Istithmar Leisure, a business unit of Istithmar, Dubai’s leading investment house, and Greg Norman’s company Great White Shark Enterprises (GWSE), have today announces a joint US$ 15.7 million investment in GPS Industries (GPSI), the world’s leading innovator of Wi-Fi enabled global positioning systems (GPS) for golf facilities and residential communities.
Istithmar Leisure, the trading name of Leisurecorp LLC, and Greg Norman are currently working together in the development and design of the Jumeirah Golf Estates, a landmark development in Dubai. Boasting four superstar-designed golf courses, including two by Greg Norman, the Jumeirah Golf Estates is set to become one of the world’s most prestigious residential golfing communities.
David Spencer, chief executive of Istithmar Leisure, said:
“This partnership investment in GPSI, with Great White Shark Enterprises, is a perfect fit with our current investment portfolio which includes the prestigious Jumeirah Golf Estates development.
“Our aim is to ensure the Jumeirah Golf Estates is one of the finest residential golfing destinations in the world and we will achieve this by partnering only with the very best companies.
“Greg has had a long affiliation with GPSI and we share his excitement in this new venture.”
GPSI is changing the way people play golf and how golf courses do business. Its signature product, the Inforemer, has reinvented the application of global positioning to the game of golf, with elements including distance player management, tournament management, customer relationship management and food and beverage management. The Company has nearly a decade of experience in GPS technology with its products used at leading golf courses and resorts throughout the world.
Robert C. Silzer, President and CEO of GPSI, commented:
“I believe this commitment, by both GWSE and Istithmar Leisure, is evidence that our technology and our business plan are attractive to even the most demanding investors. Greg Norman has been a valued strategic investor in GPSI for several years and has reaffirmed his support of the Company through this additional investment. Management’s conversion of debt to equity also signals the highest confidence in the opportunities that lie ahead for GPSI.”
The first phase of Jumeirah Golf Estates includes 13 residential districts surrounded by four environmentally themed courses. The courses will be focused around the Norman Clubhouse, which will combine the best in golfing facilities, including an ultra-modern practice facility and golfing academy, with pools, tennis courts and restaurants.
Mr Spencer said:
“This is a landmark project for Dubai and we have put every effort into planning to ensure that it meets our exceptionally high development standards. Investors in the Jumeirah Golf Estates will enjoy stunning golf course facilities surrounded by beautifully developed homes.”
The first homes on the Jumeirah Golf Estates were showcased on the 8th of November with the release of 42 luxury homes lining Greg Norman’s Earth course. Further public sale opportunities will be announced in early 2007. Jumeirah Golf Estates homeowners will be able to start moving in during 2008.
About Istithmar Leisure
Istithmar Leisure was launched in September 2006, to focus on the development of Istithmar’s current leisure assets inside Dubai and internationally, as well as identifying new high-yielding investment options.
Under the leadership of David Spencer – former Director of Marketing and Brand Management for Nakheel – Istithmar Leisure’s initial portfolio includes Jumeirah Golf Estates, Island Global Yachting and Nakheel’s beach and recreation clubs.
Istithmar Leisure is a 100%-owned division of Istithmar, Dubai World’s investment company. Istithmar is a major investment house based in the United Arab Emirates, focusing on private equity, real estate and strategic investments. Its mission is to earn exceptional returns for investors while maintaining due regard for risk. Existing investments include Standard Chartered Bank, Bank Muscat International, Tamweel, Inchcape Shipping Services, V&A Waterfront, easyHotel and Kerzner International.
Istithmar is a member of the Dubai World family of companies. Dubai World is a holding company which manages and supervises a portfolio of businesses and projects for the Dubai Government, working towards making Dubai the leading hub for trade and commerce.
About Jumeirah Golf Estates
Nakheel has joined forces with golfing superstars Greg Norman and Vijay Singh to create Dubai’s premier residential golfing community - Jumeirah Golf Estates.
Launched in September 2004, Nakheel aims to raise awareness of golf in Dubai on a global platform by developing unique and unforgettable golf course developments.
Jumeirah Golf Estates aims to be one of the finest residential golfing destinations in the world, boasting four superstar-designed golf courses surrounded by the finest residential opportunities in Dubai. The environmentally themed courses will mirror the elements of nature - Earth, Fire, Water, and Wind - integrating seamlessly with distinct gated communities, featuring a variety of housing opportunities, world-class amenities and premier services.
Greg Norman, a World Golf Hall of Famer and an Australian legend, is personally involved in the creation of the first Eco-Signature courses designed by Greg Norman Golf Course Design. Both courses are being created especially for Nakheel and will focus on eco-friendly principles and practices, featuring flora and fauna that are indigenous to the region.
