UAE’s Masdar to Buy 50% Stake in US Renewables Firm Terra-Gen - Bloomberg
UAE clean-energy firm Masdar agreed to acquire a 50% stake in renewable electricity producer Terra-Gen Power Holdings II LLC as part of a plan to bolster its presence in the US.
The transaction represents a major milestone toward Masdar’s goal to build a global renewable energy portfolio of at least 100 gigawatts of capacity by 2030, the Abu Dhabi-based company said in a statement.
As part of the transaction, Energy Capital Partners will fully exit its position in Terra-Gen, according to Masdar. Infrastructure investment manager Igneo will keep its existing 50% stake in the company.
San Diego-based Terra-Gen operates 32 renewable power sites in the US, with a focus on California and Texas. It has about 2.4 gigawatts of wind and solar, and 5.1 gigawatt-hours of energy storage.
Masdar is also interested in buying a share of existing Iberdrola onshore clean-energy assets, Bloomberg News reported in February.
Tuesday, 19 March 2024
Apollo Launches New Private Credit BDC Seeded by #AbuDhabi’s Mubadala - Bloomberg
Apollo Launches New Private Credit BDC Seeded by Abu Dhabi’s Mubadala - Bloomberg
Apollo Global Management Inc. has created a new private credit fund that will invest money from an affiliate of Mubadala Investment Co. and other institutional investors for no fee during the first year and waive half of the fees the following year.
The fund is structured as a business development company, and typically such vehicles tend to offer few to no fee breaks to its pool of retail and high net worth investors.
Mubadala and an affiliate of Apollo have contributed more than $290 million into the fund, which has over $790 million in assets, according to a filing Friday. The rest of the assets were purchased through the use of leverage.
The new fund, known as Middle Market Apollo Institutional Private Lending, is part of an existing relationship between the asset manager and Mubadala, the Abu Dhabi sovereign wealth fund. The firms agreed to work together in 2020 and have teamed up on several ventures, including a $2.5 billion private credit platform last year.
With seed commitments totaling $450 million as of March 15th, the new fund will invest as much as 70% to 80% in loans to US middle market companies, generally defined as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, the filing showed.
A representative for Apollo declined to comment.
There is also a provision that if the fund doesn’t double its investment commitments to $900 million in five years, Apollo will distribute the cash received from sale or loan repayments back to investors, the filing said. Typically, BDCs can re-invest those proceeds in perpetuity.
Fees to the investment adviser, when in full effect, include a 1% management fee and a 12.5% incentive fee after achieving a 6% hurdle rate, according to the filing.
Mubadala added Fabrizio Bocciardi — its head of credit investments — to the fund’s board, the filing showed. Howard Widra, who is the chair of the board, also serves as Apollo’s head of direct origination and executive chairman of Midcap Financial Investment Corporation, one of Apollo’s BDCs open to high net worth investors.
Apollo Global Management Inc. has created a new private credit fund that will invest money from an affiliate of Mubadala Investment Co. and other institutional investors for no fee during the first year and waive half of the fees the following year.
The fund is structured as a business development company, and typically such vehicles tend to offer few to no fee breaks to its pool of retail and high net worth investors.
Mubadala and an affiliate of Apollo have contributed more than $290 million into the fund, which has over $790 million in assets, according to a filing Friday. The rest of the assets were purchased through the use of leverage.
The new fund, known as Middle Market Apollo Institutional Private Lending, is part of an existing relationship between the asset manager and Mubadala, the Abu Dhabi sovereign wealth fund. The firms agreed to work together in 2020 and have teamed up on several ventures, including a $2.5 billion private credit platform last year.
With seed commitments totaling $450 million as of March 15th, the new fund will invest as much as 70% to 80% in loans to US middle market companies, generally defined as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, the filing showed.
A representative for Apollo declined to comment.
There is also a provision that if the fund doesn’t double its investment commitments to $900 million in five years, Apollo will distribute the cash received from sale or loan repayments back to investors, the filing said. Typically, BDCs can re-invest those proceeds in perpetuity.
Fees to the investment adviser, when in full effect, include a 1% management fee and a 12.5% incentive fee after achieving a 6% hurdle rate, according to the filing.
Mubadala added Fabrizio Bocciardi — its head of credit investments — to the fund’s board, the filing showed. Howard Widra, who is the chair of the board, also serves as Apollo’s head of direct origination and executive chairman of Midcap Financial Investment Corporation, one of Apollo’s BDCs open to high net worth investors.
#UAE investments abroad hit $2.5trln in beginning of 2024
UAE investments abroad hit $2.5trln in beginning of 2024
The United Arab Emirates has solidified its position as a leading regional and global player in foreign direct investment, according to Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).
