CVC Capital Partners is considering its first investment in the Middle East as Europe’s largest private equity company works to expand its business into new geographies, according to people familiar with the matter.
The London-based buyout firm has considered potential targets including UAE-based shisha maker Al Fakher Tobacco Trading as well as education companies, the people said, asking not to be identified as the information is not public. CVC was also one of the companies considering a bid for a stake in property developer Emaar Properties’s entertainment division, people familiar with the matter said previously.
CVC was in advanced talks with Al Fakher though discussions faltered, the people said. The buyout firm is also studying other potential transactions in the region, according to the people. No final agreements have been reached, and CVC may decide against pursuing investments in the firms, they said.
A spokesman for CVC declined to comment. Al Fakher didn’t immediately respond to requests.
CVC’s push into the region is being led by Istvan Szoke, its London-based partner responsible for the firm’s emerging markets investments in Europe, the people said. Ozgur Onder, a managing director, is also involved in identifying opportunities, they said.
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The buyout firm has been looking at opportunities to make full or partial investments in the Middle East for some time and is attracted by the region’s young-and-growing population, one of the people said. A sharp drop in oil prices in the last few years and its impact on local economies has also pushed some businesses to look for investors, the person said.
Foreign bidders have been buying more assets in the Middle East and Africa in the last 12 months, agreeing to spend US$28.5 billion in the period, 26 per cent higher than the previous year, according to data compiled by Bloomberg. Amazon.com Inc. agreed to buy Dubai-based online retailer Souq.com in March in a bet that e-commerce in the region is poised to take off.
Private equity firms are exploring new territory as they raise record amounts of dry powder from investors. CVC raised $19bn for its seventh pool of capital in June, its biggest-ever fund. The firm, which has commitments of $85bn in funds for its private equity and credit investment pools, has previously invested in the Formula One auto racing series and has agreed to buy Swiss watchmaker Breitling AG.
CVC targets European investments with a minimum equity value of $150 million and at least $50 million for opportunities in Asia, according to its website. The firm has holdings worldwide including in the US, Sweden, Iceland and Malaysia.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A MINECRAFT MOVIE
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Rating: 3/5
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4.35pm: Tilal Al Khalediah
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5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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9.30pm: Forever Young
