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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.

Most of Terra-Gen's wind and solar projects are based in California and Texas

Masdar completes purchase of stake in green energy producer

UAE renewable energy major Masdar has completed its acquisition of a 50 percent stake Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar bought the stake from US investment company Energy Capital Partners. No financial details on the deal, which was first announced in March, were shared. […]

2XE2T1B Corporate headquarters of Covestro AG in Leverkusen, at the Chempark, NRW, Germany

Adnoc to buy German chemicals company

Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […]

ADNH Catering provides food and support services in the UAE and through a joint venture in Saudi Arabia with Compass Group

Abu Dhabi National Hotels launches IPO of catering unit

Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange.   The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […]

Jim Zelter, co-president of Apollo, said the Mubadala programme will 'better serve our clients and other stakeholders in a reliable, scalable and capital-efficient manner'

Mubadala partners with Wall Street for private credit drive

Abu Dhabi’s sovereign wealth fund, Mubadala, is to participate in a $25 billion programme of private credit direct lending that has been launched by the New York Stock Exchange-listed bank Citigroup and the alternative asset manager Apollo. Mubadala will act as partner in the programme to Apollo, which is based in New York. Athene, Apollo’s […]

Petronas says it will use advanced technology and AI solutions to boost Abu Dhabi’s energy resources

Abu Dhabi awards oil concession to Malaysia’s Petronas

Abu Dhabi has awarded a new onshore oil and gas exploration concession to Malaysia’s state-run Petroliam Nasional Berhad (Petronas). The concession, located in onshore block 2 in the Al Dhafra region, was granted by the Supreme Council for Financial and Economic Affairs (SCFEA), the state-run Abu Dhabi Media Office reported. The award gives Petronas 100 […]

ExxonMobil has been associated with the UAE since 1939 and became a joint venture partner in Zakum Development Company operating the Upper Zakum Oilfield

UAE tops list of tax payments from ExxonMobil

US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […]

Antonoaldo Neves, CEO of Etihad, said it is important that the airline has the capital to finance future growth

Etihad Airways to invest billions as it prepares for IPO

Etihad Airways, the national airline of the UAE, is planning to invest $7 billion over the next five years and to double the size of its fleet by 2030 as it prepares to go public, its chief executive said. Antonoaldo Neves told a conference in Abu Dhabi on Wednesday that the investment is part of […]

Emaar Misr's Alamein hotel in Marassi

Dubai’s Emaar pledges Egypt development worth $1 billion

Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […]

In the first half of 2024, Adnoc Distribution reported a 7.7 percent year-on-year rise in net profit to $319 million

Adnoc Distribution to pay $350m in interim dividend

Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, will pay an interim dividend of AED1.3 billion ($350 million) for the first half of 2024. The dividend is the first instalment of the expected full-year 2024 dividend of $700 million. The payout falls under the five-year dividend policy, which has set an annual dividend of […]

G42 Nvidia

G42 links with Nvidia to launch climate tech lab

The UAE-based artificial intelligence company G42 has formed a partnership with Nvidia, the US computer chip giant, to set up a climate tech laboratory in Abu Dhabi, aimed at better predicting the weather using AI. In what is Nvidia’s first partnership with the UAE company, the lab will “serve as a hub for research and […]

The Mubadala and Aldar tie-up will include a retail platform to oversee properties such as Yas Mall

Mubadala and Aldar reveal $8bn property collaboration

Abu Dhabi’s sovereign wealth fund Mubadala and its largest property developer, Aldar, have joined forces to develop and manage more than AED30 billion ($8.17 billion) worth of real estate across the emirate. The partnership, announced Wednesday, will be structured through four joint ventures. It will be owned 60 percent by Aldar and 40 percent by Mubadala, […]

The new centres planned with Microsoft will position Abu Dhabi as a global hub for AI innovation, said G42 CEO Peng Xiao

