Analysis A new age as Abu Dhabi accelerates its longevity push Abu Dhabi has grand plans to dominate the multi-billion-dollar longevity sector in the Gulf with the opening of two new facilities. The longevity industry is focused on the science of ageing and its related illnesses. The market is predicted to grow to as much as $32 billion in the UAE by 2026. And the region’s […] March 22, 2023
Exclusive Tech Food Tech Valley set to triple food production in Dubai The development of Food Tech Valley just outside Dubai represents a milestone in the UAE’s efforts to improve food security. The Emirates currently imports 90 percent of its food and only 5 percent of its land is suitable for arable production. Food Tech Valley, a partnership between the Ministry of Climate Change and Environment and […] March 21, 2023
Banking and Finance Assets under management at ADGM rise by over 50% Abu Dhabi Global Market saw its assets under management increase by 56 percent year-on-year in 2022 as the authority became the fastest growing international financial centre in the region. Total licence issues for financial and non-financial firms increased by 30 percent from 4,262 companies in 2021 to 5,546 in 2022, according to figures released on […] March 20, 2023
Exclusive Markets Presight to use IPO as springboard to global expansion Big data and analytics company Presight is targetting international expansion once they have listed later this month. The firm, part of Abu Dhabi’s G42, plans to raise $495 million from its floating on the ADX. The subscription period for the initial public offering (IPO), which was 136 times oversubscribed, closed on Friday with a total […] March 17, 2023
Energy Abu Dhabi’s Adnoc Gas shares up 18% on debut Shares of Adnoc Gas rose 18 percent above its listings price, as the state-backed oil giant made its debut on the Abu Dhabi stock market on Monday. The energy firm’s shares traded at AED2.8 ($0.7625), versus its initial public offering (IPO) price of AED2.37, according to Reuters. Adnoc raised $2.5 billion from the listing of […] March 13, 2023
Banking and Finance Sheikh Tahnoun named chair of Abu Dhabi wealth fund Sheikh Tahnoun bin Zayed Al Nahyan has been named chairman of Abu Dhabi Investment Authority as part of a shake-up of the UAE capital’s sovereign wealth funds. The country’s national security advisor, Sheikh Tahnoun is the brother of UAE president Sheikh Mohammed bin Zayed Al Nahyan, who took office last May. Founded in 1976, ADIA […] March 10, 2023
Analysis Banking and Finance UAE’s biggest banks mull overseas acquisitions As domestic loan growth wanes, the UAE’s top two banks are eyeing foreign acquisitions to bolster their income. First Abu Dhabi (FAB) and Dubai’s Emirates NBD are majority owned by their respective emirates’ governments or ruling families and are ranked second and sixth in the Middle East and Africa in terms of bank assets, according […] March 9, 2023
Banking and Finance Mubadala part of $1.95bn deal for stake in US insurance giant Mubadala Investment Company has partnered with co-investors to buy a stake in the sixth-largest insurance broker in the US. The Abu Dhabi sovereign investor announced on Tuesday that it has partnered with primary investor Stone Point Capital and other investors to purchase a 20 percent stake for $1.95 billion in Truist Insurance Holdings, a subsidiary […] March 7, 2023
Banking and Finance Abu Dhabi firms to create region’s largest asset manager Abu Dhabi’s ADQ and International Holding Company plan to create the region’s largest multi-asset class investment manager. The new investment manager will manage a portfolio of assets from ADQ’s alternative investments platform, Abu Dhabi Growth Fund and International Holding Company (IHC). Through a series of new funds, it will invest in alternative assets including private […] March 7, 2023
Dubai firms head to Central Asia to build trade relationships A delegation of business leaders from Dubai will be heading to Central Asia next week to build on a non-oil trade relationship worth more than $2.4 billion. Dubai International Chamber said the first New Horizons trade mission – a new initiative to drive international expansion of its members to new markets – will focus on […] March 6, 2023
Markets Abu Dhabi’s G42 to list big data analytics arm Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange. Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company. Shares will be priced at AED1.34 […] March 6, 2023
