Abu Dhabi's Al Qudra Holding to allow 30% foreign ownership of shares

Abu Dhabi-listed company Al Qudra Holding is permitting non-Emiratis to own a maximum of 30 per cent of its capital as it seeks to further diversify its holdings and shareholder base.

The decision to permit foreign ownership of its shares was passed in the company's general assembly meeting on December 12 and necessary approvals were secured, Al Qudra said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

Non-Emiratis have already begun trading in Al Qudra shares following the receipt of approvals, the statement added.

The company plans to expand its operations and tender for projects worth Dh20 billion ($5.4bn), Sheikh Abdulla bin Mohamed bin Butti Al Hamed, chairman of Al Qudra Holding, said.

“Over the past few months, the Board of Directors has been focusing on enhancing the company’s capabilities, expanding its operations and diversifying its portfolio through acquisitions and launching new projects in various sectors. Such efforts are in line with an ambitious strategic plan that aims to put Al Qudra Holding at the forefront of the UAE’s investment sector,” the company said.

Al Qudra Holding operates across sectors including real estate, services, hospitality and diversified investments, and has 12 subsidiaries.

The group has built a large portfolio since it began operations in 2005, including Manarah Bay, a multi-use project spanning about 52,000 square metres in Abu Dhabi, and Barary Ain Al Fayda Development in Al Ain, which includes 2,500 residential units.

Last month, Al Qudra Holding completed the acquisition of Tamouh Investments from International Holding Company with consideration of mandatory convertible bonds worth Dh2.24bn, which will be converted into issued share capital of AI Qudra. The deal increased Al Qudra’s capital to Dh5.5bn.

Tamouh Investments is a primary developer of key projects in Abu Dhabi, including Marina Square, City of Lights, Fantasy Island and the Royal Group headquarters.

Earlier this week, Alpha Dhabi said it had acquired a 25.24 per cent stake in Al Qudra as part of its broader strategic investment plan.

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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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Translated by Arunava Sinha
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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.”

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BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

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