Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, is investing Dh1 billion ($272.3 million) in Abu Dhabi Chemicals Derivatives Company, known as Ta’ziz, as part of its expansion drive.
The investment complements the company’s “strategic diversification” across selected sectors, as Ta’ziz is active in Alpha Dhabi’s core businesses of agriculture, energy, healthcare, pharmaceuticals, construction and heavy transport and chemical industry sectors, it said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
“Ta’ziz and its operations in the UAE represent an excellent investment opportunity for Alpha Dhabi Holding,” said Hamad Al Ameri, managing director and chief executive of Alpha Dhabi.
“We foresee our relationship developing into a long-term contributor not only to the nation’s economy, but to the regional and global competitiveness of Alpha Dhabi Holding, Abu Dhabi and the UAE.”
Alpha Dhabi is among eight UAE-based investors that signed an agreement with Ta’ziz to take up to a 20 per cent stake in a portfolio of projects worth Dh15bn in its Industrial Chemicals Zone in Ruwais.
The local investors are taking up the stakes alongside Abu Dhabi National Oil Company, ADQ, and other global strategic partners. The deal also marks the first domestic public-private partnership in Abu Dhabi’s downstream and petrochemicals sector, Adnoc said in a statement last week.
Al Dhafra Co-operative Society, Al Nasser Holdings, Arab Development Establishment, Buhairan Limited Company, Capital Investment, Mazrui International and Mazrui Energy Services and Riverside Investments are the other investors investing in the emirate’s downstream sector.
Ta’ziz is an industrial services and logistics company that enables and supports growth of the Ruwais Industrial Complex and fulfils Abu Dhabi’s downstream, chemical and petrochemical requirements across industrial sectors.
The Ta'ziz Industrial Chemical Zone projects are currently in the design phase and are expected to start operations in 2025.
The chemicals sector is an integral part of the UAE's Operation 300bn, which aims to raise the contribution of the country's industrial sector to its gross domestic product to Dh300bn by 2031.
Last week, Alpha Dhabi said it will invest Dh8bn across various sectors as part of its expansion strategy to boost growth.
The company is targeting investments in real estate, hospitality, healthcare, petrochemicals and “other promising sectors” in the UAE and outside the country, it said in a statement.
“We believe that a carefully administered investment ... will help fulfil our responsibility to shareholders, adding value by expanding our diverse portfolio,” Mr Al Ameri said at the time.
Alpha Dhabi, which has a market value of Dh256.8bn and was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions this year.
Earlier this year, it acquired the entire share capital of Murban, a company with investments in the hospitality, facility management services and oil and gas services sectors and a 70 per cent stake in Mawarid Holding Investment, which is engaged in Sharia-compliant financing and investing activities through Aafaq Islamic Finance.
Alpha Dhabi also holds a 12 per cent stake in Aldar, Abu Dhabi’s biggest property developer, a 65.11 per cent stake in National Marine Dredging Company and 40 per cent of Response Plus Medical, which is involved in management of ambulance services and home health services.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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.”
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
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T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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More on Quran memorisation:
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
