CWB Group, a unit of UAE-based alternative investment manager Gulf Capital, has merged with Europe's Petosevic Group to manage the intellectual property (IP) portfolios of its clients across the Middle East, North Africa, Europe and Central Asia.
The new “super-regional” firm, which is based in Abu Dhabi Global Market (ADGM), is part of Gulf Capital's growth strategy that counts mergers and acquisitions as a main pillar of operations and will allow it to provide and manage IP services in 52 countries, the company said in a statement on Tuesday.
“This merger of two industry leaders is a continuation of our long-established strategy of ‘buy-and-build’ and consolidation,” said Mohammad Madani, managing director of Gulf Capital.
“We look forward to the smooth integration of the two firms and to generating substantial synergies and economies of scale in the future.”
Companies are increasingly tapping into M&A opportunities in high-growth sectors and markets to support their bottom lines.
Global M&A activity is projected to grow in the second half of 2023 as investors and executives look to balance short-term risk with their long-term business transformation strategies, according to global consultancy PwC.
While overall M&A deal volumes in 2022 were below the record-breaking 65,000 deals in 2021, they remained 9 per cent above pre-coronavirus levels, the London-based company said.
M&A activity during 2022 in Europe, the Middle East and Africa (Emea) was bigger than in the Americas and the Asia-Pacific, “highlighting a shift by investors to find opportunities and growth in other markets”, PwC data showed.
Deal volumes and values in Emea dropped by 12 per cent and 37 per cent, respectively, between 2021 and 2022. But with around 20,000 deals last year, activity in the region remained 17 per cent higher than pre-pandemic levels in 2019, it said.
The global IP services market size was valued at more than $2.88 billion in 2022 and is projected to grow to around $5.84 billion by 2028 at a compound annual rate of 12.5 per cent, according to research firm Market Growth Reports.
This strategic merger of two industry leaders is a continuation of our long-established strategy of ‘buy-and-build’ and industry consolidation to develop global champions out of the GCC region
Mohammad Madani,
managing director of Gulf Capital
The CWB-Petosevic merger is expected to deliver resources the former needs to invest in new technologies, grow its operations and transform its service delivery, said Halim Shehadeh, chief executive and founder of CWB Group.
“It will enable us to build an unrivalled IP firm, with local presence and expertise in complex regions that operate as a single unit to deliver a consistent level of quality service despite all the challenges posed by the jurisdictions we operate in,” he said.
Gulf Capital has more than 16 years of investment experience in the GCC, South Asia and South-East Asia, and currently manages more than $2.4 billion in assets across seven funds and investment vehicles. It acquired a majority stake in CWB Group in 2020.
CWB Group provides IP services through its offices and member firms in Mena, covering 22 countries. Its portfolio spans from oil and gas to media and entertainment, and from technology to transport and pharmaceuticals to fast-moving consumer goods.
Petosevic, which has been involved in IP in the Western Balkans since the 1960s, has 14 offices under the centralised ownership of a governing entity in Luxembourg. Its operations focus on 30 countries in Eastern Europe and Central Asia.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
SPECS
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Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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Fuel consumption: 19.6 l/100km
Price: Dh380,000
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