Abu Dhabi’s Mubadala Investment Company and France’s national investment bank Bpifrance signed an agreement to launch a new co-investment partnership focused on African private equity.
As part of the deal, two companies will deploy up to €350 million ($416m) through fund and direct investments in private equity and venture capital, with a focus on high-growth African start-ups, small and medium enterprises and mid-market companies.
“Over the years, we have developed a strong relationship with Bpifrance and have successfully invested or committed approximately €1.5 billion in more than 15 investments in France,” Waleed Al Muhairi, deputy group chief executive of Mubadala, said. “We are excited to extend this partnership into Africa, a market which we believe has significant untapped potential, and to invest alongside them in high-growth companies.”
The initiative comes after France and the UAE committed, alongside 45 other countries and institutions, to work collectively towards a post-Covid economic recovery in Africa, including through tailored support for entrepreneurs and SMEs, as part of the Summit on the Financing of African Economies held in May.
Bpifrance has been investing in Africa for over 20 years through Averroès, a dedicated fund of funds programme. Averroès includes a portfolio of 21 private equity and venture capital funds as well as over 150 underlying companies based out of 40 African countries. It recently launched a fourth fund of funds, Averroès Africa, with a target size of €100m.
Bpifrance and Mubadala have built a strong relationship since the launch of the French Emirati Fund in 2014 and the Innovation Partnership in 2017, with about €1 billion of joint investments in French companies as well as a €1bn commitment by Mubadala into Bpifrance’s flagship Lac1 Fund dedicated to listed French multinationals.
“We are more convinced than ever of the tremendous potential of Africa’s private sector and of the pivotal role that African private equity will play in uncovering and empowering industrial and tech champions throughout the continent,” Nicolas Dufourcq, chief executive of Bpifrance, said.
With a $243bn portfolio spanning six continents, Mubadala has interests in a range of sectors from aerospace and healthcare to real estate, technology, utilities and oil and gas.
The sovereign fund has been boosting its investments across the globe and announced a number of deals this year. Earlier this month, it bought a 2.6 per cent stake in Russia’s En+, a low-carbon aluminium and hydropower producer. It also took a stake in Saudi Aramco’s pipeline venture named Aramco Oil Pipelines.
Its other recent investments include a 60 per cent stake in the UAE based United Eastern Medical Services as well as Germany’s ophthalmic lens manufacturer Rodenstock group.
In March, Mubadala agreed to plough £800 million in Britain's life sciences industry over the next five years, as part of £1bn deal between the UK and the UAE.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Zayed Sustainability Prize
