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Proprietary Portfolio Investments
| Portfolio Company | Business Description |
| Gulf Energy Systems | Gulf Energy Systems was a district cooling company. District cooling provides chilled water from a cooling plant through a network of pipes to multiple residential, industrial and commercial buildings for air conditioning purposes.
Country of incorporation of company: UAE Main sector of company: District Cooling Type and description of transaction: Minority equity stake; early stage investment in common stock Date of investment: December 1995 Investment rationale: District cooling is more cost efficient and consumes less energy than existing systems. Benefiting from the sizeable number of major real estate projects in the region, Gulf Energy Systems had a ready market at time of creation Investment exited, Closing date: June 1998 Buyer: Sale to a strategic buyer, The National Central Cooling Co. (Tabreed) |
| National Inspection Co. | National Inspector Co. is a third party inspection services company which certifies machinery, performs product testing and quality assurance, and provides ISO certification. Country of incorporation of company: UAE Main sector of company: Industrial / Machinery Inspection and Certification Services Type and description of transaction: 50% equity stake; early stage investment in common stock Date of investment: December 1997 Investment rationale: The increasing drive to attain international standards and compete with foreign products make inspection a much-needed service offering in the region Investment exited, Closing date: Sold stake to other joint venture partner in March 2001 Buyer: German partner |
| The National Central Cooling Co. (PJSC) - Tabreed | The National Central Cooling Co. (PJSC), also called Tabreed, is one of the world's largest district cooling utilities. Tabreed provides district cooling services throughout the GCC countries with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Ajman, Doha, Manama, Khobar, Muscat and Kuwait. Country of incorporation of company: UAE Main sector of company: District Cooling Type and description of transaction: Minority equity stake; early stage investment in founder shares Date of investment: February 1998 Investment rationale: District cooling is more cost efficient and consumes less energy than existing systems. Benefiting from the sizeable number of major real estate projects in the region, Tabreed had a ready market at time of creation Investment exited, Closing date: Tabreed went public in March 1998 and the investment was exited in secondary share sales in February 2002, September 2003, December 2004, December 2005, May 2006 Buyer: Secondary share sales in the public markets |
| Addar Real Estate Services LLC | Addar Real Estate Services was a leading Abu Dhabi based real estate organization. Addar offered development and asset management services, and other related property services. 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 common stock Date of investment: November 1999 Investment rationale: The objective was to participate in the promising real estate market of the late 1990s Investment exited, Closing date: May 2005 Buyer: Addar was merged into Aldar, resulting in the formation of one of the largest real estate developers in Abu Dhabi |
| DEPA Interiors | DEPA Interiors principal activities were 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; early stage investment in common stock Date of investment: August 2004 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 Investment exited, Closing date: March 2006 Buyer: DEPA Interiors was merged into DEPA United Group, resulting in the formation of the leading provider of interior contracting services in the MENA region and Asia |
| AABAR | Aabar is engaged in making direct investments in various sectors including oil & gas and financial services companies. Country of incorporation of company: UAE Main sector of company: Oil & Gas / Financial Services Type and description of transaction: Minority equity stake; early stage investment in founder shares Date of investment: March 2005 Investment rationale: Aabar was the first company giving the public a chance to invest in the O&G sector, increasing investor interest in the offering. Aabar also enjoyed strong backers and high oil prices Investment exited, Closing date: Aabar went public in November 2005 and the investment was exited in secondary share sales from November 2005 through July 2008 Buyer: Secondary share sales in the public markets |
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