Crescent Enterprises

Crescent Enterprises
Industry Conglomerate
Area served
 Worldwide
Key people
 Badr Jafar
(Chief Executive Officer)
Products Ports & logistics; power & engineering; business aviation; healthcare; venture capital; private equity; and business incubation
Website crescententerprises.com

Crescent Enterprises is a diversified global conglomerate headquartered in the United Arab Emirates. As of 2018, it operates through four divisions: CE-Operates that holds the operating subsidiaries and affiliates under its umbrella, CE-Invests that manages the private equity and other alternative investments, CE-Ventures that acts as the venture capital arm of the company and invests in early- to late- stage startups across the world with a focus on the MENA (Middle East and North Africa) region, and CE-Creates, an internal start-up incubator where its team conceives and launches viable businesses with a sustainable social impact. Crescent Enterprises operates across several sectors including ports and logistics, power and engineering, business aviation, healthcare, food and beverage; and across verticals such as strategic investments, corporate venture capital, and business incubation.[1] Crescent Enterprises employs over 4,500 people in 22 subsidiaries and affiliates across 20 countries on five continents.[2]

Crescent Enterprises is a subsidiary of the Crescent Group, a family business group of the MENA region since 1971. Crescent Group's other subsidiary, Crescent Petroleum, is the first and the largest indigenous, privately-owned upstream oil and gas company in the Middle East.[3][4]

Divisions

CE-Operates

Crescent Enterprises is active across a range of core sectors including ports & logistics, power & engineering, and business aviation through its subsidiaries and affiliates such as the Gulftainer Group, Momentum Logistics, Uruk Engineering & Contracting and Gama Aviation.

  • Gulftainer Group, established in 1976 in the UAE, is the world's largest privately owned, independent port management company, operating in nine countries across five continents and handling over six million TEUs (twenty-foot equivalent).[5] The company established the Sharjah Container Terminal at Port Khalid, the first container terminal in the Middle East and operates some of the most productive terminals in the world, including Khorfakkan Container Terminal. In 2014, Gulftainer became the first and only Middle Eastern port operator with a strategic presence in the Americas, with a 35-year concession at Florida's Port Canaveral. In March 2018, Gulftainer announced winning a 50-year concession to operate its second US port in Wilmington, Delaware. [6]
  • Momentum Logistics, a wholly owned subsidiary of the Gulftainer Group, provides fully integrated and cost-effective supply chain solutions – from transportation and freight forwarding to warehousing and logistics cities.
  • Uruk Engineering & Contracting specialises in engineering, procurement and construction (EPC) with projects ranging from power, oil and gas, petrochemicals, waste water and infrastructure. The company has executed over US$ 800 million worth of projects in the Iraqi power sector since 2010, providing electricity to more than 100,000 homes. Uruk is the first EPC contractor to complete an Iraqi Ministry of Electricity Fast Track project, executing the 724 MW and US$ 540m power plant project in Al Mansuriya in partnership with Alstom.[7]
  • Gama Aviation Plc is a London stock exchange (AIM)-listed global business aviation services provider, founded in 1983 in the United Kingdom. The company's operations focus on business aircraft charter, Fixed Base Operations (FBO), engineering, design and maintenance, aircraft valeting, and aviation software services. Gama Aviation manages a fleet of 146 aircraft and has a network of 44 operating locations in fifteen countries across five continents, with global headquarters located at Farnborough Airport in the UK, and regional headquarters in Connecticut, Sharjah, and Hong Kong. Crescent Enterprises is a significant minority shareholder in Gama Aviation Plc.[8]

CE-Invests

CE-Invests is the strategic investments division which maintains a balanced portfolio of alternative asset class investments, including private equity, real estate and other structured investments. Its portfolio includes: The Abraaj Group, Growthgate Capital, TVM Capital Healthcare Partners, FIM-IBC MENA Real Estate Opportunities Fund, Siraj Palestine Fund I, and Samena Limestone Holdings, a consortium of investors who acquired over 30% of Ras Al Khaimah (RAK) Ceramics.[9][10]

CE-Ventures

CE-Ventures is the corporate venture capital division focused on making strategic investments in early- to late-stage technology-enabled start-ups globally. In November 2017, CE-Ventures announced plans to invest up to US $150 million (AED 550 million) over the next three years,[11] making it one of the largest corporate venture units in the Middle East and North Africa.[12]

