Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Industry EGA buys majority stake in US aluminium recycler Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […] September 30, 2024
Markets Abu Dhabi National Hotels launches IPO of catering unit Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange. The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […] September 30, 2024
Analysis Real Estate Lack of plots gives Palm Jumeirah added air of exclusivity Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […] September 29, 2024
Renewable Energy Green aviation fuel industry in UAE battles red tape The UAE is ready to produce “green” aviation fuel, but uncertainty around the regulations has delayed the take-off of the industry, a senior government representative said. Maryam Ali Al Balooshi, environment manager at the General Civil Aviation Authority, told a conference in Abu Dhabi that the UAE is working on unifying the certification of sustainable […] September 27, 2024
Banking and Finance Mubadala partners with Wall Street for private credit drive Abu Dhabi’s sovereign wealth fund, Mubadala, is to participate in a $25 billion programme of private credit direct lending that has been launched by the New York Stock Exchange-listed bank Citigroup and the alternative asset manager Apollo. Mubadala will act as partner in the programme to Apollo, which is based in New York. Athene, Apollo’s […] September 27, 2024
Analysis Retail Save now, buy later: the new shopping model cutting debt A new “save up before you buy” online shopping model is emerging in the UAE, offering an alternative to the debt-driven “buy now, pay later” approach that has surged in popularity across the Gulf. “Save now, buy later” (SNBL) platforms are betting on a shift towards financial responsibility, especially as concerns over household debt and […] September 27, 2024
Oil & Gas Abu Dhabi awards oil concession to Malaysia’s Petronas Abu Dhabi has awarded a new onshore oil and gas exploration concession to Malaysia’s state-run Petroliam Nasional Berhad (Petronas). The concession, located in onshore block 2 in the Al Dhafra region, was granted by the Supreme Council for Financial and Economic Affairs (SCFEA), the state-run Abu Dhabi Media Office reported. The award gives Petronas 100 […] September 27, 2024
Real Estate Adani in talks to buy stake in Emaar’s Indian subsidiary Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said. Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources. The talks […] September 27, 2024
Trade UAE adds New Zealand to long list of trade partners The UAE’s plans to increase non-oil foreign trade to AED4 trillion ($1 trillion) by 2031 took another step forward on Thursday as New Zealand became the 12th country to sign a comprehensive economic partnership agreement (Cepa) with the Gulf state. The deal will reduce or remove tariffs, eliminate barriers to trade, improve market access and […] September 26, 2024
Oil & Gas UAE tops list of tax payments from ExxonMobil US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […] September 26, 2024
Banking and Finance South Africa’s Investec joins financial giants in DIFC South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC). Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region. The bank will provide advisory and arranging services in private banking, wealth and investment management, as well […] September 26, 2024
Finance Kenya nears $1.5bn loan from UAE to address budget gap Kenya is close to securing a $1.5 billion loan from the UAE to address its budget financing gap. The loan will have an interest rate of 8.2 percent, Reuters reported, citing people familiar with the talks. “The deal is as good as done,” an unnamed source said, adding that the move will diversify the government’s […] September 26, 2024
Finance ADQ’s $2bn bond issue draws fourfold demand Order books for the $2 billion bond sale by Abu Dhabi’s ADQ crossed $8 billion as it plans to diversify it funding sources to support new acquisitions. The sovereign wealth fund issued two tranches: a $1 billion seven-year bond at 85 basis points (bps) over US Treasuries and a $1 billion 30-year bond priced at […] September 26, 2024
Aviation Etihad Airways to invest billions as it prepares for IPO Etihad Airways, the national airline of the UAE, is planning to invest $7 billion over the next five years and to double the size of its fleet by 2030 as it prepares to go public, its chief executive said. Antonoaldo Neves told a conference in Abu Dhabi on Wednesday that the investment is part of […] September 26, 2024
Tech Defence and tech at forefront of UAE leader’s historic US visit Defence and technology were among the key topics of discussion during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s official visit to the US this week. “The strategic and enduring partnership that unites our countries is unwavering,” said Sheikh Mohamed, after what was the first meeting between sitting UAE and US presidents on American soil […] September 25, 2024
Construction ISG Middle East trading as usual despite fall of UK affiliate The collapse last week of ISG, the UK’s sixth largest construction company, will not impact the work of its affiliate in the Middle East, a company spokesperson told AGBI. “As ISG Middle East, we operate independently from the UK entity, and we continue to trade as usual without interruption,” the spokesperson said. “We remain committed […] September 25, 2024
Finance Africa’s richest man to open Dubai family office Aliko Dangote, Africa’s wealthiest man with a net worth of $13 billion, is the latest high net worth individual to establish a family office in Dubai. The family office will focus on global investments to expand the Dangote Group’s portfolio beyond industrials, Bloomberg reported, quoting Dangote. The office will also explore co-investment opportunities with families, […] September 25, 2024
Telecoms e&’s PPF deal gets European Commission nod UAE telecommunications company e&, formerly known as Etisalat, said that the European Commission (EC) has approved the acquisition of Czech PPF Group’s telecoms business across four European countries. The extensive dialogue with the EC enabled the grant of foreign subsidies regulation (FSR) approval on an accelerated basis, three months ahead of the applicable legal deadline of […] September 25, 2024
