A small number of sovereign investors, sometimes from non-democratic states, are buying shares in European aerospace and defence companies.
Some EU governments have responded by calling for tougher controls on foreign investment in these industries. But there is no need for alarm. The European defence sector is sufficiently protected by the heavy - and at times excessive - regulations in place.
In the long term, if EU member states integrate their defence industries further they should co-ordinate their efforts to regulate foreign investments in this sector, including those by sovereign investors.
Sovereign wealth funds (SWFs) and state-owned enterprises (SOEs) with ties to governments from the Gulf, the former Soviet Union and emerging Asia have become increasingly powerful global investors. SWFs alone are estimated to manage close to US$4 trillion (Dh14.69tn) of assets globally.
Sovereign groups have focused their investments in Europe predominantly in the financial sector and remain limited players within the aerospace and defence industry. But some sovereign investors have held small stakes in the industry for years, including the Government of Singapore Investment Corporation.
More recently, the number of sovereign groups interested in European aerospace and defence companies has grown.
Attracted by the prospect of solid financial returns and access to advanced technology, various SWFs and SOEs acquire small European aerospace firms, invest in some of Europe's largest groups and set up a multitude of joint ventures.
In 2006, the sovereign fund Dubai International Capital (DIC) bought Doncasters, a British company that supplies aircraft parts among other things.
The same year, Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, bought about 30 per cent of Piaggio Aero, an Italian civil aircraft maker. And a consortium of SWFs from Dubai and Abu Dhabi took over the German firm SR Technics Group, a leading independent aircraft maintenance provider.
In 2007, DIC became one of the largest direct shareholders in Europe's biggest aerospace company, EADS - the European Aeronautic Defence and Space Company - when it bought just over 3 per cent.
That same year, the Qatar Investment Authority (QIA) expressed a desire to acquire a 10 per cent stake of the company. DIC and QIA have also been significant investors in EADS's largest shareholders, Lagardere and Daimler.
In 2006, Russia's VTB Bank bought more than 5 per cent of EADS and people close to the Kremlin publicly expressed an interest in doubling that share. And in the summer of last year, rumours abounded that a Libyan SWF was interested in buying up to 10 per cent of the Italian defence conglomerate Finmeccanica.
The various joint ventures sovereign groups have developed with large European aerospace and defence manufacturers have been created mainly within the civilian field. Mubadala has partnerships with EADS, Finmeccanica and Rolls-Royce.
The Russian defence firm IRKUT has joint ventures with EADS and Rolls-Royce, while several Russian groups, including Oboronprom Corporation, co-operate with Finmeccanica in building helicopters, jets and components for the railway sector.
The Italian company also has various partnerships with government-owned groups in Libya.
SWFs can be useful sources of capital for defence companies, especially now fiscal pressure is forcing governments across Europe to cut defence budgets.
But sovereign investors, like other investors, could leak information about sensitive military equipment produced by a defence company.
SWFs could also threaten the security of supply for a nation's armed forces.
A sovereign investor controlling a defence manufacturer could stop the company from producing some military equipment for commercial or political considerations.
After the controversial investment by the Russian bank in EADS in 2006, such concerns led to calls in Berlin for stronger protection against foreign investors. The German government even considered introducing golden shares - able to outvote all others - in the European aerospace group.
Sovereign groups have focused their European investments in the financial sector and are limited players in aerospace and defence industries.
But for the moment, European governments do not need additional legal safeguards to protect their defence industries against sovereign investors.
The specific mechanisms in place vary across EU member states but all European countries with large defence industries can already prevent investments considered detrimental to their national security - be it through golden shares, ceilings on foreign shareholdings or ministerial committees that oversee foreign bids, similar to the US committee on foreign investment.
If anything, some European governments maintain excessive controls on foreign investment, unnecessarily restricting the ability of their defence companies to access capital.
In France, one of the most closed countries to foreign ownership in Europe, not only is the state a significant shareholder in several large defence companies but it also resorts extensively to golden shares, strict shareholding agreements and ministerial committees to regulate foreign investments.
In addition, in the unlikely event that an unwelcome investor managed to take control of a defence company despite government controls, the state could make it impossible for the company to operate. It could refuse to grant export licences to the company or buy the military equipment it produced.
European states have often discouraged acquisitions within their defence industries by other European defence manufacturers - mostly to the benefit of their national producers.
In light of such a cautious attitude, it is highly unlikely that a hostile investor from Russia or the Middle East would succeed where companies based in neighbouring EU countries had failed.
So while remaining vigilant, governments and defence firms should be open to sovereign investments in principle.
But while national rules are sufficient to control foreign investments in today's European defence industry they will be less effective once governments take further steps to integrate their defence markets.
For years, EU member-states have acknowledged that their fragmented national industrial bases are too small to sustain and they have committed to liberalise their markets. So far, governments have been slow to deliver on that objective.
But as the cost of defence equipment spirals upwards and budgets continue to shrink, the pressure on member states to open defence markets will grow.
If pan-European supply chains develop, EU countries will become increasingly reliant on defence companies based in other member states to provide them with parts or finished military equipment. The German army might rely on radios produced by a company in Sweden and deployed German troops could be put at risk if the owners of a Swedish defence company decided to stop producing such equipment.
When EU member states move to an integrated European defence market, they should introduce a co-ordinated system to monitor foreign investment in the defence sector across the EU.
European governments should create a common investigative committee that would oversee foreign bids and block any that could pose a risk to the security interests of any EU member state. The membership of the committee ought to include representatives from the different EU countries with large defence industries.
Such a system would increase transparency and simplify procedures for investors. It would also help to give EU member states stronger guarantees on their security of supply.
Clara Marina O'Donnell is a research fellow at the Centre for European Reform
* Yale Centre for the Study of Globalisation
Company%20Profile
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JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MADAME%20WEB
%3Cp%3EDirector%3A%20S.J.%20Clarkson%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dakota%20Johnson%2C%20Tahar%20Rahim%2C%20Sydney%20Sweeney%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
COMPANY%20PROFILE
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Company%20profile
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Superliminal%20
%3Cp%3EDeveloper%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EPublisher%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EConsole%3A%20PlayStation%204%26amp%3B5%2C%20Xbox%20Series%20One%20%26amp%3B%20X%2FS%2C%20Nintendo%20Switch%2C%20PC%20and%20Mac%0D%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
UAE%20SQUAD
%3Cp%3E%0D%3Cstrong%3EMen%3A%3C%2Fstrong%3E%20Saif%20Al%20Zaabi%2C%20Salem%20Al%20Marzooqi%2C%20Zayed%20Al%20Ansaari%2C%20Saud%20Abdulaziz%20Rahmatalla%2C%20Adel%20Shanbih%2C%20Ahmed%20Khamis%20Al%20Blooshi%2C%20Abdalla%20Al%20Naqbi%2C%20Khaled%20Al%20Hammadi%2C%20Mohammed%20Khamis%20Khalaf%2C%20Mohammad%20Fahad%2C%20Abdulla%20Al%20Arimi.%0D%3Cbr%3E%3Cstrong%3EWomen%3A%3C%2Fstrong%3E%20Mozah%20Al%20Zeyoudi%2C%20Haifa%20Al%20Naqbi%2C%20Ayesha%20Al%20Mutaiwei.%3C%2Fp%3E%0A
COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
