Mubadala, which invests on behalf of Abu Dhabi, has shifted focus on strategic investments in Asia in recent years. Pawan Singh/The National.
Mubadala, which invests on behalf of Abu Dhabi, has shifted focus on strategic investments in Asia in recent years. Pawan Singh/The National.

Mubadala boosts Asia assets with joint investment in UCB Pharma’s China unit



Mubadala Investment Company, Abu Dhabi’s strategic investment arm, and Asia's largest healthcare-focused manager CBC Group have jointly acquired UCB Pharma's unit in China.

The deal aimed at expanding Mubadala’s healthcare and life-sciences portfolio will give the partners control over “the carve-out of UCB Pharma’s mature business in China”, Mubadala said in a statement on Monday.

The Belgium-headquartered biopharmaceutical company UCB’s business in China is among market leaders in the country’s immunology, neurology and rare disease market, and is poised for significant growth.

The acquisition includes UCB’s neurology and allergy portfolios in Mainland China, as well as the company’s Zhuhai manufacturing site, Mubadala said.

The transaction remains subject to required antitrust clearance and other customary conditions, and is expected to be finalised in the fourth quarter of this year, the company said.

Mubadala will “support the next phase of UCB’s platform as it scales to a leading entity in China and delivers transformative medicines to the markets,” Mohamed Albadr, head of China at Mubadala, said.

“The company’s dedication to clinical excellence and innovation aligns with our commitment to enhancing access to care and growth in the healthcare system.”

Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil. Its interests span six continents and includes the aerospace, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals sectors.

In recent years, it has pivoted to life sciences and pharmaceutical investments and has also expanded its healthcare portfolio at a brisk pace.

The latest investment in UCB Pharma’s China business is also in line with Mubadala’s vision to expand its footprint across Asia through selective investment across sectors with strong growth potential.

“Healthcare, and specifically pharma carve-outs, are at the forefront of this investment strategy,” Mubadala said.

Additionally, the strategic collaboration with CBC Group, also reflects its commitment to establishing dedicated platforms to target and serve unmet needs in China and the broader Asia healthcare markets.

“CNS is a large and growing therapeutic area in China that has an urgent clinical need. We look forward to building out a broader CNS-focused platform to benefit the China market,” said Mina Hamoodi, head of healthcare at Mubadala.

With assets in excess of Dh1.11 trillion ($302.2 billion), Mubadala is also focusing on expanding its life sciences and healthcare portfolio at home.

In March, Mubadala said it is acquiring emerging markets-focused speciality pharmaceutical company Kelix bio in a push to further develop the UAE’s life sciences ecosystem.

Mubadala entered into a definitive agreement to acquire the company from a consortium of investors, including Development Partners International, British International Investment and the European Bank for Reconstruction and Development, the company said at the time.

Last year, Mubadala and artificial intelligence company G42 launched M42, a “tech-enabled” healthcare company designed to advance medical research and capabilities in the UAE.

The company has a broad portfolio of assets including Amana Healthcare, Biogenix Labs, Danat Al Emarat, HealthPoint Hospital, the HealthPlus network of speciality centres, Moorfields Eye Hospital Abu Dhabi, Imperial College London Diabetes Centre, Insights Research Organisation & Solutions, the Omics Centre of Excellence and the National Reference Laboratory.

In January last year, Mubadala and technology-focused manufacturing company National Resilience signed a deal to establish a new biopharma manufacturing facility in the UAE.

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Name: ARDH Collective
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Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

German intelligence warnings
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  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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Updated: August 26, 2024, 10:34 AM