City Abu Dhabi Financial News

Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, Mirae Asset MF, Tata MF, Birla Sunlife Insurance, Max Life Insurance, Abu Dhabi Investment Authority, Nomura, Goldman Sachs, Al Mehwar Commercial Investments and Natixis Investment Managers, among others, have been allotted shares in the anchor round.

miner Vedanta's parent on Friday said it has secured commitments from Barclays, First Abu Dhabi Bank, and Mashreq totaling $300 million in loan tenors of 3 years and 3 months. The proceeds will be used for refinancing some outstanding 2024 and 2026 bonds and for meeting other debt servicing obligations, Vedanta Resources said in an exchange filing. The company is looking to upsize the deal and is in advance discussions with other banks for additional loans of $200 million, it said.

budget, the spotlight is on tax reforms and their impact on economic growth, boosting consumption and attracting foreign investment. Dinesh Kanabar, tax expert and CEO of Dhruva Advisors LLP, shares his perspective in a discussion with ET. Edited excerpts:

Subscribe to enjoy similar stories. It’s the morning of 19 December. I am just staring out of my sixteenth-floor hotel room on the Sheikh Zayed Road in Dubai.

Subscribe to enjoy similar stories. The year 2024 was far from stellar for Indian stocks, particularly in retaining foreign investment. Towards the end of the year, as markets experienced a significant correction, foreign institutional investors (FIIs) began pulling their funds from Indian equities.

Subscribe to enjoy similar stories. Lewis, it’s hammer time…" The most feared message over the radio during a Formula 1 race for a decade, those words rang out one last time on 8 December 2024.

India-Middle East-Europe Corridor (IMEEC) as a 'historic initiative' to foster regional connectivity and prosperity during his meeting with United Arab Emirates Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan. During the talks on Thursday, PM Modi also conveyed his warm wishes for UAE President Sheikh Mohamed bin Zayed Al Nahyan, according to the Ministry of External Affairs statement. PM Modi expressed satisfaction at the frequent high-level visits and exchanges, including the visit of the Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India in September 2024, which marked a generational continuity in bilateral relations.

EsportsXO, an esports tournament management firm, on Thursday, announced a strategic partnership with Abu Dhabi Gaming, as part of its expansion into the MENA region. XO will establish its regional headquarter in Abu Dhabi. This collaboration is aimed at fostering the growth of Abu Dhabi’s local gaming ecosystem and will enable both companies to seize the emerging opportunities in this growing sector. With a projected valuation of $397.21 billion by 2029, the global gaming industry is on a sturdy growth track and the MENA region is rapidly emerging as one of its largest markets. By setting up its regional hub in Abu Dhabi, XO aims to position itself at the epicentre of this dynamic landscape, poised to tap into a market ripe for expansion. Vikas Goel, Founder, XO, said in a statement, “Working with Abu Dhabi Gaming is a major step for XO as we look to expand our presence in one of the world’s most exciting gaming regions. We are eager to contribute to the development of the local gaming ecosystem, nurture homegrown talent, and bring world-class gaming experiences to the MENA region. This reinforces our commitment to expanding our global footprint while fostering meaningful connections with gamers and industry leaders across the region.”

According to the circular, MobiKwik has decided to allocate 92.26 lakh equity shares to 21 funds at Rs 279 apiece, which is also the upper end of the price band. This translates into the transaction size to Rs 257.4 crore.

Lando Norris won the final race of the F1 season at Abu Dhabi on Sunday to secure the team's first Formula One constructors' title since 1998 after teammate Oscar Piastri collided with Max Verstappen on the opening lap and finished 10th. Ferrari's Carlos Sainz and Charles Leclerc finished second and third. They were the only team that could have beaten McLaren to the championship.

GMR Infra Enterprises by a trust linked to the Abu Dhabi Investment Authority (ADIA). In a statement, the regulator said Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC) had proposed to subscribe to unlisted and unrated optionally convertible debentures (OCDs) of GMR Infra Enterprises. GMR Group had in October said it had secured Rs 6,300 crore debt funding from ADIA and that the proceeds will be utilised for refinancing loans of GMR Enterprises, the promoter of GMR Airports.

