Bahrain's Investcorp, an alternative investment management firm that counts Mubadala Investment Company as its biggest shareholder, added Sir Michael Fallon, UK's former Secretary of State for Defense, to the its international advisory board.
Mr Fallon, who served as British member of Parliament for more than three decades, will advise the company on its global growth strategy.
“As we continue to grow as a global firm, seeking relevant counsel to bring fresh new perspectives to our business is essential,” Mohammed Alardhi, executive chairman of Investcorp, said on Monday. “Our international advisory board consists of some of the best minds around the world providing us with guidance on emerging business and policy issues globally.”
Mr Fallon has held a number of senior governmental positions, besides serving as defense secretary from 2014 to 2017, a role which involved overall responsibility for the British armed forces and managing a £35 billion (Dh168bn) annual budget. He also served as schools’ minister under both Margaret Thatcher and John Major governments and business and energy minister under David Cameron’s administration.
“Investcorp has established itself as a leader in the global alternative investment sector. Its commitment to expanding its global footprint and broadening its product offering will catalyse future growth,” Mr Fallon said.
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The Bahrain-listed Investcorp, last week announced an investment of up to $250 million (Dh918.1m) in the Chinese market, its first foray into the world's second biggest economy, as it looks to expand its portfolio globally.
Investcorp partnered with China Everbright, a sovereign-backed asset manager that is publicly listed on the Hong Kong Stock Exchange, to invest up to $150m in the second round of the China Everbright Limited New Economy Fund. The Bahraini firm also agreed to an additional co-investment right of up to $100m.
Investcorp - in which Abu Dhabi’s investment firm Mubadala has a 20 per cent stake - is on an acquisition spree to nearly double its assets under management to reach $50bn in the medium-term from $22.6bn at the end of June.
The company earlier this month acquired a minority stake in Swiss-regulated Banque Paris Bertrand Sturdza for an undisclosed sum. It also purchased its largest US warehouse portfolio, for approximately $300m in a single transaction.
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Stars: Basel Adra, Yuval Abraham
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Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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A MINECRAFT MOVIE
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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.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
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States of Passion by Nihad Sirees,
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
