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Abraaj agrees to sell big chunk of its fund business to Colony Capital - Dotemirates
4 month 3 week

Abraaj agrees to sell big chunk of its fund business to Colony Capital

The Abraaj Group said on Thursday it has agreed to sell a big chunk of its fund business to US investment management firm Colony Capital as a Cayman Islands court oversees the restructuring of the embattled private equity firm. Colony Capital will acquire Abraaj's “Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business and its Limited Partnership interests in the underlying Funds, along with staff in the eight offices being transferred under the terms of the deal,” the private equity firm said in a statement, without disclosing the value of the deal. “Colony has also agreed to...


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Business News

2 minute 58 second

House of Fraser to shut another four stores

House of Fraser (HoF) is closing four more stores, all based in major shopping centres. The department store chain, bought out of administration in August by Mike Ashley's Sports Direct, will shut its Lakeside, Metrocentre, Norwich and Nottingham outlets in the New Year.Mr Ashley said the landlord, Intu Properties, had been unwilling to reduce rents for the ailing shops. He added that there had been "multiple meetings with Intu"."We were no further forward after 14 weeks. Unfortunately, these stores now face closing in the New Year. I urge other institutional landlords to be more proactive to help save the HoF...
3 minute 2 second

A property manager is key to a profitable investment

With the majority of property investors now viewing their assets in Dubai as long-term wealth, many owners are choosing to utilise property managers to ensure the day-to-day management of their investment.A good property manager can ensure monthly cash flow, increase your revenues and provide you with peace of mind, reducing the day-to-day stress of managing your property and being a landlord. Whether you are a local investor with multiple assets or an overseas investor, effective property management can be crucial to maintaining your asset.Buying a property is often the biggest investment you will make and hiring someone to manage your...
4 minute 2 second

May hints at U-turn over fixed-odds betting terminals

Media playback is unsupported on your device Media captionWhat are fixed-odds betting terminals? Theresa May is facing the possibility of having to make a U-turn over fixed odds betting terminals (FOBTs).More than 70 MPs have called on the government to cut the largest wager on FOBTs from £100 to £2 in April, as originally planned, and not October.Chancellor Philip Hammond had said the date had been decided after discussions with the betting industry.The prime minister now says Culture Secretary Jeremy Wright will make a written statement on the issue later.The government had earlier said it had consulted widely and considered...

12 minute 12 second

Ducab signs three contracts for ADNOC projects

Ducab has secured three major contracts in Abu Dhabi for the supply of over 5,000 kms of EHV, HV, MV and LV cables and AAAC overhead conductors for ADNOC-related projects in Abu Dhabi. The announcement came on the sidelines of the company’s upcoming participation in the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC 2018. The new contracts, secured following intense global competition, include the design, manufacturing, and supply of 220kV EHV cables, 132kV High Voltage (HV), along with a range of medium voltage (MV), low voltage (LV) power and control cable systems for the clean fuel and waste-heat recovery...
12 minute 41 second

ADNOC to invest $1.4bn to expand its giant Bu Hasa field

The Abu Dhabi National Oil Company (ADNOC) announced, today, a $1.4bn investment to upgrade and expand its Bu Hasa field, which will increase crude oil production capacity to 650,000 barrels per day (bpd). An EPC contract has been awarded to Tecnicas Reunidas SA by ADNOC’s subsidiary, ADNOC Onshore, which operates the field. The scope of work is expected to take 39 months, and the upgrade will increase oil production capacity from 550,000 bpd to 650,000 bpd by the end of 2020. This is part of the company's plan to increase production to 4mbpd by 2020, and 5mbpd by 2030. “This...
12 minute 57 second

Abu Dhabi’s Aldar awards Dhs335m contact for Dubai border community

Abu Dhabi developer Aldar Properties has awarded a Dhs335m ($91.2m) contract to Al Rakha Contracting and General Transport for its Alghadeer project. The award comes after the company announced a $2.7bn master plan for Abu Dhabi/Dubai border community in April spanning 14,408 villa, townhouse and maisonette units across an area of 1.3 million square metres. Read: Abu Dhabi’s Aldar launches $2.72bn community on Dubai border Aldar said Al Rakha would be the main contactor for the first neighbourhood in the second phase of the project and build 707 maisonettes, townhouses and villas. “From its location at the centre of the...