Cipla shares are in focus today after Samina Hamied and Rumana Hamied, promoters of the pharmaceutical company, exited by selling their 1.72% stake for Rs 2,111 crore through open market transactions. Investors including the Singapore government, Societe Generale, Abu Dhabi Investment Authority, BNP Paribas, BofA Securities, Citigroup, Morgan Stanley, Goldman Sachs, Norges Bank, UBS, and Copthall Mauritius bought stakes in Cipla. According to block deal data available on the National Stock Exchange (NSE), Samina sold 89.54 lakh shares of Cipla, while Rumana Hamied offloaded 49.43 lakh shares, amounting to a 1.11% and 0.61% stake, respectively.

Subscribe to enjoy similar stories. Saudi Arabia’s unprecedented attempt to diversify from an oil economy to something more sustainable seems to be churning along nicely. The female labour participation rate has nearly doubled to 36% from 2016, the year Crown Prince Mohammed bin Salman laid out his Vision 2030.

Akasa Air announced on Thursday the launch of daily direct flights connecting Abu Dhabi with Bengaluru and Ahmedabad, starting from March 1 and 2, 2025 in a press release. The daily flights from Abu Dhabi to Bengaluru (Flight QP 578) will depart at 10:00 am and arrive in Abu Dhabi at 12:35 pm. On the return leg, Flight QP 577 will depart Abu Dhabi at 3:00 am and arrive in Bengaluru at 8:45 am. Both flights will are non-stop, will operate daily and are set to fly from March 1 and March 2, respectively. In addition, Akasa Air will introduce direct and daily flights between Ahmedabad and Abu Dhabi from March 1, 2025. Flight QP 580 from Ahmedabad will depart at 10:45 pm and arrive in Abu Dhabi at 1:00 am the next day, while Flight QP 579 will depart Abu Dhabi at 2:50 pm and arrive in Ahmedabad at 7:25 pm.

Abu Dhabi Investment Office (ADIO) serves as a central entity in fostering economic growth and diversification in the emirate of Abu Dhabi. ADIO’s strategic emphasis on nurturing knowledge-based industries is the driving force behind Abu Dhabi’s aspiration to become a leading global center for innovation and sustainability.

Subscribe to enjoy similar stories. Mumbai: International Holding Company (IHC), the investment arm of Abu Dhabi's ruling family, has become the second major investor to reaffirm its faith in the Adani Group after its chairman Gautam Adani was indicted by US federal prosecutors for allegedly bribing Indian government officials. "At IHC, our investment strategy is guided by a commitment to long-term growth and sustainability.

API Holdings Limited, recorded a revenue of Rs 5,664 crore in FY24, a decline of 14.7% compared to Rs 6,644 crore in FY23. The Mumbai-based company reported a net loss of Rs 2,533 crore, an improvement from the Rs 5,212 crore loss in FY23, driven by a reduction in goodwill impairment charges to Rs 582 crore from Rs 2,826 crore in FY23. Sales of medicines (goods) for FY24 were Rs 5,008 crore, while revenue from lab tests and other services stood at Rs 652 crore. PharmEasy published these numbers on its website.

SoftBank Vision Fund’s former co-chief executive officer Rajeev Misra, has upped its size by more than $1 billion this month to support its growing operations as it opens offices in countries such as Japan and India, according to people familiar with the matter. The fundraising has increased OneIM’s size to $8 billion, the people said, asking not to be named as the information is not public. The two-year-old fund plans to open an office in New Delhi, adding to its presence in New York, London, Abu Dhabi and Tokyo, they said. OneIM is backed by Abu Dhabi conglomerate Royal Group and Mubadala Investment Co., one of the emirate’s sovereign wealth funds, Bloomberg News reported earlier. The investment vehicle will look for lending and investment opportunities globally, and some of these deals could be in partnership with its existing backers, the people said.

That makes the combined UAE market, which includes exchanges in Dubai and Abu Dhabi, bigger than Milan or Madrid. While dwarfed by the nearly $3 trillion Saudi Arabian bourse, the UAE is larger than most emerging markets, barring a few like India and China, according to data compiled by Bloomberg.

Subscribe to enjoy similar stories. Hope continues to burn bright, despite a renewed sense of foreboding, that there may be a sliver of light at the end of the climate change tunnel. There is anxiety due to two shadows hanging over Baku, Azerbaijan’s capital, which is hosting the latest edition of multilateral climate change talks, CoP-29.