City Abu Dhabi Financial News

A former MIT alumnus and SoftBank executive has launched a Dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency.

Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) "This industry can change the global debate... It is time to silence the skeptics by applying scale, capital, and technology to deliver outcomes," said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC.

But this year, climate is looming large over the forum. Delegates at the annual Adipec summit in Abu Dhabi, which has been dominated by oil in its longrunning history, will devote a lot of their time to the energy transition. Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition.

COP28 climate talks told an Abu Dhabi oil conference on Monday that the fossil fuel industry would play an essential role in addressing the climate crisis. «For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress,» said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC. «This is your opportunity to show the world that, in fact, you are central to the solution,» he told the ADIPEC conference of global industry figures and government officials. «This industry can change the global debate… It is time to silence the sceptics by applying scale, capital and technology to deliver outcomes.» Jaber urged industry leaders to curb emissions associated with energy production and expand use of renewable energy sources. He also encouraged them to embrace «low carbon solutions» like carbon capture and storage, tools that climate experts say distract from the urgent goal of slashing fossil fuel pollution. Climate activists have criticised the appointment of Jaber to lead the COP28 talks which kick off next month in Dubai.

Fuel prices consumers pay at the pump will be driven by a willingness to keep investing in fossil fuels, the UAE's energy minister said on Monday, as oil industry leaders reiterated the need for ongoing investment to smooth the energy transition. Speaking at the ADIPEC energy industry event in Abu Dhabi, Minister Suhail al-Mazrouei said the OPEC+ producer group cares «that the price is right for consumers, but right for the consumers for a very limited time only is short-sighted». More investment is needed in oil and gas for prices to be «right at the pump», he added. When asked whether high crude prices could threaten the health of the global economy, al-Mazrouei said OPEC+ never targets a certain oil price. The group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, in June agreed to extend their oil output cuts until the end of 2024. Saudi Arabia and Russia have also extended 1.3 million barrels per day (bpd) of additional voluntary cuts until the end of the year. That helped push Brent crude prices to above $90 a barrel in early September, with the futures contract last week approaching the psychological threshold of $100 a barrel. OPEC Secretary General Haitham Al Ghais said at the same event that he is optimistic about oil demand growth, and that he saw under-investment as a risk to energy security. «We are… running quite low on spare capacity, we have said this repeatedly, and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,» he said. Mazrouei said investment by both international and national oil companies was needed, and that «these investments need the financial world to be willing to

Laser Digital, the digital asset subsidiary of financial services giant Nomura, has opened a new Tokyo base, to expand its presence in the Far East.

United Nations COP28 climate talks called on oil and gas companies on Monday to be «central to the solution» to fighting climate change, even as the industry boosts its production to enjoy rising global energy prices. The call by Sultan al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world's emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times. «That is our North Star.

By Paul Carsten

In this article

The Emirati president-designate for the upcoming United Nations COP28 climate conference has offered a full-throated defense of his nation hosting the talks

Also Read: Google Doodle Celebrates 220th Birthday of Deaf French Educator Ferdinand Berthier; here's all you need to know The Ain Ghazal figures depict men, women, and children with intricate human features such as almond-shaped eyes, prominent noses, and realistic legs, toes, and toenails.

Sun Pharmaceutical: The drug major will buy out local partner Indi Pharma from its Mexican arm for over ₹75 crore. The company has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75%. Adani Green & Adani Energy: Abu Dhabi conglomerate International Holding Company on Thursday said it will sell its stake in two of India's Adani Group companies, a move that comes as billionaire Gautam Adani's business continues its battle against fraud allegations, Reuters reported.

Temasek is paring its holding in Manipal Hospitals six months after it bought a controlling stake, but the Singapore sovereign wealth fund (SWF) will continue to hold 51% in the hospital chain, people aware of the development said. Temasek-owned Sheares Health is in advanced negotiations to sell 8-9% in Manipal Health Enterprises to Abu Dhabi fund Mubadala and Brunei Investment Authority (BIA), another SWF, at an enterprise valuation of $5 billion, or about ₹40,000 crore, they said. The valuation is the same as when Temasek acquired an additional 41% to take its holding in the Bengaluru-headquartered hospital chain to 59%.

IHC) said on Thursday it is selling its stake in Adani Green Energy and Adani Energy Solutions, less than 18 months after the strategic investment company invested ₹15,400 crore in three Adani group companies. While IHC did not disclose the name of the buyer and the value of the deal, people with knowledge of the matter said the investor could be exiting at a steep loss given that stocks of both Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission) were trading much below the price at which it had invested in the companies last year. IHC said in a letter to the Abu Dhabi Securities Exchange that it has entered into a definitive agreement with a buyer to sell its investments in Adani Green Energy and Adani Energy Solutions as part of its portfolio rebalancing strategy. ET's queries emailed to Adani Group did not elicit a response till press time. IHC holds a 1.26% stake in Adani Green and 1.41% in Adani Energy Solutions, as of June 30. Its investment in the two companies was worth around ₹3,327 crore, as per prices at market closing on Thursday, 57% lower than ₹7,700 crore invested in May 2022. Value of Stake in Adani At that time IHC had invested Rs 15,400 crore (around $2 billion) in three Adani companies — Rs 3,850 crore each in Adani Green Energy and Adani Energy Solutions, and Rs 7,700 crore in Adani Enterprises.

Temasek is paring part of its controlling stake in Manipal Hospitals six months after it doubling down in the Bangalore headquartered hospital chain. Temasek owned Sheares Health, is in advanced negotiations to sell 8-9% of its 59% interest in Manipal Health Enterprises to Abu Dhabi' fund Mubadala and the sovereign wealth fund of Brunei, Brunei Investment Authority (BIA), said people in the know.

International Holding on Thursday said that the company plans to dispose its investment in Adani Group firms – Adani Green Energy Ltd and Adani Energy Solutions Ltd. The decision to sell off the investment is part of the company’s plan to rebalance its overall portfolio strategy, IHC said.

IHC) on Thursday said it will dispose its investment in India's Adani Green Energy and Adani Energy Solutions.

₹5,512.50 crore in October 2020. Earlier this week, RIL's retail arm received the full subscription amount of ₹2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Also read: Reliance Retail in talks with Gulf, Singapore funds on $1.5 billion investment: Report Following the share allotment, KKR's shareholding in RRVL has increased to 1.42% from 1.17%.

The Abu Dhabi Global Market (ADGM) has granted Laser Digital, the digital assets arm of Japan’s Nomura Bank, in-principal approval to provide broker-dealer services and asset/fund management services with both digital and traditional assets, according to an ADGM communication on Sept. 26. 

Pieter Elbers, CEO, IndiGo, tells ET Now about the airline's plans going forward. Edited excerpts:ET Now: Give us an idea of the airline's expansion strategy...Pieter Elbers: Over the past five-six weeks we have added new flights from Mumbai, we have started operations from Mumbai to Nairobi. We have started Mumbai to Jakarta and as recently as this weekend we have launched flights from Delhi to Tashkent and Almaty. So we have expanded from a little over 20 destinations to 32 now.