Banking & Finance Goldman Sachs plans Abu Dhabi office after 1MDB scandal By Joel Barrick May 16, 2023, 9:57 AM Reuters Firm had been snubbed by Abu Dhabi following Malaysia scandal Goldman has since managed to claw back, win roles on key deals An internal memo seen by Bloomberg shows that Goldman Sachs Group Inc is opening an office in Abu Dhabi Global Market, a free trade zone in the UAE capital, adding to its hubs in Doha, Dubai and Riyadh. Assuming the office receives regulatory approval, it will mark a significant step forward in the rehabilitation of the US banking giant in the emirate, after it was shunned for involvement in the 1Malaysia Development Berhad (1MDB) scandal. Tamara secures $150m from Goldman Sachs to propel growth Abu Dhabi opens its doors to ‘masters of the universe’ In 2015, it emerged that billions of dollars had been embezzled from 1MDB, a Malaysian sovereign wealth fund. Goldman Sachs executives were convicted of bribing officials in Abu Dhabi and Malaysia in connection with the fraud and relations with the emirate became strained. Since then, Goldman Sachs has managed to win roles in important deals in the UAE. It was a joint bookrunner on the sale of Abu Dhabi National Oil Company’s drilling operation in 2021, then the emirate’s largest-ever initial public offering. Last year, the bank revealed plans to expand across the Middle East. Abu Dhabi, home to sovereign wealth funds overseeing more than an estimated $1 trillion, has been attracting investment lately. Hedge fund manager Ray Dalio is setting up a branch of his family office in the emirate, as part of a push into the Middle East.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 9 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 10 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 11 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 12 hours ago
