City Abu Dhabi Financial News

Mankind Pharma, India’s fourth largest pharma company by market share, is all set to acquire BSV Group, formerly Bharat Serum & Vaccines, from Advent International for around Rs 14,000 crore ($1.67 billion), people aware of the development told ET. Mankind will be trumping a rival bid from a consortium of EQT and Abu Dhabi Investment Authority (ADIA).

Air India Express continued its network expansion, connecting Bengaluru to Abu Dhabi with its first direct international service from India's IT capital on Tuesday, officials said. With over 200 weekly flights, Bengaluru is the largest station for Air India Express, they said. In a statement, the airline said, «With the launch of the Bengaluru-Abu Dhabi flight, guests from cities such as Ayodhya, Bagdogra, Bhubaneswar, Chennai, Goa, Guwahati, Gwalior, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Pune, Ranchi, Varanasi, and Visakhapatnam now have the option to connect conveniently to Abu Dhabi through one-stop itineraries via Bengaluru.» Air India Express operates direct flights connecting Abu Dhabi to Bengaluru, Kannur, Kochi, Kozhikode, Mangaluru, Mumbai, Thiruvananthapuram, and Tiruchirappalli and connects 17 Indian cities to Abu Dhabi via convenient one-stop itineraries, it added.

Abu Dhabi-listed Phoenix Group has launched a new 25-megawatt cryptocurrency mining facility in Willamette, South Carolina.

Vedanta Limited raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share, according to a stock exchange filing by the company. The issue, which closed on July 19, implied a discount of 4.61 per cent to the floor price of Rs 461.26 per equity share. In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise Rs 8,500 crore.

Mint. Nykaa owns over 27 brands across skincare, cosmetics, and fashion, including Nykaa Cosmetics, Nykd by Nykaa, and Pipa Bella. Purplle, which recently raised ₹1,000 crore from Abu Dhabi Investment Authority and other investors, runs brands like Carmesi, Good Vibes, NY Bae, and Faces Canada.

U.S. Olympic men's basketball team took the floor for warmups before an exhibition game in Abu Dhabi: Stephen Curry opened with a layup, followed by ones from Tyrese Haliburton, Anthony Edwards and Derrick White, and then a short jumper from Devin Booker. All were met with some cheers. And then LeBron James got the ball in his hands. The crowd got louder immediately, the volume rising until his dunk was met with the loudest roar the arena could muster. «He's still LeBron,» U.S. assistant coach Erik Spoelstra said.

UnTrade recently had the honor of participating in Mempool Reload, an exclusive event organized by our esteemed accelerator partner, Applicature. Held on May 30th and 31st, 2024, at the luxurious Atlantis, The Royal in Dubai, this premier gathering was designed to foster connections, share groundbreaking insights, and explore the future of blockchain and cryptocurrency. Ideated by Ian Arden and masterfully orchestrated by Gordon Einstein as the master of ceremony, Mempool Reload brought together prominent investors, family offices, entrepreneurs, and experts from around the globe.

The European Commission has approved Lufthansa’s takeover of Italian airline ITA with conditions to protect competition

Abu Dhabi has been named in honour of Dr George Matthew, a UAE citizen of Indian origin, in recognition of his remarkable contributions to the emirate's healthcare sector over nearly 60 years, as reported by Khaleej Times. Dr Matthew, now 84 years old, first arrived in the UAE in 1967 as a 26-year-old, long before the country's unification. Over the past six decades, he has played a pivotal role in shaping Abu Dhabi's healthcare system, witnessing its transformation from its early days to its current state. Notably, he was the first doctor to work in a government hospital in Al Ain, leaving a lasting impact on the country's medical landscape, as reported by Khaleej Times.

Mint. During the height of the Ukraine war, in July 2022, the Reserve Bank of India said that it would put in place an additional arrangement for invoicing, payment and settlement of exports and imports in rupees. The RBI’s move was aimed at promoting trade in rupees and to help ease settlements with Russia.

IPO) of Emcure Pharmaceuticals, which opened earlier today, was booked 66% so far, driven by hefty demand from non-institutional investors. The issue, which closes on July 5, was subscribed 83% in the retail category and 1.07 times in the NII portion. Meanwhile, there were no bids yet in the QIB category.

