Abu Dhabi Financial Group

Abu Dhabi Financial Group (ADFG) is an investment management and financial services group established in 2011 and headquartered in Abu Dhabi Global Market in the United Arab Emirates. The group developed from an investment platform into a broader financial-services organisation with activities described across public markets, private markets, debt investments, real estate and technology. Its geographic footprint has included the United Arab Emirates, the wider Gulf Cooperation Council, other Middle Eastern and North African markets, the United Kingdom and parts of Eastern Europe. Public descriptions have also identified offices or operating presence in Dubai, London, Saudi Arabia and Egypt. ADFG's investment approach has covered both direct and structured exposure to a range of asset classes. In public markets, the group has invested in equities and fixed-income instruments and has participated in primary offerings as well as secondary-market transactions. Examples associated with its investment activity include interests in Bahrain-based GFH Financial Group and UAE-based Dana Gas. In private markets, its focus has been concentrated mainly in the GCC, while also pursuing opportunities across the broader MENA region and beyond. The group has described financial services and real estate as important private-equity sectors. The group has also developed specialist platforms and investment vehicles. In 2012, it launched Qannas Investment Limited through a flotation on the London Stock Exchange's Alternative Investment Market. The transaction was described as the first cash-shell arrangement by a Middle Eastern company. ADFG later formed the ADCM Secondary Private Equity Fund, described as the Middle East's first dedicated secondaries-focused private-equity fund, with a mandate to acquire interests in funds operating in the MENA region. In 2018, the group founded ADCorp, an Islamic financial institution based in Abu Dhabi Global Market, following a funding round reported to have raised more than US$101 million. Debt and structured finance became another part of the platform through Integrated Alternative Finance, or IAF. The platform has operated principally in the UAE and London and has provided alternative financing and structuring solutions for asset owners and developers. Its stated use cases have included acquisitions, restructurings, refinancing and development projects, with a particular emphasis on real estate and intended expansion in Saudi Arabia, the UAE and Egypt. IAF has been described as regulated by the Dubai Financial Services Authority and as providing ongoing monitoring and management of debt investments for investors. Real estate has been a prominent area of activity. ADFG has been associated with Northacre, a UK developer of prime residential property in central London, and with projects including The Broadway, No. 1 Palace Street, Lucan Place and The Lancasters in Hyde Park. In Montenegro, the group was associated with The Capital Plaza, a mixed-use commercial and residential development formally opened in 2015. In the UAE, Etihad REIT was established as a Sharia-compliant real-estate investment trust under Abu Dhabi Global Market law, with a mixed-use portfolio. ADFG also entered a memorandum of understanding with Jabal Omar Development Company in 2018. Technology investments complemented the group's traditional financial and real-estate activities. In April 2018, ADFG took a strategic stake in 500 Startups, a Silicon Valley venture-capital firm, with the stated intention of supporting expansion into new markets and future global funds. A public account reported that ADFG's assets under management had exceeded US$6 billion by 2018. The same account described IAF as having arranged approximately US$3 billion of financing with a blended overall return of 15 percent, although these figures relate to the cited historical period rather than necessarily to the group's current position. Publicly available infor…