UAE’s G42 and Microsoft aim for ‘responsible’ AI goals

UAE artificial intelligence (AI) company G42 and US tech giant Microsoft will open two centres in Abu Dhabi to advance work on “responsible” AI practices. The first centre will see academic researchers and AI practitioners from the private sector develop, document and share emerging “responsible” AI best practices in the Middle East and the Global […]

Wizz Air is focusing on developing Saudi Arabia as an inbound market rather than setting up a local carrier, says CEO Jozsef Varadi

Wizz Air expects Abu Dhabi to beat global traffic growth

Abu Dhabi will likely beat global passenger volume growth of 15-20 percent next year, driven by new low-cost routes to the Middle East, Wizz Air CEO Jozsef Varadi has said. “I think Abu Dhabi is going to grow beyond this,” he said. Based in Hungary, the airline established its operations in Abu Dhabi in 2019 through […]

Person, Desk, Furniture

Abu Dhabi fund sells stake in UK insurance company

Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, has sold a 50 percent stake in the UK-based insurance technology company Policy Expert to private equity entity Cinven. The stake will be purchased by Cinven’s strategic financials fund. No financial details were disclosed. The deal is subject to regulatory approvals and closing conditions. […]

Aramco will use the Cerebras CS-3 chips to build and deploy large language models

Aramco to buy AI chips from Abu Dhabi fund-backed Cerebras

Saudi Aramco is to buy advanced semiconductor chips from Cerebras Systems, the Abu Dhabi fund-backed chipmaker aiming to challenge Nvidia’s dominance in the AI arena, as it seeks to boost artificial intelligence in the kingdom. The state-owned energy giant will use Cerebras’ CS-3 chips to build and deploy large language models (LLMs) – computer models […]

NMDC Energy provides engineering, procurement and construction for energy giants such as Adnoc and Saudi Aramco

Shopping trip for NMDC Energy boss after blockbuster IPO

NMDC Energy is looking for merger and acquisition targets after delivering the UAE’s biggest initial public offering of 2024, its CEO has told AGBI. Ahmed Al Dhaheri said the Emirati company, which listed on the Abu Dhabi exchange on Wednesday, would announce “some M&A soon” and was focusing on expansion outside the Gulf.  He also […]

Adnoc covestro

Adnoc to acquire chemical company Covestro for $16bn

Abu Dhabi National Oil Company (Adnoc) is expected to make a formal offer to buy German chemical company Covestro AG. The Financial Times reported that the 14.4 billion euros ($15.90 billion) offer will set up the state-owned energy producer to expand its overseas holdings. The companies have been in talks since Adnoc made an initial informal […]

Redbird Spectator

Abu Dhabi-backed RedBird IMI sells The Spectator for $131m

RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments, has sold the British magazine The Spectator to hedge fund boss Paul Marshall. The deal with Marshall, through his Old Queen Street Ventures fund, was worth £100 million ($131 million). Marshall is co-founder and chief investment officer of the global hedge fund […]

Adia Bajaj

Adia takes stake in Bajaj Housing Finance IPO

The biggest sovereign wealth fund in Abu Dhabi has strengthened its position in India as one of several anchor investors in the imminent listing of the home loans company Bajaj Housing Finance. Abu Dhabi Investment Authority (Adia), which has assets under management totalling $968 billion, has taken a $5.6 million stake in the initial public […]

ADQ said its management and operation of Abu Dhabi's toll and parking systems "will help generate sustainable financial returns"

ADQ takes control of Abu Dhabi’s toll and parking systems

The Abu Dhabi sovereign wealth fund ADQ has taken over the management, operation and development of the emirate’s toll and parking systems. The move intends to provide high-quality services to customers and generate sustainable financial returns, the Abu Dhabi Media Office said in a statement. The Darb and Mawaqif – the toll and parking systems, respectively […]

Mubadala Getir New York

Mubadala applies to take full control of Turkey’s Getir

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […]