06/06/2008 EMIRATES INVESTMENT & DEVELOPMENT PUTS STAKES IN SWEARINGEN
H.E. Buti Saeed Alghandi, Chairman of Emirates Investment & Development PSC (Emivest) of Dubai, UAE, the master developer of the Dubai - Lyon city project, announced that Emivest has obtained approval from the Committee on Foreign Investment in the United States (CFIUS) to acquire an 80 percent stake in Sino Swearingen Aircraft Corporation (SSAC) of San Antonio, Texas.
The acquisition will enable SSAC to initiate full-scale production of its SJ30. The SJ30 is the world’s fastest, longest range and highest flying light jet. The SJ30 has a high-speed cruise of Mach .83, a range of 2,500 nautical miles and an operating ceiling of 49,000 feet.
This is the first acquisition of an American company by Emirates Investment & Development PSC.