Markets Alpha Data to sell 40% stake in IPO on Abu Dhabi bourse A 44-year-old UAE-based technology company, Alpha Data, is to list 40 percent of its capital, or 400 million shares, on the Abu Dhabi Securities Exchange (ADX), the company has said. Alpha Data’s initial public offering (IPO) subscription will run from February 20 to 25 for UAE retail and professional investors. The offer price will be […] February 13, 2025
Aviation Three vertiport locations identified in Abu Dhabi Al Bateen, Yas Island and Khalifa Port have been identified as locations for developing vertiports in Abu Dhabi after 14 potential sites were accessed. A detailed feasibility study has been submitted to the Abu Dhabi government following discussions with more than 34 government entities, according to a joint statement from LODD, an Abu Dhabi-based AI-powered drone […] February 12, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals $2bn to spend Interview with strategy officer Listed in 2017 Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a sen... Register now: It’s easy and free This content is available for registered members only. Register for your […] February 11, 2025
Oil & Gas Adnoc to sign LNG deal with India’s BPCL State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […] February 11, 2025
Real Estate Aldar’s 2024 profit nears $2bn as new projects lift revenues Aldar Properties shares rose on Monday after Abu Dhabi’s largest developer reported net profit for 2024 had surged 47 percent year on year to AED6.5 billion ($1.8 billion), driven by strong demand for new launches and existing inventory. Revenue jumped 60 percent year on year to AED23 billion as 12 projects were launched last year, […] February 10, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Infrastructure Abu Dhabi seeks consultants for transport master plan The Abu Dhabi government has invited consultancy companies to apply to update its transport master plan, as it aims to modernise the emirate’s transport network. The updated capital surface transport master plan will replace previous transport strategies and will integrate new infrastructure, technology and regulatory measures to enhance connectivity and support economic diversification, according to […] February 7, 2025
Oil & Gas Adnoc Gas dividend unchanged despite record profit Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […] February 6, 2025
Renewable Energy Abu Dhabi’s NMDC Energy to invest in wind power Abu Dhabi’s NMDC Energy, an engineering, procurement and construction contractor for energy projects, is hoping to expand its renewable energy business in South East Asia and Europe. Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that wind will account for as much as 20 percent of the company’s revenues in the next few years, with […] February 5, 2025
Oil & Gas Adnoc moves its US investments to XRG Abu Dhabi National Oil Company’s investments in the US now sit within its new international investment arm, XRG, Adnoc’s CEO said on Tuesday, as the oil giant moves to build up a business focused on lower carbon energy and chemicals. The US investments are in an ExxonMobil hydrogen plant and in NextDecade’s liquefied natural gas […] February 5, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Petrochemicals Borouge profit rises on high-value product sales The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes. Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent. The high-value infrastructure services segment accounted for 40 percent of total sales […] February 4, 2025
Leisure & Hospitality Abu Dhabi’s Modon plans to buy UK events company Modon Holding has announced plans to acquire a global events company. Modon, an investment company that is backed by state-owned Abu Dhabi Developmental Holding Company (ADQ), announced on Monday that it plans to complete the acquisition of Theta Bidco, a limited company registered in London that owns 100 percent of Arena Events Group (AEG). The […] February 4, 2025
Media & Advertising UK’s ITV in sights of Abu Dhabi-backed RedBird IMI RedBird IMI, the Abu Dhabi-backed US investment management company thwarted in its attempt to take control of the UK’s Telegraph newspaper group, has turned its attention to a deal involving the British broadcaster ITV. Discussions have taken place, according to reports, with a view to merging the business of ITV Studios with All3Media, which was […] February 3, 2025
Industry $1.7bn contract awarded for UAE’s first methanol plant A joint venture between Abu Dhabi National Oil Company (Adnoc) and the state-owned sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) has awarded an AED6.2 billion ($1.7 billion) contract to build the UAE’s first methanol production facility. The joint venture, Ta’ziz, has granted an engineering, procurement and construction (EPC) contract to South Korea’s Samsung […] February 3, 2025
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […] February 2, 2025
Mining ADQ joins Orion in $1.2bn metals joint venture The third-largest of Abu Dhabi’s sovereign wealth funds, ADQ, is setting up a $1.2 billion joint venture with the US investment company Orion Resource Partners to invest in the metals and mining sector. The 50-50 joint venture will be based in Abu Dhabi and will target long-term agreements to source essential metals and minerals, including […] January 30, 2025
Manufacturing Gulf ceramics makers poised for 2025 rebound Following a turbulent 2024, the Gulf’s listed ceramics makers should perform better this year thanks to lower customs duties, rising demand for their products and fewer Red Sea shipping disruptions. For equity investors, Oman’s Al Anwar Ceramic Tiles and the UAE’s RAK Ceramics provide a play on the Gulf’s rising population and mega infrastructure spending, […] January 30, 2025
Leisure & Hospitality Alpha Dhabi takes majority stake in ADX-listed hotel operator Alpha Dhabi Holding, which is listed on the Abu Dhabi Securities Exchange (ADX), has acquired a controlling 73.73 percent stake in the National Corporation for Tourism and Hotels (NCTH) via a swap deal. The stake was acquired after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy to Abu Dhabi-listed NCTH in exchange for […] January 30, 2025
Banking & Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […] January 29, 2025
Tech UAE secures access to advanced US quantum computer Abu Dhabi’s Quantum Research Center (QRC) has expanded its agreement with IonQ, a US-listed quantum computing company, securing access to IonQ Forte, an advanced quantum computer. The deal places the UAE among a handful of users with access to such advanced systems, reflecting the Gulf state’s push to position itself as a global leader in […] January 29, 2025
Banking & Finance ADIB 2024 profit rises 16% to $436m on revenue surge Abu Dhabi Islamic Bank (ADIB) reported a 16 percent annual surge in net profit to AED6.1 billion ($435.6 million) in 2024, driven by strong balance sheet growth, increased business momentum and diversified revenue growth. Revenue rose by 14 percent to AED10.6 billion from AED9.3 billion last year. This growth was supported by strong increases in […] January 29, 2025
