UAE Edition 
MENA+ Edition 
Egypt Edition 
Saudi Edition 
AI + Innovation (MENA) 
Logistics (MENA) 
Share
Read Full Issue 
Abu Dhabi National Co. for Building Materials (Bildco) has completed its food-trading takeover, marking its push beyond building materials. The firm announced it had wrapped up its takeover of a 50% ownership stake in Dubai-based AG Group, according to an ADX disclosure.
REMEMBER- Last month, Bildco said it had agreed to acquire the stake in the firm, which trades fresh produce, runs juice production operations, and manages a logistics network serving clients like Emirates Flight Catering, Americana, Majid Al Futtaim, and ADNH Compass. The financial details weren’t disclosed, but it comes as Bildco is looking to build exposure to sectors linked to the UAE’s supply chains and food security, diversifying beyond its core construction materials business.
Dubai Investments secures majority control of Clemenceau Medical Center
Dubai Investments raised its stake in Clemenceau Medical Center (CMC) to 80%, according to a DFM disclosure. The group previously held a 20% stake in the healthcare player, which it snapped back in 2018. Operating out of Dubai Healthcare City, CMC offers specialized medical services, including robotic surgery and PET scans.
Inside the transaction: The value of the takeover wasn’t disclosed, but Dubai Investments is buying the stake from UAE-based Khansaheb Investments and CMC. The takeover is expected to close in 3Q, subject to regulatory approval.
IN CONTEXT- Dubai Investments has been ramping up its healthcare investments in recent years, with stakes in Global Fertility Partners, King’s College Hospital London, and Globalpharma. Last year, Global Fertility Network, in which Dubai Investments holds a 34.3% stake, acquired a majority stake in Saudi-based HealthPlus Fertility Center.
Symmetry to set up shop in Dubai
International hedge fund manager Symmetry Investments has received regulatory approval to operate in Dubai having secured a license from the Dubai Financial Services Regulatory Authority, Bloomberg reports. Faisal Butt, who previously worked at Brevan Howard, will head up its Dubai presence.
BACKGROUND- Dubai has continued to attract asset managers, hedge funds, private equity players, and family offices despite regional instability, with French asset manager Varenne Capital Partners among those recently opening up shop in Dubai International Financial Center.
