Energy UAE and India deepen energy ties The UAE has signed long-term liquefied natural gas (LNG) and strategic petroleum reserve development agreements with India, supporting New Delhi’s energy security initiatives. The agreements were signed during the two-day visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. Under the UAE-India comprehensive economic partnership agreement (Cepa), Abu Dhabi […] September 10, 2024
Economy UAE non-oil GDP grows on back of financial sector The UAE’s non-oil GDP grew by 4 percent year on year in the first quarter of 2024, driven by increased financial and insurance activities in the private sector. This growth in the financial and insurance sector was supported by the significant increase in the local credit granted to the private sector, resulting in a 6 […] September 10, 2024
Energy Alpha Dhabi exits 11% of OCI Global’s methanol business Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, will sell its 11 percent equity stake in OCI Global’s methanol business. The stake sale follows the acquisition of Netherlands-based OCI Methanol by Canada’s Methanex Corporation for $2 billion. OCI Methanol is indirectly owned 85 percent by OCI Global. Alpha Dhabi Holding and ADQ, an Abu […] September 10, 2024
Retail Carrefour and Dubai’s Apparel Group plan India expansion Dubai’s Apparel Group has teamed up with Carrefour to take the French supermarket retailer into the Indian market. The franchise agreement will see the first five Carrefour stores open in 2025, with a particular focus on the north of India, before expanding nationwide. “This partnership represents a significant step in strengthening our position in India,” […] September 9, 2024
Banking and Finance Adia takes stake in Bajaj Housing Finance IPO The biggest sovereign wealth fund in Abu Dhabi has strengthened its position in India as one of several anchor investors in the imminent listing of the home loans company Bajaj Housing Finance. Abu Dhabi Investment Authority (Adia), which has assets under management totalling $968 billion, has taken a $5.6 million stake in the initial public […] September 9, 2024
Infrastructure ADQ takes control of Abu Dhabi’s toll and parking systems The Abu Dhabi sovereign wealth fund ADQ has taken over the management, operation and development of the emirate’s toll and parking systems. The move intends to provide high-quality services to customers and generate sustainable financial returns, the Abu Dhabi Media Office said in a statement. The Darb and Mawaqif – the toll and parking systems, respectively […] September 9, 2024
People & Lifestyle Falcons sink their talons into both hearts and wallets From ancient hunting companions to modern status symbols, the birds of prey are serious business in the Middle East September 8, 2024
Finance Mubadala applies to take full control of Turkey’s Getir The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […] September 6, 2024
Analysis Banking and Finance US interest rate cut will impact UAE bank margins UAE banking sector profits have soared as higher-for-longer interest rates boosted margins and loan defaults remained low. Yet analysts predict that imminent US interest rate cuts will squeeze profitability, despite the likelihood of reduced borrowing costs bolstering loan growth. Dubai’s Emirates NBD reported a record first-half profit of AED13.8 billion ($3.76 billion), while First Abu […] September 6, 2024
Opinion Retail Swede dreams are made of this – but no meatballs, thanks The vast majority of homes in Dubai have at least one item from Ikea September 6, 2024
Analysis Retail Primark launch would diversify Dubai’s retail offering The launch of value fashion retailer Primark in Dubai would add a much-needed affordable element to the emirate’s retail offerings, industry experts say. Kuwait-based Alshaya Group announced this week that it had partnered with the international fashion retailer and is looking to “explore opportunities to bring its stores to the Middle East”. Alshaya’s portfolio of […] September 6, 2024
Finance NMDC oversubscribed 31 times as it lists on Abu Dhabi exchange The initial public offering of NMDC Energy on the Abu Dhabi Securities Exchange generated AED88 billion ($23.96 billion) in gross demand, oversubscribing by 31.3 times. A total of 1.15 billion shares, representing 23 percent of NMDC Energy’s total share capital, were offered at AED2.8 per share. The IPO was oversubscribed within hours of its launch […] September 6, 2024
Finance Adnoc’s first bond sale raises $4bn Abu Dhabi’s state oil giant, Adnoc, launched its first-ever bond sale on Wednesday, raising $4 billion through its wholly-owned primary debt-capital market funding vehicle, Adnoc Murban. The company offered three benchmark-size, dollar-denominated treasuries with maturities of five, 10 and 30 years. Adnoc sold $1 billion of five-year bonds, $1.5 billion of 10-year bonds and $1.5 […] September 5, 2024
Infrastructure Adia part of fund aiming to raise $4bn for India upgrade The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […] September 5, 2024
Analysis Real Estate Developers race to secure more land in Dubai Land sales in Dubai have been on a steep incline since the start of the year, signalling more development activity to come. According to figures shared with AGBI by real estate brokerage fäm Properties, 1,396 plots changed hands in August, for a total value of AED15 billion ($4 billion). In January, 473 plots were sold […] September 5, 2024
Renewable Energy Adnoc to buy 35% stake in ExxonMobil hydrogen plant State-owned Abu Dhabi National Oil Company (Adnoc) will acquire a 35 percent stake in US energy company ExxonMobil’s planned large-scale hydrogen and ammonia production facility in Texas. The production facility – expected to be the world’s largest of its kind upon startup – intends to produce up to one billion cubic feet per day of low-carbon […] September 5, 2024
Infrastructure UAE backs Jordan’s $2.3bn rail line for mining exports A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […] September 5, 2024
EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024
Banking and Finance Mubadala-backed Tabby prepares for Saudi IPO Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, is on track to prepare for its initial public offering, the company’s CEO confirmed on Wednesday. The fintech unicorn – a startup worth more than $1 billion – was originally founded in the UAE but is now headquartered in Saudi Arabia. It is […] September 4, 2024
Business of Sport Middle East’s first pro baseball park to open in Dubai Construction has started on the first professional baseball field and ballpark in the Middle East and South Asia, which is being built on the outskirts of Dubai. Baseball United, which was launched over a year ago as the first professional league in the region, will call the Sevens sports and entertainment complex its home from […] September 4, 2024
