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.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Company%20profile
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Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
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Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Coal Black Mornings
Brett Anderson
Little Brown Book Group
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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The specs
Engine: 2.0-litre turbo 4-cyl
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Killing of Qassem Suleimani
The view from The National
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
UAE currency: the story behind the money in your pockets
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet