Asset growth in UAE’s banking sector likely to be sluggish in 2023
The UAE banking sector’s asset growth is expected to be sluggish in 2023 as the demand for credit may slow down due to further monetary tightening, professional services firm Alvarez & Marsal (A&M) said in a new report. Oil-sector may face production cuts as agreed upon by OPEC, but the non-oil sector is likely […]
ADFD, UNIDO discuss joint efforts to drive sustainable development
Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office (ADEX), has met Gerd Müller, Director-General of the United Nations Industrial Development Organisation (UNIDO), to discuss their joint efforts in driving industrial and economic growth in developing nations. During Müller’s […]
UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds
UAE’s Abu Dhabi Commercial Bank PJSC (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]
Dubai’s TECOM expands property portfolio with new $120mln investment
Dubai-listed business park operator TECOM Group is expanding its commercial real estate portfolio with an investment of AED 442 million ($120 million). The company said on Monday it has just broken ground on the second phase of Innovation Hub, which features specialiised tech offices at Dubai Internet City, amid high demand for commercial space in […]
AMEA Power signs $1.1bln green energy projects in Egypt
Dubai-based AMEA Power, a leading renewable energy company in the Middle East, has achieved the financial close to deliver 500MW wind and 500MW solar projects representing $1.1 billion of investment in Egypt. The deal takes the company’s clean energy portfolio to 2GW in the country. AMEA Power will develop, own and operate the 500MW solar […]
Gulf Capital opens its new global headquarters in ADGM
Gulf Capital, one of the largest private equity firms investing from the GCC to South and Southeast Asia, has opened its new global headquarters in the Abu Dhabi Global Market (ADGM). The company has also obtained an in-principle approval for an asset management licence from ADGM Financial Services Regulatory Authority. The new office […]
Abu Dhabi’s Fertiglobe plans trial shipments of DEF to Europe
Abu Dhabi-based Fertiglobe, a joint venture between Abu Dhabi National Oil Co and chemical producer OCI, said it will produce diesel exhaust fuel (DEF) from its Egyptian Fertilizer Co.(EFC) facility in Egypt in Q4 2022, as it looks to diversify its product offerings. Trial shipments will be marketed by OCI in Europe, the fertilisers and […]
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 fund ADQ is pivotal to emirate’s domestic and foreign agenda
ADQ, Abu Dhabi’s newest sovereign fund, has a remit to reshape the emirate’s economy and is key to the oil exporter’s diplomatic ambitions, according to industry experts. While the Abu Dhabi Investment Authority (ADIA) focuses almost exclusively on long-term financial returns, ADQ and Mubadala, another Abu Dhabi sovereign fund, have broader objectives, according to Steffen […]