Banking and Finance Abu Dhabi wealth funds may invest in planned Porshe IPO Abu Dhabi’s sovereign wealth funds – Mubadala Investment Co. and ADQ – are likely to become anchor investors for the possible initial public offering (IPO) of Volkswagen-owned luxury carmaker Porsche, Bloomberg reported, citing informed sources. State-owned entities in other Gulf markets, including Saudi Arabia, are also being considered as potential investors in one of Europe’s […] August 8, 2022
Tourism Dubai receives 7.1m tourists in first half of 2022 Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording more than 183 percent year-on-year growth, UAE state news agency WAM reported, citing the latest data from Dubai’s Department of Economy and Tourism (DET). According to the DET data, the number of tourists received in H1 2022 was close to the numbers […] August 8, 2022
Analysis Energy UK firms look to power the UAE’s energy transition The UAE’s commitment to a net zero future is being increasingly recognised worldwide and capturing the attention of global partners including Britain. A case in point is London-based Desolenator, the world’s first solar thermal desalination technology company, delivering net-zero clean water at scale to companies and communities. It uniquely uses both solar-generated heat and electricity […] August 8, 2022
Energy Abu Dhabi’s Masdar to develop solar, wind projects in Tanzania Abu Dhabi’s Masdar has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) to develop renewable energy projects with a total capacity of up to two gigawatts (GW). Through a joint venture, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW), starting with […] August 7, 2022
Manufacturing UAE to invest $1b in Pakistan’s economic, investment sectors The UAE plans to invest $1 billion in Pakistani companies across various economic and investment sectors, UAE state-owned news agency WAM reported, citing an official source in Abu Dhabi. The move aims to explore new investment opportunities in projects across various sectors and expand bilateral economic relations. Additionally, it emphasises the keenness of the UAE […] August 6, 2022
Analysis Sustainability UAE invests in future flood control after record rainfall The UAE’s recent record levels of rainfall, resulting in loss of life and flood damage, pose budgetary challenges for authorities, but also opportunities for regional infrastructure investors. The National Centre of Meteorology said last month was the wettest July in the UAE for over 40 years. It said that 234.9mm of rain fell between 22:30 […] August 5, 2022
Banking and Finance UAE’s Burjeel plans to raise $750m from Abu Dhabi listing UAE healthcare provider Burjeel Holdings is aiming to raise at least $750 million (AED2.76 billion) from an initial public offering (IPO) in Abu Dhabi this year, Bloomberg reported, citing people familiar with the matter. The firm is considering a dividend payout ratio of 40 percent to 70 percent of net income from 2023 on listing, […] August 5, 2022
Tourism Dubai Aerospace uncertain of getting planes back from Russia Major airplane lessor Dubai Aerospace Enterprise said on Thursday it didn’t know if it would ever get back 19 jets leased in Russia after Moscow passed a law allowing for hundreds of jets to be seized in response to Western sanctions. The Dubai state-owned lessor reiterated that it had written off $576.5million (AED2.12billion) for the […] August 5, 2022
Economy UAE and Saudi ‘bright spots’ in challenging global IPO market The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […] August 4, 2022
Banking and Finance UAE’s Al Ansari Exchange mulls IPO early next year UAE-based foreign exchange and remittance firm Al Ansari Exchange plans to launch an initial public offering (IPO) early next year, Bloomberg reported, citing people familiar with the matter. The company has held initial talks with potential advisers about the Dubai listing, which may happen in the first quarter of 2023, the sources said. Nevertheless, details […] August 4, 2022
UAE’s Etihad confirms Airbus A350 freighter order European planemaker Airbus said that Abu Dhabi state-owned carrier Etihad Airways has confirmed seven new generation A350F freighters jets. The freighters will upgrade Etihad’s freight capacity by deploying the most efficient cargo aircraft available in the market, Airbus said in a press statement on August 4, 2022. This order of the A350F sees the UAE […] August 4, 2022
Transport Etihad Rail on track to deliver UAE property price rises The UAE-wide Etihad Rail network is set to drive significant price hikes for properties located near its stations, according to industry experts. The 1,200km rail track, which is expected to carry over 60 million tonnes of freight and 36.5 million passengers by 2030, aims to make commuting easier for UAE residents. Ata Shobeiry, CEO at […] August 3, 2022
Tourism Travel expenses by UAE employees soar 286% UAE employees are filing soaring business expenses on the back of spiking energy prices. Average total monthly travel reimbursement costs have risen 286 percent year-on-year in 2022, according to research by Bayzat, a UAE-based employee benefits platform. At the same time, the average amount spent per travel request rose 66 percent year-on-year. With UAE fuel […] August 3, 2022
Banking and Finance Dubai’s TECOM profit jumps 55% in Q2 2022 on economic rebound Dubai business park operator TECOM Group reported a net profit of AED 237.7 million ($64.72 million) in the second quarter of 2022, up 54.5 percent, from AED153.9 million a year ago, thanks to buoyancy in the emirate’s economy and improving business sentiment. Revenues for the three-month period ending June 30, 2022, jumped 18.5 percent year-on-year […] August 3, 2022
Tech US to resupply Saudi and UAE missile defence systems The US State Department approved the potential sale of Terminal High Altitude Area Defence (THAAD) missile interceptors to the United Arab Emirates (UAE) and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday. The potential deals, which would resupply key missile defence systems for […] August 3, 2022
Abu Dhabi fund leads $300m investment in China’s Taibang China’s Taibang Biologic Group raised $300 million to finance growth in a fundraising led by sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, the biopharmaceutical firm said on Tuesday. Apart from Platinum Orchid, a subsidiary of the United Arab Emirates’ biggest sovereign wealth fund ADIA, and GIC, new investors included state-owned China […] August 2, 2022
Analysis The billion-dollar question: what does it take to make a unicorn? Can the UAE meet its target of being home to 20 unicorns by 2031? Only if entrepreneurs, venture capital and the government work together to build companies that can truly “translate across borders”, according to experts. Today the UAE has just three startups valued at $1 billion: Vista Global, Emerging Market Property Group and Kitopi. […] August 1, 2022
Banking and Finance Mubadala looks to acquire stake in Burger King’s Brazil franchisee The franchise holder of the Burger King brand in Brazil, Zamp SA, said on Monday that Abu Dhabi state investor Mubadala Capital LLC has launched a tender offer to acquire control of the company. According to a securities filing, Mubadala has offered 7.55 reais ($1.47) per share to buy 45.15 percent of Zamp, which would […] August 1, 2022
FTX wins full approval to operate crypto exchange in Dubai Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector. The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as […] August 1, 2022
Dubai lessor asks Indian regulator to de-register 3 SpiceJet planes A Dubai-based lessor of SpiceJet Ltd has asked India’s aviation regulator to deregister three of the budget airline’s planes as SpiceJet struggles with high costs and maintenance challenges. The United Arab Emirates aeronautics firm AWAS did not specify why it was seeking to deregister the three Boeing 737s in Friday’s notification, published by India’s aviation […] August 1, 2022
