Investcorp, the Bahrain alternative asset manager that counts Abu Dhabi's Mubadala Investment Company as its biggest shareholder, launched a private infrastructure investment business in North America as it expands its presence in the continent.
The company will tap into investment opportunities at a time of increased activity and demand to upgrade the region's ageing infrastructure, it said in a statement on Thursday.
"The launch of Investcorp’s North America infrastructure business builds upon our long history of ... investing in private alternatives on behalf of our global client base, leveraging our strong and established experience in real estate and private equity," said Mohammed Alardhi, executive chairman of Investcorp.
"This initiative will expand our range of capabilities, generate additional value for our clients and stakeholders and lead us steadily forward in our growth strategy."
Investment in infrastructure development, which comprises roads, water systems, utilities, airports, railways and telecommunications, stands at about $79 trillion globally, although the amount needed is $94tn, leaving a $15tn gap, according to Global Infrastructure Outlook, a G20 initiative.
In the US, investment needed in infrastructure is $12tn, compared with the $8.4tn that has currently been allocated, while the investment gap in Canada stands at $20 billion, according to the research.
"We anticipate a steady rise in infrastructure investment activity in North America during the next decade," said Michael Ryder, senior advisor at Investcorp, who will be leading the new business.
The investment fund, which had $40.4bn in total assets under management as of December 31, including assets overseen by third-party managers, aims to more than double its assets under management to $100bn in seven years' time.
It has been extremely active in the US market. In March, it acquired Chicago-based S&S Truck Parts to expand its portfolio in the country.
Investcorp is also heavily involved in the real estate sector of the world's largest economy. In February it acquired 64 industrial properties worth $640 million across the US, tapping into the industrial and logistics sector, which is benefiting from strong tailwinds driven by e-commerce.
The properties, spread across approximately 5.6 million square feet, are located in seven major US markets and boosted the company's US industrial real estate holdings to approximately $3.5bn across more than 425 buildings.
The company’s overall US real estate activity during the past 12 months reached $4bn, with $2.5bn of new acquisitions and $1.5bn of dispositions, it said at the time.
Investcorp established its first infrastructure investment business in the GCC in 2019 through a strategic joint venture with Aberdeen Standard Investments.
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UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Formula Middle East Calendar (Formula Regional and Formula 4)
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
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