UAE, Egypt and Jordan sign $10bn industrial power pact Abu Dhabi's ADQ to allocate $10 billion in investment for projects. Focus includes agriculture, pharmaceuticals, petrochemicals and textiles May 30, 2022
Banking & Finance Abu Dhabi’s first SPAC lists, raising $100m from share sale Abu Dhabi’s first special-purpose acquisition company listed today, raising $100 million in the share sale, its co-owners said. ADC, owned by state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams and acquire one or more businesses, the statement said. Shares of ADC were trading at 10.50 dirhams, up from an […] May 27, 2022
Banking & Finance Abu Dhabi to allow investors to donate shares to charity The Abu Dhabi Securities Exchange (ADX) has signed an agreement to allow investors to fund charitable causes by donating some of their shares. The agreement with Dubai’s Awqaf and Minor Affairs Foundation (AMAF) will see dividends from the shares donated used to fund a wide range of charitable causes, and investors can choose which charities […] May 27, 2022
Lifestyle Supermodel Tyra Banks to launch ice cream brand in Abu Dhabi Californian supermodel Tyra Banks has picked Abu Dhabi as the first international market outside the US to launch her global ice cream brand, Smize Cream, as part of a partnership with the Abu Dhabi Investment Office (ADIO). The 48-year-old entrepreneur made the announcement at the Access Granted talk series on Thursday, adding that she was […] May 27, 2022
Turkish delivery company Getir to cut 14% of staff Turkish fast grocery delivery company Getir plans to cut 14 percent of its staff globally, a source with knowledge of the matter told Reuters. Founded in 2015, Istanbul-based Getir operates in around 50 cities across seven European countries, the United States as well as all major cities in its home country. The source said the […] May 26, 2022
Banking & Finance World’s first carbon credit exchange boosts green projects Abu Dhabi Global Market pioneers the milestone exchange allowing companies to trade carbon credits like conventional financial assets The launch of the world’s first regulated carbon credit exchange and clearing house to regulate carbon credits will help mobilise capital for renewable energy projects in the MENA region. It will also help companies reach their decarbonisation […] May 25, 2022
Energy Abu Dhabi and Britain sign deal to fuel global hydrogen push Adnoc’s deal to develop clean hydrogen with British giant BP and renewable energy firm Masdar is a “landmark agreement” that will accelerate the global transition towards a sustainable future, industry experts have said. As part of the partnership announced on Tuesday, Adnoc (Abu Dhabi National Oil Company) and BP have advanced to the design phase […] May 24, 2022
Tech Kobo announces Arabic language e-reader at book fair Rakuten Kobo, the world’s second largest e-reader brand after Amazon, is to adopt Arabic as a primary browsing language for users later this year, said CEO Michael Tamblyn at the Abu Dhabi International Book Fair this week. Canada-based Rakuten Kobo, which hosts some seven million titles in 76 languages, operates its delivery of e-books to […] May 24, 2022
Energy New oil discovery puts Abu Dhabi on course for 2030 target A new crude oil discovery by Abu Dhabi National Oil Company (Adnoc) will help the company realise its ambitious target to produce five million barrels per day (bpd) by 2030, according to experts. The state-owned energy giant announced last week it had discovered 650 million barrels of crude at three new onshore sites. The discoveries […] May 23, 2022
Banking & Finance Abu Dhabi investors to plough $200m into Borouge IPO Alpha Dhabi, IHC and Multiply Group plan to invest in the plastics maker, which is set to list on the Abu Dhabi Securities Exchange on June 3 May 23, 2022
Business of Sport The cost of being champions: Manchester City’s $2bn investment Abu Dhabi-owned Manchester City won its fourth English Premier League title in five years yesterday, netting £44 million ($54.4 million) for finishing top. That figure pales into insignificance against the estimated $2 billion total investment made by Abu Dhabi royal Sheikh Mansour following his takeover of the club in 2008. But the business acumen that […] May 23, 2022
