Banking and Finance Invictus reveals $270m Africa investment plan Invictus Investment Company has announced plans to expand into north and east Africa through acquisitions and joint ventures with local entities in the region. Invictus said in a filing to the Abu Dhabi Stock Exchange that it is planning to invest AED1 billion ($270 million) as it targets expansion in African markets. The company will […] July 11, 2023
Tech Korean blockchain firm picks Abu Dhabi for global HQ Neoply, a South Korean blockchain technology company, is to establish its global headquarters in Abu Dhabi. The firm joins Abu Dhabi Investment Office’s (Adio) Innovation Programme, which is investing AED2 billion ($545 million) in supporting the growth of tech-focused industries in the emirate. Neoply is the blockchain arm of Neowiz Holdings, a prominent South Korean […] July 10, 2023
Video length: 05:43 Aviation Abu Dhabi’s Royal Jet expands into Asia Abu Dhabi’s Royal Jet is expanding into Asia with plans to acquire a share of a private aviation business located close to Kuala Lumpur. It is buying the Malaysian aviation business operated by Sapura Resources Berhad at Subang International Airport. “We are keen to expand our business in Asia,” Mohammed Husain Ahmed, CEO of Royal […] July 10, 2023
Oil & Gas Gulf markets subdued as oil fails to rally after cuts Oil prices were little changed on Thursday as fears of a global economic slowdown overshadowed tighter crude supply following extended output cuts announced by top exporters Saudi Arabia and Russia earlier this week. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5 percent of worldwide oil output. […] July 7, 2023
Opinion Aviation India’s airlines face fight for market gains from the Gulf The real winner should be the traveller July 6, 2023
Banking and Finance ADQ expands investment reach in Canada ADQ, the Abu Dhabi sovereign wealth fund, has expanded in Canada with the acquisition of a stake in global asset management firm Sagard, which has $14.5 billion in assets. Sagard’s majority shareholder remains Power Corporation of Canada, an investor in Europe and North America. ADQ is joined as a new minority investor by the Bank […] July 6, 2023
Exclusive Infrastructure UK must court Gulf investors despite Thames Water crisis The UK’s investment minister has said that the country must continue to incentivise foreign investment in its utilities sector, despite ongoing concerns that Thames Water, which is part owned by Abu Dhabi, could be on the verge of collapse. In an interview with AGBI this week, Lord Dominic Johnson, a minister of state in the […] July 6, 2023
Real Estate Merger will create GCC property management giant Plans have been announced to merge Abu Dhabi’s Aldar Estates and Eltizam Asset Management Group, creating the GCC’s largest property and facilities management company. Aldar Properties will hold a majority stake with the remaining shareholding held equally between International Holding Company and Adnec Group, Eltizam’s joint owners. According to a statement the merger will see […] July 4, 2023
Banking and Finance Etisalat in talks with Czech firm for potential tie-ups Abu Dhabi-headquartered Etisalat, now branded as e&, is in talks with Czech investment firm PPF Group to explore opportunities in central and southeastern Europe. “Etisalat and PPF Group are in early stage of discussions of forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe, excluding Czech Republic, that are mutually […] July 3, 2023
Banking and Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Construction Construction leads non-oil boost to Abu Dhabi’s GDP Construction in Abu Dhabi grew by 14.4 percent in the first quarter of 2023 – the highest rate for nine years – contributing 8.5 percent to the emirate’s overall GDP. Completion rates of new buildings rose 37 percent year on year, according to Statistics Centre Abu Dhabi, pushed by interest from local and national investors. […] June 27, 2023
Banking and Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
Business of Sport Saudi football is no threat, say major Euro leagues Two of Europe’s top leagues have shrugged off the challenges posed by Saudi Arabia’s billion-dollar emergence onto the global football scene. Italy’s Serie A and Spain’s LaLiga told AGBI the kingdom’s quest to sign up some of the best talent in the sport will have no bearing on plans to increase their own market share […] June 22, 2023
Trade South Korea delivers as UAE trade continues to grow Adnoc Logistics and Services took delivery of its first new-build oil tanker on Tuesday as part of growing UAE-South Korea trade and investment ties. The Adnoc subsidiary received Hafeet, a large crude carrier built by Hanwha Ocean at its Okpo Shipyard in Geoje Island, South Korea. The vessel, designed for long-haul voyages to ship crude […] June 22, 2023
Opinion Sustainability The Gulf can spearhead sustainability through football The beautiful game is a formidable tool for increasing Arab soft power June 21, 2023
Abu Dhabi’s Taqa to buy local water firm for $463m Abu Dhabi National Energy Company (Taqa) has signed an agreement to buy UAE-based Sustainable Water Solutions Holding Company (SWS Holding) for AED1.7 billion ($462.91 million). Launched in May, SWS Holding took ownership of Abu Dhabi Sustainable Water Solutions Company (ADSWS), the entity behind the emirate’s wastewater collection, treatment and reuse. As part of the deal, […] June 21, 2023
Banking and Finance AD Ports to invest $500m in Republic of the Congo deal Abu Dhabi Ports Group has signed a 30-year concession agreement with the government of the Republic of the Congo to operate the multipurpose New East Mole Terminal in Pointe-Noire. The company said it plans to invest more than $500 million over the same period, with around $220 million allocated for phase 1, which is expected […] June 20, 2023
Tech Abu Dhabi’s G42 signs deal to improve UAE tech skills Abu Dhabi’s artificial intelligence company G42 has set up a joint venture with Israel’s Viola Group to address skills shortages in the tech sector. The venture will be known as Global Valley. A study by Korn Ferry estimated that by 2030 there will be a global talent deficit of approximately 85 million employees in the […] June 16, 2023
Banking and Finance Shares in Etisalat slide after Vodafone’s UK deal Shares in UAE telco Etisalat, Vodafone’s biggest shareholder, fell on Thursday after the British firm announced it would merge its domestic mobile operations with those of rival CK Hutchison. The long-anticipated tie-up heightens uncertainty over the potential benefits to Abu Dhabi-based Etisalat, now branded as e&, of its stake in Vodafone. Since first announcing it […] June 15, 2023
Banking and Finance Mubadala invests in $440m LatAm fund Abu Dhabi’s Mubadala is an anchor investor in a new $440 million fund run by former SoftBank executives that will buy into Latin American startups. Miami’s Bicycle Capital has launched the fund, its first, according to a press statement that says it could increase to $500 million. The Bicycle 1 fund will partner with the […] June 15, 2023
Employment UAE talent drive continues despite rising living costs The UAE’s talent drive continues to record strong growth despite the Gulf state’s rising cost of living. Industry executives say that the number of overseas companies and candidates looking to join the labour market is at a record high. “Dubai is becoming increasingly more attractive for people to move here, with record levels of new […] June 15, 2023
Real Estate Mubadala co-launches $600m Japanese property fund Sovereign wealth fund Mubadala has launched a $600 million Japanese property investment joint venture, the Abu Dhabi investor said on Wednesday. Mubadala, which has $276 billion of assets under management, has partnered with Canada’s Manulife Investment Management, Connecticut-based Proprium Capital Partners and Tokyo’s Samurai Capital to buy real estate in the world’s third-largest economy. The […] June 14, 2023
