Abu Dhabi’s non-oil economy grew 12.3% in Q2 2023
Abu Dhabi’s non-oil economy grew by a record 12.3 per cent in the second quarter of 2023, according to the Statistics Centre – Abu Dhabi (SCAD), as the city’s efforts to become a hub for hedge funds and other financial firms start to pay off. The preliminary datafrom SCAD shows that the emirate’s gross domestic product (GDP) reached […]
Mubadala in talks with Temasek for stake in India’s Manipal Hospitals: Report
Mubadala is in talks to acquire a stake of less than 10 per cent in India’s Manipal Hospitals, in what could be the Abu Dhabi sovereign fund’s first investment in the booming Indian healthcare space, people with direct knowledge told Reuters. The fund is holding talks with Singapore’s Temasek, which spent $2bn in April to raise […]
ADNOC Distribution board approves $350m interim dividend
ADNOC Distribution’s board of directors has approved an interim dividend of $350m (Dhs1.3bn) for the first six months of 2023, equivalent to 10.3 fils per share. The interim dividend represents the first part of the expected full-year 2023 dividend payment of a minimum of $700m (Dhs2.57bn), which is equivalent to 20.57 fils per share, in […]
One visa for six countries: UAE’s plan for GCC travel
The UAE and other GCC countries are working towards introducing a common visa system that will ease travel and give a boost to regional tourism. The disclosure was made by the UAE’s Minister of Economy Abdulla bin Touq at the on going Future Hospitality Summit in Abu Dhabi.Future Hospitality Summit in Abu Dhabi. He said the UAE […]
Alpha Dhabi enters wastewater treatment industry with majority acquisition in Metito Holdings
Alpha Dhabi Holding announced its acquisition of a majority stake in Metito Holdings, a global leader in the water and wastewater treatment industry, as per state news agency WAM. Pending regulatory approvals, this transaction marks Alpha Dhabi’s strategic entry into the water and wastewater treatment domain. The acquisition underscores the company’s commitment to diversifying its portfolio […]
DCT Abu Dhabi, Mubadala to invest Dhs50m in cultural industry
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Mubadala Foundation have signed a partnership deal to invest Dhs50m in the emirate’s cultural industry over the next five years. The partnership seeks to transform and elevate the city’s vast cultural landscape. Mubadala Foundation has been appointed an ‘Education & Community Partner’ […]
ADNOC Distribution launches 3 service stations in Egypt
ADNOC Distribution , the UAE’s largest fuel and convenience retailer, has inaugurated three ADNOC service stations in Egypt, strategically located in key areas across Greater Cairo to offer a full range of vehicle services to the local communities. The Company plans to open a further six ADNOC service stations nationwide by the end of 2023, […]
ADNOC & TAQA reach financial close on sustainable water supply project
ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2 billion (AED8.3 billion) strategic project in order to provide sustainable water supply for ADNOC’s onshore operations. This strategic investment between two Abu Dhabi energy giants entails developing and operating facilities to sustainably treat and supply seawater for ADNOC’s operations […]
Abu Dhabi International Airport trials new Terminal A operations
The Abu Dhabi Global Market (ADGM) said its assets under management (AuM) surged by a record 35 per cent in the first half of the year, as the city’s main financial centre continues to attract major global and regional players. The latest data from the financial hub shows that a total of 102 asset managers, […]
ECI & ADEX to support Angola’s digital transformation
Etihad Credit Insurance (ECI), the federal export credit agency of the UAE, has signed an insurance policy with Abu Dhabi Export Office (ADEX), which aims to support an initiative to implement a digital transformation project in Angola. The collaboration, which is in line with the shared objectives of both parties, aims to secure funding projects […]