Saudi Arabia’s Kingdom Holding invested more than 4.73 billion Saudi riyals ($1.3bn) in the first half of this year in global equities including $500 million in Russian energy companies as it continues to expand its portfolio of equity investments.
The investment holding company that is majority owned by Saudi Arabia's Prince Alwaleed bin Talal, invested in Russian companies Gazprom, Rosneft and Lukoil, according to a regulatory filing to Saudi Arabia’s Tadawul stock exchange, where its shares are traded.
Kingdom Holding acquired depositary receipts issued by Gazprom and Rosneft worth about 1.37bn riyals and 196m riyals in February. It invested about 410m riyals in Lukoil’s depositary receipts in February and March, according to the bourse filing.
Most western companies and financial institutions have left the Russian market in response to its military offensive in Ukraine on February 24. The value of depositary receipts of Russian oil and gas companies have declined sharply following severe restrictions on energy exports from Russia.
Kingdom Holding did not say if it still holds investments in the three Russian energy companies.
The company’s other major equity investments this year include more than 827m riyals in Phoenix Group and 831m riyals in M & and 187.5m riyals in Liberty Strategic Capital.
Kingdom Holding has invested more than 12.81bn riyals in global equities and depositary receipts since 2020. The largest investment, valued at 2.5bn riyals, was in Spain’s Telefonica in 2020.
Over the past three years, the company has invested across sectors, taking or boosting stakes in companies including Lyft, BlackRock Capital, French energy major TotalEnergies, Uber and Chinese companies Alibaba, Baidu Tencent, Didi and JD.com, according to the bourse filing.
Kingdom Holding’s business interests span sectors from aviation to education, banking and finance, industry, health care, real estate, petrochemicals and private equity. The company, which reported total investments of more than 36bn riyals and assets of 50.82bn riyals at the end of last year, is known for its high profile investments.
It also holds stakes in social media giant Twitter, UAE-based ride-hailing company Careem, hospitality majors Accor, Four Seasons and Savoy, and global banking giant Citigroup among others.
The company has delivered 25 per cent return on its real estate investments and 31 per cent return on its technology investments in the past five years, according to its website.
Earlier this year, Kingdom Holding completed an 8.29bn riyal deal to sell half of its stake in Four Seasons. The company retained a 23.75 per cent stake in the hotels and resorts operator after the deal.
In May, Kingdom Holding sold a 16.87 per cent stake to the Public Investment Fund, the country’s sovereign wealth fund, in a deal valued at $1.5bn.
The company sold 625 million shares to PIF at a price of 9.09 riyals each. Following the deal, Prince Alwaleed controls a 78.13 per cent stake in Kingdom Holding, the company said at the time.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
