Hedge fund Ray Dalio to open branch of family office in Abu Dhabi
American billionaire investor and hedge fund manager Ray Dalio plans to set up a branch of his family office in Abu Dhabi as part of plans to push into the Middle East, Bloomberg reported on Wednesday. The new branch will build upon the Dalio Family Office’s existing hubs in the US and Singapore, the report […]
Mubadala-backed M42 acquires Bridgepoint’s dialysis firm Diaverum
Abu Dhabi’s M42, a newly created healthcare joint venture by state fund Mubadala Investment Company and artificial intelligence firm G42, has acquired Bridgepoint Group’s European dialysis clinic chain Diaverum. M42 will buy Sweden-based Diaverum, making it the largest healthcare company in the Middle East, it said in a statement. M42 did not disclose the value […]
Dubai Aerospace Enterprise hikes bond repurchase program by $300mln
The board of directors and shareholders of UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has authorised an additional $300 million for bond repurchases. The repurchase will be conducted through open market transactions, the company said in a statement on Wednesday. To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded […]
Dubai Islamic Bank posts 12% rise in Q1 profit, beats estimate
Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments. The earnings beat Refinitiv’s mean analysts’ estimate of AED 1.43 billion. Net financing and sukuk investments came in at AED 240 billion, […]
Dubai among the fastest-growing cities for the super-wealthy
Dubai is among the fastest-growing cities for the super-wealthy, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global wealth intelligence provider New World Wealth. Dubai’s safe-haven status and low tax rates make it a magnet for migrating millionaires from around the world, it said. Approximately, 3,500 high-net-worth individuals […]
Qatar and UAE in process of restoring diplomatic ties, official says
Qatar and the United Arab Emirates (UAE) are in the process of restoring diplomatic ties and reopening embassies, two officials said, more than two years after Arab states ended a boycott of Doha that had shattered the Western-allied Gulf Arab bloc. “At present, the activation of diplomatic ties, which will include the reopening of […]
UAE property developer DAMAC to sell 3-year Islamic bond Tuesday
Dubai-based real estate developer DAMAC plans to sell a benchmark-sized three-year Islamic bond, or sukuk, on Tuesday, a bank document showed, following a series of investor calls and meetings that kicked off last week. Benchmark-sized is understood to mean at least $500 million. The company, rated BB- by S&P, has given initial profit rate […]
Etihad Cargo, China’s SF Airlines connect their mega hubs
Etihad Cargo, the cargo and logistics arm of Etihad Airways, has reinforced its commitment to the Chinese market with the signing of a Memorandum of Understanding (MoU) with China’s SF Airlines. As per the MoU, both carriers will start operating flights via their respective fleets to the other carrier’s hub in April, which will […]
Former Union Properties chairman, others to pay company $168.8mln
Union Properties PJSC has reached an AED 620 million ($168.8 million) settlement with its former chairman and other board members following a troubled period for the Dubai-listed developer. Bourse filings to Dubai Financial Market (DFM) said the general assembly agreed the proposed settlement from Khalifa Al Hammadi and others, under which they will pay the […]
Abu Dhabi TAQA places $1.5bln in dual tranche notes
Abu Dhabi National Energy Co. (TAQA) has placed an aggregate of $1.5 billion in 5-year and 10-year dual-tranche senior unsecured notes. The $1billion 10-year notes which will mature on 24 April 2033, were issued at a coupon rate of 4.696%, the integrated utility firm said in a statement on Tuesday. They represent TAQA’s first green […]