Affirma Capital, the former private equity business of Standard Chartered Bank, expects to double the size of its $3.5 billion of assets under management within the next five years as it looks to invest more in the Middle East, Africa and Asia.
The company, which has $400 million in cash to invest, is actively looking at 15 potential acquisitions within the Middle East and Africa region, Taimoor Labib, founding partner and head of its Middle East and North Africa business, told The National.
“We should double the AUMs within the next three-to-five years,” he said. “The $3.5bn [in] assets under management includes dry powder, so we have money to do new deals.”
Affirma Capital, which is owned and managed by former Standard Chartered executives, currently has 35 investments across China, India, the Middle East, South-East Asia, Sub-Saharan Africa and South Korea.
It holds stakes in companies such as Jordan’s Fine Hygienic Holding and Al-Jazeera Agriculture in the Middle East.
“In terms of the Middle East, we are very actively looking at transactions ... in the UAE, Egypt, Saudi Arabia and Jordan,” said Mr Labib.
“We have a pretty big emphasis on the UAE and Egypt,” he said.
Mr Labib said most of the 15 deals it is currently evaluating are in these two markets.
Affirma, which typically invests between $25m and $100m in a deal, expects to close at least one transaction involving a healthcare-related company, he said, without disclosing the target company.
Historically, the Middle East and Africa region has accounted for about a fifth of Affirma's assets under management and this is expected to remain consistent as the company grows its asset base globally, he said.
Despite 2020 being a year of low asset valuations, Affirma was unable to increase its assets as it was a “bit of the challenge to close deals and ... exit deals”, he said.
The biggest challenge in finalising deals this year will be to become “comfortable” with the 2020 numbers of target companies, particularly those in the second half of the year.
“If you do that, deals will close, not only for me but for others [private equity companies] as well,” he said
Affirma is looking to raise more funds to expand its portfolio and has “considerable pockets of co-investors” that could be used, depending on the size and the nature of a potential acquisition, said Mr Labib.
The Middle East is expected to experience strong momentum in fundraising this year and the next, he said.
“People recognise that these are going to be ‘good vintage’ [years for investing] and we are cautiously optimistic that there will be a good opportunity to invest funds in the coming 18 months.”
Speciality healthcare, pharmaceutical companies, quick-service restaurant chains, retail operators and e-commerce and digital payment platforms are the type of companies that Affirma expects to invest in.
It is already evaluating several healthcare and pharmaceutical deals and is particularly interested in restaurant chains that have survived a tough year amid the pandemic.
With much of the competition eliminated due to Covid-19 restrictions, the surviving outlets, “we think, will be the winners when in-house dining continues”, said Mr Labib.
Covid-19 has changed investors’ perspective about the type of companies they would like to buy, as technology and online capabilities, which were part of the investment thesis, have now become the basis of investment decisions, he said.
“The new companies we look at, if you don’t have that technology backbone and the online logistics, we won’t even look at you. It needs to be in their DNA,” he said.
Affirma, whose focus is private equity deals, is considering adding new products such as a debt fund and entering secondary market transactions by buying stakes from other private equity firms and investors.
“We think credit and mezzanine finance is a well-known and understood sector here,” he said.
Mr Labib, who previously managed assets worth $1.5bn as Middle East and Africa head of Standard Chartered Private Equity, is also bringing “like-minded” professionals together to set up the Mena Private Markets Association, an industry body that is intended to improve the private equity sector’s image after the failure of buyout companies such as Abraaj Capital in recent years.
The sector’s reputation took a hit when Abraaj collapsed in 2018 after investors raised concerns about the management of its $1bn healthcare fund.
After Abraaj’s collapse, “when we were talking to international LPs [limited partners], I got sick of having to defend the Middle East and to defend my like-minded alternative investment firms [where] 99 per cent of the people do the right thing”, Mr Labib said.
“Our business is opaque, if you want to make it opaque, but private markets are actually quite straightforward. So, one aspect of that [Mena Private Markets Association] was to try to fix the narrative.”
The Mena region has a population of about 400 million people and private equity firms have made a lot of money here, but foreign investors are not familiar with many of its success stories, he said.
The move to establish the association was a “combination of factors ... but the reception has been great and people are really very happy that we are taking the lead on this”.
The charter of the Mena Private Markets Association will be finalised within the next couple of months and membership is being considered on a “selective” basis but could easily reach a few hundred this year, he said.
Results:
Women:
1. Rhiannan Iffland (AUS) 322.95 points
2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70
Men:
1. Gary Hunt (GBR) 431.55
2. Constantin Popovici (ROU) 424.65
3. Oleksiy Prygorov (UKR) 392.30
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- Mastery of audio-visual content creation.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Kanguva
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Killing of Qassem Suleimani
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Shrewsbury
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
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Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
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Power: 290hp
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Killing of Qassem Suleimani
