Saudi Arabia' sovereign wealth fund, the Public Investment Fund, has said it will buy a 23.97 per cent stake in Jordan's Capital Bank Group in a $185 million deal aimed at increasing the lender's capital.
The two parties signed a subscription agreement that would give PIF 63 million new shares in Capital Bank, one of the leading financial institutions in the country, according to a joint statement.
“The deal aims to increase the group’s capital, thereby raising its total shareholders’ equity to around $846m, and bolstering the group's ability to execute its strategy and expand its business through introducing new services and products in Jordan, Saudi Arabia, Iraq and other markets where it operates,” the statement said.
Proceeds from the deal will help the bank to grow its investment arm and support its digital transformation plans, including the launch of digital banks.
The transaction is also in line with PIF's strategy to explore new investment opportunities in the Mena region, it said.
The $620 billion wealth fund is investing domestically to help the kingdom diversify its economy and is broadening its international portfolio to generate income beyond the oil sector.
In February, PIF said it opened three new subsidiary offices in London, New York and Hong Kong, as it looks to expand its international footprint.
PIF’s international expansion comes as part of its five-year strategy to grow its assets under management to $1.07 trillion by the end of 2025, while continuing to create new sectors, companies and jobs.
The fund's latest investment highlights Capital Bank's growth prospects, given its solid position in terms of equity, the statement said.
The group has built a strong financial and credit position following its acquisition of the assets and branches of Bank Audi in Jordan and Iraq, as well as Societe Generale in the kingdom in less than a year, it said.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
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Fuel economy, combined: 7.0L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
