Opinion Trade Trump in his happy place: Purple carpets and big deals in Saudi Arabia The challenge now is to maintain the momentum and atmosphere of the trip May 14, 2025
Health NMC’s BR Shetty fails to overturn $33m DIFC court ruling BR Shetty has lost his bid to appeal against a $33 million judgment by the Dubai International Financial Centre Courts in a case linked to the collapse of the company he founded, NMC Health. In the ruling made public this month, Chief Justice Wayne Martin dismissed Shetty’s request to challenge the judgment in favour of […] May 12, 2025
Manufacturing Fertiglobe buys Australia’s Wengfu fertiliser company Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […] May 12, 2025
Logistics Lower shipping rates hit Adnoc L&S earnings Adnoc Logistics and Services (Adnoc L&S) said earnings were reduced due to lower commercial shipping rates, despite revenues rising by nearly half in the first quarter of 2025. Net profit fell 5 percent year on year to $185 million (AED678 million) for the three months ending March 31, 2025, the company said in a statement […] May 12, 2025
Finance IHC enters reinsurance business with BlackRock Abu Dhabi-listed IHC plans to establish a $1 billion local artificial intelligence (AI)-driven reinsurance platform with New York-based asset manager BlackRock. The venture will target more than $10 billion in liabilities through a buy-and-build strategy, with Lunate, the alternative investment manager based in Abu Dhabi, also joining as a partner, IHC said in a statement. […] May 12, 2025
Health ADIO expands US office in health sector push The state-backed Abu Dhabi Investment Office (ADIO), which aims to attract inward investment into the UAE capital, is expanding its US operations to secure new funds for the local health sector. The expansion of the San Francisco office will support Abu Dhabi’s clinical validation and regulatory advancement in the healthcare and other priority sectors, state-run […] May 9, 2025
Logistics AD Ports reports revenue gains from Red Sea crisis Abu Dhabi-listed AD Ports Group said first-quarter 2025 revenue jumped as Red Sea disruptions positively impacted its container shipping business. The top line was up 18 percent year on year to AED4.6 billion ($1.3 billion), supported by revenues from ports, economic cities and free zones, as well as maritime and shipping clusters, the company said […] May 9, 2025
Banking and Finance Abu Dhabi’s Mubadala reveals 34% rise in 2024 spending Mubadala deployed AED119 billion ($32 billion) of capital last year, a rise of nearly 34 percent on 2023, the Abu Dhabi sovereign wealth fund has revealed in its latest earnings report. The fund, which is thought to have been the world’s most active sovereign investor in 2024, has not released data on its annual revenues […] May 8, 2025
Oil & Gas Adnoc Drilling to pay quarterly dividends Adnoc Drilling, a subsidiary of state-backed oil major Adnoc, will begin paying quarterly dividends, starting with $217 million for the first quarter of 2025. This comes as the company reported a 24 percent year-on-year jump in net profit to $341 million during the quarter ended March 2025. Revenues surged 32 percent yearly to $1.2 billion, […] May 8, 2025
Video length: 04:54 Leisure & Hospitality Disney to open theme park in Abu Dhabi The Walt Disney Company has announced that it is partnering with Abu Dhabi’s leisure-focused developer Miral to build a theme park in the UAE capital. The resort, Disney’s first in the Middle East, will be on the waterfront of Yas Island. It will be the US company’s seventh theme park around the world and the […] May 8, 2025
Renewable Energy Masdar’s Iraq solar power projects gain traction after long delays Plans by Masdar to build 1,000 megawatts (MW) of solar power parks in Iraq may now be accelerated after languishing for four years, the official Iraq news agency reported. Also known as Abu Dhabi Future Energy Company, the government-controlled company agreed in 2021 to build four plants in various parts of Iraq but no contract […] May 7, 2025
Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025
