Petrochemicals Borouge profit rises on high-value product sales The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes. Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent. The high-value infrastructure services segment accounted for 40 percent of total sales […] February 4, 2025
Leisure & Hospitality Abu Dhabi’s Modon plans to buy UK events company Modon Holding has announced plans to acquire a global events company. Modon, an investment company that is backed by state-owned Abu Dhabi Developmental Holding Company (ADQ), announced on Monday that it plans to complete the acquisition of Theta Bidco, a limited company registered in London that owns 100 percent of Arena Events Group (AEG). The […] February 4, 2025
Media & Advertising UK’s ITV in sights of Abu Dhabi-backed RedBird IMI RedBird IMI, the Abu Dhabi-backed US investment management company thwarted in its attempt to take control of the UK’s Telegraph newspaper group, has turned its attention to a deal involving the British broadcaster ITV. Discussions have taken place, according to reports, with a view to merging the business of ITV Studios with All3Media, which was […] February 3, 2025
Industry $1.7bn contract awarded for UAE’s first methanol plant A joint venture between Abu Dhabi National Oil Company (Adnoc) and the state-owned sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) has awarded an AED6.2 billion ($1.7 billion) contract to build the UAE’s first methanol production facility. The joint venture, Ta’ziz, has granted an engineering, procurement and construction (EPC) contract to South Korea’s Samsung […] February 3, 2025
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […] February 2, 2025
Mining ADQ joins Orion in $1.2bn metals joint venture The third-largest of Abu Dhabi’s sovereign wealth funds, ADQ, is setting up a $1.2 billion joint venture with the US investment company Orion Resource Partners to invest in the metals and mining sector. The 50-50 joint venture will be based in Abu Dhabi and will target long-term agreements to source essential metals and minerals, including […] January 30, 2025
Manufacturing Gulf ceramics makers poised for 2025 rebound Following a turbulent 2024, the Gulf’s listed ceramics makers should perform better this year thanks to lower customs duties, rising demand for their products and fewer Red Sea shipping disruptions. For equity investors, Oman’s Al Anwar Ceramic Tiles and the UAE’s RAK Ceramics provide a play on the Gulf’s rising population and mega infrastructure spending, […] January 30, 2025
Leisure & Hospitality Alpha Dhabi takes majority stake in ADX-listed hotel operator Alpha Dhabi Holding, which is listed on the Abu Dhabi Securities Exchange (ADX), has acquired a controlling 73.73 percent stake in the National Corporation for Tourism and Hotels (NCTH) via a swap deal. The stake was acquired after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy to Abu Dhabi-listed NCTH in exchange for […] January 30, 2025
Banking and Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […] January 29, 2025
Tech UAE secures access to advanced US quantum computer Abu Dhabi’s Quantum Research Center (QRC) has expanded its agreement with IonQ, a US-listed quantum computing company, securing access to IonQ Forte, an advanced quantum computer. The deal places the UAE among a handful of users with access to such advanced systems, reflecting the Gulf state’s push to position itself as a global leader in […] January 29, 2025
Banking and Finance ADIB 2024 profit rises 16% to $436m on revenue surge Abu Dhabi Islamic Bank (ADIB) reported a 16 percent annual surge in net profit to AED6.1 billion ($435.6 million) in 2024, driven by strong balance sheet growth, increased business momentum and diversified revenue growth. Revenue rose by 14 percent to AED10.6 billion from AED9.3 billion last year. This growth was supported by strong increases in […] January 29, 2025
Real Estate London tower project announced by Abu Dhabi’s Modon A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […] January 28, 2025
Energy UAE’s Esyasoft to buy UK provider Good Energy Energy company Esyasoft has agreed to acquire UK renewable electricity provider Good Energy for almost £100 million ($123 million) at 490p per share. The deal, which is subject to shareholders’ approval, represents a premium of 66 percent on Good Energy’s closing price on October 25, the last trading day before the start of the offer period. […] January 28, 2025
Oil & Gas Lunate to buy stake in Adnoc Gas Pipelines Lunate, the alternative investment manager based in Abu Dhabi, is buying a minority stake in Adnoc Gas Pipelines. AGP is a subsidiary of Abu Dhabi National Oil Company (Adnoc) and has lease rights to 38 pipelines covering a total of 982km across the UAE. The gas pipeline network links the UAE’s upstream energy-producing assets and […] January 28, 2025
Real Estate Eagle Hills signs $5.7bn deal to develop projects in Georgia Abu Dhabi developer Eagle Hills has announced plans to invest more than €5.5 billion ($5.7 billion) in two projects in Georgia. It signed an agreement with the Georgian government to develop waterside projects in Tbilisi and Batumi. The Krtsanisi Park in Tbilisi will be a riverside mixed-used project of residences and retail spaces that will […] January 27, 2025
Oil & Gas Adnoc Gas strikes $450m LNG supply deal in Japan State-owned Adnoc Gas has signed an AED1.65 billion ($450 million) three-year liquefied natural gas (LNG) supply agreement with Jera Global Markets, an energy trade from Japan. The LNG will be supplied from the 6 million tonnes per annum (mtpa) Das Island liquefaction facility, the world’s third longest-operating LNG plant. The facility has shipped more than […] January 27, 2025
Logistics Shipping giants not yet ready to resume Red Sea route Two shipping giants said on Friday that they are in no rush to resume routes through the Suez Canal after a Yemeni militia announced earlier this week it will scale back hostilities against vessels transiting through the Gulf of Aden and Red Sea if the ceasefire in Gaza holds. Danish shipper Maersk and Abu Dhabi […] January 24, 2025
Retail Abu Dhabi’s Royal Group buys eco brand Pangaia Abu Dhabi’s Royal Group has acquired a controlling stake in fashion brand Pangaia. No financial details of the transaction were revealed. Pangaia, which has its headquarters in London, designs eco-friendly clothing made from organic and recycled materials, sold primarily through its website. It uses next-generation materials for its clothing and accessories, including Mirum, a plant-based, plastic-free leather […] January 24, 2025
Infrastructure Etihad Rail train to link Abu Dhabi and Dubai in 30 minutes Authorities from Abu Dhabi and Dubai formally unveiled plans on Thursday for a high-speed passenger rail link that will reduce travel between the two cities to 30 minutes. Spearheaded by Etihad Rail, the train service will reach speeds of up to 350km/h, and “pass through key strategic destinations and tourist attractions”, an Abu Dhabi media […] January 23, 2025
Interview Aviation Wizz Air Abu Dhabi predicts slower growth Wizz Air Abu Dhabi expects slower growth in 2025 as delays of new aircraft deliveries, engine issues in some of its existing fleet and regulatory problems in some new markets affect its ambitious expansion plans. The airline, a joint venture between Hungary’s Wizz Air Holding and Abu Dhabi’s state-owned investment holding ADQ, is navigating global […] January 23, 2025
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] January 22, 2025
Artificial Intelligence Mubadala seeks to balance AI risks and rewards Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […] January 21, 2025
