Every week seems to bring a new South African bid, with two in the past month and more to come.
Over the weekend there were stories that Foschini, one of the more upmarket South African retailers, is about to launch a bid for Whistles, a favourite of the UK’s duchess of Cambridge. Whistles has 49 stores and lots of franchises in big UK outlets such as Harrods.
The Cape Town-based Foschini, with 2,000 stores across South Africa, already owns Phase Eight, the London-based women’s fashion chain, which it bought last year for more than £300 million.
Its ambitions don’t stop there. It is also said to be interested in another fashion chain, Office, and goodness knows what after that, on its acquisitions trail. The British high street is a nervous place these days, standing by to repel incomers.
Leading the South African vanguard is the remarkable Afrikaans-speaking businessman Christo Wiese, whose roots remain firmly in his homeland but whose ambitions stretch much farther than the Orange Free State, where he was born 74 years ago.
Retailing is not a great Afrikaner tradition and there were not many fashion shops where Mr Wiese grew up before qualifying as a lawyer in Stellenbosch. Yet in the past 40 years he has built his Shoprite supermarket chain into the biggest food retailer on the continent of Africa, before moving on farther north. Last year, through his investment vehicle Brait, Mr Wiese bought control of the New Look UK retail chain in a £1.9 billion deal, adding to his £628m acquisition in April of a near 80 per cent stake in the fitness group Virgin Active.
Through Pep & Co, a discount family fashion chain that is led by Andy Bond, the former chief executive of Asda, he has been expanding into other areas of the high street. And he bought a stake in the food retailer Iceland, which he has been steadily adding to.
That, however, is just the warm-up. The Johannesburg-based Steinhoff International, in which Mr Wiese is the largest shareholder, last month proposed an all-cash offer of £1.3bn for the Home Retail group – the owner of the Argos catalogue retailer, which J Sainsbury had built a whole new strategy around acquiring. In a single move, Mr Wiese spoiled the little party.
Before the City analysts could even get their minds around that one, last Wednesday it confirmed it had approached the UK white goods retailer Darty with a £650m all-cash offer.
The Steinhoff vehicle in this case is the French-based Conforama, one of Europe’s biggest home furnishings dealers, which already has large interests across France.
Even before the bids, Steinhoff, into which Mr Wiese injected one of his holding companies in a $5.6bn deal last year, is already a hefty company, employing about 90,000 people worldwide. Known to some in the furniture industry as Africa’s Ikea, it has bought manufacturers and retail outlets including Conforama in France and Harvey’s in the UK, and is now the second-largest furniture retailer in the world.
Although, like Mr Wiese, South African retailers deny their plan for overseas expansion has anything to do with the political situation in their home country, in reality it does.
The South African economy is dead in the water, teetering on the edge of recession, and retail sales are going nowhere. The top end of the market, where Foschini operates, is in decline and even at the bottom end it is struggling.
In the past three months, the value of the rand has fallen by more than 20 per cent and has halved against the dollar in the past three years, providing a powerful incentive to diversify abroad.
Those who can, such as Mr Wiese, do. The Cape Town-based Woolworths, South Africa’s equivalent of Marks & Spencer, acquired David Jones, the Australian department store, in 2014 in a deal valued at US$1.52bn, and Johannesburg-based Massmart, which is majority-owned by Walmart, has also been expanding across Africa.
The landlocked companies, such as Pick n Pay, which remain behind, are struggling.
Mr Wiese hates the idea of being seen as deserting his homeland, insisting his overseas push has nothing to do with losing faith in South Africa.
“It’s not a matter of moving assets out of South Africa – it has rather a positive pull,” he says. “I’m well known as a great South African and African optimist, I believe, with good reason.”
All of that is true. Unfortunately it gains him no brownie points with a Zuma government which is increasingly seen as anti-business and anti what it calls “colonialism”, which essentially means white-controlled business in particular. At present the movement of capital and of business is out, not in, and that is unlikely to change in a hurry. Expect more British high street names to tumble.
Ivan Fallon is a former business editor of The Sunday Times.
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RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
How to avoid getting scammed
- Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
- Always double-check the authenticity of websites
- Enable Two-Factor Authentication (2FA) for all your working and personal services
- Only use official links published by the respective entity
- Double-check the web addresses to reduce exposure to fake sites created with domain names containing spelling errors
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Cracks in the Wall
Ben White, Pluto Press
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·+
Balance is essential to happiness, health and wealth
·+
What is a portfolio stress test?
·+
What are NFTs and why are auction houses interested?
·+
How gamers are getting rich by earning cryptocurrencies
·+
Should you buy or rent a home in the UAE?
ON TRACK
The Dubai Metaverse Assembly will host three main tracks:
Educate: Consists of more than 10 in-depth sessions on the metaverse
Inspire: Will showcase use cases of the metaverse in tourism, logistics, retail, education and health care
Contribute: Workshops for metaverse foresight and use-case reviews
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
ABU DHABI'S KEY TOURISM GOALS: BY THE NUMBERS
By 2030, Abu Dhabi aims to achieve:
• 39.3 million visitors, nearly 64% up from 2023
• Dh90 billion contribution to GDP, about 84% more than Dh49 billion in 2023
• 178,000 new jobs, bringing the total to about 366,000
• 52,000 hotel rooms, up 53% from 34,000 in 2023
• 7.2 million international visitors, almost 90% higher compared to 2023's 3.8 million
• 3.9 international overnight hotel stays, 22% more from 3.2 nights in 2023
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
The specs
Engine: 2-litre 4-cylinder
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Fuel consumption: 6.3L/100km
Price: Dh106,900
On sale: now
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
HAJJAN
Director: Abu Bakr Shawky
Starring: Omar Alatawi, Tulin Essam, Ibrahim Al-Hasawi
Rating: 4/5
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
Rating: 2/5
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
SPECS
Engine: 2.4-litre 4-cylinder turbo hybrid
Power: 366hp
Torque: 550Nm
Transmission: Six-speed auto
Price: From Dh360,000
Available: Now
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
+1 L Westwood (Eng), J Spieth (US)
+3 R McIlroy (NI)
+4 D Johnson (US)
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Empires of the Steppes: A History of the Nomadic Tribes Who Shaped Civilization
Author: Kenneth W Harl
Publisher: Hanover Square Press
Pages: 576