International Resources Holding (IRH), a unit of International Holding Company (IHC), has entered into a definitive agreement to buy a majority stake in the Democratic Republic of Congo’s tin producer Alphamin Resources for $367 million as the Abu Dhabi-based company continues to expand its presence in Africa.
As part of the agreement, IRH, through a wholly owned subsidiary, is buying a 56 per cent stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share, or about $367 million, the two companies said in a statement on Wednesday.
Alphamin, which is listed on Canada’s TSX Venture Exchange and the Johannesburg Stock Exchange, is one of the world's largest producers of tin that is used in electronics, manufacturing, and industrial applications.
“This acquisition strengthens IRH's position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio,” the companies said.
IRH is part of 2PointZero, which was set up by IHC last year, with more than Dh100 billion ($27.2 billion) in assets.
The company has been expanding its operations globally, with a focus on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite.
Last year, IRH completed the acquisition of Mopani Copper Mines in Zambia, to expand its operations in the mining sector, for $1.1 billion. It also signed a joint venture agreement for mineral exploration ion Balochistan province of Pakistan in March.
Its other agreements include a collaboration with South Africa’s Public Investment Corporation, with a focus on unlocking value across the mining, green energy and transport and logistics sectors.
"Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential,” Ali Alrashdi, chief executive of IRH, said.
IHC, the largest listed company in the UAE, is on an acquisition spree. The conglomerate aims to double its asset base to Dh800 billion and hit the Dh200 billion annual revenue mark by the end of the decade, its chief executive Syed Basar Shueb told The National in an interview last month.
The UAE, the Arab world's second-largest economy, accounts for 60 per cent of IHC's Dh416.5 billion asset base as of the first quarter this year, while the rest is spread across the region and the markets beyond.
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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.”
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
