Tech Abu Dhabi’s Dana turns focus on Moroccan agtech solutions Dana Global, a desert tech venture builder and investment platform based in Abu Dhabi, is partnering with Agadir Horticultural Complex to help transform agriculture in Morocco. The Agadir region forms the heart of Morocco’s agricultural industry and provides 9 percent of national GDP while processing 90 percent of the country’s fresh produce market. The region […] December 21, 2022
Infrastructure French consortium given Abu Dhabi road lighting LED project A French consortium has been selected to deliver a public private partnership project in Abu Dhabi as the region continues to mature as a hub for PPPs. The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport, has selected EDF (Eléctricité de France) and Engie to deliver phase 2 of […] December 19, 2022
Logistics Khalifa Port’s owner unveils $1.1bn expansion The AED4 billion ($1.1 billion) expansion of Khalifa Port in Abu Dhabi was inaugurated on Tuesday, 10 years after the port opened. Sheikh Mohamed Bin Zayed Al Nahyan, the UAE’s president, described the expansion as a major national project that “will further enhance the UAE’s position in the global trade”. The launch comes at the […] December 13, 2022
Development Bill Gates hails UAE president’s action on Covid and polio Bill Gates has praised his foundation’s partnership with Sheikh Mohamed Bin Zayed Al Nahyan, the UAE’s president, for its progress in tackling Covid-19 and polio. The philanthropist and Microsoft co-founder told an event in Abu Dhabi on Sunday: “We’ve worked with the [UAE] president on a number of things – he has been very generous […] December 13, 2022
Exclusive Tech Irish aviation tycoon to help grow Gulf agtech startup Irish entrepreneur Dómhnal Slattery, best known for scaling companies in the aviation sector, has been appointed a special adviser to one of the Gulf’s biggest startups, and is open to more potential investments in the region. Pure Harvest Smart Farms, the agtech startup based in Abu Dhabi, in July raised $180 million in funding from […] December 12, 2022
Analysis Energy Adnoc chasing global growth with latest venture Abu Dhabi National Oil Company (Adnoc) is creating a dedicated unit for low carbon solutions and international business. It is an attempt to monetise the decarbonisation strategy mandated to it by its board and the wider UAE government. But the company must ensure that any future overseas work does not cannibalise that of the Abu […] December 7, 2022
Banking and Finance MAF clinches $1.25bn sustainability-linked loan UAE-based retail group Majid Al Futtaim (MAF) has secured its second sustainability-linked loan as part of its strategy to become ‘net carbon positive’ by 2040. The $1.25 billion-equivalent revolving credit facility with First Abu Dhabi Bank was agreed on Monday. MAF, which owns and operates 29 shopping malls across the Middle East and Africa as […] December 5, 2022
Analysis Banking and Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
Analysis Real Estate UAE offices filling up as research says more prime space needed The return of employees to the workplace and rising business confidence are driving up demand for top-quality office space across Dubai and Abu Dhabi, according to new research. “Businesses feel good about life right now and demand for office space is rising across the board,” said Faisal Durrani, partner and head of Middle East research […] November 28, 2022
Analysis Manufacturing Abu Dhabi’s industrial strategy helps to lift GDP When US aerospace firm Triumph agreed to set up the Middle East’s first engine accessory repair and overhaul centre by 2024, it became the latest in a growing list of international companies attracted to Abu Dhabi. Supplement manufacturer Thorne, petrochemical services provider Elliot Group and biopharma firm OnePointOne are waiting in the wings as Abu […] November 28, 2022
Exclusive Health G42 Healthcare executive hails new era after Amazon tie-up “We want to reach everywhere at scale and at speed.” Many business leaders might say so, but when Dr Fahed Al Marzooqi, chief operating officer of G42 Healthcare, tells AGBI this, he has good reason. G42 Healthcare, a subsidiary of Abu Dhabi-based AI firm G42, recently struck a deal with Amazon’s cloud computing arm – […] November 23, 2022
Player 2 has entered the game – Mena eyes $5bn e-sports prize Sunday was a big day for sports fans in the Middle East. With the eyes of the media trained on the World Cup opener in Qatar and the final race of the Formula One season in Abu Dhabi, it was easy to overlook the e-sports grand final taking place in Dubai. It would be wise […] November 22, 2022
