Al-Futtaim Group is preparing to make its first foray into sub-Saharan Africa, in a deal that will represent one of the biggest foreign direct investment inflows into the Kenyan economy this year.
The Dubai-based conglomerate wants to buy all of the shares of Nairobi Securities Exchange-listed CMC Holdings Limited for US$86 million.
CMC is a major player in the East African automotive industry, owning CMC Motors Group in Kenya, Cooper Motors Corporation in Uganda, Hughes Motors in Tanzania as well as Hughes Agriculture, also in Tanzania.
"The automotive sector is our key sector, so this company is a perfect fit for us to use as a platform for growth in that region," said Marwan Shehadeh, the group director for corporate development at Al-Futtaim Group.
Al-Futtaim already has a presence in Egypt, with investments across several sectors, including automotive, retail, property and construction.
In total, it has eight registered companies in the country that are either fully owned or joint ventures.
But it is now eyeing up other countries in Africa, and it expects to announce other deals in North and West Africa soon, according to Mr Shehadeh. "The continent is very strategic for us so we are quite active now in that part of the world. Africa is very well connected to Dubai today through air connectivity, Emirates and logistically and geographically it is not too far so it is a natural geographic expansion," he said.
"A couple of years ago we were quite active in South East Asia and now we are going westwards towards Africa. That's our natural geographic expansion area."
In addition to the automotive industry, Al-Futtaim is interested in investing into retail, property and logistics.
gduncan@thenational.ae
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
