Company Insights ADQ Banking & Finance ADQ Overview ADQ – Abu Dhabi Developmental Holding Company – was established in 2018 by the government of Abu Dhabi. It is the 10th-largest sovereign wealth fund in the world, according to data from analyst Global SWF, and the 16th-largest fund when public pension funds are also considered. Abu Dhabi’s government transferred its stakes in 13 companies to ADQ in 2019. These included Abu Dhabi Power Corporation (since merged with Taqa), Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services Company, National Health Insurance Company (Daman) and Abu Dhabi Airports Company. ADQ’s portfolio now spans about 25 companies across sectors including utilities, transportation, healthcare, agriculture and real estate. Subsidiaries include Etihad Airways, Abu Dhabi Airports Company, Wizz Air Abu Dhabi, Abu Dhabi Securities Exchange, Abu Dhabi National Exhibitions Company, Emirates Nuclear Energy Corporation, Emirates Water and Electricity Company, Louis Dreyfus Company and LuLu Group International. In February 2024 ADQ signed a $35 billion agreement with the Egyptian government to develop Ras El Hekma, and it is also busy with a $5 billion investment in infrastructure and other projects in Jordan announced in May May also saw ADQ issue its first bonds, selling $2.5 billion of debt on the London Stock Exchange, in what the company said marked a “significant step” in diversifying its funding sources. ADQ News Finance ADQ in bid to buy Spanish waste company, reports say ADQ, an Abu Dhabi sovereign wealth fund, has joined buyout groups Blackstone and EQT for the second round of bids to buy Spanish waste management company Urbaser, Spain’s Expansion newspaper said on Tuesday. Urbaser’s owner, private equity firm Platinum, hired Citi and Santander as advisors for the sale earlier this year in a deal that could value the company at […] December 11, 2024 Economy Kuwait renews $2bn deposit with Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche […] December 4, 2024 Real Estate Egypt and Qatar to explore ‘major’ real-estate project Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […] November 28, 2024 Opinion Infrastructure Africa’s port assets are irresistible for the UAE The privatisation of maritime infrastructure is often controversial in Africa November 25, 2024 Markets Turkey targets IPOs for state energy companies Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […] November 20, 2024 Health PureHealth in talks to buy hospital operator NMC PureHealth Holding, the UAE’s largest healthcare group, is in discussions to acquire the UAE hospital operator NMC Healthcare, sources familiar with the matter say. A deal, if finalised, could be announced before the first half of 2025, sources told AGBI, speaking on condition of anonymity. Other potential bidders had explored the opportunity but were not […] November 15, 2024 Aviation Etihad profit soars on passenger and cargo volumes Etihad Airways has reported a 66 percent increase in nine-month profit built on higher passenger and cargo revenue. The Abu Dhabi carrier said profit after tax for the period reached $381 million (AED1.4 billion), up from $222 million a year earlier. Total revenue was up 21 percent to $5 billion, which the airline said was […] November 14, 2024 Leisure & Hospitality Sotheby’s pins hopes on Saudi auction launch Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah. Prior to the auction, an exhibition featuring the […] November 7, 2024 Retail Alibaba-backed Trendyol plans $2bn Gulf investment Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […] November 5, 2024 Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024 Posts navigation 1 2 … 16 Next
Finance ADQ in bid to buy Spanish waste company, reports say ADQ, an Abu Dhabi sovereign wealth fund, has joined buyout groups Blackstone and EQT for the second round of bids to buy Spanish waste management company Urbaser, Spain’s Expansion newspaper said on Tuesday. Urbaser’s owner, private equity firm Platinum, hired Citi and Santander as advisors for the sale earlier this year in a deal that could value the company at […] December 11, 2024
Economy Kuwait renews $2bn deposit with Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche […] December 4, 2024
Real Estate Egypt and Qatar to explore ‘major’ real-estate project Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […] November 28, 2024
Opinion Infrastructure Africa’s port assets are irresistible for the UAE The privatisation of maritime infrastructure is often controversial in Africa November 25, 2024
Markets Turkey targets IPOs for state energy companies Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […] November 20, 2024
Health PureHealth in talks to buy hospital operator NMC PureHealth Holding, the UAE’s largest healthcare group, is in discussions to acquire the UAE hospital operator NMC Healthcare, sources familiar with the matter say. A deal, if finalised, could be announced before the first half of 2025, sources told AGBI, speaking on condition of anonymity. Other potential bidders had explored the opportunity but were not […] November 15, 2024
Aviation Etihad profit soars on passenger and cargo volumes Etihad Airways has reported a 66 percent increase in nine-month profit built on higher passenger and cargo revenue. The Abu Dhabi carrier said profit after tax for the period reached $381 million (AED1.4 billion), up from $222 million a year earlier. Total revenue was up 21 percent to $5 billion, which the airline said was […] November 14, 2024
Leisure & Hospitality Sotheby’s pins hopes on Saudi auction launch Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah. Prior to the auction, an exhibition featuring the […] November 7, 2024
Retail Alibaba-backed Trendyol plans $2bn Gulf investment Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […] November 5, 2024
Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024