IPO of Emcure Pharmaceuticals, the shares of the company are commanding a healthy premium of Rs 360 in the unlisted market. Considering the upper price band of Rs 960, the stock is expected to list at a premium of 37% if the current trends sustain. The company has finalised the share allotment today and listing date is fixed as July 10.

IPO) of Emcure Pharmaceuticals will open for subscription today. Ahead of the issue opening, the company raised Rs 582 crore from anchor investors. Marquee investors who participated in the anchor round include HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life among others.

MUMBAI : Mumbai: Some of the world’s largest sovereign wealth funds, including Singapore’s GIC Holdings Pte. Ltd, Abu Dhabi Investment Authority, and Kuwait Investment Authority, have significantly increased their investments in Indian stocks and startups the past few years. These three funds held a collective ₹5 trillion, or nearly $60 billion, in Indian stocks as of 31 March, show data compiled by Mint.

DSV A/S and CVC Capital Partners Plc are seen as the leading contenders for Deutsche Bahn AG’s logistics unit DB Schenker after AP Moller-Maersk A/S dropped out of the running, according to people familiar with the matter. Binding bids are expected to be submitted in August, the people said, asking not to be identified because the information is private. CVC has offered to let the German government or related fund keep around a 20% stake in the unit and benefit from any future upside, according to the people. Rival bidder DSV could link DB Schenker into its freight forwarding technology system, seen as one of Europe’s largest platforms, the people said. The Danish company has made a number of acquisitions in recent years, often raising the group’s combined profit margins once a takeover is digested.

First Abu Dhabi Bank on Thursday clarified that it was not evaluating any possible offer for a stake in Indian private lender Yes Bank, as per news agency Reuters. The Middle Eastern lender was apparently among those evaluating a $5 billion stake in Yes Bank for around 51 per cent, news agency Bloomberg reported on Wednesday citing sources. The other suitors included Japan-based Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. Following this news, shares of Yes Bank jumped as much as 8.5 per cent. The stock has climbed around 25 per cent this year so far. State Bank of India has reduced its stake in Yes Bank, which it rescued four years ago from a crisis of bad loans. Despite the reduction, SBI remains the largest shareholder with a 24 per cent stake. The impending end of SBI Chairman Dinesh Khara’s tenure in August could potentially delay any deals involving Yes Bank. A government-appointed panel has recommended Challa Sreenivasulu Setty as his successor.

Q1: EconomicTimes.com: ADGHW was a great success and helped to raise Abu Dhabi’s profile on the healthcare stage. How will DoH look to follow this up over the short term? Beyond the inaugural event in May, Abu Dhabi Global Healthcare Week (ADGHW) will serve as a year-round platform for open, inclusive exchange and joint action for a healthier world. It will also serve as a platform for an ongoing, borderless partnership aimed at fostering cross-sector collaboration.

JSW Infra, Stanley Lifestyles, SAMHI Hotels, Bank Of Baroda, IREDA among others will be in focus due to various news developments. JSW Infrastructure Indicating that the company is still interested in the mega Tajpur deep sea port in West Bengal, JSW Infrastructure Ltd said that it remains open to re-evaluate its strategy for the project.

South Korean venture capital firm Hashed Ventures is expanding its operations to Abu Dhabi in a new partnership with the region’s global tech ecosystem.

India's Adani Group is «well positioned» to capitalize on opportunities in the country's booming infrastructure sector as spending is expected to surge, Chairman Gautam Adani told investors on Monday. The group, which has businesses across ports, power utilities, transmission and coal trading, is betting on India's infrastructure spending that is expected to grow at a compounded annual growth rate of 20%-25%, Adani said.

Jaishankar has reviewed with his United Arab Emirates counterpart Abdullah bin Zayed Al Nahyan the multi-faceted India-UAE comprehensive strategic partnership and discussed new areas with «untapped potential» to enhance collaboration, an official statement said on Monday. Jaishankar, who was in the UAE on Sunday, also exchanged views with Al Nahyan on regional and global issues. He visited the iconic BAPS Hindu Mandir in Abu Dhabi and participated in the 10th International Yoga Day celebrations before meeting Al Nahyan.