Banking and Finance Abu Dhabi-backed fund buys into UAE’s booming pet care industry Aliph Capital, the Gulf’s first female-led private equity firm, has entered the UAE’s booming pet care industry with its first deal. The fund, which raised $125 million last month from Abu Dhabi sovereign wealth fund ADQ, has bought The Pet Shop, the largest retailer of pet food and accessories in the UAE, from Kasamar Holdings. […] November 17, 2022
Banking and Finance Binance CEO says ‘shaken’ crypto market needs ‘a lot more’ scrutiny Confidence in the crypto industry has been “shaken” and it needs to open up to “a lot more” oversight from regulators, the chief executive of the world’s largest cryptocurrency exchange has said. Changpeng Zhao, the CEO and co-founder of Binance, added that the crypto sector should adopt some regulations from the traditional finance industry. Zhao’s […] November 17, 2022
Analysis Abu Dhabi’s ADIO signs up Israeli fintechs as bilateral trade rises Two Israeli companies have joined Abu Dhabi Investment Office’s $545 million Innovation Programme, with industry watchers predicting that many more will follow as ties strengthen between the country and the UAE. ADIO is working with fintech company Liquidity Group to establish an R&D centre in Abu Dhabi. The facility will develop Liquidity’s proprietary underwriting algorithm […] November 16, 2022
Energy Gulf’s largest national oil driller sees third quarter profit rise 24% ADNOC Drilling, the largest national driller for oil in the Middle East, has posted an industry-leading EBITDA of 45.3 percent in its third quarter financial results. The firm, which celebrated its first anniversary since listing on the emirate’s ADX exchange last month, saw its net profit for the nine-month period rise 24 percent to $568 […] November 14, 2022
Exclusive Banking and Finance Crypto giant Binance eyes UAE acquisitions and Saudi expansion Crypto exchange Binance is in talks with financial regulators in Saudi Arabia to expand into the kingdom. The company is also eyeing web3 tech investments in the UAE, and has appointed a fund manager based in Abu Dhabi. Binance, which is the world’s biggest crypto exchange, saw a 49 percent year-to-date increase in its Mena […] November 14, 2022
Tech IPO juggernaut Bayanat eyes driverless vehicle acquisitions Abu Dhabi’s geospatial and data analytics firm Bayanat AI Plc expects its next wave of growth to come from the driverless vehicles segment and is in the market for potential acquisitions. The company this week recorded the best first-day performance of any global stock market listing of at least $100 million this year. It nearly […] November 3, 2022
Energy Adnoc’s new pilot scheme to address UAE’s carbon footprint Abu Dhabi National Oil Company (Adnoc) chose this week’s Abu Dhabi International Petroleum Exhibition and Conferences (Adipec) to announce a partnership with Siemens Energy to pilot blockchain technology to certify the carbon intensity of a range of products. By using smart sensor data gathered from across Adnoc’s operational chain – from the oil well to the customer […] November 2, 2022
Analysis Energy Adnoc chief warns 5m barrels a day at risk if oil investment halts The head of the state-owned Abu Dhabi National Oil Company (Adnoc) has warned that the world will lose five million barrels per day of oil each year from next year if investments in the sector grinds to a halt. “Now is not the time to point out that long-term underinvestment in oil and gas has […] October 31, 2022
Analysis Abu Dhabi sovereign wealth fund to deploy more into private credit Abu Dhabi Investment Authority (ADIA) is upping its exposure to private credit to boost its returns, the world’s fifth largest sovereign wealth fund revealed in its 2021 annual review published on Thursday. Private credit has flourished since the 2008 global financial crisis as banks became more risk averse in their lending and interest rates plunged, […] October 27, 2022
Analysis Tech IHC sets out plan to create Mena’s largest tech company International Holding Company (IHC), the Abu Dhabi-based conglomerate, plans to create the largest tech holding company in the Middle East and North Africa (Mena) region. IHC said it wants to scale up its IT businesses as part of the long-term strategy to grow its capacity in the tech industry across different sectors. The company added […] October 24, 2022
