Mubadala Investment Company, Abu Dhabi’s state-run strategic investment firm that has over $200 billion in assets, acquired an undisclosed minority stake in Phoenician Capital, a New York-based investment management company.
The purchase, the financial terms of which weren’t disclosed, was made through Mubadala Capital, Mubadala’s financial investment arm.
“Phoenician Capital has built a strong international reputation for its value investing strategies, based on a consistent track record of delivering attractive risk adjusted returns,” said Maxime Franzetti, head of public investments for Mubadala Capital.
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The firm’s value-orientated investment strategy was developed by John Khabbaz, Phoenician Capital’s managing partner, while attending Columbia Business School and put to use while he built the firm. that focuses on investing in global value-orientated, high growth companies. Phoenician Capital generated returns of 40.8 per cent and 33 per cent in 2016, outperforming the S&P500 index, the benchmark measure of US equities, which increased 12 per cent and 21.8 per cent.
“We are honoured to partner with Mubadala as Phoenician expands its institutional base and enters its next phase of growth,” Mr. Khabbaz said.
Mubadala, which is active in 13 industries and 30 countries around the world, places emphasis on forging partnerships with organizations that have high standards of governance and has been active in recent months in striking deals. Last month, Mubadala and Greece’s New Economy Development Fund (Taneo) said they will set up a 400m euros platform to co-invest in the European country. Under the terms of the agreement, both parties will chip in 200m euros each to the co-investment platform.
Killing of Qassem Suleimani
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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