Al-Futtaim, the automotive, retail, electronics and financial services conglomerate based in Dubai, has acquired a majority shareholding in Associated Motorways (AMW), a large Sri Lankan corporation with interests ranging from tyre manufacturing to car distribution.
The deal, a 71 per cent share worth more than Dh300 million (US$81.6m), includes the acquisition of a 51 per cent stake at 174.50 Sri Lankan rupees (Dh5.95) per share, previously held by the Sri Lankan investment firm, Associated Electrical Corporation (AEC). The UAE group acquired an additional 20 per cent held by the second-largest stakeholder, John Keells, an investment firm.
The stake in the listed company was bought by Al-Futtaim group's wholly owned subsidiary, Al-Futtaim Engineering (AFE). In the UAE, Al-Futtaim owns the franchise for several automotive brands including Toyota, Lexus, Honda, Chrysler, Dodge, Jeep and Volvo.
"This is a strategic investment as we look to grow our brands on the automotive side," said Geoffrey Watson, the head of corporate communications for Al-Futtaim. "It's a good business to have and it is part of the general expansion happening around the world."
The acquisition follows Al-Futtaim's recent purchase of an 88 per cent stake in Robinson Group, the Singapore-based retailer that owns the franchise for Marks & Spencer in Singapore and Malaysia. According to officials with Al-Futtaim, AMW's brand portfolio - which includes Maruti, Nissan, Renault, Suzuki, Yamaha, Piaggio, Goodyear tyres, Castrol and BP - is a strong fit with the Dubai company.
"They are the Al-Futtaim of the Sri Lankan market," said Bob Farrow, the senior general manager of business development for Al-Futtaim Automotive. "Going into a foreign marketplace is very important to us."
Sri Lanka is an attractive destination for Al-Futtaim, given its potential in various areas of business, said Mr Farrow. Al-Futtaim is hoping to build a car assembly plant in Colombo and to enhance a tyre factory in the capital. "We are certainly interested in South Asia and it was really an opportunity that this was a business with potential, and the English skills in Sri Lanka are quite good," said Mr Farrow. "This business will give us a foothold in Sri Lanka and then we can expand from there."
In addition to its automotive portfolio, AMW has ventures in the property sector, including a recently signed memorandum of understanding with John Keells Holdings and Finlays. Ajita De Zoysa, the chairman of AMW, said that the deal with Al-Futtaim would bolster his company's presence on the international stage.
"AMW is on the threshold of making several large investments, including an automotive assembly plant and a major real estate development," he said. "These opportunities have been the catalyst for this acquisition, which, through Al-Futtaim's role as a strategic investor in the business, will transform AMW into a multinational corporation."
Officials at Al-Futtaim said a second, and equally important, goal of such an acquisition was an exchange of skills and expertise. "We will set up apprenticeship schemes for mechanics, accountants and possibly salespeople as well," said Mr Farrow.
@Email:vsalama@thenational.ae
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Specs
Engine: Duel electric motors
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
