SOURCE: McKinley Reserve

McKinley Reserve

December 14, 2009 13:41 ET

McKinley Reserve Set to Purchase US-Based Dubai Assets

HILBERT, WI--(Marketwire - December 14, 2009) - McKinley Reserve, a Wisconsin-based private investment firm, announced today that it has assembled a group of investors to acquire distressed US-based assets of the Government of Dubai and its state-controlled portfolio of companies.

"We are in a unique position to assist Dubai in its restructuring efforts, given our history of dealing with the Emirate in complex transactions," said Todd C. Thiel, CEO of McKinley Reserve. "Our extensive knowledge of the Government of Dubai, the role the Emirate plays in the region, the Government's investment vehicles, investment philosophies, geopolitical aspirations and methods of business afford us the opportunity to support the Emirate, its lenders and investors."

According to Moody's Investors Service, Dubai's credit rating has been downgraded on multiple Dubai government-controlled companies, citing a lack of government support over their debt obligations. Standard & Poor's downgraded its ratings on several Dubai government-related entities after the government said it will ask creditors of two flagship firms for a standstill on billions of dollars of debt. "We look forward to providing stability for Dubai's creditors and believe that a relationship with Dubai will be mutually beneficial long term," said Andrew Fleming, Managing Director of McKinley Reserve.

Moody's and S&P downgraded issuer ratings for DP World, Jebel Ali Free Zone, Dubai Holding Commercial Operations Group, Emaar Properties and DIFC Investments. Further downgrades by the ratings agencies included three Dubai-based banks -- Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC.

"We look forward to assisting Dubai during this time of crisis as they seek alternatives to survive the economic downturn," added Thiel.

About McKinley Reserve

McKinley Reserve (MKR) is a Wisconsin-based private investment firm with interests in a number of diverse worldwide business entities. Its Senior Advisors are prominent leaders in industry, finance and government. MKR places private investment capital into unique opportunities that lead or re-shape industry sectors and public policy. For additional information regarding McKinley Reserve, please visit

Contact Information

  • Media Contact:
    McKinley Reserve Media Group
    (949) 852-8633