Abu Dhabi's sovereign investor Mubadala Investment Company has teamed up with South Korea's Hyundai Motor to explore business opportunities centred on future mobility, as the two companies continue to boost their global portfolio in sustainable technology.
The partnership will allow joint investments in key industries, including hydrogen, green steel and aluminium production and recycling, advanced air mobility and infrastructure for electric vehicles, the companies said on Friday.
An initial agreement was signed in Abu Dhabi by Waleed Al Muhairi, deputy group chief executive of Mubadala, and Jaehoon Chang, president and chief executive of Hyundai Motor.
The partnership “marks the beginning of a strategic collaboration that will drive progress in future mobility and clean technologies”, it said.
“This strategic partnership with Hyundai Motor marks a significant milestone in our journey to further diversify our portfolio across sectors that are shaping the future of the global economy such as mobility, green technology and energy,” Mr Al Muhairi said.
Smart mobility is the integration of advanced technology and data-driven solutions to create efficient, sustainable and user-centric transport systems.
The global smart mobility sector is projected to expand at a compound annual growth rate of more than 21 per cent to about $404 billion by 2032, from $48.54 billion in 2022, according to data from Spherical Insights & Consulting.
The Mubadala-Hyundai partnership also aligns with the recently formed Smart and Autonomous Vehicles Industry (Savi) cluster at Masdar City, which aims to develop smart and self-driving vehicles for air, land and sea use.
“This collaboration capitalises on the organic synergy between Hyundai Motor's eco-friendly and futuristic business strategies and Mubadala's investment portfolio,” Mr Chang said.
“Hyundai Motor will continue to pursue diverse partnerships to achieve a sustainable future and contribute to the global energy transition.”
Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.
It is focusing on boosting its investments in Asia, group chief executive Khaldoon Al Mubarak said earlier this month.
On Wednesday, Mubadala announced a partnership with Aldar Properties and US alternative investment manager Ares Management to jointly invest $1 billion in a new European private real estate credit platform, in which it will lead with a $500 million commitment.
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
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Name: Dukkantek
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Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
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Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
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Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Engine: 2.0-litre 4cyl turbo
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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.”
Killing of Qassem Suleimani
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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The specs
Engine: 3.8-litre twin-turbo flat-six
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
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MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
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- Golden circle - Dh995
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