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Abu Dhabi

Hollywood actor Leonardo DiCaprio. A US VC fund backed by him plans to invest $50m in Mena climate tech startups

US firm to invest $50m in Mena climate tech

A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […]

Private credit or non-bank lending has soared in popularity since the global financial crisis

Better terms and returns swell private credit demand

Private credit in the Gulf is attracting greater interest from borrowers and investors, fund managers say. For borrowers, high interest rates have depressed mid-sized, private company valuations and make selling equity to raise money less alluring. And for investors, private credit offers more regular returns than the likes of private equity. Private credit is non-bank […]

50 million Alef shares changed hands, making it the most active stock on Abu Dhabi’s bourse on Wednesday

Alef Education shares drop 13% on first day

Shares in Alef Education fell 12.6 percent after the company’s Abu Dhabi bourse debut on Wednesday. The education technology company had raised AED1.9 billion ($515 million) in an initial public offering (IPO) that was 39 times over-subscribed. The IPO was priced at AED1.35 ($0.37) a share, the upper limit of its range. However Alef’s shares […]

private credit Omar Al Yawer Ruya Partners

Private credit fund looks for $250m from Gulf investors

Ruya Partners, which describes itself as the Gulf’s first partner-owned private credit provider, aims to raise $250 million from investors by mid to late 2024, senior executive Omar Al Yawer has revealed to AGBI.  The Abu Dhabi business says regional sovereign wealth funds have become more amenable to investing in the private credit sector. Private […]

Plaza Premium offers airport hospitality in Singapore's Changi Airport and plans to use its expertise in the Gulf transit hotels

Airports consider ‘transit hotels’ for 6-hour stays

Saudi Arabia’s aviation expansion could stretch to transit hotels inside airport terminals where customers can pay for stays of less than the standard 24 hours.   A Hong Kong-based company is developing the concept in the Gulf, with hotels offering six and 12-hour stays already established in Jeddah and Abu Dhabi, and a Muscat hotel that […]

The unified economic license is an initiative by Abu Dhabi Department of Economic Development and Abu Dhabi Free Zones Council

Abu Dhabi launches unified economic licences

Abu Dhabi has unified procedures for registering economic licences across the emirate and its free zones, in a bid to make it simpler to set up a business and increase non-oil trade. The unified economic license is an initiative by Abu Dhabi Department of Economic Development (Added) and Abu Dhabi Free Zones Council. The new […]

Customers at the Starbucks store in Sao Paulo's Alameda Santos

Mubadala-backed Zamp buys Starbucks brand in Brazil

Zamp, a Brazilian restaurant chain backed by Abu Dhabi sovereign fund Mubadala, has signed a deal to buy the Starbucks brand in the South American nation. The operator of Burger King and Popeyes stores in Brazil, Zamp signed an agreement with bankruptcy-hit SouthRock Group to acquire certain assets and rights of the Starbucks brand for 120 […]

Alef IPO edtech education technology

Alef Education IPO 39 times oversubscribed

Orders totalling more than $20 billion were placed at the IPO of Abu Dhabi’s Alef Education this week, leaving it 39 times over-subscribed.  The company raised AED1.9 billion ($515 million) in its initial public offering, the company said on Thursday. It will become the first education technology business to list on a UAE stock exchange. […]

Airlines profits coffee Emirates

Airline margins ‘wafer thin’, says IATA’s Willie Walsh

The profit global airlines make per passenger is only enough to buy a single espresso in a Dubai hotel coffee shop, according to Willie Walsh, the director general of the International Air Travel Association (IATA). Global airlines are expected to make $30.5 billion in profits this year, but margins remain “wafer thin”, Walsh told the […]

An oil tanker in Fujairah Port, UAE. Adnoc L&S will acquire the remaining 20% stake of Navig8 in 2027 for a deferred consideration of AED1.2 billion to AED1.7 billion

