French asset manager AXA IM Alts expands global presence with first Mideast office

Located at Abu Dhabi Global Market (ADGM), the new office enhances AXA IM Alts’ capital raising and client servicing capabilities in the region. (File/AFP)
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Updated 01 July 2024
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French asset manager AXA IM Alts expands global presence with first Mideast office

  • Saudi Arabia’s Ammar Bukhamsin appointed as senior executive officer, co-head of MENA Client Group
  • Will work with large local institutions, individuals, says Isabelle Scemama, global head of AXA IM Alts

LONDON: French multinational asset manager AXA IM Alts opened its first Middle East office in the UAE on Monday, with a Saudi Arabia national appointed to head its regional drive.

This marks the opening of its 16th office globally, which will be focused on raising capital across the company’s private and alternative assets range, the company said in a statement.

Saudi Arabia citizen Ammar Bukhamsin has been appointed as the senior executive officer of AXA IM Middle East, and co-head of the Middle East North Africa Client Group alongside Paris-based Francois Boissin.

Isabelle Scemama, the global head of AXA IM Alts, said: “The opening of our new office in Abu Dhabi marks a significant milestone in our expansion strategy and underscores the strategic importance of the Middle East in our international growth plans.

“This move marks a natural progression for our business in the region and paves the way for further successful partnerships with local investors to meet their rapidly evolving investment requirements, across AXA IM Alts’ expertise,” she added.




Isabelle Scemama, the global head of AXA IM Alts, said the company manages a total of €185 billion ($200 billion) on behalf of 600 clients from around the world. (Supplied)

She told Arab News the company manages assets of $200 billion on behalf of 600 clients from around the world. The firm invests in real estate, alternative credit, infrastructure, impact investment, and natural capital, which includes reforestation projects, carbon credit trading, green transportation, climate change and energy transition.

“If I look at the capital rate over the past few years, 40 percent have been raised outside Europe, and the Middle East has always been an important area ... so the idea is it’s more of a natural evolution, and we think, to serve our clients, we have to be established in the region,” she said.

She said there was a “lot of appetite” in the region and the firm considers the Middle East a “key partner for European investment.” The idea is to be “closer to our clients” through a dedicated local presence.

On real estate development, Scemama said the opening of the new office comes “at a time where there are more and more regulations to reduce the energy intensity of building.”

The company considers this “as an opportunity in front of us and we think that it is something that is also appealing for Middle Eastern investors.”




Saudi national, Ammar Bukhamsin, has been appointed to lead the local office and co-head MENA Client Group alongside newly promoted Francois Boissin. (Supplied)

The plan is to work with local players, large institutions and individuals. “The idea for the moment is really to be closer to our clients, (but) we have not made the decision for the moment to invest in the region — so to deploy capital there, it may happen at some point.

“But we always assist carefully our capability to deploy at scale, scale matters a lot in our market — being able to deploy a lot of capital. But also to diversify portfolio you need a significant size.

“And we know that each time you go in a new jurisdiction it’s a lot of local understanding of the regulation(s), being able to deploy capital and also to establish a team,” Scemama explained.

She added: “We are very strong on alignment of interest, whether it’s on infrastructure or real estate, (and) we always organize co-investments and guarantee investors that they will not be treated in parallel.

“But they will have access to our pipeline and they will benefit from the co-investment capabilities we can offer, so that’s something also that is quite appealing for the institutions in the region.”

On Bukhamsin’s appointment, Scemama said the new regional head has an impressive track record and is expected to create long-term opportunities for the company.

Florence Dard, global head of the client group at AXA IM Alts, said: “Having built strong relationships in the Middle East over a number of years, the opening of an office in Abu Dhabi is a natural step forward in our strategy to both grow our presence and accelerate our business development in the region.

“As a global leading alternative player, we have actively engaged with a large number of sophisticated Middle Eastern investors who seek attractive alternative investment opportunities, especially in Europe where we have a unique sourcing, access and breadth of offering.”

Arvind Ramamurthy, the chief of market development at Abu Dhabi Global Market in the UAE capital, said: “Abu Dhabi, also known as the ‘Capital of Capital,’ has become a premier destination due to its sophisticated regulatory regimes and abundant investment opportunities.

“As an anchored asset management firm, we look forward to the various expertise and innovative capabilities that AXA IM Alts will bring to ADGM’s vibrant ecosystem and to the region.”