Abu Dhabi Financial Group was founded in 2011 in Abu Dhabi, United Arab Emirates, and established its headquarters in Abu Dhabi Global Market. Public descriptions portray the organisation as having expanded from an investment-management business into an integrated financial-services platform. Its activities came to be organised around four principal areas: public markets, private markets, debt investments and real estate, with technology investments later complementing those activities. The group's early expansion included the launch of Qannas Investment Limited in 2012. Qannas was floated on the London Stock Exchange's Alternative Investment Market and was presented as the first cash-shell arrangement by a Middle Eastern company. ADFG subsequently pursued private-market opportunities, particularly in the GCC and the wider MENA region, while retaining the ability to invest beyond those markets. Its stated private-equity interests included financial services and real estate, with typical transactions described as having a substantial capital range and return objectives. ADFG broadened its financial-services platform through several investments and affiliated businesses. In November 2016, it completed the acquisition of a 48.36 percent stake in Shuaa Capital from Dubai Group. Shuaa later returned to profit in 2017 and recorded its highest full-year profit since 2007, according to the cited account. ADFG also developed the ADCM Secondary Private Equity Fund, described as the Middle East's first dedicated secondaries-focused private-equity fund and focused on acquiring interests in MENA-based funds. Debt finance became a further business line through Integrated Alternative Finance. IAF operated mainly in the UAE and London, arranging alternative financing and structuring solutions for asset owners and developers. Its activities included acquisition finance, restructuring, refinancing and development finance. The platform was described as regulated by the Dubai Financial Services Authority and as concentrating on real estate, with expansion objectives in Saudi Arabia, the UAE and Egypt. It also monitored and managed debt investments on behalf of investors. Real estate became one of ADFG's most visible areas of activity. The group was associated with Northacre, a London luxury-property developer, and with developments such as The Broadway, No. 1 Palace Street, Lucan Place and The Lancasters. In Montenegro, the group was associated with The Capital Plaza, a mixed-use development whose official opening took place in September 2015. In the UAE, Etihad REIT was launched in 2016 as a Sharia-compliant real-estate investment trust incorporated under Abu Dhabi Global Market law. The group also entered a memorandum of understanding with Jabal Omar Development Company in 2018. ADFG's technology strategy included a strategic investment in 500 Startups in April 2018. The investment was intended to help accelerate initiatives, enter additional markets and support future global funds. Around the same period, the group founded ADCorp, an Islamic financial institution based in Abu Dhabi Global Market; its funding round was reported to have raised more than US$101 million. By 2018, the group's assets under management were reported as exceeding US$6 billion. Its debt platform was also reported to have arranged approximately US$3 billion in financing with a blended overall return of 15 percent. These figures are historical and should not be treated as current financial metrics. Publicly accessible material provides limited information about subsequent ownership, management, divestments, subsidiaries and operating status. The present structure of ADFG and the continued use of the brand therefore require further verification.

1. 2018Technology investment in 500 Startups

   ADFG takes a strategic stake in 500 Startups to support expansion, new markets and future global funds.

   Source
2. 2018ADCorp is established

   ADFG establishes an Islamic financial institution based in Abu Dhabi Global Market following a funding round reported at more than US$101 million.

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3. 2018Reported assets under management exceed US$6 billion

   A historical account reports that ADFG's assets under management had grown beyond US$6 billion by 2018.

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4. 2016Etihad REIT is launched

   Etihad REIT is established as a UAE-based Sharia-compliant real-estate investment trust under Abu Dhabi Global Market law.

   Source
5. 2016ADFG acquires a minority stake in Shuaa Capital

   The group completes the acquisition of a 48.36 percent interest in Shuaa Capital from Dubai Group.

   Source
6. 2015The Capital Plaza opens in Montenegro

   The ADFG-associated mixed-use commercial and residential development in Montenegro is officially opened.

   Source
7. 2012Qannas Investment Limited is floated

   ADFG launches Qannas Investment Limited through a flotation on the London Stock Exchange's Alternative Investment Market.

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8. 2011Abu Dhabi Financial Group is founded

   ADFG is established in Abu Dhabi and begins developing an investment-management and financial-services platform.

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Diversified investment management and financial services group

• Public marketsInvestment management

  ADFG's public-markets activity has included investments in equities and fixed-income instruments, using both primary offerings and secondary-market transactions. Publicly cited examples include interests associated with GFH Financial Group, a Bahraini investment bank, and Dana Gas, a Sharjah-based energy company. The available material does not establish a complete list of holdings or a current portfolio.

• Private marketsPrivate equity

  The private-markets platform has focused primarily on the GCC while also considering opportunities across the wider MENA region and other markets. Financial services and real estate have been identified as important sectors. ADFG has also been associated with the ADCM Secondary Private Equity Fund, which targets interests in MENA-based private-equity funds.

• ADCM Secondary Private Equity FundAlternative investment fund

  A secondaries-focused private-equity fund associated with ADFG and described as the first dedicated vehicle of its kind in the Middle East. Its stated strategy was to acquire interests in funds based in the MENA region rather than relying solely on direct company investments.

• Integrated Alternative FinanceDebt finance and structured finance

  Integrated Alternative Finance has provided alternative financing and structuring solutions for asset owners and developers. Its stated applications include acquisitions, restructurings, refinancing and development projects, particularly in real estate. The platform has operated in the UAE and London and has been described as regulated by the Dubai Financial Services Authority.

