Agriculture Resilient foxtail millet could aid Gulf food security Researchers in Abu Dhabi have identified what they claim is a highly climate-resilient cereal crop – never farmed at scale before in the Middle East – that could pose a solution to the region’s escalating food security problem. Michael Purugganan, professor of biology at NYU Abu Dhabi, and his team published a study this summer […] September 12, 2023
Exclusive Banking and Finance $33bn hedge fund hails ‘unprecedented opportunity’ in GCC Brevan Howard, a global alternative investment manager with more than $33 billion in assets under management, has appointed its first Middle East-based CEO as it sees an “unprecedented” opportunity for growth in the region. Oualid Lahsini has been appointed six months after the Jersey-based company announced the opening of an office in Abu Dhabi. The […] September 12, 2023
Sustainability UAE to train climate diplomats of the future Abu Dhabi has launched a research initiative aimed at preparing regional leaders for diplomatic discussions about climate change, as the UAE prepares to host the Cop28 summit in late November. The Centre for Climate Diplomacy at the Anwar Gargash Diplomatic Academy (AGDA), established in partnership with the national oil company Adnoc and Abu Dhabi sovereign […] September 12, 2023
Tech Mubadala commits $1bn to US tech lending platform Abu Dhabi state investor Mubadala Investment Company has committed $1 billion to US-based Blue Owl Capital’s credit platform to initially focus on financing technology and software companies. New York Stock Exchange-listed Blue Owl is an alternative investment manager with $150 billion in assets under management. “Private credit has become an integral part of the financing […] September 12, 2023
Banking and Finance Mubadala’s Beijing office to deepen UAE-China ties Mubadala Investment Company, the second-biggest state fund in Abu Dhabi, has officially opened an office in Beijing. The move marks a significant development in the growing economic relations between the UAE and the world’s second largest economy. The sovereign fund entered China a few years ago but had to delay its office opening ceremony due […] September 8, 2023
Tech Radar satellite deal to spot oil spills and illegal fishing A partnership between Finnish radar satellite company Iceye and two Emirati space industry operators could be used for a range of services, such as preventing oil slicks, clamping down on illegal fishing and monitoring coastal changes. Iceye in May signed an agreement with Abu Dhabi satellite operator Yahsat and artificial intelligence and cloud computing company […] September 7, 2023
Energy Adnoc approves project to triple its carbon capture capacity Abu Dhabi National Oil Co (Adnoc) has approved a new carbon capture, utilisation and storage project that will triple its annual carbon capture capacity. The project at its Habshan gas processing plant will be able to permanently store 1.5 million tonnes a year (mpta) of CO2 in subterranean rock below the site. On completion in […] September 6, 2023
Media & Advertising UAE’s Multiply plans IPO after $61m ad agency deal Abu Dhabi investment holding company Multiply Group is planning an IPO for its media and communications business Multiply Media after buying a stake in Dubai outdoor advertising agency Media 247. The plan was announced after Multiply completed a deal to buy a 55 percent majority stake in Media 247 for AED225 million ($61.3 million). Media […] September 6, 2023
Trade UAE and Brazil boost non-oil trade with partnership The UAE and Brazil have launched a partnership to exchange economic expertise and build on non-oil bilateral trade of $4.3 billion in 2022. The initiative is part the UAE’s Government Experience Exchange Programme that welcomed a Brazilian delegation to the Emirates earlier this week. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said […] September 6, 2023
Opinion Banking and Finance Female investors and the power of the ‘invisible market’ Women are diversifying and growing their investments in the region September 6, 2023
Aviation Abu Dhabi’s $3bn new airport terminal to open in November The new terminal at Abu Dhabi International Airport will become operational in early November, significantly increasing the emirate’s passenger and cargo capacity, the UAE state-run Wam news agency reported. The terminal will also boost the emirate’s bid to position itself as a global hub for trade and business, state-owned operator Abu Dhabi Airports said on […] September 1, 2023
Tech UAE supercomputer powers up to fight global rivals A supercomputer built in the US with UAE backers is set to challenge global industry artificial intelligence chip giants after its success powering a new advanced large language model (LLM). The 13 billion-parameter Arabic and English LLM, known as Jais, was unveiled on Wednesday. Local industry experts said it appears to be more efficient and […] August 31, 2023
Tourism Farmhouses the latest draw for Abu Dhabi’s tourists Abu Dhabi is turning to farmhouses to add diversity to its tourism as the emirate aims to attract more than 24 million visitors in 2023. Authorities in the UAE capital are set to introduce a comprehensive policy framework to license and promote farmhouse tourism activity, with farm owners encouraged to develop and promote Emirati-led agri-tourism […] August 30, 2023
Real Estate Aldar to begin work on new Yas Island project next year Aldar Properties is expected to start construction on the first phase of Gardenia Bay on Yas Island at the start of 2024. The waterfront community is opposite Yas Park and close to attractions such as SeaWorld, Ferrari World and Yas Mall, the developer said in a statement on Abu Dhabi Securities Exchange. The project value […] August 30, 2023
Health PureHealth buys UK private hospital group for $1.2bn Pure Health, the largest healthcare group in the Middle East, is buying Circle Health Group, the UK’s largest operator of private hospitals. The deal, valued at AED4.4 billion ($1.2 billion), is Pure Health’s first entry into the UK. Based in Abu Dhabi, Pure Health has a network of more than 25 hospitals, 160 laboratories, 100 […] August 28, 2023
Exclusive Finance Carbon credits trading predicted to hit $4bn Carbon credits could become a $4 billion global asset class within the next half-decade, the co-founder of the Air Carbon Exchange told AGBI. Originally based in Singapore, the Air Carbon Exchange (ACX) is registered at Abu Dhabi Global Market and regulated by the ADGM Financial Services Regulatory Authority. Abu Dhabi sovereign fund Mubadala bought a […] August 28, 2023
Banking and Finance UAE consumers save less, borrow more in second quarter UAE consumers saved less and borrowed more in the second quarter of the year, data from the country’s top 10 banks revealed. The overall loan-to-deposit ratio (LDR) rose from 74.9 percent in Q1 2023 to 76.3 percent in Q2, recording the first increase after four successive quarterly declines, according to the latest quarterly UAE Banking […] August 25, 2023
Employment Dubai named top city for ‘executive nomads’ Dubai has risen to the top of a new index that ranks the world’s most desirable destinations for executive nomads. New entry Abu Dhabi is also emerging as a hotspot for senior professional remote workers, placing fourth. Malaga and Miami took second and third places. According to the latest Savills Executive Nomad Index, Dubai has […] August 22, 2023
Finance Abu Dhabi fund buys share of hotel group in Spain Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Analysis Oil & Gas Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […] August 18, 2023
People & Lifestyle UAE decking out offices to promote worker wellbeing The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […] August 17, 2023
