Sony sells "substantial" stake to Dubai investment firm
By Ryan Block 
posted Nov 26th 2007 3:31PM
posted Nov 26th 2007 3:31PM
Stringer-san, Hirai-San, everyone at Sony, say hello to your new part owners: Dubai International Capital, run by UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum. According to the Journal the investment is for a stake under 5% of the total company since there were no legally-required Japanese security filings to indicate otherwise. No real idea how much this chunk of Sony went for, but whatever it cost we're sure it was only a drop in the bucket for a dude with enough money to make Billy G. and Carlos Slim scoot over a seat at dinner. BTW, Sheikh RRAM (can we call you that?), do us a solid and get Sony to resurrect Aibo and QRIO, cool? Much love. [Warning: subscription req'd for read link]
This guy must really like the PS3
I second that!
PS - How do you change your Engadget password?
Click your name, log in, then change it.
The largest Sony shareholder oddly enough is American; Dodge & Cox, a San Francisco-based investment firm. Dubai International also owns major shares in Daimler-benz, EADS, etc. Honestly, this sort of news is pretty common in any multi-national corporation.
The largest Sony shareholder oddly enough is American; Dodge & Cox, a San Francisco-based investment firm. Dubai International also owns major shares in Daimler-benz, EADS, etc. Honestly, this sort of news is pretty common in any multi-national corporation.
Sorry for the above double post; turns out Dubai International likely only owns around 1% of Sony not 5.
http://www.gamespot.com/news/6183331.html?om_act=convert&om_clk=newstop&tag=newstop;title;10
This isn't surprising. This same group was looking at investing in the American banks that were hurting in the mortgage "crunch". They see opportunity in companies that are down but have had previous success.
heh, between the Israelis, Saudis, and Chinese, I wouldn't imagine that there's all that much of America left to buy ;)
I believe the Brits are the largest stakeholder in the States.
Here's a link to a non-subscription article.
http://www.allheadlinenews.com/articles/7009271622
Last time I checked, another investor bought AMD stakes. Baller.
BIG BALLER!! Because hey builds whole cities with 6 star hotels (and islands that are facsimiles of each continent on earth) in the time that it takes us to break ground for the WTC rebuild and Katrina recovery. How F-ING sad are the schmucks running the show now. Sheikh Mohammed bin Rashid Al Maktoum you a “wiiiiiiild boooooy”. Big Up! (literally ;^)...
I'm in your firmz investing my stakez. I can't wait for the day Dubai will own the U.S. federal reserve. Then I can move to Dubai and retire on an island of my own.
But does it play doom?
...
Shit; wrong article!
The UAE is taking over everything...
They have to - when your entire economy is based on ONE product and you're running out of that product you HAVE to find something else.
Dubai doesn't have much oil. The whole reason they prosper is because of free trade and their capitalist economy.
There's a sucker born every minute.
Said the Apple fanboy.
Port terminals for sale!
wait.. DANGIT!
Am I the only one how can picture that guy screaming "Kneel Before ZOD"?
"how" = "who", btw.
LMFAO!
Kneel!!
This post is full of win
1 before zod, 2 before zod...
omg rofl
Is it just me, or does the guy pic included with the article look like a plastic action figure?
I was just going to make a post about a mannequin buying Sony.
Well since America is trying to go energy independent, I suppose the Saudis need a new way to generate income. Also their human rights abuses are only tolerated now because of their massive oil reserves. I they know that somewhere they know this, so they want to have something else that the world needs so they dont need to listen to the music.
Petroleum is only 6% of the Dubai economy. Even if the entire world stopped buying energy from them, they'd be fine. And there are plenty more pressing human rights issues than how their foreign labor force is working under inhumane conditions. Sorry, but personally I put things like the Darfur conflict above people working in crappy conditions who otherwise wouldn't have any work at all.
Pretty much your entire comment has no ground. I'd like to add that your last sentence makes baby Jesus cry.
Reder:
Dubai's oil production is indeed very low but that can't be said for the rest of the country which sell huge amount of oil and then pump the majority off the money into Dubai.
You do realize that Dubai is NOT part of Saudi Arabia, right?
face
soon theyll buy it all and rename it "Sohnii bin Losen Monni"
Its SONY not SBLM
I don't understand the comment regarding Bill Gates and Carlos Slim. Both of those men have about three times as much net worth as Rashid Al Maktoum does, why would they move for him?
thanks to $100 a barrel...
"Sony sells 'substantial' stake"?
From my understanding, Sony is a public company. They could have bought these shares off anyone.
hmmm, I wonder if Sony's tech support is moving there?
Oh no, Sony is going to be run by DIC (Dubai International Capital). Watch out guys, because the biggest DIC always wins.
You do realize that Dubai is NOT part of Saudi Arabia, right?
kneel before zod
i wonder how he made all his money
You know the brits are just on their knees doing what they're supposed to be doing in this 'special' U.S.-U.K. relationship. Keep sucky sucky, limeys! Keep sucky sucky!
good biz for sony
Drew: Abu Dhabi, the capital of UAE, of which Dubai is just a 'state', produces a large amount of oil and petroleum. A large sum of money is given to Dubai from Abu Dhabi monthly from this oil.
An earlier Reuters report said DIC might buy stakes of up to $1.5 billion in one or two publicly listed companies in Japan. A $1.5 billion investment would be equivalent of a three per cent stake in Sony, which has a market value of 5.52 trillion yen ($50.9 billion), the report said.
why is this even remotely gadget related?
please move this to engadget finance or create it then move it there.
where's my open source location free tv damnit - thanks sony for one-upping netgear and others with your NetLink for the Bravia.
At first I thought that was the Sheikh from the Cannonball Run movies.
The picture of that dude reminds me of Mel Gibson for some reason.