The Bahrain-based investment firm Arcapita has made US$800 million from the sale of the London-based rail freight operator Freightliner Group, the Sharia-compliant company said .
Arcapita sold Freightliner to Genesee & Wyoming, a US-based international owner and operator of short line and regional freight railroads, the firm said.
“The sale of Freightliner follows a series of other successful exits achieved in the US and the Middle East in recent months,” said Atif Abdulmalik, Arcapita’s chief executive.
“We continue to focus on delivering a number of other significant exits within our global investment portfolio in the near term, while also working on closing new investment opportunities in the GCC region, US and Asia.”
Arcapita, which invests in private equity and real estate, has been making a number of exits since 2013, when it emerged from US bankruptcy under Chapter 11 rules.
The firm had filed for bankruptcy protection in March 2012 when a $1.1 billion Islamic loan was due.
In February, Arcapita exited Pods, a provider of portable storage and moving solutions for residential and business customers in North America through a sale to Ontario Teachers’ Pension Plan for more than $1bn. In January, it sold its 50 per cent stake in Qatar’s Lusail Golf Development to Qatar’s largest listed developer, Barwa Real Estate Company, for $1.4bn.
Separately, Bahrain’s Investcorp has agreed to acquire Nobel Learning, a provider of private school education in the US, it said yesterday.
Investcorp will buy the company from Leeds Equity Partners, a New York-based private equity group, the Bahrain-listed alternative investment firm said.
Investcorp did not provide a value for the deal.
Bahrain’s sovereign wealth fund Mumtalakat is a co-investor and partner on the deal.
Nobel Learning, established in 1984, operates a network of 176 schools across 18 US states educating about 25,000 pupils from preschool through to high school, employing about 5,000 teachers and staff. The agreement to purchase Nobel Learning follows plans to acquire Spain’s Fritta, a specialist ceramics maker, and the purchase of a majority stake in Turkey’s Arvento Mobile Systems, a telematics company.
Telematics is a interdisciplinary field encompassing telecommunications and vehicular technologies.
This year it has also bought, through its US-based real estate arm, a portfolio of residential properties for about $300m.
Last year it acquired Pro Unlimited, a US-based provider of workforce software and services and the specialist Italian retailer Dainese at an enterprise value of €130m (Dh517m).
Investcorp posted a 5 per cent increase in net income to $45.3m in the first half of last year.
dalsaadi@thenational.ae
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Bawaal%20
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company%20profile
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'Ashkal'
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