Abu Dhabi Investment Company, better known as Invest AD, a wholly owned subsidiary of Mubadala Investment Company, has launched a vehicle that will allow UAE investors to invest in private credit.
The Invest AD Blackstone Private Debt Fund, a UAE Securities and Commodities Authority-regulated fund, will offer “local feeder access to Blackstone’s US and European private credit strategies”, Invest AD said on Monday.
It is the first global private credit fund of funds vehicle for professional investors in the UAE, which broadens access to an asset class that has “historically only been primarily accessible to institutional investors”, the company said.
“This strategic partnership with Blackstone will enable us to provide our clients with access to semi-liquid private credit platforms,” said Mohammad Saleemi, chief executive of Invest AD.
“Private credit has the potential to generate strong returns as part of investors’ portfolios, and we look forward to partnering with the leading player in this space to broaden access to this asset class.”
Demand for private credit – lending to companies by financial institutions other than banks – has grown significantly in recent years.
Unlike most bank loans, private credit solutions can be tailored to meet borrowers’ needs in terms of size, type or timing of transactions.
The size of the private credit market at the start of 2023 was about $1.4 trillion, compared to $875 billion in 2020, and is estimated to grow to $2.3 trillion by 2027, according to a Morgan Stanley report.
Blackstone Credit is one of the world’s largest credit managers and currently makes up more than half of Blackstone's $295 billion credit and insurance platform.
It invests primarily in the senior secured debt of large private US and European companies.
The partnership with Invest AD will “expand access to institutional quality private credit solutions for their clients, as we have done in markets around the world”, said Rashmi Madan, head of Europe Middle East and Africa at Blackstone Private Wealth Solutions.
“We are seeing strong demand for private credit today [and] we believe the current double-digit yields we’re seeing in the asset class present a compelling opportunity for returns similar to that of historical equity performance, while taking senior secured risk.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
More from Rashmee Roshan Lall
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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