubbie Group for a 53 per cent share of the rural company, with a $300 million injection of funds.

Cubbie Group owns the Queensland cotton farm, Cubbie Station, which went into receivership in 2009 after years of drought affected crops and revenue.

Last week, WGA announced that it would loan retirement village developer, Special Purpose Vehicle Holdings - Total Group US $180 million to develop further villages throughout NSW.

The loan will fund retirement property developments at Kantarra Life Style Village at Austral and Waterbrook developments in Greenwich and Yowie Bay, as well as industrial projects through FGD Property Holdings.

WGA’s first step into the Australian market was a loan of $220 million to property development company, Landmark Business Developments, to fund housing projects at the industrial hub in Gawler, South Australia.

Mr Ali established WGA to manage and grow his family’s wealth, to preserve 150 years of tradition.

WGA has total assets of US$8-9 billion.

WGA’s offices in Bahrain, Zurich and Hong Kong are family owned and have been established as part of WGA’s plan to grow Mr Ali’s family wealth.

The company does not borrow money from outside institutions or investors but instead uses its own money to fund new projects.

As a legal graduate and entrepreneur specialising in law and finance, Mr Ali is committed to transparent business practices, and has rapidly risen in stature and reputation as a trusted financial entrepreneur across the world.
URL to Article: https://farmlandgrab.org/post/view/13836

Source: The Land 

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