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Abu Dhabi

coffee drinking woman Agthia UAE Egypt Video length: 05:02

Agthia increases stake in Egyptian snack group

Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022.  In […]

Sultan Al Jaber, Adnoc group chief executive

Adnoc buys 25% of Austrian chemical group OMV

Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV. The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company.  Financial details were not disclosed. Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, […]

Idris Elba was among the celebrities at the Hub71 Impact Summit who see the potential in investing in Abu Dhabi

Abu Dhabi courts celebrity investors to make its mark

Abu Dhabi is increasingly turning to celebrities, from actors and comedians to boxers and writers, to increase its presence on the world stage. The UAE’s capital has attracted entrepreneurs from around the world who are investing and expanding their businesses in the emirate. Among the latest to announce plans to invest in Abu Dhabi are […]

Properties under construction accounted for three quarters of the 11,200 transactions last year in Abu Dhabi off-plan property sales residential sales real estate

Abu Dhabi residential sales buoyed by off-plan purchases

Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […]

The Morgan Stanley New York headquarters. The bank's local head said there are 'exciting times ahead for the Mena region'

Morgan Stanley latest US bank to set up in Abu Dhabi

Morgan Stanley is opening an office in Abu Dhabi Global Market in a bid to win more business in the Middle East and North Africa. The latest international bank to set up shop in the UAE capital’s financial centre, Morgan Stanley already has offices in Dubai, Riyadh and Doha. The lender, ranked 31st worldwide in […]

An oil platform in Rotterdam. Adnoc Drilling and Alpha Dhabi are seeking investment opportunities in Europe and beyond

Adnoc Drilling and Alpha Dhabi to surpass 3-year $1.5bn target

A joint venture between Adnoc Drilling and Alpha Dhabi will surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, and Alpha Dhabi Holding, one of Abu Dhabi’s biggest investment companies, announced the […]

FAB CEO Hana Al Rostamani, pictured here at Cop28 in December, said the bank looks forward to 'facilitating vital trade and investment' between the GCC and China

First Abu Dhabi makes China expansion a priority

First Abu Dhabi, the UAE’s largest bank by assets, plans to triple revenue from its operations in China by 2026. FAB is the only fully licensed UAE-based bank in mainland China and considers growth in the country a “priority” after revenue rose by 50 percent last year to about AED100 million ($27 million).  Group CEO […]

Khaldoon Khalifa Al Mubarak, group chief executive officer of Mubadala

Sovereign funds must be ‘enablers of progress’ says Mubadala chief

Sovereign wealth funds have a responsibility to transform from asset investors to enablers of global progress, the CEO of Abu Dhabi’s Mubadala Investment Company, Khaldoon Al Mubarak, has announced. Al Mubarak told an investor conference in Abu Dhabi: “We are in the business of driving progress and investing in solutions to global challenges.” The government-controlled fund was […]

Abu Dhabi's Offset8 is investing in Indonesia to fund biochar, which is made from burning agricultural waste and used for carbon sequestration

Asset manager Offset8 invests in Indonesia carbon project

Asset manager Offset8 Capital, which specialises in financing climate mitigation projects, has facilitated an undisclosed early-stage investment in a waste management scheme in Indonesia.  The project, run by Singapore-based sustainable waste management company Sawa EcoSolutions and its Indonesian operating arm Legasi Alam Indonesia, is expected to generate around $50 million of carbon credits over the […]

IHC revenue

IHC reports marginal profit despite revenue climbing 18%

International Holding Company (IHC) has reported an increase in net profit of just 1.2 percent year on year to AED32.95 billion ($8.97 billion) in 2023, despite an almost 20 percent rise in revenue. IHC – the Middle East’s largest listed holding company, which is listed in Abu Dhabi – is part of a business empire […]

A market worker in Cairo stands under a pro-President Sisi banner. The ADQ deal has raised hopes that Egypt's economy can rebuild

Abu Dhabi’s $35bn throws Egypt a liquidity lifeline

A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […]

Marine Drive in Mumbai, with city high rises behind. Mubadala and Goldman Sachs plan to invest in India

Mubadala and Goldman Sachs to put $1bn into Asia-Pacific

Mubadala and Goldman Sachs have signed a $1 billion agreement to invest in private credit deals in the Asia-Pacific region. The partnership between Abu Dhabi’s sovereign wealth fund and Goldman Sachs Alternatives will put private credit into “high-quality companies and sponsors” throughout the region with a particular focus on India, they said in a joint […]

An Adnoc Distribution service station in the UAE. The company intends to increase its reach in Egypt and Saudi Arabia

Adnoc Distribution reveals plans for Egypt and Saudi Arabia

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, plans to increase revenues from international operations in Saudi Arabia and Egypt. The company is listed on the Abu Dhabi Securities Exchange and made the announcement during a presentation to investors on Monday when its share price fell slightly. CEO Bader Saeed Al Lamki said it […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

An average of 1.4 GW of new solar capacity will be needed per year until 2037 to meet the increasing demand for electricity in Abu Dhabi engineers solar panels hard hats solar power

Abu Dhabi plans decade of solar power launches

Abu Dhabi is to launch a new solar power project each year for a decade, starting in 2027, Bruce Smith, strategy and planning executive director at the Emirates Water and Electricity Company (EWEC), told AGBI. EWEC is also exploring the issuance of a green bond to finance this series of projects, he said. The company […]

A view of the financial district in Bahrain's capital Manama. The kingdom's real estate remains more affordable than other Gulf states

Bahrain and UAE sign $4bn real estate deal

A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […]

Abu Dhabi Shenzhen City, Architecture, Building

Abu Dhabi signs hydrogen transport deal with Shenzhen

Abu Dhabi has signed a partnership with Shenzhen, one of the largest cities in China, to develop a green hydrogen complex to power buses and cars by 2025.  The deal will look at collaboration on projects including green mobility, technology, autonomous solutions, sustainability and urban development, officials said. The agreement was signed by Mohamed Ali […]

Abu Dhabi-listed e& owned 20% of the UK’s Vodafone as of August 2023

Vodafone dividend helps push e& to record profit

Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […]

Workers work at Majnoon oil field in Iraq. The country aims to increase output to 7 million barrels per day.

Saudi Arabia hits brakes as others push oil output capacity

Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […]

RedBird IMI All3Media Call the Midwife

Abu Dhabi-backed venture buys UK TV production giant 

RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, is buying Britain’s largest independent television producer All3Media in a deal worth £1.15 billion ($1.45 billion). A joint venture between International Media Investments and New York private equity firm RedBird Capital Partners, RedBird IMI is also currently bidding for the UK’s Daily Telegraph newspaper All3Media […]

ADGM

ADGM predicts fresh wave of green finance companies

Abu Dhabi Global Market has a “strong pipeline” of green and sustainable finance companies due to open in the free zone this year as the sector expands and matures, a senior ADGM official has told AGBI. “There are a number of asset managers and others establishing themselves here that are green and climate transition-focused,” said […]