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Existing Principal Investments Portfolio
| Portfolio Company | Business Description |
| Colliers International Dubai & Abu Dhabi | Colliers is one of the leading real estate consultants in the Middle East. In addition to real estate consultancy, Colliers services include property and asset management, sales and leasing, property valuations, feasibility studies, and investment and advisory. Country of incorporation of company: UAE Main sector of company: Real Estate Consultancy Type and description of transaction: Full ownership; buyout of common shares Current ownership stake: 100% Date of investment: October 1997 Investment rationale: The real estate sector has been an important component of regional GDP and growth for a number of years. While the sector was still in its infancy, TNI decided to form a real estate consultancy to cater to the expected demand. Colliers has four years of uninterrupted profits. |
| UAEMall / UAE Shopping | UAEMall / UAE Shopping is an Internet e-commerce site. Country of incorporation of company: UAE Main sector of company: Consumer E-Commerce Site Type and description of transaction: Minority equity stake; early stage investment in common stock Current ownership stake: 35% Date of investment: July 2000 Investment rationale: To target the growing potential demand for consumer in e-commerce services in the UAE |
| NAS | NAS is a leading third party administrator in the UAE healthcare space. NAS provides a comprehensive suite of administrative and claims processing services to medical insurance providers. Country of incorporation of company: UAE Main sector of company: Administrative Services Type and description of transaction: Majority equity stake; buyout of common shares Date of investment: July 2001 Investment rationale: Observing the increasing population and rising healthcare costs in the region, TNI foresaw a need for health insurance providers and ancillary businesses. |
| Finance House | Finance House is an independent finance company that offers tailored products to the domestic UAE market. Products offered include consumer finance, commercial finance and alternative financing. Country of incorporation of company: UAE Main sector of company: Financial Services Type and description of transaction: Minority equity stake; early stage investment in founder shares Current ownership stake: 3.43% Date of investment: March 2004 Investment rationale: Growing liquidity and spending habits resulted in enviable revenues for financial institutions. Finance House was one of few opportunities to enter the market at pre-IPO levels. Partial exit, Closing date: May 2004 Buyers name: Secondary share sales in the public markets |
| Gulf National Securities Center (GNSC) | As a registered member of the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM), Gulf National Securities Centers principal activities are to provide securities brokerage services in finance and commodity markets. Country of incorporation of company: UAE Main sector of company: Securities Brokerage Type and description of transaction: Minority equity stake; [ ] Current ownership stake: 35% Date of investment: July 2004 Investment rationale: Given the high trading volume in the country, GNSC has been profitable in both bull and bear markets. GNSC has been profitable since the first year of investment |
| ALDAR Properties | ALDAR Properties is a leading property development company. ALDAR was established primarily to create real estate developments in Abu Dhabi. Country of incorporation of company: UAE Main sector of company: Real Estate Development Type and description of transaction: Minority equity stake; early stage investment in founder shares Current ownership stake: 0.85% Date of investment: October 2004 Investment rationale: The real estate sector in Abu Dhabi was still in its infancy, and Aldar benefited greatly from land grants by the government of Abu Dhabi Partial exit, Closing date: Partial exits from December 2006 through August 2008 Buyers name: Secondary share sales in the public markets |
| Aramex | Aramex is a global transportation and logistics services company providing a variety of express, logistics, freight forwarding and domestic distribution services. Aramex also provides a number of retail services including mail-order catalog services and mail forwarding services. Country of incorporation of company: Jordan Main sector of company: Express Delivery Services Type and description of transaction: Minority equity stake; early stage investment in founder shares Current ownership stake: 0.64% Date of investment: February 2005 Investment rationale: Aramex had an admirable track record at the time of TNIs investment, and the management was expanding aggressively, making it a compelling buy Partial exit, Closing date: Partial exits from November 2005 and December 2006 Buyers name: Secondary share sales in the public markets |
| The National Entertainment Co. LLC (Tarfeeh) | Tarfeeh provides theme park services including investment and co-investment, design, supply of rides and equipments, project management, quality control and rides safety, and maintenance and operations. Tarfeehs clients include general theme parks, water parks, family entertainment centers (FECs), playground areas, beach recreation, events and shows. Country of incorporation of company: UAE Main sector of company: Theme Park Development and Operations Type and description of transaction: Minority equity stake; early stage investment in common stock Current ownership stake: 35% Date of investment: October 2005 Investment rationale: To tap the growing demand for organized entertainment facilities in the UAE |
| Depa United Group | Depa is the worlds largest interior contractor, providing a complete range of high-end interior services and turn-key solutions. Depa United Groups principal activities are interior contracting services in the Middle East, North Africa and South East Asia. Services included finishes for floors, walls and ceilings, refurbishment and upholstery of furniture and case goods, and design coordination. Country of incorporation of company: UAE Main sector of company: Specialty Contracting Type and description of transaction: Minority equity stake; [ ] Date of investment: December 2005 Investment rationale: There has been strong demand for interior fitting specialists driven by the construction of new hotels / resorts and renovations of existing ones. The region has seen high single digit growth in tourism for the past 3 years Partial exit, Closing date: April 2008 Buyers name: Secondary sale at Depa IPO |
| Thuraya | Thuraya offers cost-effective satellite-based mobile telephone services. Country of incorporation of company: UAE Main sector of company: Mobile Satellite Communications Type and description of transaction: Minority equity stake; [ ] Current ownership: 0.16% Date of investment: April 2006 Investment rationale: To tap benefit from the demand for ubiquitous global mobile communications, whether in a village, on a mountain or at sea |
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