He estimates the total value of Emirati investments abroad, encompassing both government and private sectors, to have reached a staggering $2.5 trillion by the beginning of 2024.
This robust financial footprint positions the UAE as a significant economic force with strong potential for continued expansion. The focus on emerging markets and the creation of strategic partnerships further amplifies this momentum, opening doors to new investment opportunities.
The UAE's commitment to international economic engagement is evident in its recent participation in various strategic partnerships, alliances, and cross-border deals and acquisitions. This proactive approach has established a strong and influential presence for the UAE on the global economic stage.
Al Jarwan said that one such landmark deal is the historic $35 billion investment agreement with Egypt for the development of Ras Al Hekma. This groundbreaking partnership represents the largest direct investment in Egypt's history. It serves as a powerful symbol of confidence and a bold move that reshapes the regional investment landscape. Despite global economic challenges, this monumental project presents a unique and valuable opportunity for both nations.
The United Arab Emirates has solidified its position as a leading regional and global player in foreign direct investment, according to Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).
He estimates the total value of Emirati investments abroad, encompassing both government and private sectors, to have reached a staggering $2.5 trillion by the beginning of 2024.
This robust financial footprint positions the UAE as a significant economic force with strong potential for continued expansion. The focus on emerging markets and the creation of strategic partnerships further amplifies this momentum, opening doors to new investment opportunities.
The UAE's commitment to international economic engagement is evident in its recent participation in various strategic partnerships, alliances, and cross-border deals and acquisitions. This proactive approach has established a strong and influential presence for the UAE on the global economic stage.
Al Jarwan said that one such landmark deal is the historic $35 billion investment agreement with Egypt for the development of Ras Al Hekma. This groundbreaking partnership represents the largest direct investment in Egypt's history. It serves as a powerful symbol of confidence and a bold move that reshapes the regional investment landscape. Despite global economic challenges, this monumental project presents a unique and valuable opportunity for both nations.
Mideast Stocks: Major Gulf bourses end mixed; Egypt extends slide
Mideast Stocks: Major Gulf bourses end mixed; Egypt extends slide
Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Saudi Arabia's benchmark index was up for a sixth straight session and ended 0.3% higher, with ACWA Power rising 1.7% and oil major Saudi Aramco gaining 1%. Among other gainers, Leejam Sports surged 8.1%, hitting its all-time high of 243 riyal a share. The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit and raised its quarterly cash dividend by 20%.
In Abu Dhabi, the benchmark index rose 0.2%, helped by a 0.8% increase in First Abu Dhabi Bank shares, the UAE's largest lender, and a 0.2% gain for Aldar Properties.
Dubai's benchmark index eased 0.1%, weighed down by losses in utilities and finance, with Mashreqbank dropping 4.6% and Al Ansari Financial Services sliding 1.8%.
The Qatari benchmark index retreated 0.3% after four straight sessions of gains, with almost all sectors in the red. Industries Qatar shed 0.3%, while Qatar Islamic Bank and Doha Bank slipped 0.5% and 1.4% respectively.
Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve's interest rate decision and commentary.
Saudi Arabia's benchmark index was up for a sixth straight session and ended 0.3% higher, with ACWA Power rising 1.7% and oil major Saudi Aramco gaining 1%. Among other gainers, Leejam Sports surged 8.1%, hitting its all-time high of 243 riyal a share. The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit and raised its quarterly cash dividend by 20%.
In Abu Dhabi, the benchmark index rose 0.2%, helped by a 0.8% increase in First Abu Dhabi Bank shares, the UAE's largest lender, and a 0.2% gain for Aldar Properties.
Dubai's benchmark index eased 0.1%, weighed down by losses in utilities and finance, with Mashreqbank dropping 4.6% and Al Ansari Financial Services sliding 1.8%.
The Qatari benchmark index retreated 0.3% after four straight sessions of gains, with almost all sectors in the red. Industries Qatar shed 0.3%, while Qatar Islamic Bank and Doha Bank slipped 0.5% and 1.4% respectively.
The Fed is widely expected to hold rates steady in a meeting on Wednesday, with the market's attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session, ending 1.4% lower and with most sectors in the red. Commercial International Bank and Talaat Mostafa Group dropped 3.6% and 6.3% respectively, while E-Finance surged 10.6%. The World Bank said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt, which has been struggling with a foreign currency crunch and gaping budget and balance of payments deficits.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index fell for a third consecutive session, ending 1.4% lower and with most sectors in the red. Commercial International Bank and Talaat Mostafa Group dropped 3.6% and 6.3% respectively, while E-Finance surged 10.6%. The World Bank said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt, which has been struggling with a foreign currency crunch and gaping budget and balance of payments deficits.
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