Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Abu Dhabi's state holding firm ADQ hires more bankers as it steps up dealmaking

EconomySep 19, 2021 05:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A general view of the Abu Dhabi skyline is seen, December 15, 2009. REUTERS/Ahmed Jadallah/File Photo

(Removes erroneous quotation marks in paragraph 3)

By Saeed Azhar and Davide Barbuscia

DUBAI (Reuters) - Abu Dhabi's $110 billion state holding company ADQ has hired scores of investment bankers from Western banks in the past year as it accelerates dealmaking in the United Arab Emirates and overseas, three sources familiar with the matter said.

ADQ, the emirate's third-largest sovereign wealth fund, has hired bankers from mostly foreign banks and investment management firms in recent months, the sources said, boosting its cadre which already had over 20 former executives from Mubadala, another large state investment firm.

"ADQ is very active. They were 20 last year they are now 120," according to a senior investment banker who spoke on condition of anonymity due to commercial sensitivities.

Recent new hires include former Perella Weinberg Partners's banker Ayman Anwar, former HSBC banker Abhay Kumar, who also worked at ADNOC Distribution overseeing M&A, and ex-HSBC investment banker Hassan Abdelhamid, the sources said. The bankers' LinkedIn profiles also showed they had moved to ADQ.

ADQ also brought in ex-Standard Chartered private equity executive Alok Elias in June and former Bank of America Merrill Lynch (NYSE:BAC) banker Silvia Barbarino in April.

ADQ did not respond to a Reuters query for comment.

The hiring spree comes as the fund's appetite for deals at home and abroad has been growing and it pursues its objective of monetising some of the state assets through listings.

It recently teamed up with UAE's Aldar Properties in a bid to acquire up to 90% of Egyptian property developer SODIC, which would value SODIC at $453 million.

ADQ was formed in 2018 with a portfolio of key strategic assets such as Abu Dhabi Ports. Over time it has consolidated state assets in industrial and agriculture sectors.

Lately, ADQ has poured money into future listing candidates such as India's e-commerce firm Flipkart and acquired Swiss pharmaceutical company Acino, deals that Mubadala - a larger Abu Dhabi wealth fund - is known for executing. It also bought a stake in commodities trading firm Louis Dreyfus.

Mubadala in 2017 renamed itself to become a focused global investment company, removing the development role from its name, a year before ADQ was formed. ADQ's chief executive Mohamed al-Suwaidi also joined from Mubadala.

"ADQ is indeed looking more like Mubadala every day," said Diego Lopez, managing director of industry data specialist Global SWF.

"Not only is ADQ hiring heavily from its sister organisation (at least 23 staff, including its CEO), but its investment strategy is also very much aligned."

Abu Dhabi's state holding firm ADQ hires more bankers as it steps up dealmaking
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Obour seth
Obour seth Sep 19, 2021 6:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
cull place
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email