Abu Dhabi has bought a 15 per cent stake of Gatwick Airport, Britain's second-busiest, a spokesman for the emirate's sovereign wealth fund confirmed yesterday.
The Abu Dhabi Investment Authority (ADIA), thought to be the world's biggest sovereign wealth fund, purchased the stake from Global Infrastructure Partners (GIP).
GIP itself acquired the airport only in October after BAA, Britain's main airport operator, was forced to sell it by the country's competition regulator. GIP will retain a controlling stake.
The ADIA spokesman could not comment on media reports putting the value of its investment at £125 million (Dh728m), which was an estimate based on the £100m price the National Pension Service of South Korea said it was paying for a 12 per cent stake in Gatwick just two days earlier.
Representatives of GIP and London Gatwick declined to comment yesterday.
The confirmation put to rest weeks of speculation about an ADIA stake in the airport and offered a rare glimpse into the investment activities of the fund, which normally maintains a low profile in its acquisitions of small stakes in companies and assets.
Its most publicised investment in recent years came in late 2007, when it purchased what was then a 4.9 per cent stake in Citigroup for US$7.5bn.
Together with its sister fund, the Abu Dhabi Investment Council, which was seeded with capital from ADIA in 2006, Abu Dhabi's funds are estimated to manage roughly $425bn in assets.
After cutting its exposure to stocks in anticipation of the crisis in 2008, ADIA piled back into equity markets in 2009 to benefit from the rally in global markets, Sheikh Ahmed bin Zayed, ADIA's managing director, said.
GIP, which also operates London City Airport, purchased Gatwick last year for £1.51bn. Shortly after, it opened discussions to sell minority stakes.
In other investment news, Isithmar World, a unit of Dubai World, yesterday sold its 13 per cent stake in SpiceJet, an Indian budget airline, an executive for the carrier said.
@Email:igale@thenational.ae
* With Reuters and additional reporting by Wayne Arnold
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
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.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Killing of Qassem Suleimani
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