AD Ports Group acquires 80% of GFS for $790mln
Abu Dhabi’s AD Ports Group has announced an AED 2.9 billion ($790 million) acquisition of an 80% stake in Dubai-based Global Feeder Shipping (GFS), implying a 100% enterprise value of AED 3.7 billion ($1 billion). The ports company said the acquisition of GFS had been fully funded through a new acquisition loan. “This earnings and […]
ADNOC Refining secures new international partners, further enabling UAE’s Industrial Growth
ADNOC Refining, a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Eni, and OMV, announced today that it has entered into a strategic agreement with ADQ, an Abu Dhabi-based investment and holding company, Veolia Middle East (Veolia), and Vision International Investment Company (Vision Invest) to acquire its waste management operations […]
UAE: World needs maximum energy with minimum emissions, says minister
Maximum energy with minimum emissions can ensure global energy security, an Emirati minister said during the 38th edition of the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) 2022. Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology noted that the conference comes at a “pivotal” moment. “The solutions we agree on and the […]
Sunset Hospitality gets $35mln funding from Goldman Sachs
Sunset Hospitality Group (SHG), a diversified hospitality group in Dubai, renowned for developing and operating highly popular lifestyle brands, has secured $35 million funding from Goldman Sachs Asset Management. SHG was founded in Dubai ten years ago and is currently present across nine countries worldwide. The group owns and operates a large portfolio of […]
Kuwait-backed Wafra raises $1.5bln for stakes in fund managers
Wafra Inc, an investment firm backed by Kuwait’s public pension fund, said on Monday it has raised $1.5 billion for its fourth flagship fund that will acquire minority stakes in alternative asset managers such as private equity firms. The new fund, Capital Generation IV, will seek to acquire minority stakes in “lower middle-market” […]
Dubai’s DEWA adds 600MW of clean energy production capacity
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), announced that the entity had added 300 megawatts of photovoltaic solar energy in 2022 from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest single-site solar park using the Independent Power Producer (IPP) […]
ADNOC announces new Upstream Methane Intensity Target of 0.15% by 2025
Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane Intensity target of 0.15% by 2025. The new target is the lowest in the Middle East, reinforcing ADNOC’s status as a leader in the responsible production of lower carbon energy. ADNOC’s 0.15% methane intensity target means […]
Dubai’s Empower set to raise $362mln in IPO
Dubai government–backed district cooling company Empower, which is planning to sell 10% stake in an IPO, has set the price range at between 1.31 and 1.33 dirhams ($0.35 and $0.36) per share potentially raising a maximum of $362 million. Subscriptions are set to open on October 31, with Dubai Electricity & Water Authority (DEWA) and […]
Seasonal Flu cases are within expected level: Abu Dhabi Public Health Centre
Abu Dhabi Public Health Centre (ADPHC) stated that the level of cases of Seasonal flu is on expected level compared to previous years before the pandemic. In its statement, ADPHC said that Seasonal Flu is a respiratory infection that can cause complications, especially in young children, elderly and people with chronic diseases. However, available and […]
Abu Dhabi’s Mubadala acquires stake in Germany’s Skyborn Renewables
Abu Dhabi’s strategic investor Mubadala Investment Co. has acquired a stake in Skyborn Renewables, alongside Global Infrastructure Partners (GIP). The acquisition of a 100% interest in Skyborn Renewables provides Mubadala and GIP “with access to the largest private offshore wind developer globally with a long track record of development and an established presence in Europe […]