Oil & Gas Adnoc awards rig contract to expand Zakum operations State-backed Adnoc is expanding operations at the offshore Zakum development project after one of its subsidiaries awarded a contract for three island oil rigs. Adnoc Drilling won the $806 million contract from Adnoc Offshore and its CEO Abdulrahman Abdulla Al Seiari said this award will deliver high-quality returns well into 2038 and beyond. The three […] May 6, 2025
Business of Sport Abu Dhabi doubles down on global sports investment Manchester City may have lost its grip on the English Premier League title this season, but Abu Dhabi has no intention of relinquishing its power in the sporting sphere. The emirate has unveiled two major deals this month that underscore a strategic push to remain a dominant player in the fast-evolving sports business, even as […] May 6, 2025
Oil & Gas Adnoc Gas rules out project delays and sticks to capex plan Adnoc Gas, a unit of Abu Dhabi National Oil Company (Adnoc), said it is ruling out project delays in its $15 billion, five-year capital expenditure plan, though two developments are still pending a final investment decision. Adnoc Gas plans to make a final investment decision (FID) around mid-year on its Rich Gas Development project, which […] May 5, 2025
Analysis Leisure & Hospitality UAE hotels absorb rising costs at expense of profit Many UAE hoteliers are reluctant to raise prices to compensate for rising operational costs, even as intensifying global competition and geopolitical volatility tighten profit margins. According to data from CBRE Middle East, growth in UAE hotel revenue per available room (RevPAR) has slowed over the last two years, from 6 percent in 2023 to 3 […] May 5, 2025
Video length: 04:55 VIDEO Tourism Miral’s global ambitions for Yas Island entertainments Abu Dhabi leisure and entertainment group Miral believes its pipeline of attractions, including a Harry Potter destination at Yas Island, will increase its contribution to the Abu Dhabi economy to as much as 15 percent. AGBI caught up with Miral CEO Mohamed Al Zaabi at Arabian Travel Market to find out why he believes Yas […] May 2, 2025
Tech UAE’s Phoenix expands Ethiopian bitcoin mining Phoenix Group, an Abu Dhabi-listed blockchain and cryptocurrency company, has expanded its bitcoin mining operations in Ethiopia, securing an additional 52 megawatts (MW) of power supply. The latest move brings the company’s total capacity in the African country to 132MW and raises its global capacity to more than 500MW across five countries, it said in […] May 2, 2025
Finance Wealth company Azura to leave Monaco for Abu Dhabi Lunate, an Abu Dhabi-based alternative asset manager, has acquired a stake in Azura Partners, a wealth management firm in Monaco. Azura, started by former Julius Baer executive Ali Jamal, manages assets of around $5 billion and serves high-net-worth and ultra-high-net-worth clients. As part of the deal, Azura will relocate its headquarters from Monaco to Abu […] May 2, 2025
Markets Mubadala trims stake in Portuguese telco Mubadala Investment Company, Abu Dhabi’s $300 billion sovereign wealth fund, has trimmed its holding in Portuguese telecoms operator NOS SGPS. ATIC Second International Investment, a Mubadala subsidiary, reduced its stake from 5 percent to 3.2 percent, according to a regulatory filing by NOS to the Portuguese Securities Market Commission. No reason was given for the […] May 2, 2025
Finance Abu Dhabi’s MGX to use Trump stablecoin for Binance deal A stablecoin linked with President Donald Trump will be used by Abu Dhabi’s MGX as part of the technology company’s $2 billion investment in Binance, the world’s largest cryptocurrency exchange, it was announced on Thursday. MGX announced a minority investment in Binance in March. Zach Witkoff, co-founder of World Liberty Financial, a cryptocurrency holding company […] May 1, 2025
Renewable Energy Alterra part of $100m buy-in for Indian renewable energy company Alterra, the UAE’s $30 billion climate fund, has partnered with investors including Canada-based investment company Brookfield Asset Management, to co-invest $100 million in Indian renewable energy company Evren. The investment aims to bolster Alterra’s clean energy portfolio and accelerate India’s push toward 500 gigawatts (GW) of installed renewable capacity by 2030, it said in a […] April 30, 2025
