Apollo Global Management's $5.5 billion (Dh20.2bn) investment in Abu Dhabi National Oil Company's property portfolio might be its first with the state oil company, but is certainly not its first in the UAE – nor is it likely to be its last.
“We’re attracted to the UAE because it is a very stable, safe place to invest with one of the highest sovereign credit ratings in the world and a structurally sound economy in a region where we have deep relationships,” Apollo’s chairman and chief executive Leon Black said in an interview with Sky News Arabia.
The alternative asset manager has had a relationship with Abu Dhabi Investment Authority, which has been an investor in Apollo’s management company, since 2007.
In July, a deal was also agreed with Abu Dhabi’s strategic investment company, Mubadala Investment Company, to set up a deal origination platform that will provide up to $12bn in direct lending to corporate borrowers over the next three years.
Abu Dhabi Investment Council has also been an investor in Athene Holding, a pensions and investment business in which Apollo is the biggest single shareholder. Athene has participated in Apollo’s deal, which involves taking a minority stake in a new company that will lease a portfolio of properties and social infrastructure back to Adnoc for 24 years. Adnoc will retain the majority stake and full control over the assets held by the leasing company.
“Adic helped Athene, which is now a company with over $180bn in assets. So now Athene has come back full circle to turn around and make an investment back in the UAE,” Mr Black said.
Apollo was co-founded by Mr Black, Josh Harris and Marc Rowan in 1990. It has grown into one of the world’s largest alternative asset managers, with $413bn of assets under management (AUMs) as of June 30.
AUMs have grown by a compound average rate of 21 per cent over the past five years, mainly due to the rapid expansion of its credit business, which represents about 73 per cent of total assets, or just over $300bn.
Alternative assets are investment classes such as private equity, private credit, hedge funds, infrastructure and real estate, as opposed to conventional assets such as shares and bonds.
The company made a net profit to shareholders of $437m during the second quarter on revenue of $1.5bn.
Mr Black praised the UAE’s handling of the Covid-19 pandemic, which he said would continue to drive “volatility” in global markets in the short term, but could provide opportunities for investments that drive innovation over the longer term.
“The UAE also is an extremely robust economy and has one of the lowest debt-to-GDP ratios in the world. And it’s a nation focused on long term investment for its future,” Mr Black said.
“All of these criteria make it an exciting and safe place to invest. It’s also the reason why we’re very optimistic about the economy in the UAE and that we hope, because of that, we’re able to participate in future potential opportunities in addition to the one we’ve just closed.”
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh