Abu Dhabi-listed companies International Holding Company and Alpha Dhabi will invest a combined $50 million in aerospace company SpaceX, founded by billionaire businessman Elon Musk.
IHC, which already has stake in SpaceX, will invest $25m, while Alpha Dhabi — a subsidiary of IHC — will make a debut investment of $25m in the California-based company.
“We are pleased to announce that IHC has decided to increase the investment in SpaceX through IHC West Investment — sole proprietorship [a subsidiary of the company] for a value of $25 million,” IHC said in a statement on Tuesday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.
“The management is currently working on the completion of all necessary procedures subject to obtaining regulatory approvals,” it said.
Alpha Dhabi confirmed the investment in SpaceX through Alpha Dhabi Partners Holding, according to a regulatory filing with the ADX on Wednesday.
The deal remains subject to regulatory approval and is part of the company's focus on supporting innovation, it said.
IHC first acquired a stake in SpaceX in the second half of 2020 through private equity fund Falcon CI IV. The Abu Dhabi company bought a 94 per cent stake in the Cayman Island-based fund, which has invested in SpaceX.
In February last year, the aerospace company said in a US Securities and Exchange Commission filing that it had completed an equity funding round of $850m, increasing its valuation to roughly $74 billion.
SpaceX designs, manufactures and launches advanced rockets and spacecraft. One of the company's ultimate goals is to colonise Mars.
It is going head-to-head with Richard Branson's Virgin Galactic and Jeff Bezos's Blue Origin, which have both launched flights to space with their founders on board.
SpaceX also operates Starlink, a global satellite constellation service that provides high-speed, low-latency broadband internet.
IHC, majority-owned by Abu Dhabi's PAL group of companies, has steadily expanded its portfolio by acquiring businesses in emerging technologies, real estate and health care among others. At the end of March it included more than 30 entities, with a portfolio of 323 subsidiaries.
It is included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
Earlier this month, it bought a 25 per cent stake in Dubai-based trading company Invictus through one of its subsidiaries.
Last month, it completed a deal to invest Dh7.3bn ($1.94bn) in the Indian business conglomerate Adani Group, which is led by billionaire industrialist Gautam Adani.
IHC also made a number of new investments last year, including acquiring a controlling stake in Abu Dhabi-based investment company Al Qudra Holding and a 60 per cent stake in Afkar Financial and Property Investments.
In April last year, it completed a 45 per cent stake purchase in Alpha Dhabi Holding and acquired a 40 per cent stake in Response Plus Medical Services, which is a unit of VPS Healthcare, for an undisclosed sum.
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
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Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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."
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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