Mubadala Investment Company, Abu Dhabi’s strategic investment arm, has acquired 1.9 per cent stake in petrochemicals company Sibur for an undisclosed amount, marking the fund’s largest investment in Russia.
The deal takes forward the relationship between the two, which was forged after Mubadala invested in Sibur’s trans-shipment terminal in Ust-Luga in 2015.
“Mubadala and Sibur have had a partnership since 2015 and now we are excited to become shareholders in the company," Faris Al Mazrui, head of Mubadala’s Russia and CIS Investment Programme, said in a statement on Wednesday. "We have a lot of confidence in Sibur’s ability to navigate and transition the company to a low-carbon economy and create lasting value for its investors.”
Mubadala picked Sibur for its past performance in delivering complex large-scale projects, he said.
“Sibur’s [recent] merger with [Russian petrochemical major] TAIF creates an even better-positioned player in the market that can capitalise on synergies and development opportunities,” Mr Al Mazrui said.
However, the terms of the acquisition were agreed before Sibur’s merger with TAIF, Mubadala said. It will further “enhance the company’s position in the polyolefins and rubbers markets, contribute to the pipeline of growth capex projects and unlock additional operational synergies”, it added.
Since entering the Russian market in 2010, the Abu Dhabi sovereign fund has made investments in a number of businesses to the tune of more than $3 billion.
It built a portfolio of about 50 investments across sectors, ranging from infrastructure and property to commodities, banking, logistics and technology, resulting in strong financial returns.
In June, Mubadala acquired 2.6 per cent stake in Russian aluminium company En+, which is listed on the Moscow Stock Exchange with global depositary receipts also listed on the London Stock Exchange.
Mubadala has also partnered with the Russian Direct Investment Fund to form a $7bn co-investment platform.
Last month, the UAE's Ministry of Industry and Advanced Technology signed an agreement with Russia's Ministry of Industry and Trade to collaborate in hydrogen fuel technology. The agreement came as major oil producers such as the UAE, Saudi Arabia and Russia revealed their targets of net-zero emissions by the middle of the century.
Mubadala’s $243.4bn investment portfolio spans five continents, with interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals.
Meanwhile, privately owned Sibur is transitioning to an environmental, social and governance-driven strategy and governance framework, which is expected to enable Eastern Europe’s largest petrochemicals producer to develop into one of the most sustainable industry market participants, according to the statement.
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
FULL%20FIGHT%20CARD
%3Cp%3EFeatherweight%20Bout%3A%0D%20Abdullah%20Al%20Qahtani%20v%20Taha%20Bendaoud%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Ali%20Taleb%20v%20Nawras%20Abzakh%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Xavier%20Alaoui%20v%20Rachid%20El%20Hazoume%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Islam%20Reda%20v%20Adam%20Meskini%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Tariq%20Ismail%20v%20Jalal%20Al%20Daaja%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Elias%20Boudegzdame%20v%20Hassan%20Mandour%0D%3Cbr%3EAmateur%20Female%20Atomweight%20Bout%3A%0D%20Hattan%20Al%20Saif%20v%20Nada%20Faheem%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Maraoune%20Bellagouit%20v%20Motaz%20Askar%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Ahmed%20Tarek%20v%20Abdelrahman%20Alhyasat%0D%3Cbr%3EShowcase%20Featherweight%20Bout%3A%0D%20Mido%20Mohamed%20v%20Yazeed%20Hasanain%0D%3Cbr%3EShowcase%20Flyweight%20Bout%3A%0D%20Malik%20Basahel%20v%20Harsh%20Pandya%0D%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
More from Rashmee Roshan Lall
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
