Real Estate Bahrain and UAE sign $4bn real estate deal A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […] February 22, 2024
Analysis Transport Abu Dhabi signs hydrogen transport deal with Shenzhen Abu Dhabi has signed a partnership with Shenzhen, one of the largest cities in China, to develop a green hydrogen complex to power buses and cars by 2025. The deal will look at collaboration on projects including green mobility, technology, autonomous solutions, sustainability and urban development, officials said. The agreement was signed by Mohamed Ali […] February 21, 2024
Finance Vodafone dividend helps push e& to record profit Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […] February 21, 2024
Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Media & Advertising Abu Dhabi-backed venture buys UK TV production giant RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, is buying Britain’s largest independent television producer All3Media in a deal worth £1.15 billion ($1.45 billion). A joint venture between International Media Investments and New York private equity firm RedBird Capital Partners, RedBird IMI is also currently bidding for the UK’s Daily Telegraph newspaper All3Media […] February 19, 2024
Markets ADGM predicts fresh wave of green finance companies Abu Dhabi Global Market has a “strong pipeline” of green and sustainable finance companies due to open in the free zone this year as the sector expands and matures, a senior ADGM official has told AGBI. “There are a number of asset managers and others establishing themselves here that are green and climate transition-focused,” said […] February 19, 2024
Opinion Oil & Gas Adnoc’s acquisition strategy could lead to something major Abu Dhabi's oil giant is keeping watch as European supermajors shed assets February 19, 2024
Analysis Markets Tough IPO rules deter UAE tech startups from listing The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […] February 19, 2024
Banking & Finance Finance free zone takes action against greenwashing A clampdown on greenwashing by “bad actors” trying to enter the fast-growing sustainable finance industry is underway in the UAE financial free zone Abu Dhabi Global Market. Greenwashing is the use of deceptive marketing by companies to persuade investors and the public that their products, aims and policies are environmentally friendly. “The challenge is [creating] […] February 16, 2024
Industry Tenaris opens $60m industrial complex in Abu Dhabi Tenaris, a global supplier of pipes for the oil and gas industries, has opened its AED220 million ($60 million) industrial complex in Abu Dhabi, a boost for the UAE government’s “Make it in the Emirates” initiative. Etihad Tubulars, the newly established 200,000 sq m industrial complex in Abu Dhabi Industrial City, will house a training centre […] February 16, 2024
Oil & Gas Adnoc Drilling focuses on expansion outside UAE Adnoc Drilling is seeking opportunities outside the UAE to increase its international presence, a senior executive has said. The Abu Dhabi-listed company has started operations in Jordan, where it deployed one rig as part of a contract with the Jordanian government, according to Yussef Salem, their chief financial officer. The company said recently it would […] February 14, 2024
Manufacturing Abu Dhabi plans lithium plant to support EV growth A $1.4 billion lithium processing plant is being planned in Abu Dhabi by Kezad Group and Titan Lithium, a UAE-based company, to support the region’s fledgling electric vehicle (EV) industry. Kezad (Khalifa Economic Zones Abu Dhabi) and Titan have signed a 50-year land lease agreement for the AED5 billion plant. The plant, to be developed […] February 14, 2024
Tech Abu Dhabi launches tech fund for developing countries Abu Dhabi has launched a $200 million tech investment platform that it hopes will help developing countries catch up with wealthier nations. The emirate’s Advanced Technology Research Council (ATRC), which unveiled the initiative at the World Government Summit in Dubai, will fund “resource and research costs” in six sectors, transport, healthcare, aerospace and space, food […] February 13, 2024
EXCLUSIVE Aviation Etihad predicts ‘remarkable’ year after profitable 2023 Etihad Airways has told staff that it made a profit last year, helped by “milestone” revenues of $5.5 billion, and is expecting a “remarkable” performance in 2024, AGBI has learned. In an internal memo sent on January 25, which followed a presentation by chief executive Antonoaldo Neves, the company predicted that revenues would reach $6.5 […] February 13, 2024
Oil & Gas Adnoc Drilling 2023 profit jumps 29% to $1bn Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services. Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 […] February 13, 2024
Real Estate Abu Dhabi’s Aldar has big plans for projects in Dubai Aldar Properties, Abu Dhabi’s largest developer, plans to launch more projects in neighbouring Dubai this year. Speaking at a press conference on Friday, Aldar’s chief finance and sustainability officer Faisal Falaknaz said the Abu Dhabi-listed developer is on track to launch its second master plan in Dubai in the second quarter of this year. The […] February 9, 2024
Construction Aldar profit climbs 40% as sales hit $7.6bn in 2023 Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion. Full-year property sales hit a record AED27.9 billion ($7.60 billion), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a […] February 9, 2024
Giga-projects Abu Dhabi close to $22bn development project in Egypt Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […] February 9, 2024
Finance ADIA gets nod for $5bn fund in India’s new business hub The Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4 billion to $5 billion fund in India’s latest special economic zone. The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news […] February 8, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
People & Lifestyle Mubadala buys stake in Indian hospital chain The Abu Dhabi sovereign investor Mubadala Investment Company has invested in Manipal Health Enterprises (Manipal), India’s second-largest hospital chain by number of beds. “Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” said Camilla Macapili Languille, head of life sciences at Mubadala, according to the […] February 6, 2024
Energy Abu Dhabi and UK partner plan green hydrogen complex Abu Dhabi has linked up with Hycap, an asset manager that funds net zero projects, to develop an industrial complex for green hydrogen. The facility will include an electrolysis plant, hydrogen storage and tankers for transport. The partnership between Abu Dhabi Department of Economic Development (ADDED) and UK business Hycap hopes to attract international companies […] February 6, 2024
