Alkhabeer plans IPO

Updated 06 December 2012
0

Alkhabeer plans IPO

DUBAI: Alkhabeer Capital, a Saudi Arabia-based investment advisory firm, plans to offer new shares worth about 30 percent of its capital in an initial public offering (IPO) on the local bourse by early 2014, its chief executive said.
Alkhabeer, in which conglomerate Saudi Binladin Group is a top shareholder, is awaiting the regulatory nod to initiate the IPO process, CEO Ammar Shata said in Dubai.
The Jeddah-based firm, which manages assets worth around $700 million, was formed in 2004 and raised about $210 million in capital from more than 30 shareholders after receiving an investment banking and asset management license from the Saudi regulator, the Capital Market Authority (CMA).
"We are waiting for the signal from the regulator. The plan is to go public by 2014 and a potential listing will not just help us raise new money but also enhance our branding and public image," Shata said yesterday.
Alkhabeer is bullish on real estate opportunities in the United States and UK, Shata said, adding those investments offer attractive returns for the coming 18 months.
The firm is working with investment management companies in the United States to jointly develop real estate investment trusts (REITs) to tap the opportunity, Shata said.

The firm has already invested $ 300 million in US real estate so far in 2012, he said, adding it plans to stay away from equity-related investments in the coming year except for some pre-IPO opportunities.
REITs can earn rents on leased properties and also capture the operating income from those facilities by retaining independent management for a fee.
"Real estate income-generating investments in the US and UK is a great investment opportunity in the coming months," he said.
Asked whether the investment firm was looking to Asia and other emerging markets, Shata said: "I think the right opportunity today is in the UK and US ... The reason the Western world is advanced is that they correct their mistakes quickly and they only make mistakes once."
The firm is also staying cash-heavy with about 30 percent of the portfolio in cash, awaiting opportunities created mainly by the Arab spring revolts, the executive said.


Ride-sharing app Careem says it was hacked

Updated 16 min 18 sec ago
0

Ride-sharing app Careem says it was hacked

  • The Dubai-based competitor to Uber said in a blog post on Monday that it became aware of the hack on Jan. 14
  • While credit card information remains safe, Careem says that the hackers got access to customers' name, email addresses, phone numbers and trip data

DUBAI: The Mideast ride-sharing app Careem says it has been hacked.
The Dubai-based competitor to Uber said in a blog post on Monday that it became aware of the hack on Jan. 14 and that it affected "computer systems which hold customer and captain account data." Careem refers to its drivers as captains.
While credit card information remains safe, Careem says that the hackers got access to customers' name, email addresses, phone numbers and trip data.
Careem is one of just a few Gulf startups to be valued at $1 billion. The six-year-old company localized the idea of Uber by also allowing customers to pay by cash.
Among its biggest investors is an investment firm chaired by billionaire Saudi Prince Alwaleed bin Talal and the largely state-owned Saudi Telecom Co.