Property

Government aid hopes boost Abu Dhabi's Aldar

CLOSING BELL: Aldar Properties saw its shares rise the most in a month on its bourses in anticipation of government funding.

Hadeel al Sayegh

January 09, 2011

Aldar Properties, Abu Dhabi's largest developer, rose the most in a month, as investors hoped a government package for the firm would be announced.

Shares of Aldar, listed on the Abu Dhabi Securities Exchange, rose 2.9 per cent to Dh2.42, the highest since December 12.

"The performance in price today is relatively better in comparison to the general market, said Julian Bruce, head of institutional equity sales at investment bank EFG Hermes bank in Dubai.

"Aldar's rise is on the back of expectations of government support and timing of it," Mr Bruce said.

In November, the developer said it was in the final stages of talks with the government over its cash requirements, with a conclusion expected by the end of 2010. The firm has Dh14 billion of debt maturing in 2011, according to EFG Hermes.

Separately, Aldar is managing the expansion of the Masdar Institute of Science and Technology Campus in Abu Dhabi, which is expected to be completed in 18 months, according to a statement by Arabian Construction today which said it won a contract valued at Dh750 million for works on the project.

Banking stocks in Abu Dhabi made decent gains, but volumes continue to remain weak, Mr Bruce said. Abu Dhabi Islamic Bank added 1.6 per cent to Dh3.04 a share. Abu Dhabi Commercial Bank gained 0.8 per cent to Dh2.27. Sharjah Islamic Bank added 1 per cent to 95 fils a share.

The Abu Dhabi Securities General Index gained 0.4 per cent to 2764.15.

In Dubai, insurance firms led the gains among listed companies. Takaful Al Emarat Insurance, gained 7.8 per cent to 81 fils a share, while Takaful House gained 0.2 per cent to 97 fils a share. The Dubai Financial Market General Index dipped 0.1 per cent lower to 1665.55.

Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 6966.40. Bahrain's measure lost 0.1 per cent to 6966.40. Oman's bourse gained 0.3 per cent to 6949.95. Qatar's index remained unchanged at 9019.71. The Saudi Tadawul All-Share was 0.1 per cent higher to 6739.82.

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Funding: $22.6 million (as of September 2018)

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