Angola will give the results of its first diamond auction on January 31 as the south-west African country seeks to increase transparency, attract more investment and boost government revenue, state-owned diamond-trading company Sodiam said.
The evaluation of seven gemstones from Angola’s north-east Lulo mine that will be sold is expected to end between January 25 and January 28, Eugenio Bravo da Rosa, head of the Luanda-based company, said. Lazare Kaplan International, the KGK Group, Rosy Blue and the Diarough Group are among diamond manufacturing and distribution companies invited to the auction, he said.
Among the gemstones that will be sold this month is a 114-carat stone and a pink, 46-carat gem. Both diamonds were found in the alluvial Lulo mine, where in 2016 one of the world’s biggest diamonds - a 404.2-carat stone - was found.
“We’re confident that this auction will result in a level of revenue that is higher than normal,” Mr Bravo da Rosa said. The auction is in line with Angola’s goal to become “increasingly more open to foreign investment by following the best global practices”, he said.
Angolan President Joao Lourenco has been trying to open up and diversify the economy of Africa’s second-biggest oil producer to shake off a slowdown that began with a drop in crude prices in mid-2014. His predecessor Jose Eduardo dos Santos’ tight grip on the economy prompted some foreign miners to avoid Angola, which is also the source of the fifth-most diamonds in the world.
Mr Bravo da Rosa said Sodiam now plans to hold at least six diamond auctions a year to entice more investment in the industry. The dates of the auctions are still being decided, he said.
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The lion’s share of Angola’s diamond production comes from alluvial deposits, or rivers, but Angola has been working to increase exploration of gems in shafts of volcanic rock, known as kimberlites.
Much of Angola’s diamond deposits remain under-explored because of a 27-year civil war and a business environment that remained difficult to enter after fighting ended in 2002. Diamond output fell 11 per cent to 8.4 million carats in 2018 from a year earlier. Still, higher gem prices led to an 11 per cent increase in revenue to $1.22 billion, said Mr Bravo da Rosa, who cited preliminary data.
“The average price in 2018 increased by about 24 per cent compared to the previous year,” he said. “There is currently a price reduction environment, especially for smaller diamonds.”
The Lucapa Diamond operates the Lulo mine in Angola’s Lunda Norte region through holding company Sociedade Mineira do Lulo, or SML. Lucapa has a 40 per cent stake in SML. The remaining shareholders are state-owned Angolan diamond mining company Empresa Nacional de Diamantes, or Endiama, and local partner Rosas & Petalas, according to information on Lucapa’s website.
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The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
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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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
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Power: 150hp
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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November 30-December 2, at The Sevens, Dubai
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
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.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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