Before joining AXA IM Alts, Bukhamsin spent over eight years at the French-based investment banking company Natixis, including three years as the firm’s CEO for Saudi Arabia. His 20-year career includes senior sales roles at Goldman Sachs, UBS and Citi, the company said.

Boissin has spent the past nine years at AXA, first as vice president of investor relations for the group and then two years in raising capital at AXA IM Alts. He has had a 20-year career in finance and sales, the company added.


UAE president, Russia’s Putin discuss Iran-Israel conflict

Updated 12 sec ago
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UAE president, Russia’s Putin discuss Iran-Israel conflict

  • Emirati, Russian leaders proposed ways to contain the military escalation

LONDON: Russian President Vladimir Putin held a phone call with UAE President Sheikh Mohamed bin Zayed Al-Nahyan to discuss the latest developments in the Iran-Israel conflict, which entered its sixth day as of Wednesday.

The leaders addressed the grave implications of the conflict — which began on Friday — on regional and global security, according to the Emirates News Agency.

They discussed efforts to contain the war and halt the spiraling escalation, and highlighted the importance of exercising restraint and pursuing dialogue to avoid further threats to security.

Putin and Sheikh Mohamed voiced their support for all efforts aimed at achieving a solution through diplomatic means, WAM reported.


UN official arrives to discuss UNIFIL’s mandate in southern Lebanon

Updated 26 min 26 sec ago
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UN official arrives to discuss UNIFIL’s mandate in southern Lebanon

  • Aoun says Lebanon is committed to the peacekeeping force and trying to secure funding
  • Jean-Pierre Lacroix: The UN supports Lebanon’s demand for the continued work of UNIFIL

BEIRUT: Lebanese President Joseph Aoun on Wednesday informed Jean-Pierre Lacroix, UN undersecretary-general for peace operations, of “Lebanon’s firm commitment to maintaining the UNIFIL (mandate) in southern Lebanon for the implementation of Resolution 1701, in coordination with the Lebanese army, which will continue its deployment in the south and the full implementation of the agreement reached in November 2024.”

Aoun expressed hope that “the countries funding international peace missions will be able to provide the necessary funding for UNIFIL’s operations so that the international forces operating in southern Lebanon are not adversely affected.” He said further that “Lebanon will engage in contacts with sisterly and friendly countries in this regard.”

Lacroix arrived in Beirut as part of a round of talks with Lebanese officials, two months ahead of the traditional UN Security Council session on the renewal of UNIFIL’s mandate in southern Lebanon, amid a reduction in US contributions to the peacekeeping budget and ongoing developments in the border area following Israel’s war on Hezbollah, as well as attacks on UNIFIL by Hezbollah supporters trying to prevent patrols without Lebanese army escorts.

The international official’s meetings took place against the backdrop of Israeli aerial offences, with reconnaissance aircraft flying over Beirut and its southern suburbs at low altitude.

During the meeting, according to a statement from the Presidential Palace media office, Lacroix said that “UNIFIL continues to carry out its duties despite the difficult conditions facing the region.”

He explained that “the Lebanese government’s request to renew the international force is under consideration by the UN and the member states of the Security Council. There are differing viewpoints regarding UNIFIL’s role and mandate, and efforts are underway to bridge those views in order to reach an agreement before the mandate expires at the end of August.”

A Lebanese source participating in the international official’s meetings in Beirut, in which he was accompanied by UNIFIL commander Gen. Aroldo Lazaro, said: “Lacroix spoke about the tendency of countries, especially the US, to request further amendments of UNIFIL’s missions in south Lebanon and a reduction in the number of participating forces. The requests did not involve cutting the services provided by these forces in the south to help the residents of the area that UNIFIL’s missions cover, which vary between medical, social and educational assistance.”

After his meeting with Aoun, Lacroix said: “The UN supports Lebanon’s demand for the continued work of UNIFIL, especially since coordination between UNIFIL and the Lebanese army takes place regularly."

Aoun emphasized that “maintaining stability in the South is a vital matter, not only to Lebanon but also to all countries in the region, and UNFIL’s role is essential in maintaining this stability.”

