Abraaj Capital, a private equity firm based in Dubai, has opened an office in Riyadh to tap investment opportunities in the largest Arab economy.
With Dh22 billion (US$6bn) in assets under management, Abraaj is the largest private equity group outside Europe and North America,
"As the largest Arab economy and the centre of the energy world, Saudi Arabia offers substantial investment opportunities," said Amr Dabbagh, the Governor of the Saudi Arabian General Investment Authority, which licensed Abraaj Saudi Arabia Ltd.
The company invests in the growing Middle East, North Africa and South Asia (MENASA) region through buyout funds and special purpose investment vehicles. It holds stakes in more than 25 companies in the MENASA region, including Tadawi, Saudi Arabia's largest pharmaceutical wholesaler and retailer; Air Arabia, the Middle East's largest low-cost carrier; Acibadem, Turkey's biggest operator of premium hospitals; and Al Borg Laboratory, the region's biggest medical-testing laboratory company.
Abraaj will keep a team of eight investment professionals at its Riyadh office, headed by Sari Anabtawi, it said in a statement on its web site on Sunday.
"The opportunities to invest in Saudi Arabia are immense given the kingdom's position in the MENA region and its relative insulation from the global economic downturn," said Arif Naqvi, the chief executive of Abraaj.
"Whether in transportation, logistics, food, healthcare or education, demand is growing and under-served in terms of existing supply, driven by population expansion and fresh government policies that encourage private investment."
He added that a key priority for Abraaj will be to help its partner companies expand in the region.
Since its inception in 2002, Abraaj has made more than 35 investments in 11 countries and exited 20.
In 2005, Saudi investors of Abraaj bought a stake in National Air Services, helping it secure the kingdom's first private passenger-airline license. They sold the stake last year, generating an internal rate of return of 52 per cent, the statement said.
skhan@thenational.ae
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
Company%20profile
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Voy!%20Voy!%20Voy!
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Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Company%20Profile
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Company%20profile
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
