Aabar Investments, the biggest shareholder of Daimler, saw its profits more than double last year after it built up stakes in industries as diverse as space travel and Formula One car racing.
The performance capped an active year for the company as it emerged on the world stage as a major investment vehicle for the Abu Dhabi Government through a flurry of eye-catching acquisitions.
Also last year, the International Petroleum Investment Company (IPIC), a government energy investment fund, assumed 71 per cent majority ownership of Aabar. Aabar said full-year net profit rose to Dh1.68 billion (US$457 million), from Dh721m a year earlier. The results sent its stock to its highest in three weeks on the Abu Dhabi Securities Exchange, gaining 4.1 per cent to close at Dh2.31.
"The support granted by its parent shareholder, IPIC, has played a significant role in this success with IPIC's contribution of Dh6.68bn in capital and access to its pipeline of high-quality investment opportunities," the company said.
Aabar has spent more than Dh25bn on building stakes in companies that include the German car maker Daimler and the UK aerospace firm Virgin Galactic. It also acquired 30 per cent of Brawn GP last November. In March, it took a 9.1 per cent stake in Daimler, the world's second-biggest luxury car maker. That was followed by the acquisition of a 3.64 per cent stake in the California electric car maker Tesla Motors, worth $23m.
In the latest sign of Aabar's ambitions to diversify its holdings, it said last month it aimed to acquire 70 per cent of Arabtec, the UAE's biggest builder, in a deal worth Dh6.4bn.
That would also give the investment firm a foothold in Saudi Arabia, where Arabtec formed a subsidiary early last year, and Russia, where it hopes to build the Okhta tower in St Petersburg, the proposed tallest tower in Europe.
The company said in August it planned to assemble as many as 10,000 cars and lorries a year in Algeria along with Daimler, MAN Ferrostaal and three other German manufacturers, as well as the Algerian government.
In October, Aabar took a Dh1.2bn stake in Banco Santander (Brazil), the Brazilian unit of Spain's biggest bank. It followed the acquisition of the Switzerland-based private banking unit of American International Group that is now known as Falcon Private Bank.
Financial services, along with property, cars, infrastructure and aerospace were the five key investment areas for the company, Mohammed Badawy al Husseiny, the chief executive of Aabar, said last year. In November last year it secured a Dh5.98bn bridge loan to help shore up its finances.
@Email:tarnold@thenational.ae
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company%20Profile
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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.
'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
COMPANY%20PROFILE%20
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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.
COMPANY%20PROFILE
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In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com