Aoun described “the cooperation between the Lebanese Army and UNIFIL as excellent.” He said: “Lebanon is fully upholding its commitments regarding Resolution 1701 and its provisions. However, completing the army’s deployment to the border requires the withdrawal of Israeli forces from the occupied territories, the return of Lebanese prisoners held in Israeli prisons and the cessation of hostilities constantly targeting Lebanese territory.”

Israel still to occupies five Lebanese hills, which it considers strategic, and violates the ceasefire agreement every day by carrying out land incursions, bulldozing roads, blocking others, and conducting air strikes to assassinate Hezbollah members and raids beyond the Litani River and extending to Beirut’s southern suburbs and the Bekaa Valley.

Lebanon, meanwhile, through its Prime Minister Nawaf Salam, emphasized that “the Lebanese army dismantled more than 500 weapons depots in the south. We have strengthened security at Beirut Airport and we are working with diplomatic channels to stop Israel’s attacks on Lebanon and withdraw from the five sites.”

Aoun awarded Lazaro the National Order of the Cedar, and rank of commander, in recognition of his efforts during his tenure as commander of the international force operating in southern Lebanon. The ceremony marked the conclusion of Lazaro’s mission and his imminent departure from the country.

Lazaro held a meeting with Parliament Speaker Nabih Berri and is expected to meet with Prime Minister Nawaf Salam on Thursday.

The discussion focused on the latest developments in southern Lebanon and the UNIFIL forces’ work, according to a statement from Berri’s office.


Under Israeli attack, Iran has ‘legitimate’ right to self-defense: Erdogan

Updated 18 June 2025
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Under Israeli attack, Iran has ‘legitimate’ right to self-defense: Erdogan

  • Erdogan said Turkiye is 'closely following Israel’s terrorist attacks on Iran'
  • He had ordered the defense industry to increase production of medium and long-range missiles to 'increase its level of deterrence'

ISTANBUL: Turkish President Recep Tayyip Erdogan said Wednesday Iran had the “legitimate” right to defend itself in the face of Israel’s ongoing bombing campaign, now in its sixth day.
“It is a very natural, legitimate and legal right for Iran to defend itself against Israel’s thuggery and state terrorism,” the Turkish leader said, a day after referring to Israeli Prime Minister Benjamin Netanyahu as “the biggest threat to the security of the region.”
The long-range blitz began early Friday, when Israel launched a massive bombing campaign that prompted Iran to hit back with missiles and drones, including hypersonic missiles.
“These attacks were organized while the Iranian nuclear negotiations were taking place,” Erdogan said.
“Israel, which possesses nuclear weapons and does not recognize any international rules... did not wait for the negotiations to end but carried out a terrorist act without waiting for the result,” he added.
Iran says at least 224 people have been killed in the Israeli attacks, which have targeted nuclear and military facilities, while Iranian fire on Israel has claimed at least 24 lives and wounded hundreds more, Netanyahu’s office said.
“We are closely following Israel’s terrorist attacks on Iran. All our institutions are on high alert regarding the possible effects of these attacks on Turkiye,” Erdogan said.
“We are making preparations for every kind of scenario,” he said.
“Nobody should dare to test us. We don’t have any desire to take other people’s lands... in the region,” he added.
His remarks prompted a sharp riposte from Israeli Foreign Minister Gideon Saar, who pointed to Turkiye’s presence in Syria and in the divided island of Cyprus, where it controls the northern part.
“It is particularly ironic that someone who does not hide his imperialist ambitions, who invaded northern Syria and illegally holds northern Cyprus, claims to speak in the name of morality and international law,” Saar wrote on X.
“A little self-awareness could be helpful,” he added.
On Monday, Erdogan said he had ordered the defense industry to increase production of medium and long-range missiles to “increase its level of deterrence” in light of the air war between Israel and Iran.


Israeli forces kill young Palestinian, arrest 60 during night raids in West Bank

Updated 18 June 2025
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Israeli forces kill young Palestinian, arrest 60 during night raids in West Bank

  • Moataz Al-Hajjleh, 21, killed in raid near Bethlehem
  • Israel forces have arrested 160 Palestinians this week

LONDON: Israeli forces killed a 21-year-old Palestinian and arrested at least 60 people during night raids on Tuesday across various towns in the occupied West Bank, including a woman, children, and former political prisoners.

