Finance Mubadala applies to take full control of Turkey’s Getir The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […] September 6, 2024
Finance NMDC Energy IPO on Abu Dhabi bourse attracts $24bn The initial public offering (IPO) of NMDC Energy on the Abu Dhabi Securities Exchange (ADX) generated AED88 billion ($23.96 billion) in gross demand, oversubscribing by 31.3 times. A total of 1.15 billion shares, representing 23 percent of NMDC Energy’s total share capital, were offered at AED2.8 per share. The IPO was oversubscribed within hours of […] September 6, 2024
Finance Adnoc’s first bond sale raises $4bn Abu Dhabi’s state oil giant, Adnoc, launched its first-ever bond sale on Wednesday, raising $4 billion through its wholly-owned primary debt-capital market funding vehicle, Adnoc Murban. The company offered three benchmark-size, dollar-denominated treasuries with maturities of five, 10 and 30 years. Adnoc sold $1 billion of five-year bonds, $1.5 billion of 10-year bonds and $1.5 […] September 5, 2024
Infrastructure Adia part of fund aiming to raise $4bn for India upgrade The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […] September 5, 2024
EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024
Banking & Finance Mubadala-backed Tabby prepares for Saudi IPO Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, is on track to prepare for its initial public offering, the company’s CEO confirmed on Wednesday. The fintech unicorn – a startup worth more than $1 billion – was originally founded in the UAE but is now headquartered in Saudi Arabia. It is […] September 4, 2024
Finance NMDC Energy’s IPO oversubscribed 14 times The initial public offering (IPO) of NMDC Energy, the wholly owned subsidiary of NMDC Group, has been oversubscribed 14 times by day four of its subscription period. The subscription commenced on August 30 and will close on September 4. Shares of NMDC Group, which trades on the Abu Dhabi Securities Exchange (ADX), jumped more than 9 percent on […] September 3, 2024
Opinion Infrastructure Rail link to UAE will supercharge Oman’s port city of Sohar Businesses in the sultanate's northern city will get direct access to the UAE’s global connections August 30, 2024
Health Mubadala joins $680m acquisition of UCB’s Chinese business Abu Dhabi-based Mubadala Investment Company and Singapore’s CBC Group have jointly acquired the neurology and allergy business of UCB, a Belgian biopharmaceutical company, for $680 million. The deal includes UCB’s neurology portfolio (Keppra, Vimpat and Neupro) and allergy portfolio (Zyrtec and Xyzal) in mainland China and its Zhuhai manufacturing site. The combined net sales for […] August 26, 2024
Mining Diamond weighing 1lb cheers Mubadala-backed financier The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […] August 23, 2024
Banking & Finance ADIA ‘in talks to join Sanofi bid consortium’ Abu Dhabi’s trillion-dollar investment fund is in talks to join a consortium to buy the French drugmaker Sanofi’s consumer health division, according to a report by Bloomberg. Abu Dhabi Investment Authority (ADIA) and the Singapore sovereign wealth fund GIC have both been contacted by the French buyout firm PAI Partners with a view to joining […] August 23, 2024
Oil & Gas Dredging to start on Adnoc’s Ruwais LNG project State-owned Abu Dhabi National Oil Company (Adnoc) has awarded a $200 million contract to Abu Dhabi-listed NMDC Group for marine dredging works on the Ruwais LNG project. The contract includes the removal of 15 million cubic metres of material across a 5-kilometre channel with a 245-metre width. In addition, the company will install navigational aids […] August 23, 2024
Tech Mubadala grows data centre portfolio with Yondr deal Abu Dhabi’s Mubadala Investment Company has invested in Yondr Group, a London-headquartered data centre developer, amid rising global demand for such facilities. The investment, through US alternative asset manager Apollo, aims to support Yondr’s growth strategy, the sovereign wealth fund said in a statement. No financial details were disclosed. Yondr specialises in providing scalable data […] August 22, 2024
Banking & Finance Abu Dhabi-backed financier among bidders for Hollywood giant A New York investment company backed by Abu Dhabi is part of a group that has launched a bid to take over Paramount Global, one of Hollywood’s biggest entertainment companies. The conglomerate, led by the industry veteran Edgar Bronfman Jr, a former CEO of Warner Music Group, submitted a $4.3 billion bid on Monday to […] August 21, 2024
Analysis Telecoms Analysts question possible Adia bid for India telecoms group Abu Dhabi’s top sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is among the preferred bidders for a minority stake in Vodafone Idea, a struggling Indian telecom company. However, analysts are warning that the deal makes little commercial or financial sense. Vodafone Idea is India’s third largest mobile operator, but has lost about 210 million […] August 20, 2024
Analysis Telecoms Worst is over for Etisalat shares but don’t expect a rebound Shares in UAE blue-chip e& – more commonly known as Etisalat – have fallen by more than half from a 2022 peak as investors fret over difficulties related to some of the telecom operator’s foreign investments. Yet analysts believe these issues are now priced in and so the worst should be over for the stock. Etisalat […] August 19, 2024
Analysis Finance Mubadala Capital puts faith in biotech startups Abu Dhabi’s Mubadala Capital has made early-stage investments into three US biotech startups this year, taking advantage of a broader decline in company valuations to buy into the fast-growing sector. Biotechnology uses living organisms to make products, often pharmaceuticals. There are nearly 7,600 biotech-based drugs in development in the US according to the Biotechnology Innovation […] August 16, 2024
Analysis Telecoms Telcos turning to tech to propel growth Fear of market irrelevance has spurred former Gulf telecom operators such as e& to bet on providing more sophisticated, tech-based services to consumers and businesses. This strategy differs from earlier efforts to create a vast geographic footprint for their operations, which, in many cases, led Gulf telcos to nurse billion-dollar losses. E&, which is listed […] August 15, 2024
Infrastructure UAE company involved in $1bn project in Uzbekistan A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […] August 15, 2024
Finance ADGM reports 31% increase in registered entities in H1 Abu Dhabi Global Market (ADGM), a financial free zone in the UAE capital, reported a 31 percent year-on-year increase in the number of registered entities to 2,088, including 231 in financial services. Assets under management rose by 226 percent year on year in the first half. By June 2024, ADGM had 112 fund and asset […] August 15, 2024
Banking & Finance ADQ in talks to buy Turkish lender Odeabank Abu Dhabi sovereign wealth fund ADQ is in discussions to buy Turkish lender Odeabank as it seeks to expand its international footprint. The fund has been engaged in talks over the past few months to buy the bank owned by Lebanon’s Bank Audi SAL, Bloomberg reported quoting informed sources. However, the report said that no final […] August 14, 2024
Energy Taqa first-half profit falls despite rising revenues Abu Dhabi National Energy Company (Taqa) said net profit attributable to shareholders fell 68 percent year on year to AED4.4 billion ($1.2 billion) in the first half of 2024. Revenues reached AED27 billion, up 2 percent than the prior year’s period, due to the contribution from Sustainable Water Solutions Holding Company, which was acquired in […] August 14, 2024
