Video length: 05:09 VIDEO Markets Dubai and Abu Dhabi need some IPO diversity “You want your capital markets to be a mirror of your economy on the ground,” says Saad Chalabi, CEO of brokerage platform xCube. In the UAE, however, that has not been the case. The markets in Dubai and Abu Dhabi are “mostly real estate and banking in terms of weight”, though more oil, utilities and […] July 4, 2024
Analysis Employment Abu Dhabi court rulings strengthen UAE arbitration Recent court rulings in Abu Dhabi further tighten the UAE’s embrace of arbitration as the go-to mechanism to resolve commercial disputes, according to industry attorneys. Arbitration in the emirates has gone through a “groundbreaking” evolution ever since the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, issued Decree number 34 in September 2021, closing the […] July 2, 2024
Retail ADIA leads Indian beauty retailer’s $120m fundraising The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported. The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported. Overall, Purplle has raised more than $500 million. “ADIA […] July 2, 2024
Tech Mubadala-backed GlobalFoundries buys new semiconductor tech Chipmaker GlobalFoundries, backed by Abu Dhabi’s Mubadala Investment Company, has bought the rights to a new technology to boost power in electric vehicles, artificial intelligence and data centres. It bought the gallium nitride (GaN) technology from semiconductor company Tagore Technology for an undisclosed sum. The acquisition includes a team of Tagore engineers with expertise in […] July 2, 2024
Oil & Gas Adnoc L&S awards vessel contracts to South Korea A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has awarded contracts worth AED9.2 billion ($2.5 billion) to South Korean shipbuilders to construct liquified natural gas (LNG) carriers. Two shipyards – Samsung Heavy Industries and Hanwha Ocean – have firm orders to construct four vessels with the option for one more, […] July 1, 2024
Industry Adnoc makes final bid for German chemicals maker German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […] June 25, 2024
Opinion Tourism How many more hotel rooms can the Gulf take? Plenty, it seems Normal standards do not apply in Dubai, which has one of the most robust hotel markets in the world June 25, 2024
Analysis Construction Construction is ‘cheaper in Dubai than Riyadh or Doha’ Dubai is only the third most expensive construction market in the Middle East after Riyadh and Doha, research has found. A real estate boom led by the leisure, hospitality and sports sectors, combined with a “distinct shortage of skilled labour”, have driven up construction costs in the Saudi capital to an average of $2,593 per […] June 21, 2024
Tech Abu Dhabi-backed chipmaker Cerebras plans IPO Cerebras Systems, an Abu Dhabi-backed chipmaker looking to compete with Nvidia, the world’s top chip company by market value, has confidentially filed for an initial public offering, according to reports. Based in California’s Silicon Valley, Cerebras is also planning to offer preferred shares at a significant discount, aiming to attract private investors before the IPO, […] June 21, 2024
Banking & Finance ADIA group raises offer for UK stock trading platform A consortium including Abu Dhabi’s biggest sovereign wealth fund is poised to buy stock trading platform Hargreaves Lansdown after making an improved non-binding offer for the British company. Abu Dhabi Investment Authority’s (ADIA) wholly owned subsidiary Platinum Ivy has teamed up with private equity firms CVC and Nordic Capital to offer £11.40 ($14.51) per share […] June 19, 2024
Opinion Oil & Gas Abu Dhabi bets big on LNG Adnoc will soon have access to about 21m tonnes of liquefied natural gas a year June 19, 2024
Infrastructure Floods prompt Abu Dhabi to issue urban planning tender Abu Dhabi’s Department of Municipalities and Transport has issued a tender for studies to aid the city’s urban planning efforts, including infrastructure resilience during storms. The tender for consultancy services opened last month and closes on July 4. It emerges after UAE president Sheikh Mohamed bin Zayed Al Nahyan ordered an urgent review of the […] June 19, 2024
Health Mubadala-backed US startup working on AI cancer care A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […] June 18, 2024
Banking & Finance Shorooq Partners targets startups with private credit fund A $100 million private credit fund from Abu Dhabi’s Shorooq Partners will lend to Gulf startups and medium-sized companies that possess tangible assets or generate strong, recurring cashflows, a senior executive told AGBI. The firm’s second private credit fund made its first close in late May. Its minority partner is South Korea’s IMM Investment Global, […] June 17, 2024
Tech US firm to invest $50m in Mena climate tech A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […] June 14, 2024
Analysis Finance Better terms and returns swell private credit demand Private credit in the Gulf is attracting greater interest from borrowers and investors, fund managers say. For borrowers, high interest rates have depressed mid-sized, private company valuations and make selling equity to raise money less alluring. And for investors, private credit offers more regular returns than the likes of private equity. Private credit is non-bank […] June 14, 2024
Education Alef Education shares drop 13% on first day Shares in Alef Education fell 12.6 percent after the company’s Abu Dhabi bourse debut on Wednesday. The education technology company had raised AED1.9 billion ($515 million) in an initial public offering (IPO) that was 39 times over-subscribed. The IPO was priced at AED1.35 ($0.37) a share, the upper limit of its range. However Alef’s shares […] June 12, 2024
Banking & Finance Private credit fund looks for $250m from Gulf investors Ruya Partners, which describes itself as the Gulf’s first partner-owned private credit provider, aims to raise $250 million from investors by mid to late 2024, senior executive Omar Al Yawer has revealed to AGBI. The Abu Dhabi business says regional sovereign wealth funds have become more amenable to investing in the private credit sector. Private […] June 11, 2024
Lunch with Frank Kane Aviation ‘Cut me in half, I’m still Etihad’ Over lunch in Dubai, former CEO James Hogan tells our Editor-at-Large how the “Middle East model” took over aviation – and what really happened at Etihad June 11, 2024
Aviation Airports consider ‘transit hotels’ for 6-hour stays Saudi Arabia’s aviation expansion could stretch to transit hotels inside airport terminals where customers can pay for stays of less than the standard 24 hours. A Hong Kong-based company is developing the concept in the Gulf, with hotels offering six and 12-hour stays already established in Jeddah and Abu Dhabi, and a Muscat hotel that […] June 9, 2024
Economy Abu Dhabi launches unified economic licences Abu Dhabi has unified procedures for registering economic licences across the emirate and its free zones, in a bid to make it simpler to set up a business and increase non-oil trade. The unified economic license is an initiative by Abu Dhabi Department of Economic Development (Added) and Abu Dhabi Free Zones Council. The new […] June 7, 2024
Food & Drink Mubadala-backed Zamp buys Starbucks brand in Brazil Zamp, a Brazilian restaurant chain backed by Abu Dhabi sovereign fund Mubadala, has signed a deal to buy the Starbucks brand in the South American nation. The operator of Burger King and Popeyes stores in Brazil, Zamp signed an agreement with bankruptcy-hit SouthRock Group to acquire certain assets and rights of the Starbucks brand for 120 […] June 7, 2024
