Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Renewable Energy Abu Dhabi seeks developers for greenfield power storage project State-owned Emirates Water and Electricity Company has requested proposals from 27 qualified companies and consortiums to develop a greenfield 400-megawatt battery energy storage system project in Abu Dhabi. The request for proposals is being issued to bidders who passed the qualification process following the expression of interest in April 2024. A total of 93 companies […] July 26, 2024
Banking & Finance First Abu Dhabi Bank revenue rises on overseas growth First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […] July 25, 2024
Retail ADIA considers $1bn funding in Nestlé ice cream Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé. The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company. The […] July 24, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Banking & Finance UAE bank to bolster presence in Central Asian economy Abu Dhabi Commercial Bank (ADCB) is bolstering its Islamic banking services in Kazakhstan. The Abu Dhabi-listed bank will establish a sharia-compliant corporate banking services centre to gain a foothold in the $1.8 trillion Central Asian economy. Al Hilal Islamic Bank, a subsidiary of the bank in Kazakhstan, will be rebranded and offer corporate financial products […] July 24, 2024
Media & Advertising UAE’s RedBird IMI hopes for speedy sale of The Telegraph Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments. The deadline for the first round of bidding was completed on Friday, although more offers […] July 23, 2024
Finance Abu Dhabi-backed Egyptian fintech raises $160m Egyptian fintech MNT-Halan, backed by Chimera Abu Dhabi, a private investment company, has raised $157.5 million to support regional expansion. The International Finance Corporation, the World Bank’s private investment arm, invested $40 million in the fundraising round. The remaining was contributed by Lunate, an Abu Dhbai-based asset management company, Development Partners International, Lorax Capital Partners, […] July 22, 2024
Aviation Mubadala-backed Sanad Group reports 53% revenue growth Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […] July 19, 2024
Economy ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […] July 19, 2024
Construction Eagle Hills gets claws into Indonesia Eagle Hills, the Abu Dhabi developer, looks set to add Indonesia to its burgeoning worldwide portfolio. A tentative agreement was signed on Wednesday with the Indonesian government to develop $3 billion worth of tourism assets in the Southeast Asian archipelago. The deal has a validity of one year only, with the possibility of renewal, and […] July 17, 2024
Opinion Finance The Thames Water crisis makes waves for the UK’s Labour Party A government bailout is no longer unthinkable and Gulf investors will have grave concerns July 15, 2024
Health Abu Dhabi launches AI tender to predict epidemic threats The Abu Dhabi Public Health Center has launched a tender for an artificial intelligence-powered platform designed to predict epidemic threats. The aim is for the platform to use AI’s ability to process extensive and complex datasets at high speed as a way to analyse both local and international outbreak trends alongside national travel patterns to […] July 15, 2024
Finance ADGM sets deadline for whistleblowing rules Companies in the Abu Dhabi Global Market (ADGM) have been given a deadline of May 2025 to implement the latest whistleblowing regulations. The financial authority has published its new whistleblowing framework to ‘maintain transparency, accountability and market integrity’. The framework includes regulations on reporting of protected disclosures, allowing reporting of suspected breaches of ADGM legislation […] July 12, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Renewable Energy Masdar-backed UK wind farm clears further hurdle An Abu Dhabi-backed offshore wind farm project in the UK has taken a big step forward after a development consent order application was accepted into examination by UK planning inspectors. The Dogger Bank South wind farm, more than 100km off the northeastern coast of England, is split across two sites, DBS East and DBS West. […] July 11, 2024
Banking & Finance FAB rules out bid for stake in India’s Yes Bank First Abu Dhabi Bank (FAB) has denied it was planning to acquire a stake in Bombay Stock Exchange-listed Yes Bank. Bloomberg reported on Wednesday that the Abu Dhabi-listed lender was among the possible suitors for a $5 billion stake in the Indian lender, citing informed sources. FAB was reportedly considering an offer for up to […] July 11, 2024
Oil & Gas Four companies to invest in Adnoc’s new LNG plant Four global companies will invest in Adnoc’s lower-carbon intensity Ruwais liquefied natural gas (LNG) project, as the UAE energy giant continues to invest in lower-carbon projects. UK-based BP and Shell, France’s TotalEnergies and Mitsui & Company from Japan will each acquire a 10 percent equity stake in the Ruwais LNG project, with the state-run oil […] July 11, 2024
Analysis Economy UAE economic growth brings rise in court disputes, say lawyers Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […] July 9, 2024
Health Heat-health warning system planned for Abu Dhabi Abu Dhabi is to develop an official heat-stress index and a national heat-health warning system as rising temperatures threaten public health and businesses. The Abu Dhabi Public Health Centre has issued a tender for an index tailored to the UAE’s unique climate conditions, occupational settings, and the physiological differences among its diverse population. The UAE […] July 9, 2024
Oil & Gas Energy giants to take 40% of Adnoc LNG plant Energy giants from France, the UK and Japan are expected to take stakes in the Ruwais liquefied natural gas project, run by Abu Dhabi National Oil Company. TotalEnergies, Shell, BP and Mitsui are expected to each take 10 percent of the project, which received a final investment decision last June. The Al Ruwais plant will […] July 8, 2024
Oil & Gas UAE’s Murban crude futures trade at record high Murban crude, the UAE’s flagship oil grade, has reported a record jump in trading activity in the second quarter of this year, according to operator the Intercontinental Exchange (ICE). Murban, the premium-grade light, sweet crude, is extracted from the onshore concessions of Abu Dhabi state oil company Adnoc and represents more than half of the […] July 8, 2024
