Dubai investment bank Shuaa Capital has bought Abu Dhabi-based offshore support vessels (OSVs) provider Allianz Marine and Logistics Services, which will create the Middle East's largest portfolio and the fourth biggest fleet in the world.
The transaction was carried out using Shuaa's managed funds and is one of the largest merger and acquisition deals in the maritime offshore sector in the Middle East, the company said on Wednesday in a statement to the Dubai Financial Market, where its shares are traded.
Shuaa, which manages $14 billion in assets, will have a fleet of 152 OSVs as a result of the deal. The total value of the deal was not provided.
“Shuaa strongly believes that the offshore industry will continue to grow, and by creating a leading player in a strategically important segment of the region’s offshore petroleum industry, we are well positioned to capitalise on this trend,” said Ajit Joshi, managing director and head of public and private markets at Shuaa.
Allianz owns about 117 offshore support vessels in the Middle East, comprising a combination of platform supply vessels, anchor handling tug supply vessels, crew boats, accommodation barges, and flat barges, among others.
It provides services including vessel chartering, port logistics, and crew services to top international and national oil companies and offshore construction contractors.
This is the second deal for Shuaa in the OSV sector following the acquisition of Dubai-based Stanford Marine Group about two years ago.
“Shuaa expects to derive significant revenue and cost synergies and economies of scale on an annual basis from the combination of two of the leading OSV operators in the region,” it said.
The value of mergers and acquisitions in the Mena region surged 57 per cent to reach $109.1bn last year. The total number of deals also jumped 40 per cent annually to reach 1,141, the highest annual total recorded since 1980, a report from Refinitiv found.
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
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