Three Abu Dhabi banks denied they were in merger talks on Sunday, sending their share prices lower as investor hopes of a shake-up in the banking sector were dashed. Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Abu Dhabi Islamic Bank in separate statements to the bourse each denied they were involved in merger plans. Shares in the lenders had been suspended earlier on Sunday […]
Everywhere you look these days, it seems someone is talking about innovation. Whether at work or at home, when travelling, shopping or ordering a taxi, innovation is making our lives easier, reducing our impact on the environment and saving us money. As a result, it has become a career buzzword and young people across the region increasingly want to get involved and make an impact on their […]
Sixteen businesses in the capital are gearing up to prove they have the fittest employees, as part of the inaugural Abu Dhabi Dash relay challenge on Tuesday. The competition, organised by Interact and the Abu Dhabi Sports Council, features 10 teams of white-collar workers, who will run 15 kilometres at Zayed Sports City on Tuesday from 6.30pm. The teams feature a mix of nationalities and fitness levels, and […]
Abu Dhabi Education Council’s (ADEC’s) sixth Abu Dhabi Science Festival (ADSF) is officially underway after it was opened today by Sheikh Nahyan Bin Zayed Al Nahyan, Chairman of Abu Dhabi Sports Council, accompanied by Saeed Eid Alghafli, Chairman of the Executive Office and a member of the Executive Council, Dr. Ahmed Mubarak Al Mazrouei Secretary-General of the Executive Council, Rt. Hon. Donald Wilson, Lord Lieutenant and […]
|By Arabian Post Staff|Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi and First Gulf Bank, Bloomberg reported quoting some people with knowledge of the matter. The agency said Abu Dhabi is weighing a plan to merge Abu Dhabi Commercial Bank PJSC and Union National Bank and also combine Abu Dhabi Islamic Bank with Al-Hilal Bank. But […]
A guide of things to do today in the UAE. newslide Abu Dhabi Tennis Get tickets now for the Mubadala World Tennis Championship and see top players, including Jo-Wilfried Tsonga, Tomáš Berdych, Rafael Nadal, Andy Murray, Milos Raonic and David Goffin, who will be in the capital for the championship. • December 29 to 31, from 4pm on December 29 and 30; from 1am on December 31, […]
ABU DHABI // Thousands of people marked the 10th Abu Dhabi Walk on its return to Yas Marina Circuit by putting on their training shoes and stepping out to raise awareness of diabetes. Last year, more than 21,000 took part. At Walk 2016, friends and family got together while mothers pushed prams to kickstart a healthier lifestyle and help reverse a long-term diabetes trend in the UAE. […]
|By Arabian Post Staff| Adnoc announced plans to merge Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co. by the end of 2017. The new shipping company will operate more than 165 vessels, including vessels to carry liquefied natural gas, chemicals and bulk cargo, Adnoc said. The consolidation is expected to lead to improved efficiency and savings. The move is seen […]
|By Arabian Post Staff| The extent to which the economic slowdown has affected the performance of companies is fairly well known. Still, when Abu Dhabi’s sovereign wealth fund and corporate entity Mubadala announced its half yearly result, it came as a shocker. The Mubadala Development Co., which has announced a merger with International Petroleum Investment Co., has posted a first half loss of AED 4.43 billion ($1.2 […]
Saudi Arabia’s Public Investment Fund is seeking to recruit senior bankers to help the kingdom run what may become the world’s largest sovereign wealth fund, according to people with knowledge of the matter. The fund, which holds about $100 billion worth of stakes in local companies, is working with U.S.-based executive search firm Korn Ferry International to hire for positions including the head of private equity, head […]
|By Arabian Post Staff| Mubadala’s prestigious business of aircraft parts supply faces the prospects of another Middle East player entering the field, with Iran planning a parts making plant with Airbus. The Abu Dhabi-based Strata has $7.5 billion worth of orders from both Airbus and Boeing Co. for up to 2030. Iran’s alignment with Airbus is becoming clearer following the signing of a milestone agreement to purchase 118 jetliners from the European […]
