Multiply Group, an Abu Dhabi technology focused investment holding company, invested Dh92 million ($25m) in musician and businesswoman Rihanna’s intimate apparel venture Savage X Fenty as it seeks to expand its global portfolio.
This investment was made through its wholly owned subsidiary, MG Wellness Holding, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
“Savage X Fenty was launched in 2018 by Rihanna to celebrate fearless individuality and broaden the definition of what is beautiful. Since its inception, it has experienced a revenue compound annual growth rate of 150 per cent,” Samia Bouazza, chief executive of Multiply Group, said in the statement to ADX.
Since its inception, Savage X Fenty has experienced a revenue compound annual growth rate of 150 per cent
Samia Bouazza,
chief executive of Multiply Group
At 33, Robyn Rihanna Fenty is one of the youngest celebrity billionaires. As of August last year, she was also the second-richest musician in the world. Forbes estimates her net worth at $1.7 billion, thanks in large part to her make-up and fashion empires. She earns about $70m per year, according to Celebrity Net Worth.
Multiply Group recently raised Dh3.1bn through its listing on the ADX in December to expand its global portfolio.
The company, a subsidiary of ADX-listed International Holding Company, has a “strong and promising” pipeline of potential acquisitions and it is evaluating several deals, Ms Bouazza said in an interview earlier this month with The National.
“We have raised money, which we need to start using wisely and intelligently,” Ms Bouazza said. “In order to fund our inorganic growth in a very bold acquisitive mode … [we need] to find good opportunities that bring both strategic value to our portfolio and financial value to our shareholders.”
Timed with the opening of Savage X Fenty’s first brick-and-mortar boutique on the Las Vegas Strip, the company announced a new Series C funding round of $125m led by investment management company Neuberger Berman, Forbes reported on Wednesday.
Previous investors L Catterton (a private equity company backed by LVMH’s Bernard Arnault), Avenir, Sunley House Capital, Advent International and Marcy Venture Partners (the VC company co-founded by Jay-Z) also participated in the Series C round. The company also received a new investment from LionTree and Abu Dhabi Growth Fund, according to Forbes.
This brings total venture capital funding to date to $310m for the intimate apparel brand. The latest funding will support the fashion company’s foray into brick-and-mortar retail, plans to expand overseas and the launch of new product lines, the Forbes report said.
Multiply Group was acquired by IHC, the biggest company on ADX by market value, in 2020. It has been on an acquisition spree, having closed six investment transactions in 2021 alone. The company's portfolio of investments includes stakes in companies including Emirates Driving Company, Omorfia Group, Viola Communications, Firefly and Yieldmo.
The company’s Dh275m investment in global visual content creator and marketplace Getty Images was its last deal. It signed a binding commitment to invest in Getty as part of the company’s listing through its merger with a special purpose acquisition company, or Spac, it announced in the last week of December.
Getty is merging with CC Neuberger Principal Holdings II and the deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the New York Stock Exchange.
Multiply Group has five business verticals – ventures, digital, wellness, utilities and communications – and it is looking to build them as these sectors offer growth potential amid global economic recovery from the pandemic-driven slowdown.
Multiply is also open to acquiring or investing in assets regardless of geographical boundaries. The deals it is currently evaluating are from three different countries on two different continents, the chief executive said in an earlier interview.
“We are genuinely looking at global opportunities,” Ms Bouazza added.
Zayed Sustainability Prize
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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
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
COMPANY%20PROFILE
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COMPANY%20PROFILE
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History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Racecard
5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m
6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m
6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m
7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m
7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m
8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m
8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m
10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