CE-Ventures will focus on making direct equity investments in start-ups and in select global venture capital funds, with 50% of the funds to be deployed in ventures from the MENA region. Recent direct investments by CE-Ventures include:

  • a Silicon Valley-based drone company
  • a project management system using artificial intelligence (AI), being developed by graduates from the American University of Sharjah
  • ColubrisMX Inc, which is developing a "minimally invasive", microsurgical device that can treat conditions such as fetal malformations and brain abnormalities.[13]
  • XCath Inc, which is developing steerable robotic micro catheters for treating endovascular conditions such as cerebral strokes. Both the technologies are expected to aid in promoting access to healthcare for populations in remote areas.
  • Freshtohome, which is an Indian meat and fish e-commerce outfit that has undertaken steps to expand across the Middle East in the coming years.[14]

Crescent Enterprises' venture capital portfolio also includes fund investments, which include Wamda MENA Ventures Fund I, and Hedosophia MENA.

CE-Creates

CE-Creates, launched in 2014, is Crescent Enterprises' internal business incubator, which is mandated with conceiving, incubating and building start-ups that are socially-conscious and financially feasible.

In addition to developing new businesses internally, the division works with group companies to transform ideas into viable projects that are socially conscious, environmentally friendly and financially sustainable.[15] CE-Creates has, so far, launched two businesses in the F&B and industrial uniforms spaces; and currently has a further eight concepts under development in the e-commerce, freight, and sustainable transport spaces.

Initiatives

Corporate Citizenship

Crescent Enterprises supports numerous initiatives and campaigns to address key community matters ranging from social entrepreneurship and environment to arts and culture, and corporate governance.

Entrepreneurship

In May 2017, Crescent Enterprises entered into an exclusive strategic partnership with Shera'a – a launch pad for aspiring entrepreneurs in the United Arab Emirates – as a founding partner for the launch pad’s social entrepreneurship track, to create initiatives that develop the region's social entrepreneurship. The two entities will create joint initiatives that aim to harness the potential of young entrepreneurs to generate positive social impact through economically viable and scalable startups.[16]

Crescent Enterprises also partnered with Ashoka in co-founding the Arab World Social Entrepreneurship Program (ASEP) in early 2016.[17] This was aimed at identifying and scaling the work of local social innovators from the Gulf region by introducing existing local solutions to a global platform and bringing global innovations to the local markets. Additionally, the company is a founding supporter of Education For Employment (EFE), and has partnered in the past with the Cherie Blair Foundation and the Sharjah Tatweer Forum's Sharjah Leadership Programme.

Crescent Enterprises is a Corporate Partner of StartAD, an innovation and entrepreneurship platform anchored at New York University Abu Dhabi Crescent Enterprises supported StartAD's Venture Launchpad programme, which is a 10-day programme designed to help startups within a specific sector rapidly mature into a scalable business within a short-time span. The programme culminates with a Demo Day where finalists showcased their startups to investors, corporate partners, media, and the UAE start-up community.[18]

In collaboration with the Sharjah Ladies Club, Crescent Enterprises launched the first pilot for kids' business camp in the Emirate of Sharjah targeting children between the ages of eight and thirteen years old. The pilot aims to provide the future entrepreneurs with basic business knowledge and skills.[19]

Arts and culture

Through its entertainment subsidiary Global Gumbo Group (G3), Crescent Enterprises launched the charity single Tomorrow/Bokra in 2011 featuring 24 Middle Eastern artists, raising USD 3.5 million to support arts programs in disadvantaged schools across the Middle East. In 2014, G3 launched Bokra The Film, a feature-length documentary on the charity song.

