Dubai’s Salik sets IPO offer price at $0.54
Dubai’s toll-gate operator Salik on Tuesday announced the final price for its IPO at AED2 ($0.54) per share, and could potentially raise AED3 billion in the float, an advertisement carried in the local media showed. The IPO, which opens for subscription today, will offer 1.5 billion shares, which represents 20% of the company’s equity capital. Salik, […]
Mubadala raises price to acquire control of Brazil’s Burger King brand owner
SAO PAULO – Brazil’s Zamp SA said on Monday that Mubadala Capital LLC raised the price of a tender offer to acquire control of the company to 1.03 billion reais ($200.91 million). Mubadala’s new offer is for 8.31 reais ($1.62) per share, from the previous price of 7.55 reais per share, which had prompted the board […]
UAE investments in Egypt rise by 169% in 6 months
The data of the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) has revealed that the value of Emirati investments in Egypt increased to US$1.9 billion (AED6.98 billion) during the first half of the 2021-2022 fiscal year, compared to US$712.6 million (AED2.617 billion) during the same period of the fiscal year 2020-2021, an […]
GCC banks’ profits, assets get a major boost from high oil prices
The GCC banks showed strong performance in their bottom lines in the second quarter of this year with net profits and assets reaching record levels, thanks to high oil prices. According to Kamco Invest’s latest quarterly report released on Sunday, GCC banking sector net profits reached another record level of $11.1 billion (Dh40.7 billion) in […]
UAE to host World Green Economy Summit in September
The UAE will hold the eighth World Green Economy Summit at Dubai World Trade Centre next month as the country prepares to host the Cop28 gathering in 2023. Dubai Electricity and Water Authority and the World Green Economy Organisation will host the summit on September 28 and 29, in conjunction with the Water, Energy, Technology […]
Beverly Hills Drive launched at Damac Hills
Damac Properties has announced the launch of Beverly Hills Drive — a luxurious collection of high-end 6-bedroom mansions within the exclusive Trump Estates cluster in Damac Hills. Residents seeking lavish spaces will be thrilled with these 3-storey mansions offering expansive separate formal/informal living and dining spaces, set within a private lush garden surrounding the […]
ADX market data goes live on TradingView platform
The Abu Dhabi Securities Exchange (ADX) has signed a new data-sharing partnership with TradingView, a US-based leading financial information portal, to help attract a new generation of global traders and investors to the exchange. As part of the agreement, ADX market data is now live on TradingView’s platform and accessible by a large base […]
AD Ports to buy majority stake in Egyptian maritime companies
Abu Dhabi-based AD Ports Group has announced that it has reached an agreement to acquire a 70% equity stake in International Associated Cargo Carrier BV, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International (TCI). The total purchase consideration (Enterprise Value) of this transaction amounts to AED514 million ($140 million). […]
Adnoc finds local manufacturing potential worth $19bln
Abu Dhabi National Oil Company (Adnoc) has announced that it has identified AED70 billion ($19 billion) worth of products in its procurement pipeline that could be manufactured locally. Out of this value, Adnoc signed agreements for local manufacturing opportunities worth AED21 billion ($5.7 billion) with UAE and international companies at the Make it in the […]
Abu Dhabi’s ADQ to invest more than $367mln to fund R&D in tech
UAE investment and holding company ADQ will allocate more than 100 million dirhams ($367.3 million) for research and development (R&D) in the technology sector. ADQ will also allocate additional funds to fast-track the trial and adoption of artificial intelligence (AI) and automation through “innovative proof-of-proof concepts and pilots,” the company said in a statement. The […]