Peninsula Real Estate, an Abu Dhabi-based property investment company, has received a strategic investment from Fortinbras Enterprises to help it expand and diversify its property portfolio in the UAE and across the GCC.
New York-based Fortinbras made the investment through one of its affiliate funds, Peninsula, which is based at the Abu Dhabi Global Market, said on Friday.
It did not disclose the size of the investment and other financial details of the transaction.
The investment will support Peninsula’s strategy of expanding its footprint in the booming UAE real estate market, as well as investments in properties in other Gulf state.
The company is currently focusing on the acquisition, development and management of office, industrial and logistics properties in the six-member economic bloc.
“The UAE is experiencing enormous growth, driving high and sustained demand for commercial real estate,” said Asad Hussaini, executive vice chairman of Peninsula.
“Peninsula is closely aligned with Fortinbras in our shared focus on leveraging this growth to create significant returns for partners.”
The UAE property market has continued to recover from the coronavirus-induced slowdown on the back of government initiatives, higher oil prices and other measures to support the economy.
Abu Dhabi recorded 5,472 property transactions worth Dh27.9 billion ($7.59 billion) in the first quarter of 2023, according to the latest data from the Department of Municipalities and Transport.
The value of the deals more than doubled during the three-month period to the end of March while the volume of transactions, which include property sales and mortgages, rose by 66 per cent.
The value of property sales more than tripled to Dh16.2 billion while mortgage deals were up 70 per cent at Dh11.7 billion, the data shows.
The booming property market reflects the UAE’s strong economic fundamentals and the continued growth momentum it has maintained since the pandemic-driven slowdown.
The Arab world’s second-largest economy is expected to grow by 3.3 per cent this year and 4.3 per cent in 2024, according to the latest data from the UAE Central Bank.
The continued momentum has resulted in significant opportunities for real estate investments, especially in the commercial segment, Peninsula said.
Office rental values increased have risen by 7 per cent on an annual basis across the key office districts of Abu Dhabi and 15 per cent in Dubai, the company said citing Savills’ UAE property report release in March.
“We are focused on the GCC, particularly the UAE … [where] growth reflects thoughtful policies and effective leadership that have made it an attractive and strategic destination for long-term investment,” said Ben Black, managing director at Fortinbras.
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
