Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo to Invest $1.4b in Abu Dhabi Developer Aldar
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Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo Global Management (APO.N) will invest $1.4 billion in Abu Dhabi developer Aldar Properties (ALDAR.AD), including a land joint venture and an equity investment in the company's real estate unit, the pair said on Monday.

The commitment will be made by Apollo managed funds and clients and include a $500 million investment in a land joint venture and a $100 million common equity investment in Aldar's real estate investment unit, the companies said, Reuters reported.

New York-based Apollo would also invest $800 million in the unit, Aldar Investment Properties, through perpetual subordinated notes and mandatory convertible preferred equity, they said.

The land acquired in the joint venture from Aldar's landbank could later be developed or sold. Apollo will hold a minority stake in the real estate investment unit through the common equity investment,

"Aldar’s ability to attract a long-term partner such as Apollo, underscores the strength of Aldar’s business franchise," Aldar Chief Executive Talal Al Dhiyebi said.

Apollo Chief Executive Marc Rowan said Apollo was "pleased" to serve as a long-term capital partner to Aldar.

The transaction is expected to close in the first quarter. The cash proceeds would be used to fund Aldar's growth plans.

Aldar last week said it planned to spend nearly $1.4 billion of existing capital this year acquiring recurring revenue generating assets such as commercial and residential property.



Facing US Tariffs, India's Modi Vows Self-reliance

Indian Prime Minister Narendra Modi led Independence Day celebrations from the Red Fort in Delhi on Friday. Money SHARMA / AFP
Indian Prime Minister Narendra Modi led Independence Day celebrations from the Red Fort in Delhi on Friday. Money SHARMA / AFP
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Facing US Tariffs, India's Modi Vows Self-reliance

Indian Prime Minister Narendra Modi led Independence Day celebrations from the Red Fort in Delhi on Friday. Money SHARMA / AFP
Indian Prime Minister Narendra Modi led Independence Day celebrations from the Red Fort in Delhi on Friday. Money SHARMA / AFP

Prime Minister Narendra Modi said Friday that India is seeking self-reliance in energy independence and the development of its own powerful defense systems, vowing to defend his country's interests "like a wall".

Modi delivered his annual Independence Day address from the imposing ramparts of New Delhi's Red Fort at a time when India faces intense pressure and threats of additional tariffs from the United States.

"Self-reliance is the foundation of developed India," Modi said after a flypast of military helicopters scattered flower petals above an invited crowd of thousands.

"Freedom becomes meaningless if someone becomes too dependent on others".

Ties between New Delhi and Washington have been strained by Trump's ultimatum that India end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine.

India has said it "stands ready" to support efforts to end the Ukraine war and endorses a summit to be held between Trump and Russian President Vladimir Putin in Alaska on Friday.

But the United States says it will double new import tariffs on India from 25 percent to 50 percent by August 27 if New Delhi does not switch crude suppliers.

"We know that we remain dependent on many countries to meet our energy needs", said Modi, leader of the world's most populous nation and fifth-biggest economy.

"But to build a truly self-reliant India, we must achieve energy independence."

US Secretary of State Marco Rubio, in a statement congratulating India's Independence Day, said the relations between the two nations were "consequential and far-reaching", and wanted to "ensure a brighter future for both".

'Blood and water'

Modi urged scientists and engineers to focus on building key sectors and technologies including fighter jet engines, semiconductor chips and military hardware systems.

"We will have India-made semiconductor chips in the market by the year's end," Modi said.

He added that the country was also working towards building a space station and would have a "defense shield" in the next decade, without giving further details.

Modi also honored the Indian armed forces, which took part in a four-day conflict with arch-rival Pakistan that ended in a ceasefire on May 10.

“India will give a befitting reply to any other misadventure by the enemy," he added, and referred to New Delhi's suspension of its cross-border water sharing treaty with Pakistan.

"India has decided that blood and water will not flow together", he added.

Modi did not speak directly about Trump, but said he would "stand like a wall" against any policy that hurts the interests of farmers.

Agriculture employs vast numbers of people in India and has been a key sticking point in trade negotiations.

"When economic selfishness is rising day by day... we must not just sit and worry about the crisis but instead focus on our strengths," Modi said.