Amanat Holdings, an education and healthcare investment firm, ended an agreement to sell its Middlesex University Dubai campus.
The Dubai-based company decided to "unilaterally terminate" a sale and purchase agreement between its subsidiary AHE Alpha, SW Holding and Study World Education Holding after completing its obligations under the agreement, Amanat said in a filing to the Dubai Financial Market on Wednesday.
"The decision to terminate the SPA was on the basis of protecting the best interest of Amanat Holding’s shareholders and to ensure adequate transparency after what had become a prolonged completion process," Mohamad Hamade, chief executive of Amanat, said.
Amanat has investments across education, health care and property sectors. Its education portfolio includes school operator Taaleem, Abu Dhabi University Holding and Middlesex University Dubai. It also owns property assets of the North London Collegiate School in Dubai.
Study World Education was founded by Indian businesswoman Vidhya Vinod and operates schools in Dubai, India, Sri Lanka and Malta, according to its website.
Middlesex University’s Dubai campus opened in January 2005 and has more than 3,500 students enrolled from more than 100 countries.
Amanat remains focused on finding exit opportunities across its portfolio and on pursuing new regional investments, particularly in the technology sector, to drive its topline growth and improve its returns, Mr Hamade said.
"We remain focused on and committed to exploring and seizing investment and exit opportunities with attractive valuations in the current investment climate," he said.
"These include special situation opportunities that have risen as a result of the pandemic or opportunities in the digital space, leveraging our strong positioning as a market consolidator in our core sectors."
Earlier this month, Amanat said it invested Dh18.4 million ($5m) in US education technology company BEGiN during a Series C financing round. The deal is its first venture capital investment and the funds will be used to help the New York company exploit business development opportunities in the region.
Amanat swung to a second quarter loss after lower contributions from its healthcare investments and a one-off provision affected quarterly earnings.
Net loss attributable to equity holders of the company for the three months to June 30 came in at Dh5.15m compared to a Dh14.44m profit for the same period in 2019
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
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- Field engineer: Dh6,500 to Dh7,500
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- Field operator: Dh5,000 to Dh7,000
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Match info
Liverpool 3
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Engine: 51.5kW electric motor
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Torque: 175Nm
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
