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.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Specs
Engine: 51.5kW electric motor
Range: 400km
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Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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Family: A daughter, two sons and wife
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Runner up favourite tree: Frankincense
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Engine: 2.0-litre 4cyl turbo
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• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
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• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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- Promises of high, fixed or 'guaranteed' returns.
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- 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
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Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
