City Abu Dhabi Financial News

The Middle East is home to some of the world’s largest sovereign wealth funds. Overseeing close to $3 trillion of assets, these investing giants have become key players in global dealmaking. 

United States-based crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin (BTC) in August — 9% less than in July but five times more than in August 2022.

₹261 crore from anchor investors ahead of its Initial Public Offering (IPO) that opens for subscription today, Wednesday. The company on Tuesday said it decided to allocate 35.47 lakh equity shares to 39 entities at ₹735 apiece, which is also the upper end of the price band. Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs, Fidelity Funds, Nomura, HDFC Mutual Fund (MF), Nippon India MF, Axis MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC Life Insurance, are among the anchor investors.

UAE astronaut Sultan AlNeyadi has marked a triumphant return to Earth after a remarkable six-month sojourn aboard the International Space Station (ISS). Notably, AlNeyadi holds the distinction of being the first person from the Arab world to journey into the cosmos and the first Arab astronaut to accomplish a 7-hour spacewalk. In a heartfelt message to the cosmos, AlNeyadi conveyed, «Space, this is not a goodbye.

The winner of a new art competition hosted by Binance will see their design featured on the helmet of racing driver Pierre Gasly from the Alpine Formula One team during the Abu Dhabi Grand Prix on Nov. 26, 2023.

The Sultanate of Oman is continuing its push into the world of cryptocurrency with a series of multi-million-dollar investments. 

Roark Capital Group has won the race to acquire United States sandwich chain Subway after seeing off a late challenge from a rival bid group led by TDR Capital and Sycamore Partners.

Roark Capital Group has won the race to acquire US sandwich chain Subway after seeing off a late challenge from a rival bid group led by TDR Capital and Sycamore Partners.

QIA) agreed to invest ₹8,278 crore ($997 million) in Reliance Retail Ventures (RRVL) at an equity valuation of ₹8.2 lakh crore ($100 billion), making it the single largest investment by the sovereign wealth fund of the gas-rich country in India. RRVL, the holding company of Reliance Retail Ltd (RRL), had diluted 10.1% stake and raised over $6 billion in 2020 from several financial sponsors and sovereign wealth funds (SWFs) such as KKR, General Atlantic, TPG, Silver Lake, L Catterton, Abu Dhabi Investment Authority, Mubadala and Public Investment Fund of Saudi Arabia. QIA and RRVL announced the deal on Wednesday. The capital raise, at a 97% premium to the last round (₹4.2 lakh crore), sets a new valuation benchmark for a larger $3-4 billion raise being planned by RRVL, said people in the know.Europe Meeting The funding round from financial investors including SWFs from South-East Asia is part of a value-unlocking exercise ahead of a planned listing, said people in the know. At $100 billion, RRVL, with over 18,000 stores, will outpace global peers such as Tesco, Carrefour, Uniqlo and JD.com. In India, Reliance Retail, the largest in the segment by sales and profit already, will be almost 3.5 times the value of the largest listed retail chain, Avenue Supermarts, which owns DMart.

Competition Commission of India has slapped penalties totalling Rs 55 lakh on Abu Dhabi Investment Authority (ADIA) and TPG Group for making false declarations before the regulator while availing the green channel facility in a deal related to the acquisition of a stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The acquirers, ADIA and TPG Group, shall pay the penalty jointly and severally, the CCI order said. The transaction pertains to the combination comprising the acquisition of a stake in UPL SAS by Platinum Trust and TPG Upswing through the Upswing Trust, the CCI said in the order. Abu Dhabi Investment Authority is the sole beneficiary and settlor of the Platinum Trust, while TPG Upswing is a part of the TPG Group. In December 2022, the Competition Commission of India (CCI) received a notice jointly given by Platinum Trust, acting through Platinum Trustee, and TPG Upswing in relation to the combination.

MUMBAI : Omnichannel pharmacy chain PharmEasy will raise ₹3,500 crore through a rights issue next week, multiple people aware of the development said, helping it repay a big chunk of its loans to Goldman Sachs. Temasek Holdings, TPG, Prosus, CDPQ, Eight Roads, LGT, Abu Dhabi sovereign wealth fund ADQ, Amansa, OrbiMed and Sunil Kant Munjal’s family office have already committed to invest as much as ₹2,000 crore, one of the people cited above said. Manipal Health Enterprises founder Ranjan Pai’s family office may invest ₹1,200 crore.

Abu Dhabi City Municipality has taken a number of initiatives to augment traffic safety measures in the vicinities of schools throughout Abu Dhabi and its adjoining areas. For enhanced student safety, the municipality has rolled out a comprehensive suite of projects to revamp and strengthen the traffic safety elements within Abu Dhabi City's school regions.

One of Australia’s largest veterinary chains, VetPartners, has caught the attention of Swedish private equity investor EQT Partners.

Adani Group issued a clarification stating its group company Adani Energy Solutions, erstwhile Adani Transmission, is not in discussion with Abu Dhabi National Energy Company PJSC ( TAQA) for any investment. ET in its Friday edition reported TAQA is in discussions with the promoters of the Adani Group to evaluate an investment of $1.5-$2.5 billion in the group's power transmission and distribution business.

Ashok Kumar Khurana, DG, Association of Power Producers, says “foreign investors have now shown great interest in the entire supply chain of power, that is, generation, conventional and renewable, transmission, distribution, all these sectors and recent block deals taking place through Abu Dhabi National Energy Company. They have shown big interest in Adani Transmission.

Adani Transmission. Meanwhile TAQA said news of any investment had “no truth".

Adani Enterprises Ltd, and Adani Ports & Special Economic Zone Ltd rose over 3% each and were among top gainers on Nifty 50. Adani Group stocks have been in spotlight following news reports that Abu Dhabi National Energy Company PJSC (TAQA) is considering investing up to $2.5 billion in the group's power industry.

Adani Green Energy, Adani Energy Solutions and Adani Power jumped up to 5% in Friday's trade on BSE amid reports that Abu Dhabi National Energy Co. PJSC (TAQA) is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen. TAQA, among the largest integrated utilities in Europe, West Asia and Africa and also the second-largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, people familiar with the matter told ET.

Gautam Adani's power business, according to a report published by Economic Times. TAQA is the second-largest stock on Abu Dhabi Securities Exchange (ADX). On Wednesday, US-based boutique investment firm GQG Partners also invested USD 1.1 billion in Adani Power to pick up an 8.1% stake in the company.

Abu Dhabi National Energy Co. PJSC (TAQA) is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen, said people aware of the matter. TAQA, among the largest integrated utilities in Europe, West Asia and Africa and also the second largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, said the sources mentioned above.

TAQA) is looking to double down on India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen, said people aware of the matter. TAQA, among the largest integrated utilities in Europe, West Asia and Africa and also the second largest stock on Abu Dhabi Securities Exchange (ADX), is keen to deploy $1.5-2.5 billion in Adani Group firms or in a single entity, said the sources mentioned above. However, both sides believe there is maximum synergy between TAQA and Adani Energy Solutions, formerly Adani Transmission, to forge a strategic alliance and work together on projects in North Africa and West Asia.