Bahrain-based asset manager Investcorp Capital has begun trading on the Abu Dhabi Securities Exchange following an initial public offering that raised Dh1.66 billion ($451 million).
Shares of the company, a unit of Mubadala Investment Company-backed Investcorp, rose as much as 4.34 per cent to hit Dh2.40 on Thursday, before retreating to Dh2.24 in midday trading.
Investcorp, which recorded strong demand from local and international investors for the IPO, increased the number of shares on offer to 720 million ordinary shares, or 32.85 per cent of the company's total issued share capital, up from the initial offer of 29.34 per cent.
They were priced at the top end of the range at Dh2.30 a share.
The offering, comprising 321.5 million new shares and 398.5 million existing shares, was fully subscribed and allocated.
The IPO gave the company a market capitalisation of about Dh5.04 billion.
The company plans to pay dividends of at least Dh422 million for its financial year ending June 30, 2024, implying a dividend yield of 8.4 per cent on an absolute and pro-rated basis and 13.5 per cent on an annualised basis for IPO investors, it said in a statement on Friday.
“This is a proud and historic moment for Investcorp Group as Investcorp Capital begins life as a listed company on the ADX, bringing with it new professional and institutional shareholders from the region and around the world," said Mohammed Alardhi, executive chairman of Investcorp Group.
Investcorp Capital's IPO comes in the middle of a listings boom in the Arabian Gulf region, driven by government incentives, foreign investor interest and diversification efforts.
IPO activity in the wider Middle East and North Africa region continued to gather momentum in the second quarter of 2023, as the volume of IPOs on regional bourses surged 44 per cent annually amid robust economic growth, data from global consultancy EY showed.
“This listing is a testimony to the trust that international companies place in the UAE’s capital markets and the country’s stable economy and diversified investor ecosystem," said Abdulla Al Nuaimi, chief executive of the ADX.
Investcorp Capital intends to use the net proceeds of the offering to further develop its capital financing services business and increase its investments into the capital deployment business of about $100 million, the company said in October, when it announced its intention to list shares.
It also plans to use the funds to finance strategic growth avenues and general corporate purposes to "provide all shareholders with unrivalled investment opportunities and consistent returns", said Timothy Mattar, chief executive of Investcorp Capital.
"The demand from a broad range of investors is testament to the confidence and trust our new shareholders have placed on our strategy and growth potential."
The company invests capital into funds managed or controlled by its clients, or directly into alternative investments, including private corporations, property assets and collateralised loan obligations.
It has interests in private equity, real estate and credit management, and holds general partner positions in North America, Europe, the Middle East and Asia.
Investcorp has made major moves to boost its global portfolio. In September, it bought 31 industrial properties in the US worth $216 million, while in July it said it was investing $100 million to buy a majority stake in SEC Newgate, an Italy-based global strategic communications and advocacy group.
Moelis & Company UK was the independent financial adviser for the IPO, while Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International and HSBC Bank Middle East were joint global co-ordinators and joint bookrunners on the deal.
Emirates NBD Bank and First Abu Dhabi Bank are the joint lead receiving banks, while Al Maryah Community Bank and Mashreqbank are receiving banks.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
'Cheb%20Khaled'
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Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
From Conquest to Deportation
Jeronim Perovic, Hurst
Brief scores:
Day 2
England: 277 & 19-0
West Indies: 154
Concrete and Gold
Foo Fighters
RCA records
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
AT%20A%20GLANCE
%3Cp%3E%3Cstrong%3EWindfall%3C%2Fstrong%3E%3Cbr%3EAn%20%E2%80%9Cenergy%20profits%20levy%E2%80%9D%20to%20raise%20about%20%C2%A35%20billion%20in%20a%20year.%20The%20temporary%20one-off%20tax%20will%20hit%20oil%20and%20gas%20firms%20by%2025%20per%20cent%20on%20extraordinary%20profits.%20An%2080%20per%20cent%20investment%20allowance%20should%20calm%20Conservative%20nerves%20that%20the%20move%20will%20dent%20North%20Sea%20firms%E2%80%99%20investment%20to%20save%20them%2091p%20for%20every%20%C2%A31%20they%20spend.%3Cbr%3E%3Cstrong%3EA%20universal%20grant%3C%2Fstrong%3E%3Cbr%3EEnergy%20bills%20discount%2C%20which%20was%20effectively%20a%20%C2%A3200%20loan%2C%20has%20doubled%20to%20a%20%C2%A3400%20discount%20on%20bills%20for%20all%20households%20from%20October%20that%20will%20not%20need%20to%20be%20paid%20back.%3Cbr%3E%3Cstrong%3ETargeted%20measures%3C%2Fstrong%3E%3Cbr%3EMore%20than%20eight%20million%20of%20the%20lowest%20income%20households%20will%20receive%20a%20%C2%A3650%20one-off%20payment.%20It%20will%20apply%20to%20households%20on%20Universal%20Credit%2C%20Tax%20Credits%2C%20Pension%20Credit%20and%20legacy%20benefits.%3Cbr%3ESeparate%20one-off%20payments%20of%20%C2%A3300%20will%20go%20to%20pensioners%20and%20%C2%A3150%20for%20those%20receiving%20disability%20benefits.%3C%2Fp%3E%0A
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
The years Ramadan fell in May
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
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