AIQ works with AWS to quicken innovation in the energy sector
AIQ, a technology pioneer focused on the artificial intelligence (AI)-powered transformation of the energy sector, announced it is working with Amazon Web Services (AWS) to accelerate digital transformation across the sector. The agreement was reached at the recently-concluded Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2022. Under the agreement, AIQ and AWS will develop […]
Abu Dhabi group to set up major wastewater plant in Uzbekistan
Abu Dhabi Sewerage Services Company (ADSSC) said it has signed an exclusive agreement with Uzsuvtaminot, a key player in improving the management of water resources in Uzbekistan, to develop a wastewater treatment plant in the country’s capital, Tashkent. With an estimated capacity of 1.5 million cubic metres a day, enough to serve over 2.3 million […]
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” […]
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 […]
ADNOC ‘in talks’ to acquire or invest in energy trader Gunvor Group – report
Abu Dhabi National Oil Company (ADNOC) is reportedly looking for a partial or full acquisition of Geneva-based Gunvor Group, according to a Bloomberg report. The state-run oil producer has conducted “early-stage talks” about the potential acquisition, Bloomberg reported, citing sources who asked not to be named. Gunvor is one of the world’s largest independent commodities […]
Feriglobe records block trading deal of $101.08mln
The Abu Dhabi Securities Exchange (ADX) announced a block trading deal of AED 371.35 million on the shares of Feriglobe, a joint venture (JV) between ADNOC and OCI. The transaction was carried out on 65.15 million of the company’s shares, equivalent to 0.8% of the UAE-based company’s shares, according to recent official data. […]
Memphis Pharmaceutical’s approves loan from ADIB to settle $15.83mln debt
The board of directors of Memphis Pharmaceutical (MPCI) approved the financing package provided from Abu Dhabi Islamic Bank (ADIB) to settle the EGP 300 million debts of El-Gomhouria Company for Drugs, according to a statement published on September 14th. El-Gomhouria for Drugs’ debts have reached EGP 294.29 million so far. Memphis is one of […]
UAE: Collaboration, not competition, creates wins for neobanks, say CEOs
Digital banking apps are shaking things up and introducing a seamless, cost-effective, and flexible way of accessing financial services to customers in the UAE. Although some of the worst pandemic forecasts have not yet materialised, banks continue to face long-term revenue pressure and tighter competition. The opportunity to fast-track banking transformation has never been […]
Abu Dhabi cloud kitchen start-up The Cloud raises $10mln
UAE-based cloud kitchen start-up, The Cloud, has secured $10 million in a new funding round led by a consortium of venture investors. The Cloud is a B2B2C kitchen platform where food businesses can leverage their excess capacity by hosting third party restaurants. The investment, led by Middle East Venture Partners (MEVP) and Olayan Financing Company, […]
FAB to finance Middle East sustainable projects with $75bln by 2030
First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that FAB already financed projects worth $30 billion that serve sustainable development in the fields of solar energy, aviation, transportation, […]