• Real-estate investmentsReal estate

  Real estate has been a major investment area associated with ADFG, spanning development, investment vehicles and property finance. Related assets and businesses have included Northacre in London, The Capital Plaza in Montenegro and Etihad REIT in the UAE. The available sources do not confirm the current ownership of each asset.

• Qannas Investment LimitedListed investment vehicle2012

  Qannas Investment Limited was launched by ADFG in 2012 and admitted to the London Stock Exchange's Alternative Investment Market. It was described as a cash-shell arrangement and as an early example of a Middle Eastern company using that structure.

• Etihad REITReal-estate investment trust2016

  Etihad REIT is a UAE-based Sharia-compliant real-estate investment trust established under Abu Dhabi Global Market law. It was launched in 2016 with a mixed-use portfolio of UAE assets. Current portfolio composition and operating status are not established by the available material.

• ADCorpIslamic financial services2018

  ADCorp was founded by ADFG in 2018 and was described as the first Islamic financial institution based in Abu Dhabi Global Market. Its formation was accompanied by a funding round reported to have raised more than US$101 million.

• 2018Strategic investment in 500 StartupsStrategy

  ADFG aimed to complement its financial and real-estate activities with exposure to technology and venture capital.

  What changed. It took a strategic stake in 500 Startups and stated that it would provide substantial capital to accelerate initiatives, enter new markets and support future global funds.

  Aftermath. The investment expanded ADFG's publicly described technology activities, although subsequent performance and ownership details are not established here.

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• 2018Formation of ADCorpProduct launch

  ADFG sought to extend its platform into Islamic financial services within Abu Dhabi Global Market.

  What changed. It founded ADCorp, described as an Islamic financial institution based in Abu Dhabi Global Market.

  Aftermath. The associated funding round was reported to have raised more than US$101 million; later operating developments are unclear.

  Reported funding raised. more than US$101 million (2018)

  Source
• 2016Acquisition of a stake in Shuaa CapitalM&A

  ADFG pursued expansion of its financial-services and private-markets exposure in the Gulf.

  What changed. The group acquired a 48.36 percent stake in Dubai-based Shuaa Capital from Dubai Group.

  Aftermath. Shuaa Capital returned to profit in 2017 and reported its highest full-year profit since 2007, according to the cited historical account.

  Source
• 2012Launch and flotation of Qannas Investment LimitedProduct launch

  ADFG sought to expand its investment platform through a listed vehicle on London's Alternative Investment Market.

  What changed. It launched Qannas Investment Limited and arranged its flotation on the London Stock Exchange's Alternative Investment Market.

  Aftermath. The transaction was described as the first cash-shell arrangement by a Middle Eastern company.

  Source

• 2018ADFG takes a strategic stake in 500 Startups

  The group invested strategically in Silicon Valley venture-capital firm 500 Startups, intending to support the firm's initiatives, geographic expansion and future global funds.

  M&A
  Source
• 2018ADFG establishes ADCorp

  ADFG founded ADCorp, described as the first Islamic financial institution based in Abu Dhabi Global Market. Its initial funding round was reported to have raised more than US$101 million.

  Product launch
  Source
• 2018ADFG signs a memorandum with Jabal Omar Development Company

  ADFG entered into a memorandum of understanding with Jabal Omar Development Company in connection with a real-estate-related relationship.

  Other
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• 2016ADFG acquires a stake in Shuaa Capital

  ADFG completed the acquisition of a 48.36 percent interest in Dubai-based financial-services company Shuaa Capital from Dubai Group.

  M&A
  Source
• 2015The Capital Plaza opens in Montenegro

  ADFG-associated commercial and residential project The Capital Plaza was officially opened in Montenegro at a ceremony attended by senior officials, diplomats and other dignitaries.

  Product launchOther
  Source
• 2012ADFG launches Qannas Investment Limited on London's AIM

  The group launched Qannas Investment Limited through a flotation on the London Stock Exchange's Alternative Investment Market. The transaction was described as a cash-shell arrangement and as a first of its kind for a Middle Eastern company.

  Product launchOther
  Source

1. Abu Dhabi Financial Group