Investcorp, an alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, has teamed up with China’s sovereign wealth fund to launch a $1 billion fund that will invest in high-growth companies in Saudi Arabia, other GCC countries and China as it continues to expand its global investment portfolio.
The Investcorp Golden Horizon platform will be anchored by institutional and private investors from the GCC, as well as the China Investment Corporation, Investcorp said in a statement on Wednesday.
Target companies are expected to have high growth potential in sectors such as consumer, health care, logistics and business services, it added.
“This commitment by CIC is a testament to Investcorp’s franchise in the GCC,” Mohammed Alardhi, executive chairman of Investcorp, said.
“We are looking forward to growing our partnership in the future.”
Established more than four decades ago, Investcorp has grown to become one of the leading alternative asset management companies in the region.
The company went on an acquisition spree during the Covid-19 pandemic to capitalise on lower asset valuations and continued its aggressive portfolio expansion in 2022.
With $52 billion in assets under management, Investcorp is an active investor in mid-market companies across consumption-linked sectors.
It aims to double its assets under management to $100 billion in the coming years.
Investcorp has 14 offices across the US, Europe, GCC and Asia, including India, China and Singapore.
Last November, it listed its subsidiary Investcorp Capital, which offers capital financing services in the alternative investments space, on the Abu Dhabi Securities Exchange after it raised Dh1.66 billion ($451 million) by selling 720 million ordinary shares or 32.85 per cent of its total issued share capital.
It also launched a $750 million climate-focused investment platform last December to invest in companies focused on developing innovative products and technology to reduce emissions globally.
“CIC has been actively investing in both developed and emerging economies. During the past couple of years, we have built several bilateral funds with leading financial institutions to facilitate industrial co-operation between China and major economies in the world,” Bin Qi, executive vice president and deputy chief investment officer of CIC, said.
“Currently we are working closely with Investcorp to build a similar bilateral fund to strengthen financial and industrial ties between China and GCC countries.”
The Investcorp Saudi Pre-IPO Growth Fund, which is part of the $1 billion platform, has already announced three investments in the GCC, the company said.
The fund is dedicated to investing in companies that are at the pre-initial public offering stage of development, Investcorp said in 2021 at its launch.
Investcorp is “perfectly placed” to facilitate cross border co-operation and investments between the GCC and China, according to co-chief executive Hazem Ben-Gacem.
He said that the fund would have a significant positive impact on businesses in both regions.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Where to donate in the UAE
The Emirates Charity Portal
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.
Al Noor Special Needs Centre
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
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
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
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.
Emirates Airline Foundation
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.
Emirates Red Crescent
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
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.
Noor Dubai Foundation
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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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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