Aviation Etihad names new CEO as airline confirms Tony Douglas exit Etihad Aviation Group named Antonoaldo Neves its new CEO today after confirming the departure of Tony Douglas, who is understood to be taking the helm at a new airline in Saudi Arabia. Neves was announced as group CEO while Douglas will serve during his transition period as an advisor to the board of ADQ Aviation […] October 19, 2022
Sustainability Mubadala buys stake in German offshore wind power giant Mubadala Investment Company has announced the acquisition of a stake in Skyborn Renewables, the world’s largest private offshore wind developer. The deal by the Abu Dhabi-based sovereign investor, which manages a global portfolio of assets valued at $284 billion, bolsters its rapidly growing clean and sustainable energy portfolio. Global Infrastructure Partners (GIP) also has a […] October 19, 2022
Retail Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […] October 14, 2022
Banking and Finance Abu Dhabi’s IHC invests $200m in Colombian digital bank Lulo International Holding Company, the Abu Dhabi-based conglomerate, has announced a capital investment of $200 million in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, Lulo Bank. Lulo Bank is Columbia’s first fully digitalised bank and has signed up more than 120,000 active users since it was launched in June and is set […] October 10, 2022
Health UAE hospital operator Burjeel in share surge on $300m IPO debut The healthcare firm offered 11% of its shares on the ADX as proceeds from Middle Eastern IPOs continue to rise, bucking the global trend October 10, 2022
US robotics specialist Gecko to set up shop in UAE Gecko Robotics, a US firm that makes wall-climbing robots to inspect oil, gas and power infrastructure, is setting up an international HQ in the UAE. The move, announced today, is part of the UAE Ministry of Economy’s NextGen FDI programme, which aims to attract 300 digital companies over the next year. “Our industrial base is […] October 3, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
Analysis Economy Abu Dhabi sets up KEZAD Group to bolster its industrial ambitions AD Ports Group has set up a new business, KEZAD Group, to expand its economic cities and free zones offering. KEZAD, which stands for Khalifa Economic Zones Abu Dhabi, merges the operations of Khalifa Industrial Zone Abu Dhabi (KIZAD) and Specialised Economic Zones (ZonesCorp). It operates 12 economic zones with a total area of 550 […] September 20, 2022
Analysis Manufacturing Factory investments triple in Abu Dhabi Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […] September 12, 2022
Analysis Energy ADNOC sends first German cargo as it tests hydrogen ambitions Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions. The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […] September 7, 2022
Manufacturing Abu Dhabi bids to become electric vehicle manufacturing hub Abu Dhabi today announced plans for its first electric vehicle assembly facility as the emirate looks to join Saudi Arabia and Sharjah in building a regional manufacturing hub for sustainable transport options. KIZAD, part of AD Ports Group’s Economic Cities & Free Zones, has signed a lease agreement with NWTN to establish an assembly plant […] September 6, 2022
Health Pure Health to invest $500m in US hospitals giant Ardent Alpha Dhabi Holding's healthcare subsidiary will acquire a minority stake in Ardent, an acute care specialist that employs 26,000 people September 5, 2022
Sustainability Global carbon capture institute opens in Masdar on net zero path As the UAE targets net-zero carbon emissions by 2050, the Global Carbon Capture and Storage (CCS) Institute has announced it will be opening its first Middle East headquarters in Abu Dhabi’s Masdar City. The Global CCS Institute is an international think tank with a stated mission of accelerating the deployment of CCS technology – considered […] September 2, 2022
Business of Sport Abu Dhabi punches its way into global boxing reckoning Having won the battle to become the international home of UFC (Ultimate Fighting Championship), Abu Dhabi is now looking to rival Las Vegas and Saudi Arabia as a destination to host the world’s top boxing matches. UFC, the multi-billion dollar mixed martial arts organisation, signed a deal with the Abu Dhabi Department of Culture and […] September 1, 2022
Opinion Banking and Finance Abu Dhabi’s International Holding Co. is ‘next Berkshire Hathaway’ The conglomerate with 100+ entities in nine business segments seems immune to global volatility August 30, 2022
Energy Abu Dhabi unveils hydrogen plan to bolster UAE’s eco ambitions Abu Dhabi unveiled its hydrogen policy and regulatory framework on Monday – part of the UAE’s push to become a global force in the low-carbon economy. The Department of Energy (DoE) said its framework aimed to accelerate the UAE’s national hydrogen strategy, adding that it is working with public and private sector stakeholders including Abu […] August 22, 2022
Analysis Banking and Finance SoftBank slump not a ‘total disaster’ for Gulf wealth funds The $23.1 billion quarterly loss announced by Japan’s SoftBank Vision Fund this week may not represent a “total disaster” for its Gulf investors, according to US-based experts. Announced during President Donald Trump’s visit to Saudi Arabia in 2017, the Vision Fund is heavily backed by GCC sovereign wealth funds (SWFs). Saudi Arabia’s Public Investment Fund […] August 10, 2022
Energy Masdar takes lead as Azerbaijan sets ambitious green targets Masdar, the Abu Dhabi-based renewable energy company, announced on Tuesday that it has achieved financial close for its 230mw Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan. The project, the country’s first foreign investment-based independent solar power project and Masdar’s first in Azerbaijan, is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the […] August 2, 2022
Real Estate Abu Dhabi’s Aldar Properties posts 54% jump in Q2 profit Aldar Properties, the builder of Abu Dhabi’s Formula One motor racing circuit, reported a 54 percent rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand. Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million […] July 28, 2022
EXCLUSIVE Tourism Etihad CEO issues call to make aviation industry net zero There is no “single bullet” to solve the climate crisis and airlines must work together to create a sustainable aviation sector, the CEO of Etihad Airways has told AGBI. Tony Douglas, group chief executive officer, Etihad Aviation Group, said: “This is about industry – from the giants to the start-ups – governments, regulators and academics […] July 25, 2022
Energy France in talks with Abu Dhabi to import fuel this winter France is talking to Abu Dhabi about importing fuel and diesel for the coming winter season, TotalEnergies Chairman and CEO Patrick Pouyanne said, Reuters reported on Wednesday. Pouyanne told the French Senate this was a response to the Russia/Ukraine conflict, which has impacted Russian energy supplies to Europe. Fuel prices in France were at $2.27 […] July 14, 2022
Exclusive Tech Pure Harvest aims to grow UAE’s next $1bn unicorn startup “Why did such a promising young man leave Silicon Valley to grow tomatoes in the desert?”. It’s a question Stanford University business graduate and former private equity investor Sky Kurtz says he gets asked a lot, even by his own father-in-law. “My wife’s father thought I’d lost my mind. He was literally like, ‘there’s something […] July 4, 2022
