City Abu Dhabi Financial News

Subscribe to enjoy similar stories. Has there ever been a grimmer backdrop to the world’s most concerted attempt to avert global warming? CoP-29, the annual conference for the United Nations Framework Convention on Climate Change, is happening in Baku, Azerbaijan, one of the birthplaces of the modern oil industry and (according to civil liberties group Freedom House) among the most oppressive societies on the planet. Leaders from China and the US, which account for about 45% of the world’s carbon footprint, aren’t attending—and US President Joe Biden is a ‘lame duck’ after the Republican Party’s electoral sweep.

As of 11:09 am, the issue had attracted bids for 2,75,03,790 shares, or 47% of the total issue size of 5,82,03,223 shares. The retail portion of the issue was subscribed 1.57 times, while the non-institutional category's subscription rate stood at 37%. The allocation for qualified institutional bidders was booked at 15%.

Cyient, on Monday announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company, for a consideration of $7.25 million. The strategic investment will expand Cyient’s capabilities across the semiconductor industry, said the Hyderabad headquartered firm in an exchange filing. This is the third such M&A deal entered by Cyient this month.

Subscribe to enjoy similar stories. Any ordinary pop star can play a stadium. In August, Adele had a stadium built just for her.

Middle East's biggest hypermarket chains, kicked off an initial public offering on Monday that bankers say could be the UAE's largest this year. The offering by the conglomerate that runs more than 240 stores in the six countries belonging to the Gulf Co-operation Council comes during a retail spending boom in the region that is spurring domestic listings by companies in the sector. The listing, set to run from Oct. 28 to Nov. 5, will offer more than 2.582 billion shares, which are expected to start trading on the Abu Dhabi Securities Exchange on Nov. 14, Lulu's IPO document showed.

Subscribe to enjoy similar stories. It shares a border with Greece, is a convenient boat ride away across the Adriatic Sea from Italy and not much of a drive from Dubrovnik in southern Croatia. Yet, Albania is a bit of a dark horse when it comes to Indian travellers.

Haldiram Snacks Food Pvt Ltd, the 87-year-old legacy brand which is India’s largest snack and convenience foods company. Earlier, it was reported that Haldiram’s promoters were planning to sell a controlling 51 per cent stake, but now a new report says they are looking to offload 10-15 per cent minority stake. Many global investors have been vying to buy a stake in the cash-rich and profitable company which has a long legacy of manufacturing the iconic Indian savoury snack, Bikaneri bhujia.

Subscribe to enjoy similar stories. The promoters of Haldiram Snacks Food Pvt Ltd. are now looking to offload 10-15% stake against the initial plan to sell a majority holding in India’s largest snack-maker that has drawn interest from top global investors, said three people with the knowledge of the development.

Abu Dhabi Investment Authority (ADIA)-backed institutional investor Lake Shore has raised over ₹1,200 crore from HSBC Commercial Banking through a sustainability-linked loan for its retail property Viviana Mall in Thane, said persons with direct knowledge of the development. This is the first such fundraising linked to sustainability efforts undertaken for any retail property in the country and among the maiden real estate financing loans availed by any institutional investor in India. The integrated institutional investor has raised the funds through Lake Shore Group entity Salsette Developers that owns the retail property in Thane. HSBC Commercial Banking has provided the loan that was used to refinance the existing lenders and provide liquidity to the company.

The world’s second Sphere will be built in the capital of the United Arab Emirates after the opening of the first in Las Vegas

Harp Bidco, a private equity consortium comprised of CVC Capital Partners, Nordic Capital and Abu Dhabi Investment Authority, made several bids back in the summer for the platform group, with the HL's board eventually agreeing to an offer in August. Hargreaves Lansdown agrees to £5.4bn PE takeover offer Yesterday (14 October), an 87% majority of HL shareholders voted in favour of the deal. However, 13.4% of shareholders voted against the offer. Shareholders will now have to decide if they want to participate in Bidco's ‘alternative offer', whereby eligible HL shareholders may elect...

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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BEIJING — Chinese tech company Baidu's robotaxi unit, Apollo Go, is in talks with several firms to expand into overseas markets in the «near future,» according to a source familiar with the matter.

GIC Pte is considering options for its 50% stake in India’s Greenko Energy Holdings, including a possible sale that could be worth around $5 billion, people familiar with the matter said.

Manchester City claimed a partial victory over the Premier League on Monday after an arbitration panel ruled on sponsorship deals, known as Associated Party Transactions (APT), that the Abu Dhabi-owned club was blocked from completing. The Premier League put its own spin on what some commentators saw as a landmark verdict, saying the panel's redacted 175-page document endorsed the overall objectives and decision-making of the APT system. The panel found parts of the league's APT rules broke British competition law, however, and were also unlawful because clubs were unable to comment on types of data the league would take into account.

More Indians are holidaying abroad than ever before. The Reserve Bank of India’s data on outward foreign remittance in FY24 confirms this, as overseas travel was the primary source of outflows at 53%. This includes business travel as well, but empirical data and reports highlight the current craze among Indians for foreign holidays.

Subscribe to enjoy similar stories. It’s a conundrum of basic economics: Can prices be kept affordable when demand heavily outweighs supply? It is usually onions, fuels or rare earth metals like dysprosium that trouble us with the question, but this week, it was concert tickets that sparked outrage and stirred musings. Last Sunday, about 13 million Coldplay fans of all ages went online and joined a long queue to snag a grand total of 150,000 tickets.

Shah Rukh Khan experienced a whirlwind of fan frenzy at Mumbai Airport early Thursday morning as he prepared to depart for the IIFA Awards 2024 in Abu Dhabi. The scene quickly escalated into chaos, capturing widespread attention on social media. Dressed in a casual black hoodie, sunglasses, and a cap, Shah Rukh was on his way to the terminal when a throng of eager fans and paparazzi surrounded him. A video of the incident has since gone viral, showcasing the overwhelming excitement and enthusiasm of the crowd. Despite being accompanied by his dedicated bodyguard Ravi and manager Pooja Dadlani, Shah Rukh appeared visibly uncomfortable as fans pushed to get closer to him. In the footage, the “King of Bollywood” is seen maintaining his composure, occasionally smiling and waving to his admirers. However, the crowd’s intensity became so great that at one point, Shah Rukh lost his balance, raising concerns for his safety. “I wear stardom like a T-shirt, not like a tuxedo,” he once said, reflecting his humble approach to fame. Yet, moments like these highlight the sometimes overwhelming nature of celebrity status.

Insurance acts like a safety net, helping protect you and your family from unexpected situations that can cause financial stress. Whether it’s a car accident, a health emergency, damage to your home, or losing a primary earner, having the right insurance can ease your financial burden, allowing you to focus on getting back on your feet.

Subscribe to enjoy similar stories. Many dreams were shattered on 22 September. About 13 million people rushed to BookMyShow for the 150,000 Coldplay tickets available.