A consortium of investors including Abu Dhabi’s state investment vehicle Mubadala Investment Company and Russia’s sovereign wealth fund acquired a 22.5 per cent stake in a Russian fitness firm, they said on Wednesday.
The consortium, comprising several unnamed Middle East funds as well as Mubadala, invested in Russian Fitness Group, which manages the largest chain of fitness clubs in Russia under its "World Class" brand.
The value of the stake acquisition from VTB Capital, a Russian investment bank, was not disclosed. Olga Sloutsker, the founder of the World Class chain, will remain in post under the deal, the parties said.
“The World Class chain is dynamically developing and we, together with our partners, intend to actively contribute to further realisation of the company’s leadership potential,” said Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF).
The RDIF, Russian’s sovereign wealth fund, was set up by the Russian government in 2011 with an initial $10 billion to make equity investments in high-growth sectors of the Russian economy, including health care, agriculture, energy, logistics and retail.
It has partnered with global investors, including those in the Middle East, to expand its portfolio and has made $40bn of joint venture investments to date. In 2016, RDIF entered into a $2bn joint venture with UAE ports operator DP World to invest in ports, transportation and logistics infrastructure in Russia. The venture was named DP World Russia.
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In September, Mubadala Petroleum and RDIF finalised a deal to acquire a 49 per cent stake in an oil venture from Gazprom Neft, marking Mubadala’s entry into Russia.
For RDIF, the investment in Russian Fitness Group (RFG) is part of a strategy to grow the sports industry in Russia and promote wider uptake of sporting activities and physical education. Under the deal, the consortium will work with other foreign shareholders of RFG to support its expansion in Russia, the CIS and Europe.
It is the second sports investment made in partnership with Abu Dhabi’s Mubadala, after the Russia-China Investment Fund, Mubadala and international martial arts league UFC (Ultimate Fighting Championship) set up a joint venture in July aimed at developing and expanding UFC’s mixed martial arts business in Russia and the CIS.
“Through both this project and … UFC Russia, which was established in partnership with Mubadala, RDIF is promoting the development and popularisation of sports in Russia,” Mr Dmitriev said.
Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
COMPANY%20PROFILE
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
FIXTURES
Saturday
5.30pm: Shabab Al Ahli v Al Wahda
5.30pm: Khorfakkan v Baniyas
8.15pm: Hatta v Ajman
8.15pm: Sharjah v Al Ain
Sunday
5.30pm: Kalba v Al Jazira
5.30pm: Fujairah v Al Dhafra
8.15pm: Al Nasr v Al Wasl
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
