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Abu Dhabi

Business news and financial news today from Abu Dhabi, covering major Abu Dhabi companies including Mubadala, Adnoc and Masdar.

Mair Group Abu Dhabi ADX

Abu Dhabi grocery business Mair Group to list on ADX

Abu Dhabi grocery retail and real estate business Mair Group is set to directly list on the emirate’s ADX stock exchange next month.  The company, which operates more than 100 stores under the Adcoop and Spar brands, said the listing will take place on December 9. No details about the value or relative shareholding were […]

Masdar's Agios Georgios wind farm in Greece. Masdar aims to achieve 100GW of global capacity by 2030

Masdar takes majority stake in Greek clean energy player

Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion. The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion). Following the transaction’s closing, Masdar will […]

Workers at an Adani solar plant. IHC says it is confident in the company's contributions to renewable energy

IHC stands by Adani investments despite US indictment

Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […]

Adnoc group CEO Dr Sultan Ahmed Al Jaber said XRG will create sustainable growth and foster technological innovation

Adnoc launches $80bn unit for low-carbon transition

State-backed energy major Abu Dhabi National Oil Company (Adnoc) has launched a new global lower-carbon energy and chemicals investment company valued at more than $80 billion. XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand […]

Workers are seen at the Borouge petrochemical facility at ADNOC's Ruwais Industrial Complex in Ruwais, United Arab Emirates May 14, 2018.

Adnoc’s Abu Dhabi CO2 storage site gets go-ahead

The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […]

Mubadala Capital's investment in CI Financial intends to supports its expansion in the US

Mubadala Capital’s $8.7bn bid to privatise CI Financial

Mubadala Capital, the Abu Dhabi-based alternative asset manager, has made an all-cash offer of C$12.1 billion ($8.66 billion) to privatise CI Financial, a Canadian asset and wealth manager. As part of the agreement, all issued and outstanding shares of CI will be acquired for C$32 per share in cash, except for shares held by senior management […]

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

Egypt is hoping to increase annual tourist numbers from last year’s record of 15 million to 25 million by 2030

Abu Dhabi’s Adtic invests with Accor in Egyptian hotel

The Abu Dhabi Tourism Investment Company (Adtic) has signed an agreement with the French hospitality company Accor to open a Sofitel hotel near the Giza Necropolis outside Cairo. Adtic, which is 84 percent owned by the Abu Dhabi Development Fund and 10 percent by the Abu Dhabi National Hotels Company, has allocated $100 million for […]

Among the UAE companies that have listed since 2021, the top nine performers are majority owned by Dubai or Abu Dhabi

State-backed UAE companies lead the pack for share price gains

The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […]

Etihad tiktok

Etihad to reveal new destinations

Etihad Airways is preparing to announce 10 new destinations next week, in one of the airline’s largest network expansions in years. The ambitious Abu Dhabi-based airline will reveal the locations on November 25, after a TikTok teaser campaign.  Etihad sells tickets to 83 destinations, and has added Prague, Warsaw and El Alamein in Egypt to […]

Masdar and Socar began construction of the two solar projects in Azerbaijan in June 2024

Masdar secures funding for Azerbaijan solar projects

Abu Dhabi Future Energy Company (Masdar) and Socar Green, a wholly-owned subsidiary of the State Oil Company of the Republic of Azerbaijan (Socar), have achieved financial closure for two $600 million large-scale solar projects in Azerbaijan. The projects, comprising the 445 megawatt (MW) Bilasuvar and 315MW Neftchala solar plants, are being funded by the European […]

NMC Royal Hospital in Mohammed Bin Zayed City, Abu Dhabi, one of 85 medical facilities the company operates in the UAE

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 […]

Adnoc Gas expects to acquire Adnoc’s 60% stake in the Ruwais LNG plant in the second half of 2028, when first production is due

Adnoc Gas signs long-term deal with India’s Gail

The UAE’s Adnoc Gas has signed a 10-year deal with Gail India, the largest natural gas company in the Asian nation, to supply up to half a million tonnes per annum (mtpa) of liquefied natural gas (LNG) starting in 2026. The agreement converts the previous heads of agreement announced in January into a definitive agreement, […]

The opening of the new Terminal A at Abu Dhabi’s Zayed International Airport last November has allowed Etihad to expand its flight options

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 […]

Adnoc L&S's acquisition of shipping management services company Navig8 was announced during the first half of 2024

Adnoc L&S profit and revenue rise in third quarter

Net profit at Adnoc Logistics and Services (Adnoc L&S) rose 18 percent year on year to $175 million in the third quarter of 2024, driven by investments in energy-related maritime logistics. Quarterly revenue increased by 32 percent year on year to $928 million, supported by strong performance across all business segments. Nine-month top line climbed […]

A data-driven approach will enable Adia to capitalise on time-bound opportunities, such as investing in specific sectors or geographies

Adia taps scientists and hedge funds to boost returns

The Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, is using a team of 125 data scientists and hedge funds to expedite its decision-making process. “We are using our increased data and scientific skills to assist the senior investment team to make dynamic allocation decisions,” Bloomberg reported, quoting Jean-Paul Villain, director of […]

Kazakhstan windfarm

Masdar signs agreement for Kazakhstan windfarm

A $1.4 billion investment for the development of a 1GW windfarm in Kazakhstan has been signed between the Abu Dhabi Future Energy Company (Masdar) and Kazakhstan’s Ministry of Energy. The agreement, signed at Cop29, the 2024 United Nations Climate Change Conference, currently taking place in Baku, Azerbaijan, builds on commitments already made between the UAE […]

Qlik provides data integration, tracking and management software to businesses

Adia to buy $1bn stake in US software company Qlik

Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […]

Adnoc Gas LNG Ahmed Alebri

Adnoc Gas considers M&A deals to meet LNG demand

Adnoc Gas is looking at international acquisitions and mergers to cope with what it predicts will be strong demand for liquefied natural gas (LNG) in the next decade, a senior executive said on Monday. “We have the balance sheet to do it, so if there is an opportunity, we will definitely consider it,” chief financial […]