Investcorp, an alternative asset manager with Mubadala Investment Company as its biggest shareholder, has agreed to buy US-based Marble Point Credit Management as the company continues to expand its global portfolio.
Marble Point, owned by US credit investor Eagle Point Credit Management, is a specialist asset manager focused exclusively on managing CLOs (collateralised loan obligation) and portfolios of broadly syndicated leveraged loans. It manages assets worth $7.8 billion.
Investcorp did not disclose financial details of the transaction, however the Financial Times reported the Bahrain-based asset manager is buying Marble Point for about $200 million.
CLOs are corporate loans taken out by private equity firms to conduct leveraged buy-outs.
“The proposed acquisition of Marble Point is a significant milestone in Investcorp’s 40-year journey of growth through diversification, geographic expansion and building scale,” said Mohammed Alardhi, executive chairman of Investcorp.
“With $50 billion in total firm assets under management after completion of this acquisition, Investcorp is well poised for the next phase of its evolution and development.”
Last month, the company led an investment totalling 5.4 billion Indian rupees ($67 million) in Global Dental Services, Asia’s largest dental chain and one of the top 15 dental services organisations in the world.
It also bought a majority stake in fresh produce distributor Sunrise Produce in the US to expand its presence in the world’s largest economy.
Marble Point's “acquisition reaffirms our commitment to continue to grow and expand Investcorp’s credit management platform and be a leading global provider of an array of credit-focused products and solutions to our clients”, said Rishi Kapoor, co-chief executive of Investcorp.
The transaction is expected to close in the first quarter of 2023, subject to regulatory requirements and closing conditions, Investcorp said, without providing financial details of the deal.
Once the deal is closed, Marble Point will be combined with Investcorp Credit Management, a global credit platform with $14.2 billion in assets under management and an 18-year history of investing in credit markets worldwide.
The combined platform will manage $22 billion in assets and rank among the top 15 CLO managers globally by assets under management, according to the company.
“Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants,” said Corey Geis, who will serve as director of capital markets, head trader and portfolio manager at Investcorp.
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The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
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
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The five pillars of Islam
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
