Alpha Dhabi, a subsidiary of Abu Dhabi's International Holding Company, has acquired a stake in European luxury lifestyle group Nammos, boosting its portfolio in the hospitality and food and beverage industry.
The deal was completed through a joint venture with Dubai's Monterock International.
The partnership is expected to support the global expansion plans of Nammos, as well as boost the UAE's lifestyle and luxury hospitality sectors, Alpha Dhabi said on Thursday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The terms and value of the deal were not disclosed.
The acquisition continues Alpha Dhabi's run of sustained expansion and investment opportunities, which are driving new revenue streams and creating greater shareholder value, said Hamad Al Ameri, the holding company's chief executive and managing director of Alpha Dhabi.
“We see strong potential for the expansion of our platform into the F&B and wider lifestyle space, both of which are markets with strong fundamentals globally driven by the return to travel and leisure post-Covid-19,” he said.
“Our expansion into this space confirms of our ambition to assemble a portfolio of leading luxury and lifestyle brands and we are excited to embark on this journey with Monterock.”
Nammos counts its Dubai location — which opened in 2019 — among its flagship venues, alongside Mykonos in Greece.
It already has venues in Doha and Limassol, according to its website, and will open locations in Abu Dhabi, Cannes and London “soon”, the bourse filing said.
Alpha Dhabi's long-term investment and global expansion strategy is aimed at diversifying its portfolio to deliver strong investor returns, and the company has forged a number of acquisition to realise its goals.
Among its most recent and notable moves are increasing its stake in Aldar Properties to become the parent company of the Abu Dhabi-based developer, and the acquisition of a 25 per cent stake in oil and gas engineering company Gordon Technologies for Dh602 million ($164 million).
Meanwhile, luxury destinations are among the attractions of the UAE's tourism sector, a vital pillar of the nation's economy.
Last month, the government announced a national tourism strategy that seeks to attract 40 million hotel guests by 2031 and draw Dh100 billion in tourism investment to the Emirates.
Dubai welcomed about 8.1 million international visitors in the first seven months of 2022, an increase of about threefold from a year ago and surpassing the total for 2021, Dubai Economy and Tourism said in September.
The emirate, whose tourism sector has recovered significantly in the post-Covid era, hosted 7.28 million visitors in 2021.
Alpha Dhabi and Monterock will continue to explore more investment opportunities beyond the F&B sector, with both companies seeking to build a bigger portfolio to put them at the forefront of lifestyle, luxury, hospitality and entertainment projects, the filing said.
Petros Stathis, chairman of Monterock International, said the joint venture would position the business for increased growth in the coming years and “we look forward to working together with Alpha Dhabi Holding as we begin our journey to create the world’s leading hospitality and F&B projects”.
The joint venture intends to explore further opportunities through the newly set up F&B business line as it seeks to increase its allocation across the sector and aspires to be the partner of choice to leading lifestyle and F&B brands.
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate. It was listed on the ADX in June 2021, and has been on an expansion spree since then, tapping into a number of industries, including Elon Musk's SpaceX.
In October, the company reported a Dh6.79 billion net profit for the first nine months of 2022, a more than threefold jump compared with a year ago, with revenue more than doubling during the period.
Monterock, a private equity holding company, has more than 25 years of experience in key global markets and is also involved in media, property, finance, industrial technology and the green energy sectors.
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Stars: Kevin Hart
3/5 stars
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
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- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
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Paris%20Agreement
%3Cp%3EArticle%2014%3C%2Fp%3E%0A%3Cp%3E1.%20%5BThe%20Cop%5D%20shall%20periodically%20take%20stock%20of%20the%20implementation%20of%20this%20Agreement%20to%20assess%20the%20collective%20progress%20towards%20achieving%20the%20purpose%20of%20this%20Agreement%20and%20its%20long-term%20goals%20(referred%20to%20as%20the%20%22global%20stocktake%22)%3C%2Fp%3E%0A%3Cp%3E2.%20%5BThe%20Cop%5D%20shall%20undertake%20its%20first%20global%20stocktake%20in%202023%20and%20every%20five%20years%20thereafter%C2%A0%3C%2Fp%3E%0A
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
