Al-Zamil elected chairman of Council of Saudi Chambers

Updated 28 April 2014
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Al-Zamil elected chairman of Council of Saudi Chambers

Abdul Rahman Al-Zamil, chairman of the Riyadh Chamber of Commerce and Industry, has been unanimously elected president of the Council of Saudi Chambers.
Al-Zamil, a former deputy minister of commerce, will replace Abdullah Al-Mobty.
Also, two new deputies of the president have been elected.
They are Saleh bin Hasan Al-Afaliq, chairman of Al-Ahsa Chamber of Commerce and Industry, and Hamdan bin Abdullah Al-Samrain, chairman of Al-Jouf Chamber of Commerce and Industry.  
This was announced here by Obeid bin Abdullah Al-Mandah, head of the communication and publishing department at the CSC.  
“The election of Al-Zamil and his deputies came in total consensus,” he said, adding that the electoral process was smooth among the members of a special electoral council, set up for this purpose.
The council composed of representatives of business community in the Kingdom.
“To make the electoral process credible, the election was conducted under the supervision of the legal department at the CSC, and we believe the elected figures reflect the will of the Saudi business sector,” said Al-Mandah.
Al-Zamil and his two deputies expressed their thanks and appreciation to the members of the special electoral council for their trust in them.
“We’ll do our best to preserve and serve the interest of the Saudi business community and contribute effectively to the Kingdom’s economic progress and boost Saudi business ties with other countries,” Al-Zamil said.


UAE regulators ask corporates to declare exposure to Abraaj

Updated 25 min 46 sec ago
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UAE regulators ask corporates to declare exposure to Abraaj

  • Air Arabia admits $336 million exposure to Abraaj funds.
  • Abraaj sells its Latam, Sub-Saharan Africa, North Africa and Turkey Funds to Colony Capital.

DUBAI: The United Arab Emirates’ top securities regulator has asked UAE-listed companies to declare their exposure to Dubai-based private equity firm Abraaj, which filed for provisional liquidation last week.
The Securities & Commodities Authority sent a letter earlier this week and companies had until Thursday to submit their responses, Obaid Al-Zaabi, chief executive of the regulator, told Reuters.
Air Arabia, a Dubai-listed low-cost carrier, said this week that it had a $336 million exposure to Abraaj, which is the Middle East’s biggest private equity firm. Shares in the airline plunged because of these links.
Al-Zaabi said some companies in the UAE had exposure to Abraaj, without naming them.
A court in the Cayman Islands, where Abraaj Holdings is registered, ordered this week that PwC be appointed as provisional liquidators of the company and Deloitte as liquidators of Abraaj Investment Management Ltd.
Abraaj said that the latest restructuring agreement has received in-principle regulatory approval and is expected to close upon approval from the Cayman Islands court and other customary consents.
On Thursday, the Dubai Financial Services Authority (DFSA), which is the regulator of the Dubai International Financial Center (DIFC), said it would discuss “various matters” with the liquidators and “will continue to work toward safeguarding the interests of investors.”
The DFSA is involved because Abraaj has an entity regulated in DIFC.
Abraaj Group agreed to sell its Latin America, Sub-Saharan Africa, North Africa and Turkey Funds management business to US investment management firm Colony Capital Inc, the companies said on Thursday.
The sale agreement comes after months of turmoil at Abraaj in the wake of its dispute with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp. (IFC), over the use of their money in a $1 billion health care fund. The group has denied it misused the funds.
The sale is part of a provisional liquidation and restructuring as set out in a court order. Financial terms of the deal were not disclosed.
Colony Capital has also agreed to oversee, on an interim basis, other Abraaj group funds that are not being acquired so that the group and all its stakeholders have a “comprehensive global solution in place,” the companies said.
The other group funds include the $1 billion health care fund, and some legacy funds of the private equity group.
Sources told Reuters earlier that US buyout firm TPG was in talks with investors in Abraaj’s health care fund to take over management of the assets of the $1 billion fund.
The K-Electric asset, which is being sold in Pakistan and is owned by Abraaj Holdings, is also not part of the transaction.
Colony’s deal comes after other investors such as Cerberus Capital Management had also made offers for the Abraaj business before it filed for provisional liquidation in the Cayman Islands.
A unit of Abu Dhabi Financial Group earlier this week made a conditional offer to buy Abraaj’s management interest in all of its limited partnerships for $50 million, according to a document seen by Reuters.
Since Abraaj’s row with some investors became public early this year, it split its investment management business and holding company, while its founder Arif Naqvi stepped aside from the day-to-day running of its private equity fund unit and the firm halted its investment activities.
Tom Barrack, executive chairman of Colony Capital, said that he hoped that the transaction would enable the process of rebuilding on all sides and also bring an end to the speculation that has swirled around Abraaj over the past months.