Banking and Finance International growth continues to boost First Abu Dhabi profits First Abu Dhabi, the UAE’s largest bank by assets, has reported a 5 percent increase in net profit for the third quarter this year, boosted by “increased client activity” and continued growth in its international operations. Net profit rose by over AED200 million in the three months ending September 30, FAB said on Friday, up […] October 18, 2024
Tourism Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […] October 16, 2024
Leisure & Hospitality ADNH Catering raises $235m from Abu Dhabi listing ADNH Catering has raised AED864 million ($235 million) by selling 900 million shares, or a 40 percent stake, on the Abu Dhabi Securities Exchange (ADX). The final offer price was AED0.96 per share, the top end of the previously announced price range. The market capitalisation on listing will stand at AED2.16 billion. The initial public offering was […] October 16, 2024
Renewable Energy Abu Dhabi seeks developer for new wind power project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has invited expressions of interest (EoIs) for the development of a wind farm in the Al Sila region. On completion, the 140 megawatt (MW) greenfield renewable energy independent power project will more than double the existing wind generation capacity in the UAE. The Al Sila wind project will […] October 16, 2024
Finance ADQ buys 96% of Bank Audi’s Turkish unit The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank. The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority. As part of the deal, Bank Audi and other investors such as the International Finance […] October 16, 2024
Health Mubadala pharma subsidiary makes four acquisitions from Yas Mubadala Investment Company’s newly acquired subsidiary, Kelix Bio, has bought four pharma assets from Yas Holdings’ healthcare unit, GlobalOne Healthcare Holdings. Kelix Bio purchased Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma, the Abu Dhabi sovereign wealth fund Mubadala said on Monday. The value of the deal was not disclosed. Mubadala said the four acquisitions would […] October 14, 2024
Opinion Real Estate Saadiyat Island table talk – property and pallets Russian business people have been outbidding other expats for grand villas October 11, 2024
Analysis Banking and Finance Japanese fund fails to deliver for Gulf investors Eight years ago next week Saudi Arabia became a founding investor in SoftBank’s Vision Fund, pledging $45 billion, and Abu Dhabi soon committed another $15 billion. The creator of the private equity fund, the world’s largest, was Japanese tech guru Masayoshi Son, who, at the time, predicted it would “accelerate the information revolution”. In October […] October 11, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Analysis Banking and Finance Adia’s Thames Water write-off could discourage UK FDI Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive. The Abu Dhabi Investment Authority (Adia) owned 9.9 percent of the UK’s largest water supplier, but according to reports citing accounts […] October 10, 2024
Banking and Finance UAE VAT exemptions to boost funds, crypto and FDI New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […] October 9, 2024
Finance Abu Dhabi is top global city for SWF assets with $1.6trn Abu Dhabi’s various sovereign wealth funds have a combined $1.67 trillion in assets, having overtaken Oslo to become the wealthiest global city for SWF assets. This total includes Abu Dhabi Investment Authority (Adia), Mubadala, ADQ and Abu Dhabi Fund for Development, plus the federal government-owned Emirates Investment Authority, according to a report by Singapore-based consultants […] October 9, 2024
Finance Adia writes off investment in Thames Water The UAE’s largest sovereign wealth fund, Adia, has written off its investment in Thames Water, the UK’s largest water provider, a news report said. The entire investment value in Thames Water has been written down because of the “challenging regulatory environment and operational performance”, the Financial Times reported, citing an account filing by Infinity Investments, […] October 9, 2024
Analysis Energy Costs versus profits in the energy transition debate The Abu Dhabi-based International Renewable Energy Agency (Irena) last month reported that, once again, if you want cheap electricity, then renewable energy is by far your best bet. After “spectacular” declines in cost in recent years, according to Irena’s 2023 Costs Report, the global weighted average cost of photovoltaic (PV) solar – the most widespread […] October 8, 2024
LUNCH WITH FRANK KANE People & Lifestyle ‘The biggest risk to Dubai is the cost of living’ Eminent lawyer and foodie Dr Habib Al Mulla tells our Editor-at-Large why he has opened a Moscow office and how the UAE needs to change October 7, 2024
Banking and Finance Largest caterer in UAE gears up for IPO ADNH Catering, which claims to be the UAE’s largest provider of food services, has announced details of a float on the Abu Dhabi Securities Exchange (ADX) that could raise up to $235 million. Abu Dhabi National Hotels Company, the owner of ADNH Catering, will make available 900 million of its shares in the catering company, […] October 7, 2024
Infrastructure Storm infrastructure upgrade for Abu Dhabi goes out to tender Tenders to enhance storm infrastructure have been issued by Abu Dhabi in areas severely impacted by April’s rainfall, the heaviest in 75 years. The tenders include projects in Al Dhafra, such as upgrading rainwater drainage networks in Ghayathi, constructing a stormwater network in Delma City and designing a main stormwater line in Madinat Zayed. A […] October 7, 2024
Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major […] October 6, 2024
Banking and Finance Mubadala-backed Shein courts investors before London IPO Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […] October 4, 2024
Real Estate Abu Dhabi mortgage deals surge as real estate thrives Mortgage transactions in Abu Dhabi rose 20 percent year on year in the third quarter of 2024 amid robust growth in the real estate sector. The total value of the mortgage deals reached AED13.5 billion from 2,594 transactions, the UAE state-run Wam news agency reported, citing Dari, a unified property services platform. Overall, real estate […] October 2, 2024
Renewable Energy Abu Dhabi invites companies for greenfield solar project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has invited expressions of interest (EoI) for a new greenfield solar project in the Al Dhafra region. The Zarraf solar PV independent power project, with a generation capacity of 1.5 gigawatts (GW), will match the scale of similar projects such as Al Dhafra, Al Ajban and Khazna, […] October 2, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