Markets Abu Dhabi, Bahrain stock markets in talks for ‘strategic partnership’ Officials from Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) this week held meetings to discuss developing a strategic partnership to enhance greater cross-border cooperation between the two stock market exchanges. The discussions build on a cooperation agreement signed in November 2021, which aims to achieve synergies, enhance market liquidity and promote innovative products […] May 20, 2022
Banking & Finance Alpha Dhabi puts $2.51bn into ‘disruptive tech’ Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, has made a AED9.2 billion ($2.51 billion) commitment to invest in UAE asset management company Chimera Capital and Chimera’s Alpha Wave Ventures II fund. The move is part of its strategy to target fast-growing technology companies. The total commitment comprises a capital contribution […] May 19, 2022
Exclusive How technology is transforming the UAE-UK trade relationship A quick look at the latest UAE-UK trade figures might give the impression that the centuries-old relationship isn’t what it used to be. But dig a little deeper and the figures – down sharply from close to £18 billion in 2018-2019 to £12.3 billion in the year to last September – can be explained by […] May 19, 2022
Analysis Energy Abu Dhabi’s $2bn green energy splash will deepen India ties Abu Dhabi-based International Holding Company PJSC’s (IHC) AED 7.3 billion ($2 billion) investment in Indian multinational conglomerate Adani Group takes the UAE-India partnership to “a different level” with more deals on the horizon, market observers said. IHC provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay […] May 18, 2022
Energy Borouge to sell 10% of shares in IPO as it lists on ADX Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis AG are planning an initial public offering (IPO) of their petrochemicals joint venture Borouge on the Abu Dhabi Securities Exchange (ADX). Borouge, a specialty plastics firm that produces polyolefins used in items such as cars and food packaging, said its offering will consist […] May 18, 2022
Sheikh Khalifa Remembered Sheikh Khalifa, ‘master statesman’ who put UAE on the map Analysts pay tribute to the visionary leader who transformed his region “The UAE is almost unrecognisable from 20 years ago and has developed into a vibrant and dynamic place where individuals and businesses can flourish,” according to Scott Livermore, chief economist at research group Oxford Economics Middle East. That is the legacy of Sheikh Khalifa […] May 16, 2022
People & Lifestyle Biden sends all-star team to UAE to repair frayed ties President Joe Biden is sending an all-star US delegation to the United Arab Emirates on Monday to offer condolences after the death of its ruler, in an apparent bid to step up efforts to repair frayed ties with Gulf Arab allies. Washington’s desire to improve ties with Gulf monarchies has gained renewed urgency following Russia’s […] May 16, 2022
Analysis MbZ: the man, the leader and the economic vision The new president of the UAE is set to continue to build on the progress he has made as de facto leader in recent years The UAE is expected to “unswervingly continue” to implement its vision to build a sustainable knowledge-based economy for generations to come under the leadership of President Sheikh Mohamed bin Zayed […] May 16, 2022
World leaders visit UAE to greet new ruler, mourn Sheikh Khalifa World leaders arrived in the United Arab Emirates on Sunday to offer condolences on the death of President Khalifa bin Zayed al-Nahyan, who has been succeeded by his half-brother Sheikh Mohamed bin Zayed. Sheikh Mohamed, now ruler of Abu Dhabi, had been de facto leader of the Western-allied Gulf state, an OPEC oil producer and […] May 16, 2022
Sheikh Khalifa Remembered In pictures: Sheikh Khalifa laid to rest in Abu Dhabi Sheikh Khalifa bin Zayed was laid to rest Friday evening following his passing, aged 73. Sheikh Mohamed bin Zayed al-Nahyan, who was elected president of Abu Dhabi by a federal supreme council yesterday, led senior leaders in prayer. The funeral took place at Al Bateen cemetery. Sheikh Khalifa’s body was carried to its final resting […] May 15, 2022
Sheikh Mohamed named new President of the UAE The UAE’s de facto leader Sheikh Mohamed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council on Saturday. The council, which groups the rulers of the seven emirates of the UAE federation, elected Sheikh Mohamed, known as MbZ, a day after the death of his half-brother, President Sheikh […] May 14, 2022