Crescent Enterprises also supports the Sharjah International Children Film Festival, an annual event, which raises cultural awareness and celebrates the region's young talent in art and film making, and the Arabian Sights Film Festival, which is presented by the Washington, DC, International Film Festival and screens quality productions directed by Arab young talent.[20]

Corporate governance

Crescent Enterprises actively advocates for a culture of corporate governance, accountability and integrity among Gulf Cooperation Council (GCC) private sector businesses in alignment with various global organisations advocating for transparency, compliance, and disclosure. The company is a founding partner of the Pearl Initiative, a member of the United Nations Global Compact, and a signatory of the United Nations Women's Empowerment Principles Equality Means Business. The company is also a member of several World Economic Forum's (WEF) initiatives including Global Future Councils, Partnering Against Corruption initiative, and the WEF’s MENA Regional Business Council, and the WEF’s Family Business Community.[21]

Environment

Crescent Enterprises is a partner with the Emirates Wildlife Society in association with the World Wide Fund for Nature (EWS-WWF) and has helped the fund to pursue many environmental projects, such as observing Earth Hour, conserving marine and terrestrial habitat, and combating the illegal wildlife trade in the UAE.[22]

Sustainability

Crescent Enterprises has undertaken several initiatives to achieve its published sustainability vision: Enabling Sustainable Growth.[23] As a member of the United Nations Global Compact, Crescent Enterprises has reported on its sustainability initiatives since 2013 in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards.[24]

See also

References

  1. ↑ "Crescent Enterprises in TVM Capital MENA's $50m Healthcare Fund". Zawya. Zawya. 22 May 2012. Retrieved 8 July 2012.
  2. ↑ "Crescent Enterprises Taps into Africa's USD 75bn E-Commerce Sector with Strategic Investment in Mara Group". 21 June 2016. Retrieved 3 July 2016.
  3. ↑ "Strong governance to boost resilience of Mena economies". GulfToday. Retrieved 3 July 2016.
  4. ↑ "Crescent launches $150m venture capital division". Saudi Gazette. Retrieved 9 March 2018.
  5. ↑ "Gulftainer docks the largest UASC vessel in the region". Arabian Supply Chain. Zawya. 14 Mar 2012. Retrieved 8 July 2012.
  6. ↑ "Gulftainer chief promises jobs as board gives blessing to port privatization effort". Delaware Online. Retrieved 8 April 2018.
  7. ↑ "UAE Uruk opens Taji Power Plant Project". Zawya. Zawya. 27 May 2012. Retrieved 8 July 2012.
  8. ↑ "Annual report" (PDF). Crescent Enterprises. Retrieved 8 April 2018.
  9. ↑ "Siraj Fund Management Company signs $30 million financing agreement with OPIC". Zawya. Zawya. 22 May 2010. Retrieved 8 July 2012.
  10. ↑ "GrowthGate Acquires Part of Saudi Food Services Company "International Foods"". Zawya. Zawya. 10 Oct 2010. Retrieved 8 July 2012.
  11. ↑ Debusmann, Bernd. "Crescent Enterprises launches $150m VC arm". Arabian Business. Retrieved 9 March 2018.
  12. ↑ "Crescent Enterprises plans at least three VC investments next year". Retrieved 8 April 2018.
  13. ↑ "Crescent Enterprises' Venture Capital Arm Closes Investment In US-Based MedTech Startups". Retrieved 9 March 2018.
  14. ↑ "Crescent Enterprises plans at least three VC investments next year". The National. Retrieved 9 March 2018.
  15. ↑ "CE-Ventures". CE-Ventures. Retrieved 3 July 2016.
  16. ↑ "Sheraa collaborates with Crescent Enterprises to develop region's entrepreneurship ecosystem". Retrieved 21 October 2017.
  17. ↑ "Ashoka launches dedicated Social Entrepreneurship Program for Gulf region". 9 April 2014. Retrieved 3 July 2016.
  18. ↑ "StartAD's Hardware Venture Launchpad Showcases Innovations Of UAE's Hardware Startups". Entrepreneur. Retrieved 9 March 2018.
  19. ↑ "Crescent Enterprises, Sharjah Ladies Club nurture future leaders". Gulf Today. Retrieved 9 March 2018.
  20. ↑ "Children's film festival in Sharjah gets bigger, better". Khaleej Times. 12 October 2015. Retrieved 30 June 2016.
  21. ↑ "Succession failure". The Economist. Retrieved 30 June 2016.
  22. ↑ "Crescent Enterprises Lends A Helping Hand To Green Abu Dhabi's Mangrove Clean-up". AbuDhabi City Guide. Retrieved 30 June 2016.
  23. ↑ "Crescent Enterprises carefully aligns its sustainability priorities with local and global priorities". Crescent. Retrieved 8 April 2018.
  24. ↑ "Crescent Enterprises' 2016-2017 Sustainability Report Demonstrates Positive Impact on Society, Environment". Zawya.
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