Dubai’s ICD says to buy stake in Corporación América Airports subsidiary



Investment Corporation of Dubai, the emirate’s sovereign wealth fund, has agreed to buy 25 per cent of Corporación America Italia, a unit of New York-listed Corporación América Airports, the world’s largest private airport operator, for an undisclosed sum.

“The purchase of shares in CAI gives ICD access to Toscana Aeroporti, an established, well-performing airport group in a mature economy with development potential,” said ICD chief executive Mohammed Al Shaibani in a statement.

CAI is the controlling entity of Toscana Aeroporti, a publicly-traded Italian company that holds and manages the concessions for Florence and Pisa airports in Italy.

ICD also signed an agreement with Corporación América Airports to explore new airport opportunities in the Middle East, Eastern Europe and Italy, it said.

ICD's portfolio includes stakes in companies such as Emirates Airline, the world's biggest wide-aircraft carrier, and Emirates NBD bank, Dubai's biggest bank. The fund's assets at the end of last year reached a record Dh844.3 billion, a 9.7 per cent increase from 2016.

Since its initial public offering in February, Buenos Aires-based Caap acquired an additional 11 per cent ownership stake in Toscana Aeroporti, increasing its stake to approximately 62 per cent from 51 per cent, the parties said.

ICD’s acquisition of a stake in the Caap subsidiary is expected to conclude by August 31, subject to terms and conditions.

Following the closing of the deal, Caap will have a 75 per cent share ownership of CAI. Caap operates 52 airports in seven countries across Latin America and Europe, and served 76.6 million passengers in 2017, it said.

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“The establishment of a partnership with Caap offers exciting opportunities to collaborate with a proven, world-class infrastructure investor and operator in new markets, in line with our strategy to diversify our portfolio,” said Mr Al Shaibani.

This partnership provides “a foundation to identify and develop new opportunities in the airport sector, while maintaining our focus on delivering on our growth strategy in other key markets, primarily Argentina and Brazil,” added Martin Eurnekian, chief executive of Corporación América Airports.

The memorandum of understanding aims to help the parties capitalise in future on Caap’s management capabilities and knowledge of the airport industry, and ICD’s access to financing and the capital markets.

ICD reported a 12.4 per cent rise in 2017 net income to Dh20.2bn due to record revenues from a turnaround in the transportation business and higher bank income.

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

The biog

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Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

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Buy tickets at: wbworldabudhabi.com/en/tickets

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

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Dunbar
Edward St Aubyn
Hogarth

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

The years Ramadan fell in May

1987

1954

1921

1888

First Person
Richard Flanagan
Chatto & Windus 

UAE currency: the story behind the money in your pockets
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Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)

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Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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