There has been a flurry of listings in Dubai, Abu Dhabi and Riyadh in the past two years. Antonie Robertson / The National
There has been a flurry of listings in Dubai, Abu Dhabi and Riyadh in the past two years. Antonie Robertson / The National
There has been a flurry of listings in Dubai, Abu Dhabi and Riyadh in the past two years. Antonie Robertson / The National
There has been a flurry of listings in Dubai, Abu Dhabi and Riyadh in the past two years. Antonie Robertson / The National

Mubadala-backed Fortress Investment Group keen on Middle East deals


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Fortress Investment Group, backed by the UAE’s Mubadala Investment Company, is “actively” looking to expand across the Middle East, with potential investments in sectors such as energy, real estate and finance, a senior executive said on Thursday.

“Historically, we didn't focus much on making investments here [the Middle East], but I think things are changing. We are looking at several things that could be of interest, the market is now mature to attract foreign capital,” said Francesco Colasanti, co-head of Europe at Fortress Investment Group.

The New York-based investment firm, which manages assets worth $49 billion, is now “actively looking at the easiest sectors to enter, [in the region including] energy, real estate and financials”, Mr Colasanti told The National on the sidelines of the Milken Institute Middle East and Africa Summit in Abu Dhabi.

The Middle East's initial public offering boom is likely to continue as energy prices remain high, especially with markets such as Europe capable of absorbing significant price shocks, he said.

There has been a flurry of listings in Dubai, Abu Dhabi and Riyadh in the past two years on the back of a push from governments to boost liquidity as well as growing investor demand.

Brent crude, the benchmark for two thirds of the world’s oil, surged to nearly $140 a barrel following Russia’s invasion of Ukraine in 2022. The jump in oil prices significantly boosted the economies of Middle Eastern crude-producing nations, with Saudi Arabia and the UAE recording some of the fastest gross domestic product (GDP) growth rates that year.

In 2023, Mubadala, Abu Dhabi’s strategic investment arm, announced the acquisition of a majority stake in Fortress. The deal closed in May this year.

Earlier this year, Fortress invested $100 million in British semiconductor company Imagination Technologies Group, expanding its footprint in the sector being fuelled by artificial intelligence.

Europe lags

However, Mr Colasanti has a bleak outlook on Europe’s economic prospects, pointing to slowing growth, political instability, rigid labour markets, and the risk of "higher-for-longer" inflation, driven by US president-elect Donald Trump’s proposed tariff policies.

“I'm not very positive about Europe, because when I look at the fundamentals, GDP is not growing,” Mr Colasanti said.

"Germany, the locomotive of Europe, is slowing down. Normally, when Germany slows down, everyone slows down. France [is going through] a very heavy political [and] economic issue," he added.

Germany and France, the economic powerhouses of the EU, have faced numerous challenges in the past year, including domestic political disputes, high levels of debt, and sluggish investment.

On Wednesday, the Organisation for Economic Co-operation and Development (OECD) lowered its economic growth projections for both countries.

Germany's expected growth for next year has been reduced to 0.7 per cent from 1.1 per cent, while France's projected growth has been cut to 0.9 per cent from 1.2 per cent.

Germany, France, and Italy have the “most rigid labour markets in the world", making it difficult for companies to right-size their businesses, Mr Colasanti said.

He also warned that a trade war could prolong inflation, forcing the European Central Bank to maintain higher interest rates for an extended period.

“All of these tensions will create moments of dislocation, and that's what investors like us are focused on in specific moments in time,” Mr Colasanti said.

Europe will eventually bounce back, but it will require structural changes, including reforming labour laws to retain or attract talent in the technology sector, the formation of Eurobonds, and common defence procurement, he added.

The years Ramadan fell in May

1987

1954

1921

1888

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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

The specs: 2019 Lincoln MKC

Price, base / as tested: Dh169,995 / Dh192,045

Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

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UAE currency: the story behind the money in your pockets
Updated: December 06, 2024, 4:53 PM