French asset manager AXA IM Alts expands global presence with first Mideast office

Located at Abu Dhabi Global Market (ADGM), the new office enhances AXA IM Alts’ capital raising and client servicing capabilities in the region. (File/AFP)
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Updated 01 July 2024
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French asset manager AXA IM Alts expands global presence with first Mideast office

  • Saudi Arabia’s Ammar Bukhamsin appointed as senior executive officer, co-head of MENA Client Group
  • Will work with large local institutions, individuals, says Isabelle Scemama, global head of AXA IM Alts

LONDON: French multinational asset manager AXA IM Alts opened its first Middle East office in the UAE on Monday, with a Saudi Arabia national appointed to head its regional drive.

This marks the opening of its 16th office globally, which will be focused on raising capital across the company’s private and alternative assets range, the company said in a statement.

Saudi Arabia citizen Ammar Bukhamsin has been appointed as the senior executive officer of AXA IM Middle East, and co-head of the Middle East North Africa Client Group alongside Paris-based Francois Boissin.

Isabelle Scemama, the global head of AXA IM Alts, said: “The opening of our new office in Abu Dhabi marks a significant milestone in our expansion strategy and underscores the strategic importance of the Middle East in our international growth plans.

“This move marks a natural progression for our business in the region and paves the way for further successful partnerships with local investors to meet their rapidly evolving investment requirements, across AXA IM Alts’ expertise,” she added.




Isabelle Scemama, the global head of AXA IM Alts, said the company manages a total of €185 billion ($200 billion) on behalf of 600 clients from around the world. (Supplied)

She told Arab News the company manages assets of $200 billion on behalf of 600 clients from around the world. The firm invests in real estate, alternative credit, infrastructure, impact investment, and natural capital, which includes reforestation projects, carbon credit trading, green transportation, climate change and energy transition.

“If I look at the capital rate over the past few years, 40 percent have been raised outside Europe, and the Middle East has always been an important area ... so the idea is it’s more of a natural evolution, and we think, to serve our clients, we have to be established in the region,” she said.

She said there was a “lot of appetite” in the region and the firm considers the Middle East a “key partner for European investment.” The idea is to be “closer to our clients” through a dedicated local presence.

On real estate development, Scemama said the opening of the new office comes “at a time where there are more and more regulations to reduce the energy intensity of building.”

The company considers this “as an opportunity in front of us and we think that it is something that is also appealing for Middle Eastern investors.”




Saudi national, Ammar Bukhamsin, has been appointed to lead the local office and co-head MENA Client Group alongside newly promoted Francois Boissin. (Supplied)

The plan is to work with local players, large institutions and individuals. “The idea for the moment is really to be closer to our clients, (but) we have not made the decision for the moment to invest in the region — so to deploy capital there, it may happen at some point.

“But we always assist carefully our capability to deploy at scale, scale matters a lot in our market — being able to deploy a lot of capital. But also to diversify portfolio you need a significant size.

“And we know that each time you go in a new jurisdiction it’s a lot of local understanding of the regulation(s), being able to deploy capital and also to establish a team,” Scemama explained.

She added: “We are very strong on alignment of interest, whether it’s on infrastructure or real estate, (and) we always organize co-investments and guarantee investors that they will not be treated in parallel.

“But they will have access to our pipeline and they will benefit from the co-investment capabilities we can offer, so that’s something also that is quite appealing for the institutions in the region.”

On Bukhamsin’s appointment, Scemama said the new regional head has an impressive track record and is expected to create long-term opportunities for the company.

Florence Dard, global head of the client group at AXA IM Alts, said: “Having built strong relationships in the Middle East over a number of years, the opening of an office in Abu Dhabi is a natural step forward in our strategy to both grow our presence and accelerate our business development in the region.

“As a global leading alternative player, we have actively engaged with a large number of sophisticated Middle Eastern investors who seek attractive alternative investment opportunities, especially in Europe where we have a unique sourcing, access and breadth of offering.”

Arvind Ramamurthy, the chief of market development at Abu Dhabi Global Market in the UAE capital, said: “Abu Dhabi, also known as the ‘Capital of Capital,’ has become a premier destination due to its sophisticated regulatory regimes and abundant investment opportunities.

“As an anchored asset management firm, we look forward to the various expertise and innovative capabilities that AXA IM Alts will bring to ADGM’s vibrant ecosystem and to the region.”

Before joining AXA IM Alts, Bukhamsin spent over eight years at the French-based investment banking company Natixis, including three years as the firm’s CEO for Saudi Arabia. His 20-year career includes senior sales roles at Goldman Sachs, UBS and Citi, the company said.

