Abu Dhabi-based investment company Chimera plans to buy a controlling stake in Egypt's financial services provider Beltone as it continues to expand its portfolio.
Chimera submitted an Acquisition Intention Letter to Egypt’s Financial Regulatory Authority to acquire between 51 per cent 90 per cent of Beltone for an offer price of 1.485 Egyptian pounds ($0.079) per share, it said in a statement on Sunday.
Chimera has appointed Matouk Bassiouny and Hennawy as legal counsel on the transaction and the offer is pending regulatory approval.
“The acquisition is in line with our expansion strategy and further enhances our regional footprint,” Syed Shueb, chairman of Chimera, said.
“Chimera aims to unlock value and implement an ambitious transformation plan, delivering a full turnaround and restoring growth and profitability to Beltone.”
Beltone is a financial services provider in Egypt and the Middle East and North Africa region offering brokerage, investment banking, asset management and equity research services.
Set up in 2007, Chimera is part of Abu Dhabi’s Royal Group, which is active in a number of sectors, including property, construction, food and beverages, hospitality, aviation and health care. The group has more than 60 companies under its umbrella and employs 20,000 people.
The latest announcement comes as Chimera continues to expand its portfolio across the region. Last year, the company said it is investing $100 million in Egyptian developer Gemini Global Development to acquire a minority equity in the company to support its expansion in the Arab world's most populous country.
Gemini is a subsidiary of Ora Developers, which is owned by Egyptian billionaire Naguib Sawiris.
It also set up the UAE’s first special purpose acquisition company (Spac) in partnership with Abu Dhabi holding company ADQ last December with the aim of investing in tech-focused businesses. The company named, ADC Acquisition Corporation, began trading on the Abu Dhabi Securities Exchange last month after it raised Dh367m ($99.9m) through an initial public offering.
Other UAE companies expanding into Egypt include Aldar Properties, Tabreed and the Al-Futtaim Group.
Last year, a consortium of Aldar and ADQ acquired a majority stake in Egypt’s Sixth of October for Development and Investment Company for 6.1bn pounds.
The National Central Cooling Company, better known as Tabreed, is also expanding in the capital Cairo with district cooling services.
Company%20profile
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
FROM%20THE%20ASHES
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Killing of Qassem Suleimani
SPECS
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Match info
Uefa Champions League Group B
Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0
Killing of Qassem Suleimani
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COMPANY%20PROFILE
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