Energy Adnoc Gas completes record-breaking $2.5bn ADX IPO Adnoc has raised $2.5 billion from the initial public offering of its gas business, recording the largest ever listing on the Abu Dhabi Securities Exchange. Five percent of the company, or around 3.84 billion shares, were sold at AED2.37 ($0.64) per share, in the upper half of a range that began at AED2.25, according to […] March 3, 2023
Opinion Markets Regional IPOs, the ‘cannibal’ factor and irrational exuberance The listing of Adnoc Gas for $50 billion reveals the strength of regional IPOs in the Gulf March 3, 2023
Business of Sport Abu Dhabi owners reveal $361m Manchester City stadium upgrade Manchester City FC, majority-owned by Abu Dhabi United Group, this week accelerated plans to expand its stadium in the north west of England by launching a formal consultation on the $361 million project. As well as increasing the size of the North Stand by 7,700 people to create a new capacity of 60,000 at the […] March 2, 2023
Energy Masdar pledges $1.2bn for UK’s battery storage industry UAE state-owned renewable energy giant Masdar has reaffirmed its commitment to developing the UK’s battery storage industry with a $1.21 billion capital investment. Speaking on the second day of International Energy Week in London, Mohamed Jameel Al Ramahi, CEO of Masdar said: “I’d like to announce that we have committed to deploy £1 billion across […] March 2, 2023
Real Estate Bloom CEO plans to double number of its UAE homes The CEO of Bloom Holding expects Abu Dhabi’s property market to continue to grow this year as the company progresses plans to double the number of homes it builds in the UAE. Although in the shadow of the double-digit growth of its neighbour Dubai, average prices in the UAE capital rose by up to 3 […] March 1, 2023
Analysis Gulf airlines flying high again, but facing fresh headwinds As global air travel continues to rebound from the coronavirus pandemic, the biggest airlines in the Arabian Gulf – Emirates, Qatar Airways and Etihad – are soaring back into clear skies. But can they maintain their rate of climb? Beyond economic and geopolitical pressures, there’s increasing competition from low-cost airlines, resurgent long-haul competitors and globally ambitious […] March 1, 2023
Markets Adnoc to up stake sale in gas business IPO to 5% Abu Dhabi National Oil Co will increase the stake in its gas business being offered in an initial public offering to five from four percent, the state oil giant said on Monday. Adnoc made the decision to increase the stake in the Adnoc Gas offering “based on significant investor demand across all tranches,” it said […] February 28, 2023
Energy Masdar enters geothermal market with stake in Indonesia business Clean energy powerhouse Masdar has announced its first investment in the geothermal energy sector. The Abu Dhabi state-owned business has invested in Pertamina Geothermal Energy, based in Jakarta. PGE is one of the biggest companies in Indonesia’s geothermal energy sector, which is the second largest in the world (behind the US). Geothermal energy harnesses the […] February 27, 2023
Development UAE launches free zone for military and security sector The UAE has announced the establishment of a new free zone dedicated to the military and security sector, just days after the Gulf state signed deals worth AED23.34 billion ($6.36 billion) at a major defence expo in Abu Dhabi. The free zone will be located within the Tawazun Industrial Park in Abu Dhabi and will […] February 27, 2023
Banking and Finance Expert calls for crypto regulatory loopholes to be tightened The UAE must close potential loopholes between cryptocurrency regulations established by competing financial free zones, a senior industry figure has highlighted. Different rules in Dubai and Abu Dhabi and a lack of a single federal regulator pose challenges, said Wai Lum Kwok, senior executive director of authorisation at the Financial Services Regulatory Agency at the […] February 24, 2023
Finance $5bn of trade on the table as Abu Dhabi and Israel grow ever closer A top level delegation of 10 Abu Dhabi entities has returned from Tel Aviv as experts predict bilateral trade between the UAE and Israel could reach $5 billion by 2025. Led by the Abu Dhabi Investment Office (Adio), the delegation included Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub71, Abu Dhabi IPO Fund, Masdar […] February 23, 2023
