Huspy purchases UAE mortgage brokerages
Huspy, a proptech business based in the UAE, has announced the acquisition of Just Mortgages and Finance Lab, two mortgage brokerages. Both companies’ founders and staff members will join Huspy. The most recent acquisition deals come after Huspy acquired Home Matters in January of this year, a move that established the business as a market leader in the UAE’s mortgage industry. Ankit Shah, head of M&A, mortgages at Huspy, claimed that the combination of the two companies will enhance the expertise that Huspy was known for while also providing additional advantages to UAE homebuyers.
Emaar decides to sell Namshi to Noon
Emaar Properties has decided to sell fashion and accessories portal Namshi to Noon “in principle”. It was this week that Emaar said its Board of Directors was to take up the potential sale of Namshi. Immediately thereafter, Emaar’s stock went through a sharp rise. “The price shall be a cash consideration of $335,200,000 noting that the price is within the range which has been defined by an independent valuer approved by the Securities & Commodities Authority,” Emaar said. “The above cash consideration is the equity value of Namshi, which is equivalent to $350 million of ‘enterprise value’ of the company.
Apollo buys a share in Aldar Investment Properties
For $400 million, New York-based Apollo Global Management purchased an 11.1 percent share in Aldar Investment Properties (AIP), a division of the dominant Abu Dhabi real estate company. The purchase comes after Apollo previously declared it would invest $1.4 billion to support Aldar’s growth plans. The asset management division of Aldar, AIP, has a real estate portfolio worth about $6.3 billion that includes retail, residential, commercial, and logistics space. The deal will help the Aldar division’s efforts to stage more acquisitions in order to grow its portfolio. Four prestigious office skyscrapers in Abu Dhabi Global Market were purchased by AIP last month for $1.2 billion.
Last year, Agthia Group made acquisitions of AED 2.3 billion
After investing more than AED2.3 billion ($626.2 million) in expansion plans last year, Abu Dhabi’s Agthia Group is preparing to make additional acquisitions in Egypt and Saudi Arabia. In order to maintain its market leadership, the business has been staging acquisitions around the region, especially in the sizable economies of Egypt and Saudi Arabia. Agthia most recently bought a 60 percent stake in the Egyptian food manufacturer Abu Auf Group. It made an announcement earlier this year to invest AED 90 million in the construction of a new manufacturing plant in Saudi Arabia.
IHC purchased 50% share in Kalyon Enerji
International Holding Company (IHC), located in Abu Dhabi, declared that it had purchased a 50% share in Turkish clean energy company Kalyon Enerji. An estimated AED1.8 billion ($490.1 million) will be spent on the transaction. IHC will use its subsidiary International Energy Holding to purchase the interest in the Turkish company. The stake acquisition agreement covers several renewable energy projects in different Turkish cities, such as the 100 MW solar project in Nide, the 50 MW solar project in Gaziantep, the 1,000 MWe photovoltaic power plant project of Kalyan Enerji in the Karapinar neighbourhood of Konya, Ankara, and the 1 GW wind project developed by YEKA.
Adnoc Distribution to buy 50% share in TotalEnergies
Adnoc Distribution, the largest gasoline distributor in the UAE, is buying a 50% stake in TotalEnergies’ Egyptian division in order to continue its regional growth. The purchase agreement might cost $186 million, with an extra earn-out of up to $17.3 million “if certain requirements are achieved.” With 240 refuelling stations, more than 100 convenience stores, and more than 250 lube changing facilities in its portfolio, TotalEnergies Egypt is one of the country’s top fuel retail operators in North Africa. The corporation also engages in the wholesale distribution of fuel, aviation fuel, and lubricant operations.
359 M&A agreements signed across MENA in H1-22
In the first half of 2022, the MENA area saw 359 merger and acquisition (M&A) deals worth $42.6 billion. The increase in M&A activity reflects a 12% year-over-year (YoY) increase in deal volume, which is fueled by the region’s post-pandemic economic expansion, which is supported by high oil prices and rising boardroom confidence. Domestic transactions provided 48% and 33%, respectively, of the overall value and volume of M&A transactions over the course of the past six months. In the first half of 2022, the M&A activity involving PE and SWFs made up 35% and 38%, respectively, of the overall deal volumes and values.
First Turkish acquisition by UAE since relations improved
The first significant business transaction between the two nations since relations between is the purchase of a 50% stake in a Turkish company with ties to President Recep Tayyip Erdogan by a United Arab Emirates company managed by the nation’s national security adviser. As wealth funds in the oil-rich capital of the UAE look for targets for billions of dollars in investments, the company’s expansion in Turkey may open the door for a flurry of partnerships between the two nations. The agreement also shows that relations between the two nations, which had been at odds for much of the previous decade over issues ranging from Islamist movements to the conflicts in Syria and Libya, have improved.
Actis to purchase controlling interest in Yellow Door Energy
As demand for renewable energy sources increases globally, the British private equity firm Actis will purchase a majority interest in the Dubai-based renewable energy developer Yellow Door Energy. Actis has signed the deal’s final transaction agreements, which are still awaiting regulatory approval. Actis’ Energy 5 Fund, its most recent energy fund with $6 billion in investable capital, will provide the funding for the acquisition. According to Actis, it would implement its buy-and-build power strategy to scale the company and speed up growth. To date, the company has contributed to more than 70 renewable energy projects, producing about 11 gigawatts of renewable energy worldwide.
Emaar Properties to pay $2 billion to acquire Dubai Creek Harbour
Dubai Holding will surpass Dubai Investment Corporation, which now holds 24.07% of Emaar, to take over as the company’s second-largest stakeholder after the prior split-cash transaction. It was revealed that Emaar Properties and Dubai Holdings have reached an agreement for AED 7.5 billion ($2.04 billion) to purchase 100% of Dubai Creek Harbour, a new construction along the famed shoreline of Dubai Creek. The Investment Corporation of Dubai, which currently owns 24.07 percent of Emaar’s stock, or roughly 1.97 million shares, according to Dubai Creek Harbour, provides breathtaking views of the Burj Khalifa and the Downtown area over the creek.