Boissin has spent the past nine years at AXA, first as vice president of investor relations for the group and then two years in raising capital at AXA IM Alts. He has had a 20-year career in finance and sales, the company added.


Gaza reconstruction could reach $50bn, UNDP says

Updated 6 sec ago
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Gaza reconstruction could reach $50bn, UNDP says

  • Al-Dardari said that the early recovery program’s costs were estimated at about $2 billion

LONDON: The cost of reconstructing the Gaza Strip could reach $50 billion, according to a UN Development Program official.

Abdullah Al-Dardari, director of the UNDP Regional Office for Arab States, highlighted the critical situation following any potential ceasefire.

He emphasized that the most dangerous phase would be the day after a ceasefire, as displaced individuals and those who had lost their homes anxiously awaited the start of the reconstruction process.

Earlier in May, a UN report highlighted that Israel’s war on Gaza had depleted much of the physical and human capital in the enclave.

The report by the UN Development Program, titled “War in Gaza: Expected Socioeconomic Impacts on the State of Palestine,” outlined the widespread damage caused by the conflict, including the destruction of about 80,000 homes, resulting in significant, and possibly longlasting, displacement and homelessness among the population; the depletion and pollution of natural resources; and the destruction of infrastructure such as water and sanitation systems, educational institutions and health care facilities.

Al-Dardari said that the early recovery program’s costs were estimated at about $2 billion.

Meanwhile, the UN has estimated that up to 250,000 people are affected by the Israeli military’s order on Tuesday for civilians to evacuate Al-Qarara, Bani Suhaila and other areas near Khan Yunis, Gaza’s second-largest city.

Al-Dardari stressed the need to have a mechanism in place to ensure a sufficient number of ready-made temporary homes for Gaza immediately after a ceasefire, along with essential health, education, drinking water, sanitation and electricity services.
 


Turkiye closes Syria border after violence flares in both countries

Updated 10 min 1 sec ago
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Turkiye closes Syria border after violence flares in both countries

  • Turkiye responded to the unrest by closing the Bab al Hawa border crossing
  • Erdogan said a meeting with Assad was possible to help restore bilateral relations

AMMAN/ISTANBUL: Turkiye closed its main border crossings into northwest Syria on Tuesday after Turkish troops came under fire from Syrians angered by violence against their compatriots in Turkiye, a Syrian opposition source and residents said.
In Turkiye, police detained 474 people involved in attacks targeting the Syrian community across the country overnight, Interior Minister Ali Yerlikaya said, in spreading unrest that began late on Sunday.
Properties and vehicles owned by Syrians were vandalized and set on fire in the central city of Kayseri, stoked by social media reports that a Syrian man had sexually abused a female child relative. Yerlikaya said the incident was being investigated.
The violence spread to the provinces of Hatay, Gaziantep, Konya, Bursa and an Istanbul district, Turkiye’s MIT intelligence agency said in a statement. There were social media reports of some injuries among Syrians.
Subsequently, hundreds of angry Syrians took to the streets in several towns in the rebel-held northwest Syria, an area where Turkiye maintains thousands of troops and has carved out a sphere of influence that has stopped Syrian President Bashar Assad from regaining control.
Late on Monday, Turkiye responded to the unrest by closing until further notice the Bab al Hawa border crossing, a main trade and passenger conduit for more than 3 million inhabitants, along with Bab al Salam and other smaller crossings, a border official told Reuters.
The Syrian border city of Afrin was the scene of the most violent clashes, with at least four people killed in an exchange of fire between armed protesters and Turkish troops. Elsewhere, there were skirmishes and armed clashes, with civilians hurling stones at Turkish convoys in several towns, and tearing down the Turkish flag on some offices.
Several Turkish officials described the unrest in Syria as “provocations,” with the Foreign Ministry saying: “It is wrong to use the sad events that took place in Kayseri ... as the basis for some provocations beyond our borders.”
In a speech on Tuesday, Turkish President Tayyip Erdogan blamed the “chaos plan” on groups associated with terrorist organizations, and vowed to reveal the “dirty hands” behind the recent incidents.
“We know who is playing in these games staged with the remnants of the terrorist organization. Neither us, nor our Syrian brothers, will fall into this sly trap...we will not give in to racist vandalism,” Erdogan said following the cabinet meeting.
Erdogan said more than 670,000 people have returned to areas in northern Syria, where Turkiye has been operating to create safe zones over the past decade.
He added, the refugee issue will be solved humanely and morally in line with the economic realities of Turkiye, which is hosting more than 3 million Syrian war refugees.
Erdogan said last Friday a meeting with Assad was possible to help restore bilateral relations. Turkiye severed ties with Syria after the 2011 Syrian civil war and supported rebels looking to oust Assad.


