Masharie, the private equity subsidiary of Dubai Investments, divested its 50 per cent stake in Drive Dubai (Dubai International Driving Centre) for Dh35 million, as it adapts its portfolio in line with longer-term growth plans.
The stake sale to unnamed investors generated an internal rate of return of 21 per cent, Dubai Investments said in a statement on Sunday to the Dubai Financial Market (DFM) stock exchange, where its shares are listed.
Masharie was one of the founding partners of Drive Dubai, now one of the biggest driving centres in the emirate, in December 2012.
The company owns an 850,000 square feet training facility in the Dubai Investments Park free zone, in partnership with local auto companies UAE Belhasa International Group and Saif Belhasa Group.
“Dubai Investments invested in Drive Dubai six years back, amid massive growth potential and demand for a comprehensive driving school within DIP,” said Khalid Bin Kalban, managing director and chief executive of Dubai Investments.
“Drive Dubai has grown phenomenally over the years, and it was a profitable exit for Dubai Investments."
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Read more:
Dubai Investments to IPO at least 30 per cent of Emicool
Dubai Investments buys 50% stake in Emicool for Dh500m
Masharie plans $190m spree
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Dubai Investments is on track with its strategy to “diligently adapt its portfolio and business verticals, with a clear focus on enhancing its investments in specific sectors”, Mr Bin Kalban added.
Dubai Investments is a diversified company in which sovereign wealth fund Investment Corporation of Dubai has an 11.54 per cent stake.
Masharie’s portfolio spans nine subsidiaries in sectors including aluminium extrusion, architectural aluminium designs, interior fit-outs, switchgears, lighting fixtures and laboratory furniture.
Yuki Means Happiness
Alison Jean Lester
John Murray
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Super Bowl LIII schedule
What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
