A picture taken October 23, 2018 shows (L to R) Lubna Olayan, CEO and Deputy Chairperson Olayan Financing, Yesir al-Rumayyan, Saudi managing director of Public investment Fund, Kirill Dmitriev, CEO of Rusian Direct Investment Fund and Khaldoon Khalifa al-Mubarak, managing director and CEO of Mubadala Development Company, speaking at  the opening ceremony of the Future Investment Initiative FII conference in the Saudi capital Riyadh.  Saudi Arabia is hosting a key investment summit overshadowed by the killing of critic Jamal Khashoggi that has prompted a wave of policymakers and corporate giants to withdraw. / AFP / FAYEZ NURELDINE
Last year's opening ceremony of the FII conference in Riyadh. AFP

Mubadala intends to revive plans to list Cepsa in better market conditions



Abu Dhabi’s strategic investment firm, Mubadala Investment Company, intends to revive its plans to list shares of its fully-owned Spanish oil and gas subsidiary Cepsa once market conditions are better, its chief executive said.

“We will wait for the right time,” Khaldoon Al Mubarak, the chief executive and managing director of Mubadala told delegates on the first day of the Future Investment Initiative (FII) conference in Riyadh on Tuesday. “When we see the market is back … our intention is to go back to the market.”

Cepsa delayed plans to list its shares on Spanish stock exchanges earlier this month citing adverse market conditions. The energy producer was planning the potential €2.02 billion (Dh8.6bn) listing on the Madrid, Barcelona, Bilbao and Valencia bourses, which would have been the largest public offering in a decade by an oil company.

It was scheduled to announce the pricing of the 25 per cent listing of its shares on October 16, but pulled the issue back at the last minute.

“In September, the interest was strong, markets were actually very attractive, and we took the decision to IPO,” Mr Al Mubarak said. “By the time we were about to hit the market, it became quite problematic … the market became jittery.”

As an investor, Mubadala continues to examine its portfolio to decide which of its assets are ripe for monitisation, and the decision to list Cepsa shares was part of that exercise, he said, adding that delaying the deal was purely a commercial decision.

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Read more:

Mubadala-owned Cepsa and Adnoc to set up chemicals plant in Ruwais

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Even though the market conditions deteriorated significantly, the feedback from potential investors was positive, Musabbeh Al Kaabi, chief executive of Mubadala’s Petroleum & Petrochemicals platform, said at the time of postponement of Cepsa’s IPO.

Global equity markets were rocked before Cepsa’s issue, with the S&P 500 index and Europe’s main equity gauge plunging sharply. Shares across Asian markets also slumped as US treasury yields climbed and the impact of escalating trade tensions on the global economy spooked investors.

In terms of Mubadala’s international investments, Mr Al Mubarak said the company has a very “careful” approach to its international asset allocation under its five-year rolling programme.

The firm, which has invested $15bn in Softbank’s $93bn Vision Fund and has set up an office in Silicon Valley to pursue venture capital deals, is in the midst of its current five-year cycle and will continue to look at technology sector investments.

“When it comes to technology, one has to embrace it rather than fight it. We have to accept the world is changing, technology is coming and coming in fast,” he said. “We believe in a large way in that sector and we are invested heavily. We have committed significant capital in that space.”

Mubadala, he said, has partnered with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, in close to 50 transactions and has also co-invested with Russia’s Direct Investment Fund in more than 35 deals in different sectors.

These are “successful” partnerships, he told the delegates.

Tell-tale signs of burnout

- loss of confidence and appetite

- irritability and emotional outbursts

- sadness

- persistent physical ailments such as headaches, frequent infections and fatigue

- substance abuse, such as smoking or drinking more

- impaired judgement

- excessive and continuous worrying

- irregular sleep patterns

 

Tips to help overcome burnout

Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’

Do activities that you want to do as well as things you have to do

Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones

Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation

Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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Southern Brave: Quinton de Kock

Match info

Uefa Champions League Group B

Barcelona v Tottenham Hotspur, midnight

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
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Industry: Sustainability & Environment
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About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
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Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

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There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

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Recipe

Garlicky shrimp in olive oil
Gambas Al Ajillo

Preparation time: 5 to 10 minutes

Cooking time: 5 minutes

Serves 4

Ingredients

180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped

Method

Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.

Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.

Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.

Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September


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