Investcorp in Talks to Buy AC Milan for $1.1 Billion - Bloomberg
The Middle East’s biggest alternative asset manager was said to be in exclusive talks to buy Italy’s AC Milan, the seven-time European soccer champion once owned by former Prime Minister Silvio Berlusconi.
Investcorp, which has among its shareholders Abu Dhabi sovereign fund Mubadala Investment Co., is in discussions with Elliott Management Corp. to buy the iconic club for an enterprise value of 1 billion euros ($1.1 billion), according to people familiar with the matter. Representatives for Investcorp, Elliott and AC Milan declined to comment.
Elliott Management took control of AC Milan in 2018 after previous owner Li Yonghong of China defaulted on debt obligations.
From major teams such as Chelsea in England to teams with a smaller international following, such as Standard Liege in Belgium and Genoa in Italy, Europe’s soccer clubs are in the crosshairs of investment firms seeking stable returns. Broadcasting money continues to pour into the sport and, with the World Cup showcase taking place this year, more deals are likely.
Mideast Stocks: Dubai bourse clocks fourth weekly gain; Abu Dhabi ends flat
Dubai's stock market ended higher on Friday as investors remain optimistic regarding the economic development of the emirate, while the Abu Dhabi index finished flat.
Dubai's main share index gained 0.5%, buoyed by a 14.7% surge in Mashreq Bank, after its unit Oman Insurance approved cash dividends totaling 92.4 million dirhams ($25.16 million) for the financial year ended December 2021. The Dubai index saw its fourth weekly gain.
Among other gainers, Dubai Electricity and Water Authority (DEWA), which debuted on Tuesday in the region's biggest initial public offering since Saudi Aramco, advanced 4.4%. "DEWA's stock has returned to the upside after some price corrections.
The IPO has helped attract international investors to the market, which could benefit other listed stocks," said Eman AlAyyaf, CEO of EA Trading. In Abu Dhabi, the index reversed early losses to close flat. Shares of First Abu Dhabi Bank, the country's largest lender, fell 1.5%.
On Thursday, the lender withdrew its offer to buy a controlling stake in Egyptian investment bank EFG Hermes.
The deal with EFG Hermes would have given the UAE's biggest lender access to the Egyptian investment bank's strong franchise in the Middle East and North Africa region.
Startup Betting on Crypto Appeal in Islamic World Raises Funds - Bloomberg
Fasset, a digital-asset gateway, is planning a major expansion in some areas of the Islamic world, as it seeks to boost the adoption of cryptocurrencies in places where it is still viewed with suspicion.
The company closed a $22 million Series A funding round led by Liberty City Ventures and Fatima Gobi Ventures, it said in a statement, adding that regional family offices from the Middle East and South Asia also participated. The money will go toward product development and market expansion, the company said.
“We have been working with some of the most prolific and well known Islamic finance jurists and thought-leaders to educate the masses on how Muslims can interact with this emerging asset class in a Sharia compliant manner,” said Mohammad Raafi Hossain, the company’s co-founder and chief executive officer, who’s also a former adviser to the UAE Prime Minister’s Office.
Some corners of the Islamic world have shown skepticism about cryptocurrencies. Indonesia’s National Ulema Council declared it forbidden in November, even though the government has been supportive of crypto assets, allowing it to be traded alongside commodity futures as an investment option and pushing to set up a crypto-focused exchange by the end of the year.
BlackRock, Mubadala to invest $526 mln in Tata Power's renewable energy unit | Reuters
India's Tata Power Company (TTPW.NS) said on Thursday that BlackRock Real Assets and Abu Dhabi's Mubadala Investment Company would invest 40 billion rupees ($525.76 million) in the company's renewable energy unit for a 10.53% stake.
The investment is expected to fund Tata Power Renewable Energy's aggressive growth plans in the rooftop and electric vehicle charging space in India.
Tata Power Renewables is targeting a portfolio of over 20 gigawatts (GW) of renewables assets over the next five years, from 4.9 GW currently, Tata Power said in a regulatory filing.
The investment, through equity or compulsorily convertible instruments, translates to a base equity valuation of 340 billion rupees for Tata Power Renewable Energy.
The first round of investment is expected to be completed by June and the rest by the end of 2022.
