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Annual Report 2019 1 ANNUAL REPORT 2019 1 The theme of this year’s annual report is based on patterns of genealogy, which mirror financial market charting. At Arcapita, TABLE OF CONTENTS our unique corporate DNA has served as the backbone of our financial endeavors, delivering strong results for our stakeholders. With the publication of our 2019 annual report, Overview Geographic Presence 2 we are pleased to celebrate another year of positive results Our Values 3 within an ever-evolving global economy. Directors’ Report 4 CEO’s Message 5 Financial Highlights 6 Our Business Clients 8 Investment Focus 8 Investment Process 12 Private Equity 13 Real Estate 15 Corporate Governance Corporate Governance 18 Framework Board of Directors 18 Board Committees 18 Management Committees 19 Corporate Policies 20 Compliance 21 Organizational Structure 22 and Business Division Arcapita Group Holdings Limited 25 Arcapita Investment Management B.S.C. (c) 69 This annual report (the “Annual Report”) contains certain “forward-looking” statements, and such statements are based on the beliefs of Arcapita, as well as on assumptions made by, and information currently available to, Arcapita. When used in this Annual Our People Board of Directors 88 Report, the words “anticipate”, “believe”, “estimate”, “expect”, “plan”, “intend”, and words or phrases of similar import, are intended to identify forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to Shari’ah Supervisory Board 90 the following: Arcapita’s plans, strategy, objectives or goals; Arcapita’s future economic performance or prospects; specific country, region and worldwide business environment; potential effect on future performance of certain contingencies; and assumptions Senior Management 90 underlying any such statements. These statements are inherently subject to significant business, economic, competitive, regulatory Management Team 93 and operational uncertainties, contingencies and risks, both specific and general in nature, many of which are beyond the control of Arcapita. Any forward-looking statements are speculative in nature, and it can be expected that one or more of the assumptions underlying such statements will prove not to be accurate, and unanticipated events and circumstances may occur. Actual results and events will likely vary from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, and such variations may be material. Consequently, this Annual Report should not be regarded as a representation by Arcapita that the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements will be achieved and should not be relied on. Arcapita does not intend to update these forward-looking statements. Note: throughout the Annual Report, $ refers to United States Dollars, unless otherwise specified. ANNUAL REPORT 2019 ARCAPITA ANNUAL REPORT 2019 Geographic Our Presence Values 2 3 Arcapita offers investors and shareholders diversified With offices in Bahrain, Atlanta, London and Singapore, We are committed to operating our firm based on the following principles: investment opportunities which adhere to Shari’ah Arcapita’s senior management team has overseen over 80 principles. At the center of one of the fastest growing transactions with a total transaction value in excess of $30 wealth markets in the world, Arcapita’s management team billion and possesses the footprint to invest on a global ORIGINALITY INTEGRITY has been serving an exclusive group of investors in the scale. GCC region and Southeast Asia for more than 20 years. Arcapita aims to provide innovative and proprietary Arcapita aims to attract and retain people with the alternative investment opportunities fortitude to do the right thing at all times SELECTED OFFICES COUNTRIES WHERE MANAGEMENT PRUDENT RISK MANAGEMENT ALIGNMENT OF INTERESTS HAS OVERSEEN INVESTMENTS Arcapita strives to achieve sustainable growth through Arcapita aims to align its interests with investors and maintaining a robust capital base and sound risk shareholders through retaining a sizeable equity stake in management processes all transactions offered to stakeholders London, UK Singapore TRANSPARENCY PROFESSIONALISM Arcapita is committed to accurate and timely disclosure of Arcapita is committed to recruiting and retaining the best information to its stakeholders talent in the field ETHICAL INVESTMENT POLICY Arcapita aims to invest in morally and ethically sound companies and products, and does not invest in non Shari’ah-compliant activities Atlanta, US Manama, Bahrain ANNUAL REPORT 2019 ARCAPITA ANNUAL REPORT 2019 Directors’ Report CEO’s Message Fiscal Year 2019 Fiscal Year 2019 ABDULAZIZ H. ALJOMAIH ATIF A. ABDULMALIK, Chairman Chief Executive Officer 4 5 We are pleased to report that Fiscal Year (“FY”) 2019 With the rollout of major government-sponsored growth Since inception, we have built a global investment platform In the US, a growing college enrollment and supportive has been another successful year for Arcapita, with initiatives across the GCC, we anticipate that attractive with the capability to access investment opportunities demographics are increasing our appetite for student revenues of $54.6 million and net income of $21.9 million, investment opportunities will materialize in certain across the core markets of the globe. Arcapita has a housing transactions; in addition the demand for mission- representing 44% and 76% growth over the previous pockets of the regional economy. Accordingly, our MENA diversified business model and a veteran management critical business services by nationwide blue-chip clients is fiscal year, respectively. This positive performance was investments team is currently developing a pipeline of team that brings experience and expertise across different driving our desire to expand in this sector further. driven by strong income from our investment portfolio acquisition targets in sectors where we have identified investment areas. We aim to deliver sustainable returns With a strong deal pipeline in the GCC and US, we have set and full placement of transactions that were completed compelling pricing dynamics and supportive fundamentals. to our shareholders and investors using our sectoral ambitious goals for FY 2020 and are targeting to bolster during the year. FY 2019 saw the continuation of the In the US, our team is currently focused on sourcing and geographic insights and a risk-adjusted approach to our performance in the upcoming fiscal year. We remain firm’s accelerating growth momentum, robust investment transactions in the industrial and business services sectors, investing. confident that we have built the key attributes to support a performance, and healthy investment activity across the in addition to student housing facilities across select sub- Over the years, we have played a major part in providing diversified, flexible and sustainable business model, which US and GCC. markets. access to alternative investments for Shari’ah-aligned will help us deliver sustainable returns to our shareholders As we grew our co-investment portfolio and continued to We have set ambitious targets for the upcoming fiscal year investors and have completed transactions valued at and investors using our sectoral and geographic insights build our assets under management, the firm’s recurring and are targeting to accelerate our investment activity and approximately $30 billion. We believe in the importance and a risk-adjusted approach to investing. revenues witnessed substantial growth. This is in line with expand our fundraising efforts outside the GCC to further and value of long-term relationships with our shareholders, our target of doubling the firm’s income from recurring diversify our offerings and clientele. Arcapita is well our investors and our investment partners, and our model revenue streams over the next five years. positioned to continue providing innovative investment stresses the importance of aligned interests. We use these opportunities and is committed to delivering strong returns partnerships to bring a wide range of different skills and The GCC’s investment landscape was impacted by a for its stakeholders. experiences to our investments, enhancing transaction challenging macroeconomic environment that carried access and execution for the benefit of all stakeholders. through from 2018. As a result, we were primarily With the support of our shareholders, we firmly believe focused on sourcing US transactions during the past fiscal that we can maintain our positive momentum and deliver FY 2019 was a successful year for Arcapita, driven Atif A. Abdulmalik year. Overall, our investment team sourced three US on our growth targets for FY 2020. by strong investment income from our private equity CEO transactions and one transaction in the GCC, for a total portfolio, which continues to outperform our underwriting transaction value of over $250 million. These included two projections. Our deal pipeline is focused on the industrial, industrial real estate portfolios in the US, an industrial real logistics, student housing, and business services sectors, estate portfolio in the UAE, and a bolt-on private equity which are poised to experience significant growth over investment in the US. the medium to long term. In the US and MENA, increased supply chain sophistication and penetration of e-commerce To support the firm’s growth and deliver on our business are driving significant demand
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