The Finance World Magazine| Edition: May 2023

UAE’s e& to acquire $400M majority stake in Careem’s super-app business
The UAE-based telecoms
company e& has announced
it will acquire a $400M majority
stake in Careem’s super-app
business, according to a regulatory
disclosure. The acquisition of a 50.03%
stake is expected to accelerate the
development of the company and create
a regional “Super App” champion. The
acquisition is part of e&’s strategy to
diversify operations and extend its
reach globally. The telecoms group
recently became the largest shareholder
in Vodafone Group after increasing its
holdings to 14% earlier this year.
First Abu Dhabi Bank
open to acquisitions to
spur growth, CEO says
First Abu Dhabi Bank (FAB)
is considering acquisition
opportunities in the Middle
East, North Africa, and beyond,
as long as they make commercial sense
and create value for the UAE’s largest
lender by assets, according to its CEO,
Hana Al Rostamani. FAB is also open
to acquiring international banks if the
opportunity arises as it continues to
expand its footprint in markets across
continents. Al Rostamani stated that the
bank only looks at opportunities that
allow it to quickly build its portfolio,
enter a new market, or enhance its
platform. FAB will examine the potential
acquisition within these three areas and
how it fits within its overall strategy.
Mubadala to acquire Bridgepoint’s Diaverum for
$2.5B
Abu Dhabi’s Mubadala
Investment is considering
buying European dialysis
clinic chain Diaverum
from British private investment firm
Bridgepoint Group for approximately
$2.5B, according to people familiar with
the matter. The sovereign wealth fund is
among final bidders competing for the
Swedish company, which operates 440
clinics in 23 countries. Bridgepoint and
Mubadala did not comment on the news.
In December 2022, Mubadala’s CEO
said that 2023 would be a challenging
year for the global economy but the
fund would focus on opportunities
with a longer horizon. Mubadala has
$284B in assets under management,
with interests in sectors including
healthcare, energy and real estate.
Majority stake in Oman Cement sold to Huaxin for
$193M
Oman Cement Company
has completed the share
purchase agreement between
The Investment Authority
Company SPC, representing the
government’s stake, and Huaxin (Hong
Kong) International Holdings. As per the
deal, Huaxin has acquired a 59.58% stake
in the publicly-traded Oman Cement
for $193.1M, subject to adjustment by
the buyer after completion of the deal
to account for net cash and working
capital levels. Huaxin has assigned its
ownership right to Abra Holdings, a
wholly-owned subsidiary incorporated
in the Republic of Mauritius. The board
of Oman Cement has also appointed
Li Yeqing and Ian Riley as temporary
board members, pending approval at
the company’s next Ordinary General
Meeting.
May 2023 www.thefinanceworld.com 61