Investcorp, the Bahrain-based alternative asset manager backed by Abu Dhabi's Mubadala Investment Company, has announced a “strategic growth investment” in US tax advisory company PKF O’Connor Davies, boosting its global asset portfolio in professional services.
The investment was made in partnership with Canada's Public Sector Pension Investment Board (PSP Investments), Investcorp said on Tuesday.
The value and terms of the investment, which is subject to regulatory approval, were not disclosed.
PKF O’Connor Davies, one of the largest accounting, tax and advisory companies in the US, joins the stable of professional services firms Investcorp has stakes in, a list that includes AlixPartners, ICR, Resultant, United Talent Agency and CrossCountry Consulting.
Investing in PKF O’Connor Davies is an “attractive investment opportunity”, having witnessed “strong performance in the professional services sector”, Yusef al Yusef, global head of distribution at Investcorp, said.
“With strong leadership in place, we anticipate great opportunities for PKF O’Connor Davies in the years ahead and look forward to working with them to unlock further growth potential,” he added.
For PKF O’Connor Davies, it said the investment is a “significant milestone”, as it will be able to tap into the network of two experienced investors that will help drive future growth and expand its services.
This is in addition to boosting its balance sheet that will afford the company to increase its mergers and acquisitions activities, and invest in new technologies, it added.
“This investment from Investcorp and PSP Investments further validates that we have an attractive business … [they] have a long history of backing profitable, industry-leading companies with demonstrable growth avenues,” said Kevin Keane, executive chairman of PKF O’Connor Davies.
Investcorp, which is known for its shareholding in Tiffany and Gucci during its early years of investing, has grown to become a global investment powerhouse. The company is among several international asset managers seeking funding from local and foreign investors for their Middle East-focused investment funds.
It currently manages about $53 billion in assets, including those managed by third-party managers. The company has 14 offices across the GCC, US, Europe and Asia, including, India, China, Japan and Singapore, employing about 500 people.
Investcorp was able to raise $5.4 billion in funding from global investors during its last fiscal year and expects to reach a similar level this year despite a sharp increase in geopolitical volatility in the Middle East, its vice chairman Rishi Kapoor told The National in Riyadh earlier this month.
The company also posted $4.4 billion in capital during the 12-month period to the end of June across asset classes and expects investor appetite to remain strong, with Investcorp hitting a “similar level” of investments during the current financial year, he said at the time.
On Sunday, Investcorp announced the appointment of financial industry veteran Mashaal AlJomaih as chief executive for its Saudi Arabia unit, as it seeks to boost its ties with investors in the Arab world's biggest economy.
Last month, Investcorp bought Stowe Family Law, the largest specialist family law company in the UK, from the private equity group Livingbridge, a move expected to help Stowe develop its growth strategy that aims to expand its client base to 10,000 within five years.
In March, Investcorp partnered with two sovereign wealth funds to form a $526 million fund that will invest in industrial real estate in the US. The following month, it teamed up with China’s SWF to launch a $1 billion fund that will invest in high-growth companies in Saudi Arabia, other Gulf countries and China – moves meant to further boost its global asset portfolio.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The years Ramadan fell in May
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The five pillars of Islam
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The years Ramadan fell in May
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
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Killing of Qassem Suleimani
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
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Zayed Sustainability Prize
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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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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Killing of Qassem Suleimani
Zayed Sustainability Prize