Saudi Arabia announces $10 million in aid for Lebanon

Updated 02 July 2024
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Saudi Arabia announces $10 million in aid for Lebanon

  • KSrelief and Lebanon’s High Relief Commission signed a pact in Beirut to launch 28 projects across the country
  • Lebanese Prime Minister Najib Mikati said the strong fraternal relationship between Lebanon and Saudi Arabia had deepened and solidified over the years

BEIRUT: Saudi’s Ambassador to Lebanon Walid Bukhari said on Tuesday the Kingdom would provide $10 million to Lebanon through the King Salman Humanitarian Aid and Relief Center.
KSrelief and Lebanon’s High Relief Commission signed a pact in Beirut to launch 28 projects across the country.
Lebanese Prime Minister Najib Mikati said the strong fraternal relationship between Lebanon and Saudi Arabia had deepened and solidified over the years.
The Kingdom, he said, “has always been by Lebanon’s side and supported it in times of hardship, serving as a safety valve that has preserved the unity of the Lebanese, regardless of their sect, denomination, or political party.”
Mikati said the gesture represented Saudi Arabia’s keenness for stability in Lebanon.
“I am confident that the Kingdom has been and will remain the bigger brother of Lebanon,” he said.
Mikati added: “Saudi constants toward Lebanon are reflected by the Kingdom’s actions and deeds, through the Taif Agreement, which we adhere to fully, and which still serves as the appropriate framework for managing Lebanon’s affairs.
“In all the meetings I held with Crown Prince Mohammed bin Salman, he expressed his support for Lebanon to emerge from its crisis, but on the condition that the required structural reforms are implemented and that Lebanese institutions play their full role, especially concerning electing a new president.
“This responsibility falls on us, the Lebanese, and what is required of us first and foremost is to carry out our duties with the support of friendly countries, foremost among them Saudi Arabia.”
The prime minister continued: “The person who led Saudi Arabia and its youth to the leadership and pioneering positions … will not find it difficult to be a support for his brothers in Lebanon. We look forward to the Kingdom’s care and fraternal gesture toward my country Lebanon so that it can rise again.”
Ambassador Bukhari said the Saudi support was a continuation of the “commitment of the leadership in Saudi Arabia,” led by King Salman and the crown prince, “to help humanitarian efforts and promote stability and development in Lebanon with the highest standards of transparency and accountability.”
The Kingdom’s support “comes as a continuation of the solidarity approach adopted by the Kingdom toward the Lebanese people, based on the duty of true Arab brotherhood and teachings of Islam,” he added.
Saudi Arabia has already launched 129 relief, humanitarian and development projects for Lebanon, covering many sectors.
Bukhari said KSrelief was a leading international organization with the purpose of providing relief to communities hit by disasters and crises.
“Since its establishment, KSrelief launched more than 7,000 humanitarian projects with a total value of $129.68 billion in 169 countries,” Bukhari added.
Maj. Gen. Mohammed Khair, head of the Higher Relief Committee, signed a pact of joint cooperation with Abdulrahman Al-Quraishi, director of KSrelief in Lebanon.
The Kingdom’s support coincided with ongoing hostilities between the Israeli army and Hezbollah in southern Lebanon.
On Tuesday, an Israeli guided missile targeted farmers in Al-Zalutiyah, a town in the western sector, killing a Lebanese civilian. An Israeli drone also launched three missiles at Taybeh power plant, causing a fire and a power outage.


Stranded Yemeni pilgrims in Saudi Arabia will return home by land

Updated 02 July 2024
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Stranded Yemeni pilgrims in Saudi Arabia will return home by land

  • Yemen’s Ministry of Endowments and Guidance said that Yemeni pilgrims stranded at Jeddah airport were sent back to their hotels in Makkah
  • Other pilgrims will be flown on Yemenia Airways flights from Jeddah to government-controlled Aden

