Aldar's Yas Acres on Yas Island in Abu Dhabi. Photo: Aldar
Aldar's Yas Acres on Yas Island in Abu Dhabi. Photo: Aldar

US asset manager Apollo to invest $1.4bn in Aldar



Apollo Global Management, one of the world’s largest alternative investment managers, agreed to invest $1.4 billion through Apollo-managed funds and clients in Aldar Properties, which will help the company unlock value and represents one of the largest foreign direct investments in Abu Dhabi’s private sector.

The investment allocates $500 million into a land joint venture, $500m into perpetual subordinated notes issued by Aldar Investment Properties, $300m in mandatory convertible preferred equity investment in Aldar Investment Properties and $100m in common equity investment in Aldar Investment Properties, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

The $500m land joint venture will allow Aldar, Abu Dhabi's biggest-listed developer, to realise long-term value tied up in its vast land bank, while maintaining flexibility to develop or sell the land in line with its long-term strategy, the company said.

As part of the deal, Apollo will take a direct minority stake in Aldar Investment Properties with a $400m equity investment at its net asset value. The transaction is expected to close by the end of the first quarter of this year. Aldar will receive significant cash proceeds that will be used to drive further growth.

“This landmark transaction is a signal to the world’s investment community that Abu Dhabi’s real estate market is on a growth trajectory, supported by significant economic and social reforms, and a world leading response to Covid-19," said Talal Al Dhiyebi, group chief executive at Aldar Properties.

"Aldar’s ability to attract a long-term partner such as Apollo, underscores the strength of Aldar’s business franchise as well as the quality and investment appeal of the Abu Dhabi real estate market, both of which are driven by robust fundamentals underpinning long-term economic growth.”

The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-induced slowdown amid business and social reforms and government stimulus measures.

The capital values of villas and apartments in Abu Dhabi rose to their highest level in five years in the fourth quarter of 2021, underpinned by a broader economic recovery, figures compiled by property consultancy ValuStrat show.

Pent-up demand and improved investor sentiment have also helped drive property sales in Abu Dhabi. New initiatives, such as visas for retirees and the expansion of the 10-year golden visa programme, are expected to further support the property market, industry experts said.

Abu Dhabi registered property transactions valued at $4.4bn billion during the third quarter of 2021, the Department of Municipalities and Transport said.

Apollo's Aldar investment follows a 2020 strategic partnership with Mubadala Investment Company, as well as a long-term joint venture with Adnoc in which Apollo funds and clients led a $2.7bn investment in a real estate joint venture.

Aldar Investment Properties is rated Baa1 by Moody’s, the highest credit rating for a non-government company in the region. The investment, for both Aldar Investment Properties and Aldar group, demonstrates the company’s ability to attract institutional capital into its real estate platforms, the company said.

“Diversifying our investor base and establishing partnerships is a key tenet of our growth strategy and is essential in enabling us to build scale, enhance asset diversification, and drive earnings growth," said Jassem Busaibe, chief executive at Aldar Investment.

"We wholeheartedly welcome Apollo as a long-term strategic investor and look forward to collaborating in order to grow our portfolio through additional value and yield accretive acquisitions. This transaction enables us to add further scale to our business and forms a critical milestone of our upcoming growth journey.”

Aldar, which earlier this month reported a 21 per cent jump in its full-year 2021 profit to Dh2.3bn ($644m), is planning to expand its portfolio of investments and its footprint outside the home market of Abu Dhabi. Aldar liquidity of Dh9bn on its balance sheet, providing significant "dry powder for growth", it said in a on February 9 statement.

The company plans to invest at least Dh5bn "free cash" in growth opportunities this year, Greg Fewer, Aldar's chief financial officer, said at the time.

"We have a pipeline [and] we believe we can deploy that," he said. "We will look to modestly level anything that we went into but we want to deploy our surplus capital pile as quickly as we can."

Aldar sees the "richest pipeline" for investment this year in recurring revenue assets, Mr Fewer said.

Aldar in partnership with Abu Dhabi holding company ADQ expanded into the Egyptian market last year when the consortium acquired an 85.52 per cent stake in Sixth of October for Development and Investment Company for 6.1bn Egyptian pounds ($386.8m).

Earlier this month, Aldar also bought Al Hamra Mall in Ras Al Khaimah in a Dh410m deal.

Fight card

Bantamweight

Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)

Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

Featherweight

Kaan Ofli (TUR) v Walid Laidi (ALG)

Lightweight

Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)

Welterweight

Ahmad Labban (LEB) v Sofiane Benchohra (ALG)

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR)

Lightweight

Mohammed Yahya (UAE) v Glen Ranillo (PHI)

Lightweight

Alan Omer (GER) v Aidan Aguilera (AUS)

Welterweight

Mounir Lazzez (TUN) Sasha Palatnikov (HKG)

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR)

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
LEAGUE CUP QUARTER-FINAL DRAW

Stoke City v Tottenham

Brentford v Newcastle United

Arsenal v Manchester City

Everton v Manchester United

All ties are to be played the week commencing December 21.

Company%20Profile
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Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

'Young girls thinking of big ideas'

Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.

“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”

In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.

“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”

Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.

“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”

rpennington@thenational.ae

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

match info

Union Berlin 0

Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')

Man of the Match: Benjamin Pavard (Bayern Munich)

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
RESULTS

6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)

7.05pm: Handicap Dh 185,000 2,000m
Winner: Tried And True, Pat Dobbs, Doug Watson

7.40pm: Maiden Dh 165,000 1,600m
Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
8.15pm

Handicap Dh 190,000 1,400m
Winner: Taamol, Dane O’Neill, Ali Rashid Al Raihe
8.50pm

Handicap Dh 175,000 1,600m
Winner: Welford, Richard Mullen, Satish Seemar

9.25pm: Handicap Dh 175,000 1,200m
Winner: Lavaspin, Richard Mullen, Satish Seemar

10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Day 2, stumps

Pakistan 482

Australia 30/0 (13 ov)

Australia trail by 452 runs with 10 wickets remaining in the innings

Dubai Women's Tour teams

Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport 
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club 
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team

SPECS
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THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Updated: February 14, 2022, 3:32 PM