The Palestinian Authority’s affiliated groups, the Commission of Prisoners’ Affairs and the Palestinian Prisoner’s Society, announced on Wednesday that Israeli forces have arrested 160 Palestinians in the West Bank so far this week.

Some of those arrested were later released following interrogation.

Moataz Al-Hajjleh, 21, from the town of Al-Walaja village near Bethlehem, was killed during an Israeli raid of the area overnight.

Israeli forces conducted arrests and investigations during raids in several Palestinian governorates, including Nablus, Jenin and Ramallah.

Israeli forces have turned dozens of Palestinian houses into military points after forcibly expelling their inhabitants in the Jenin environs, the Wafa news agency reported.

At the same time, several villages had their entrances closed with earth mounds or gates.

The prisoners’ groups added that ongoing mass detention operations by Israeli forces “continue to be the most prominent, consistent, and systematic policies employed by the occupation to undermine any escalating resistance against it.”


Iranians buying supplies in Iraq tell of fear, shortages back home

Updated 18 June 2025
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Iranians buying supplies in Iraq tell of fear, shortages back home

  • Shortages in Iran were mostly due to panic-stricken Iranians who rushed to markets to stockpile basic supplies following the Israeli attacks, citizens say

PENJWEN, Iraq: Near the once-bustling Iraqi border crossing of Bashmakh, Iranian driver Fatah stocked up on rice, sugar and tea, staples that have become increasingly hard to get back home.
Fatah — who like others in this story is being identified by a pseudonym — was among dozens of truck drivers waiting impatiently to cross back into Iran from Iraq’s northern Kurdistan region, hauling not only their commercial cargo, but also essential goods for their families after days of Israeli attacks.
AFP spoke with at least 30 Iranians near the Bashmakh crossing. They all refused to be interviewed on camera, and the few who agreed to describe life back home asked to remain anonymous for fear of reprisals back in Iran.
“There are shortages of rice, bread, sugar and tea,” Fatah said Tuesday.
Finding fuel has also become a major problem, with long queues of cars waiting hours in front of gas stations hoping the fuel did not run out, the 40-year-old driver added.
A long journey awaits Fatah, who must deliver his load of asphalt to the Iranian port of Bandar Abbas about 1,700 kilometers (1,060 miles) away, before turning around and driving almost the same distance back to the western city of Marivan, where his family lives and which has so far been spared bombardment.
But “my route passes near the Natanz nuclear facility,” Fatah said, referring to one of Iran’s underground uranium enrichment sites that Israel has struck several times since the start of its campaign last week.
Surprise attack
Israel launched a devastating surprise attack on Friday targeting Iran’s military and nuclear sites and killing top commanders and scientists.
Israel says its attacks are aimed at preventing Iran from obtaining a nuclear weapon, an ambition Tehran denies.
At least 224 people, including women and children, have been killed in the Israeli strikes, according to official figures.
The assault has prompted retaliatory barrages of missiles from Iran that have killed at least 24 people in Israel, according to the prime minister’s office.
Aram, 28, keeps calling his wife, fearing for his family’s safety after they had to flee their home when a strike hit a military site nearby in the city of Sanandaj.
“My family is safe, but they had to move in with relatives in a village,” Aram said.
His wife told him that many families who lived near military sites in the area had been similarly displaced.
The father of two said the shortages back home were mostly due to panic-stricken Iranians who rushed to markets to stockpile basic supplies.
Fear of shortages mounts
Back in Iran, car dealer Shwan recalled how Israeli jets struck several military sites near his city of Bukan in the west.
“People are shocked and distraught, they don’t know what they should do,” the 35-year-old told AFP via a messaging app from inside Iran.
“We have a major problem with bread shortages,” he said.
People were queuing at bakeries for hours to get loaves of bread, sometimes to no avail, Shwan said.
“Sometimes four members of one family go around bakeries looking for bread,” he added.
“It is also difficult to find rice or oil,” and many civil servants have not received their salaries yet, he said.
Avin, a 38-year-old seamstress, told AFP via a messaging app that the war “has spread fear among residents,” even though the bombs have not touched her town of Saqqez in northwest Iran.
“Some families with children left to villages outside the city,” she said.
Like others, she fears more shortages to come.
“Most of the provisions come from Tehran,” which has seen a massive exodus and is also grappling with scarcity.
“Because of this, the market in our city came to a standstill.”