DUBAI // The Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, is a partner in a bid for the UK electricity network of Electricite de France (EDF), a British newspaper reported. ADIA and the Canada Pension Plan are working on a joint bid of £5 billion (Dh29.32bn) for the network, the Sunday Telegraph said. An ADIA spokesman declined to comment. Goldman Sachs and the boutique advisory firm Lexicon Partners have been appointed to advise the consortium on its bid for the network, which supplies energy to millions of UK households, the paper said, citing unnamed sources.
Assets such as regulated power networks may be attractive to Gulf-based investors because of attractive valuations and their long-term strategic appeal, analysts say. "It's a low-risk profile asset with recurring, resilient cash flow attached to it. Such assets are definitely very attractive for Gulf investors," said Ali Khan, a director at Arqaam Capital in Dubai. "Aabar buying into Italian road toll company Atlantia is a prime example of how Gulf investors are moving into low-risk and resilient cash flow investments."
A successful sale of the network would provide a huge boost for infrastructure deals. EDF, Europe's biggest power generator, is selling its regulated electricity network in the UK, which distributes power to 7.9 million homes in the east and south-east of England. The company will retain its power generation and supply activities in the UK. Deutsche Bank, Barclays Capital and BNP Paribas have been appointed to run the auction.
There are several other bidders interested in the deal, including infrastructure buyout funds. Bankers following the situation also said National Grid is interested in the assets and has hired Morgan Stanley to work on a possible bid. Macquarie, Australia's largest investment bank, is also ready to submit a bid, the paper said. @Email:skhan@thenational.ae
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
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