AL-MUKALLA: Hundreds of Yemeni pilgrims trapped in Saudi Arabia will return to Houthi-held areas of Yemen by land, as the militia refuses to release Yemenia Airways aircraft that would transport them home, Yemen’s government said on Tuesday.
Yemen’s Ministry of Endowments and Guidance said that Yemeni pilgrims stranded at Jeddah airport were sent back to their hotels in Makkah and will be transported home by road to their districts under Houthi control.
Other pilgrims will be flown on Yemenia Airways flights from Jeddah to government-controlled Aden, then transported by bus to Sanaa and other Houthi-held Yemeni provinces, according to Yemen’s official news agency SABA.
Last week, Yemen’s Houthis seized three Yemenia flights at Sanaa airport and blocked them from going to Jeddah to bring back Yemeni pilgrims, stranding at least 1,000 people in Saudi Arabia.
The Yemeni government branded the Houthis’ capture of jets as “piracy” and urged the international community to put pressure on the Houthis to free the three planes and another plane that had been taken earlier.
The Houthi Supreme Political Council on Monday resisted requests to allow flights to carry pilgrims by applauding its authorities for taking the planes, claiming that the measure was intended to “preserve the company, its assets, and its capabilities.”
The Houthis claim they would administer the firm from Sanaa, repair the aircraft, and reschedule flights from Sanaa and other Yemeni airports, accusing the Yemeni government of mismanaging it.
This comes as the Houthis have increased their assaults on government troops in Marib, Taiz and Hodeidah over the past 48 hours, despite the militia’s negotiators meeting the Yemeni government in Muscat for UN-brokered prisoner exchange negotiations.
On Monday, the government’s Giants Brigades repelled a Houthi incursion in the Al-Abedia region of the central province of Marib, killing and injuring many assailants, according to a military source who spoke to SABA agency.
In their assault on government soldiers, the Houthis deployed canons, drones and medium weaponry in an effort to capture control of fresh regions in Marib province.
The Houthi attack in Marib occurred one day after the Houthis attacked the Giants Brigades forces in the western province of Hodeidah, killing two soldiers and injuring seven.
Yemen’s army said on Monday that its soldiers stopped a Houthi incursion attempt north of Taiz, forcing the Houthis to leave after brief fighting.
Despite a considerable decline in hostilities since the UN-brokered ceasefire came into effect in April 2022, the Houthis have continued to wage fatal attacks on government soldiers in Marib, Taiz, Dhale, Hodeidah and other disputed regions.
In a separate development, the militia said on Monday that its troops had carried out four operations against four “American, British and Israeli” ships in international waters off Yemen and the Mediterranean.
The first operation saw the militia’s missile troops firing cruise missiles against the “Israeli” MSC Unific ship in the Red Sea, according to Houthi military spokesperson Yahya Sarea.
He said that their troops targeted the “US” oil ship Delonix in the Red Sea for the second time, employing ballistic and cruise missiles.
In the third operation, a “British landing ship” called Anvil Point was targeted in the Indian Ocean with cruise missiles, while a fourth missile targeted a ship called Lucky Sailor in the Mediterranean, which was attacked because the ship’s parent company violated the militia’s ban on sailing into Israeli ports.
The US Central Command said on Tuesday that its forces had destroyed one Houthi radar site in a Yemeni location controlled by the Houthis, marking the latest wave of attacks by US and UK aircraft against Houthi military targets in Yemen.
Since November, the Houthis have launched missiles, drones and explosive-laden ships into the Red Sea, Bab Al-Mandab Strait, the Gulf of Aden and the Indian Ocean, and have recently announced plans to expand their attacks into the Mediterranean in what the Yemeni militia refers to as a campaign against Israeli ships to force Israel to end its military operations in the Palestinian Gaza Strip.


Egypt set to change finance, foreign and supply ministers

Updated 02 July 2024
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Egypt set to change finance, foreign and supply ministers

  • Kouchouk was serving as a deputy to Mohamed Maait
  • The new cabinet is expected to be sworn in on Wednesday

CAIRO: Egypt is expected to change its foreign, finance, petroleum, electricity and supply ministers in a long-awaited new cabinet, with Ahmed Kouchouk leading the finance ministry, state TV said on Tuesday, citing local channel ExtraNews.
Kouchouk was serving as a deputy to Mohamed Maait, finance minister since 2018 and a central figure in Egypt’s negotiations with the International Monetary Fund.
At the foreign ministry, Egypt’s ambassador to the European Union Badr Abdelatty would replace Sameh Shoukry, who had held the foreign ministry post since 2014, state TV reported.
Sherif Farouk, chairman of state postal company Egypt Post, was set to take over at the supply ministry, replacing veteran minister Ali Moselhy, the reports said.
The supply ministry oversees Egypt’s trade in wheat and other commodities, as well as a sprawling subsidy system that tens of millions of Egyptians are eligible for.
The new cabinet is expected to be sworn in on Wednesday.