The Egyptian billionaire Naguib Sawiris has made an audacious US$500 million (Dh1.83 billion) offer to buy a Canadian gold mining company.
The move comes amid growing market talk of a resurgence in the price of the yellow metal.
The businessman, based in Cairo, plans to buy the Montreal mining group La Mancha Resources in what analysts said marked a radical departure in his investment strategy.
Mr Sawiris, the head of one of Egypt's richest families, confirmed the deal was in progress but declined to comment further because the transaction has not yet completed.
La Mancha has a "geographically diverse portfolio of assets offering exposure to growth", he said.
Shares in La Mancha jumped by 52.44 per cent after the deal was announced on Friday, closing at C$3.43. That is below Mr Sawiris' offer to acquire La Mancha for C$3.50 per share, which was accepted by the company's board.
The planned acquisition of the gold miner has been put forward through the firm Weather Investments II, which is managed by Mr Sawiris. La Mancha, which is listed on the Toronto Stock Exchange, operates four gold mines in Africa and Australia.
Ibrahim Masood, a senior investment officer for asset management at Mashreq, said gold had proved to be a stable long-term investment over the past decade.
"It has had an amazing 10-year run," he said. Despite a drop in the gold market this month, a report issued yesterday by Emirates NBD pointed to a recovery late last week.
"Strong buying emerged [partially in sympathy with silver], which puts gold back on the road to recovery," the UAE bank said in its Precious Metals Report.
Gold prices have declined by about 1.4 per cent this month but rose on Friday in a spell of positive trading attributed to good economic growth signals in China.
Mr Sawiris is the founder of Orascom Telecom Holding and his family has other interests in construction, fertilizers, cement and hotels. He had reportedly been looking to reinvest in the telecommunications business, having sold his stake in the Tunisian operator Tunisiana, and agreed a merger with Russia's VimpelCom over much of his Orascom assets.
Gold mining marks "quite a departure" in his investment strategy, said Mr Masood.
"This is a completely new playing field for him," he said.
"I'm struggling to figure out where it fits into his overall plan. It doesn't reflect very well on the outlook for telcos globally. One would assume that would be his first point of interest."
Mr Sawiris is ranked by Forbes as Egypt's second-richest person, with a net worth of $3.1bn. His brother Nassef, who runs Orascom Construction Industries, is listed as Egypt's richest, with a fortune of $5.1bn.
[ bflanagan@thenational.ae ]
twitter: Follow and share our breaking business news. Follow us
iPad users can read the digital edition of business section as it was printed via our e-reader app. Click here
More on Turkey's Syria offence
Afro salons
For women:
Sisu Hair Salon, Jumeirah 1, Dubai
Boho Salon, Al Barsha South, Dubai
Moonlight, Al Falah Street, Abu Dhabi
For men:
MK Barbershop, Dar Al Wasl Mall, Dubai
Regency Saloon, Al Zahiyah, Abu Dhabi
Uptown Barbershop, Al Nasseriya, Sharjah
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Abu Dhabi GP starting grid
1 Lewis Hamilton (Mercedes)
2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
16 Brendon Hartley (Toro Rosso)
17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
20 Lance Stroll (Williams)
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
Racecard
5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m
6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m
6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m
7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m
7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m
8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m
8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m
10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)