Apollo Global Management's $5.5 billion (Dh20.2bn) investment in Abu Dhabi National Oil Company's property portfolio might be its first with the state oil company, but is certainly not its first in the UAE – nor is it likely to be its last.
“We’re attracted to the UAE because it is a very stable, safe place to invest with one of the highest sovereign credit ratings in the world and a structurally sound economy in a region where we have deep relationships,” Apollo’s chairman and chief executive Leon Black said in an interview with Sky News Arabia.
The alternative asset manager has had a relationship with Abu Dhabi Investment Authority, which has been an investor in Apollo’s management company, since 2007.
In July, a deal was also agreed with Abu Dhabi’s strategic investment company, Mubadala Investment Company, to set up a deal origination platform that will provide up to $12bn in direct lending to corporate borrowers over the next three years.
Abu Dhabi Investment Council has also been an investor in Athene Holding, a pensions and investment business in which Apollo is the biggest single shareholder. Athene has participated in Apollo’s deal, which involves taking a minority stake in a new company that will lease a portfolio of properties and social infrastructure back to Adnoc for 24 years. Adnoc will retain the majority stake and full control over the assets held by the leasing company.
“Adic helped Athene, which is now a company with over $180bn in assets. So now Athene has come back full circle to turn around and make an investment back in the UAE,” Mr Black said.
Apollo was co-founded by Mr Black, Josh Harris and Marc Rowan in 1990. It has grown into one of the world’s largest alternative asset managers, with $413bn of assets under management (AUMs) as of June 30.
AUMs have grown by a compound average rate of 21 per cent over the past five years, mainly due to the rapid expansion of its credit business, which represents about 73 per cent of total assets, or just over $300bn.
Alternative assets are investment classes such as private equity, private credit, hedge funds, infrastructure and real estate, as opposed to conventional assets such as shares and bonds.
The company made a net profit to shareholders of $437m during the second quarter on revenue of $1.5bn.
Mr Black praised the UAE’s handling of the Covid-19 pandemic, which he said would continue to drive “volatility” in global markets in the short term, but could provide opportunities for investments that drive innovation over the longer term.
“The UAE also is an extremely robust economy and has one of the lowest debt-to-GDP ratios in the world. And it’s a nation focused on long term investment for its future,” Mr Black said.
“All of these criteria make it an exciting and safe place to invest. It’s also the reason why we’re very optimistic about the economy in the UAE and that we hope, because of that, we’re able to participate in future potential opportunities in addition to the one we’ve just closed.”
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”
Killing of Qassem Suleimani
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
RESULTS
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The five pillars of Islam
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The five pillars of Islam
Zayed Sustainability Prize
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
UAE currency: the story behind the money in your pockets