Adnoc L&S buys tanker operator Navig8 for $1.5bn

A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has finalised an agreement to fully acquire Navig8 TopCo Holdings, a shipping and tanker operator, for up to AED5.14 billion ($1.5 billion). As part of the agreement, Adnoc Logistics and Services (Adnoc L&S) will acquire 80 percent of Navig8 for AED3.8 billion, […]

A view of Khalifa Port. AD Ports Group owns 30 percent of the new joint venture, East Africa Gateway Limited, which will be based in Kezad

AD Ports JV buys 95% stake in Tanzania’s port operator

A joint venture consisting of the UAE’s AD Ports Group, India’s Adani Ports and China’s East Harbour Terminals has acquired 95 percent of Tanzania International Container Terminal Services in Tanzania. Abu Dhabi-based East Africa Gateway purchased the stake for nearly $40 million from Hutchison Port Holdings, Hutchison Port Investments and Harbours Investment, the Abu Dhabi-listed […]

Socar president Rovshan Najaf and Adnoc upstream executive director Abdulmunim Saif Al Kindy sign the concession award

Adnoc awards concession interest to Azerbaijan’s Socar

Abu Dhabi National Oil Company (Adnoc) has signed an agreement to award a 3 percent interest in the Sarb and Umm Lulu offshore concession to State Oil Company of the Republic of Azerbaijan (Socar). The agreement follows previous collaborations between the two companies, including Adnoc’s acquisition of a 30 percent equity stake in the Absheron […]

The Yapi Kredi Bank headquarters in Istanbul. First Abu Dhabi Bank was offering around $7.5bn for a 61.2% stake

Turkey’s Koç ends talks to sell Yapi Kredi stake

Turkey’s Koç Holding has confirmed that initial talks over the sale of a stake in Yapi Kredi Bank, the country’s fourth largest private bank in terms of assets, have been terminated. Yapı Kredi’s parent corporation, Koç, said last month it was in talks with the UAE’s First Abu Dhabi Bank (FAB) over the sale of a majority […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met last year to improve trade relations, but red tape still hampers investment

India must cut red tape for investors, says Mubadala executive

Reducing red tape is critical to making India more attractive to global investors, an executive at Abu Dhabi’s sovereign wealth fund Mubadala has said. Sridhar Iyengar, chief financial officer of Mubadala’s Aerospace, Renewables and Information Communications Technology business, said the New Delhi government must enhance its bureaucratic efficiency to improve the pace at which projects […]

Offices need to offer flexibility, with a variety of spaces to allow for both collaboration and private conversations

Flexibility and amenities key to UAE office sector’s future

As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […]

Adnoc's Ruwais LNG project. The company has approved capital expenditure of $150 billion for 2023-2027

Adnoc to reach its 5m bpd oil target before 2027

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […]

A trader looks at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Bahrain tops dividend yields in mixed quarter for bourses

First-quarter company earnings in the UAE, Bahrain and Oman were mixed across major economic sectors, with the four bourses trading at markedly varied valuations. As of March 31, Dubai and Bahrain had price-to-earnings ratios of 8.3 and 7.9 respectively, while Abu Dhabi’s was 19.9 and Oman’s 12.9, according to Kuwait’s Kamco Invest. Bahrain (7.7 percent) […]

The UAE has bucked the trend of working-from-home that emerged in the pandemic

UAE offices in demand – in contrast to the West

Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Visitors admire the House of the Blackheads in Riga, which Eagle Properties hope will be 'the new centre of Europe'

Abu Dhabi developer spots opportunity in Latvia

Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […]

The Adnoc Drilling head office. Adnoc will not be able to sell any more of its stake for at least six months

Adnoc Drilling successfully floats further stake

Abu Dhabi state oil company Adnoc has successfully placed a further 5.5 percent of listed subsidiary Adnoc Drilling, increasing the company’s free float to 16.5 percent. The sale of an additional 880 million shares through a book-building process will boost trading of Adnoc Drilling’s stock on Abu Dhabi’s bourse. Adnoc restricted the share sale to […]