Infrastructure More suitors vie for Abu Dhabi’s district cooling business KKR and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi’s Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE’s most powerful sheikhs. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have […] April 21, 2025
Oil & Gas Chinese energy companies sign LNG deals with Adnoc China’s privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed deals to buy liquefied natural gas from Abu Dhabi National Oil Company (Adnoc). ENN Natural Gas said on its official WeChat account on Saturday that the deal covers annual supplies of about 1 million metric tonnes for 15 years, marking Adnoc’s largest LNG […] April 21, 2025
Oil & Gas Adnoc on shortlist to buy Shell South Africa fuel stations Abu Dhabi National Oil Company (Adnoc) has been shortlisted to acquire Shell’s fuel stations and other downstream assets in South Africa for as much as $1 billion. Shell’s portfolio in South Africa includes about 600 fuel stations and local trading operations, Bloomberg reported, without identifying its sources. Shell has appointed Rothschild to run the sale […] April 18, 2025
Banking and Finance Abu Dhabi investor buys $25m in Trump crypto coins DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World […] April 17, 2025
Education Education sector in UAE ripe for more M&A deals Mubadala is the latest big name to announce a foray into the UAE’s $7 billion education market as experts predict an increase in mergers and acquisitions in the sector, fuelled by the Gulf state’s rising population, economic diversification and expatriate demand. The Abu Dhabi sovereign wealth fund has more than $300 billion in assets under […] April 17, 2025
Banking and Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent […] April 17, 2025
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this […] April 16, 2025
Health Abu Dhabi launches life sciences business cluster Abu Dhabi has launched a new cluster targered at the life sciences sector, bringing together global companies focused on the preventative care, drug efficacy and human longevity industries. Abu Dhabi’s clusters are groupings of related businesses and insititutions that work together to improve collaboration and share infrastructure. The health, endurance, longevity and medicine (Helm) cluster, […] April 16, 2025
Artificial Intelligence Presight plans international expansion of its AI business Abu Dhabi is stepping up efforts to expand its artificial intelligence and digital services business as part of a billion-dollar push to diversify its economy. Presight, a data analytics company backed by Abu Dhabi-owned AI group G42, is planning to nearly double its overseas revenue as a share of the total. The company, which is […] April 14, 2025
Renewable Energy Masdar to build floating solar plants in Indonesia Abu Dhabi Future Energy Company (Masdar) is to start building floating solar power projects this year in Indonesia, southeast Asia’s largest energy market, the company said in a statement. The UAE renewables company signed two agreements with PT PLN (Persero), Indonesia’s state-owned electricity company, during a state visit by Indonesian President Prabowo Subianto to the […] April 14, 2025
Economy Visiting US energy minister expects more UAE investment The US administration expects “growing” investment from the UAE in the US energy sector, its energy secretary Chris Wright said during a visit to Abu Dhabi this week. On his first overseas trip since taking office, Wright met senior officials from the UAE – the Middle East’s third-largest oil producer – including Abu Dhabi National […] April 11, 2025
Oil & Gas Mubadala subsidiary makes first investment in US energy sector A unit of Abu Dhabi’s sovereign Mubadala Investment Company has made its first foray into the US energy sector as part of what it says is a global expansion plan, according to a statement. Mubadala Energy will acquire a 24 percent interest in SoTex HoldCo, a company that operates an unconventional gas field and is […] April 10, 2025
Economy Arab Monetary Fund gives Somalia $307m of debt relief The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi […] April 10, 2025
Oil & Gas Production at Adnoc’s new offshore block set for 2027 Pakistan’s Oil and Gas Development Company Limited (OGDCL) expects to start production in Abu Dhabi’s offshore block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (Adnoc) in 2021 to explore and develop oil and gas resources in the block. […] April 10, 2025
Petrochemicals Borouge hikes dividend despite economic turmoil Emirati petrochemicals company Borouge will launch a share buyback programme and increase its dividend payout as it pushes ahead with global expansion, despite mounting trade tensions and sluggish demand. Shareholders at the company’s annual general meeting on Monday approved a final dividend of $650 million for 2024, bringing the full-year total to $1.3 billion, or […] April 8, 2025
Logistics AD Ports moves ahead with Angolan port upgrade State-controlled Abu Dhabi ports operator AD Ports Group is to upgrade Angola’s largest port as it expands its reach in Africa, the company said in a statement. The company has appointed UAE-based Mar Construction Civil & Obras Publicas to design and build the port’s infrastructure, the statement said. Additionally, the company has engaged Lebanon-based Dar Al […] April 7, 2025
Oil & Gas EU to decide on Adnoc’s Covestro deal by May 12 European Union (EU) antitrust regulators will decide by May 12 whether to clear Abu Dhabi state oil major Adnoc’s €15.9 billion ($17.2 billion) takeover of German chemicals company Covestro, a regulatory filing on the European Commission website showed. Adnoc struck the deal for its biggest-ever acquisition last October as Middle East countries seek to reduce their […] April 2, 2025
Artificial Intelligence UAE-backed Cerebras passes US security check before IPO Cerebras Systems has cleared a US government review into its ties to the UAE’s G42, a spokesperson for the US artificial intelligence company told AGBI on Monday. The positive conclusion of the probe by the Committee on Foreign Investment in the United States (CFIUS) is expected to pave the way for the California-based company’s long-awaited […] April 1, 2025
Banking and Finance IHC invests in Indian snack maker Haldiram’s Abu Dhabi conglomerate International Holding Company (IHC), New York-based Alpha Wave Global and Singapore sovereign wealth fund Temasek have invested in an Indian snack maker as part of an equity financing round, PwC, the financial advisor to the deal, said in a statement. Indian government-owned Press Trust of India (PTI) reported that IHC and Alpha Wave collectively acquired […] April 1, 2025
Banking and Finance Assets at Kushner’s Affinity soar after Gulf cash injection Assets under management at Jared Kushner’s investment company Affinity Partners jumped 60 percent last year to $4.8 billion, according to a regulatory filing. The company received a cash injection from Middle East investors, including Qatar’s sovereign wealth fund. Kushner, son-in-law of US President Donald Trump, launched the investment firm in 2021 after leaving the White House […] March 31, 2025
Economy Abu Dhabi economy grew 4% to $327bn in 2024 The non-oil sector has pushed Abu Dhabi’s economic growth to a new high. Real GDP in the the UAE’s largest and most wealthy emirate expanded by 4 percent year on year in 2024, reaching AED1.2 trillion ($327 billion), state-run Wam news agency reported. The growth was driven by an annualised 6 percent increase in the […] March 31, 2025
Real Estate Foreign buyers fuel Abu Dhabi real estate growth Increased interest from international buyers is helping to fuel the growth of Abu Dhabi’s real estate market. Aldar Properties, Abu Dhabi’s largest real estate developer, reported a sales increase of 20 percent in 2024, with much of this growth down to foreign buyers, the company’s CEO says . Aldar’s value of sales to foreigners residing […] March 28, 2025
