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ADQ hires investment bankers to fulfil dealmaking objective

ADQ hires investment bankers to fulfil dealmaking objective
This step strengthens the company's cadre

UAE - Mubasher: ADQ, Abu Dhabi-based holding company, has hired a number of investment bankers mostly from foreign banks and investment management firms in recent months, as the company seeks to enter new deals in the UAE and abroad, three sources told Reuters.

This step strengthens the company's cadre which already had more than 20 former executives from Mubadala, the sources referred.

"ADQ is very active. They were 20 last year they are now 120," a senior investment banker told Reuters on condition of anonymity.

The hired investment bankers include former Perella Weinberg Partners's banker, Ayman Anwar; former HSBC banker, Abhay Kumar; and ex-HSBC investment banker, Hassan Abdelhamid, the sources said.

The company has also hired ex-Standard Chartered private equity executive Alok Elias in June and former Bank of America Merrill Lynch banker Silvia Barbarino in April.

It is noteworthy to mention that a consortium comprising Aldar Properties and ADQ has recently submitted an all-cash mandatory tender offer (MTO) to acquire up to 90% and a minimum of 51% of the outstanding share capital of Six of October Development and Investment (SODIC) for the approval of the Egyptian Financial Regulatory Authority (FRA).