Abraaj Group, the Dubai buyout firm that manages about US$10 billion in assets, is bullish on prospects of investing in Saudi Arabia and may acquire assets in the Arab world’s biggest economy, as the kingdom continues to encourage foreign investments, its chief executive said.
“We have been bullish about the kingdom for a very long time,” Arif Naqvi said on the sidelines of the Future Investment Initiative summit in Riyadh last week.
“If you ask me if we are looking at stuff in the kingdom, we are always looking at stuff in the kingdom… we have over the past decade invested close to $1bn in various businesses in this country.”
When asked if the firm has any acquisitions coming up over the coming 18 months, Naqvi replied “always.”
Saudi Arabia, the world’s top crude exporter, still relies heavily on the sale of hydrocarbons for revenues and is trying to wean its economy off oil. Riyadh aims to open up various sectors and state-controlled entities for foreign direct investment in a push to boost the economy, create jobs and increase private sector’s contribution to GDP.
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Read more:
Dubai's Abraaj to invest in wind energy in India with France's Engie
Abraaj invests in Pakistan's Cinepax
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Last week, the kingdom hosted policymakers and top echelons of global finance in Riyadh, where it launched several big investment initiatives including Neom, a $500bn specialised investment city.
Abraaj has previously invested in Saudi food group Kudu, which has more than 290 outlets across the kingdom. The private equity firm also has stakes in Air Arabia and Spinneys.
Earlier this year, the firm sold its 7.1 per cent stake in ride-hailing company Careem, which competes with Uber for $62 million to Prince Alwaleed bin Talal’s Kingdom Holding.
Outside the Middle East, Abraaj has focused on emerging markets, investing in Turkey, India, Pakistan, Latin America and Africa with a focus on health care, energy, logistics, e-commerce and consumer oriented businesses. In 2015, the company bought a 25 per cent stake in Turkey’s largest online retailer Hepsiburada for a reported $100m.
“We always have pools of capital that are available for investing. We invest in businesses from as little as $50 million; we have done many times to as much as a $1bn.
“So the pool of capital is always there and its always depends on the investing opportunity,” Mr Naqvi said when asked if the company was setting aside a specified amount for acquisitions.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Company%20profile
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Company%20Profile
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Company%20Profile
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The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
More from Neighbourhood Watch:
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The%20specs
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Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
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