Kuwait's Public Investment Authority (PIA) has sold its shares in French energy company Areva at a steep loss, nearly seven years after first investing in the company, Kuwait's official news agency, KUNA, reported.
The sovereign wealth fund, which manages money for the future welfare of Kuwait's citizens, said it sold its 4.8 per cent stake for €83 million (Dh359m), adding that it was keen to diversify investments without being affected by losses in a single investment. The PIA said it bought a 4.8 per cent stake in Areva in December 2010 for €600m and started selling down its stake starting from 2014.
The fund reached a deal with the French government to sell it its stake as trading in the shares of the company are not that liquid.
It said the losses in Areva, which specializes in nuclear power and renewable energy, were due to the tsunami that hit Japan in 2011 and which destroyed the Fukushima nuclear reactor. After that disaster, nuclear shares steadily lost their value and the sovereign wealth fund decided to sell the shares.
The PIA said it had booked profits of more than 45.2 billion Kuwaiti dinars (Dh549bn) between 2010-2011 to 2016-2017, the period that it held the shares.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
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UAE ILT20
Marquee players:
Moeen Ali, Andre Russell, Dawid Malan, Wanindu Hasiranga, Sunil Narine, Evin Lewis, Colin Munro, Fabien Allen, Sam Billings, Tom Curran, Alex Hales, Dushmantha Chameera, Shimron Hetmyer, Akeal Hosein, Chris Jordan, Tom Banton, Sandeep Lamichhane, Chris Lynn, Rovman Powell, Bhanuka Rajapaksa, Mujeeb Ul Rahman
International players:
Lahiru Kumara, Seekugge Prassanna, Charith Asalanka, Colin Ingram, Paul Stirling, Kennar Lewis, Ali Khan, Brandon Glover, Ravi Rampaul, Raymon Reifer, Isuru Udana, Blessing Muzarabani, Niroshan Dickwella, Hazaratullah Zazai, Frederick Klassen, Sikandar Raja, George Munsey, Dan Lawrence, Dominic Drakes, Jamie Overton, Liam Dawson, David Wiese, Qais Ahmed, Richard Gleeson, James Vince, Noor Ahmed, Rahmanullah Gurbaz, Navin Ul Haq, Sherfane Rutherford, Saqib Mahmood, Ben Duckett, Benny Howell, Ruben Trumpelman
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
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Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
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Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
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Arsenal win 5-4 on penalties
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Director:+Lee+Isaac+Chung
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The 100 Best Novels in Translation
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Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Explained
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.