Emirates Global Aluminium (Emal) a joint venture between Abu Dhabi and Dubai, is said to be paying almost 40 percent more for a loan compared with last year as liquidity in the Gulf tightens after the plunge in oil prices. The state-controlled company will pay 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on a $4.9 billion, seven-year conventional loan and an […]
|By TAP Staff| Majid Al Futtaim Holding is weighing an offer to acquire Abu Dhabi consumer finance firm Dunia Finance, Chief Executive Officer Alain Bejjani said in an interiew. “Dunia is an opportunity that was presented to us, so we are looking at it,” Bejjani said, but clarified that the company has not yet decided on a formal bid. Dunia’s shareholders, including Mubadala Development Co. and a unit […]
|TAP Special| UAE finance company Dunia may be for sale and Dubai’s Majid Al Futtaim Holding is believed to be among the suitors. According to Bloomberg, MAF Holding and KKR & Co. are among companies weighing a bid for the Abu Dhabi consumer finance firm. MAF already has a personal finance business, which offers the Najm credit cards and other products. There could be good synergy between […]
UAE. Etihad Airways, the national airline of the United Arab Emirates, achieved its strongest financial results to date in 2014, posting a net profit of US$ 73 million on total revenues of US$ 7.6 billion, up 52.1 per cent and 26.7 per cent respectively over the previous year. 2014 PEFORMANCE SUMMARY OF ETIHAD AIRWAYS *The above results represent the standalone airline business within the newly formed Etihad […]
Yahsat, a UAE-based satellite operator – a wholly owned company of the Mubadala Development Company, has unveiled a new training programme as part of its partnership with Orbital ATK Corporation, the manufacturers of Yahsat’s third satellite, Al Yah 3. The programme will see 15 UAE national engineers from Yahsat work alongside top industry experts for a period of six months, at varying time periods during the satellites […]
Dubai Aluminium’s (Dubal) $1.8 billion seven-year term loan pays an interest margin of 145 basis points (bps) over Libor, according to a banking source close to the deal. The three arranging banks Citigroup, Emirates NBD and Societe Generale, which fully underwrote the deal, launched the deal into syndication earlier this week. Banks have been invited to commit $200 million to the amortising loan for a 90 bps […]
Dubai Aluminium (Dubal) has chosen three banks to arrange a $1.8 billion seven-year loan to help fund general operations, its first such facility in a number of years, three banking sources told Reuters on Wednesday. The firm has chosen Citigroup, Emirates NBD and Societe Generale to arrange the loan, the sources said, speaking on condition of anonymity because the information is not public. The three banks have […]
To find inspiration for the future in his new role as chief executive of Masdar, Dr Ahmad Belhoul looked at the past. “When you look back a generation or two to our grandparents’ time, they were some of the most sustainable people on Earth,” he said. “They would use water and food only to the extent that they needed.” Appointed as the head of Abu Dhabi’s leading […]
Dubai Aluminium (Dubal) has held talks with banks about raising a loan to help fund its general operations, the first time the firm has commissioned such a facility in years, three banking sources told Reuters on Thursday. While it is a rarity for the company to raise money not tied to a specific project, a loan would be the latest example of a Dubai state-backed entity tapping […]
Occidental Petroleum Corp. (OXY) is in talks to sell a $3 billion stake in a gas field to Abu Dhabi-owned Mubadala Development Co., Petroleum Intelligence Weekly reported, without saying where it got the information. The companies are discussing the sale of as much as 30 percent of the $10 billion Shah natural gas project in the United Arab Emirates, the newsletter reported. Two officials at Mubadala’s media […]
Small- and medium-sized enterprises, in particular in a growth market like the United Arab Emirates, have traditionally had a tougher time securing loans from banks who perceive them as less transparent and therefore as more risky and costly to do business with. Nevertheless, as this category of companies constitutes a large chunk of the U.A.E. economy, interest from both local and international lenders has been on the […]
An impending bond issue by Abu Dhabi-based telecommunications firm Etisalat may not only be the region’s largest deal so far this year, but also set a record for tight pricing as the Gulf becomes more of a mainstream investment destination. Etisalat’s debut bond will replace some of the debt used to fund its 4.2 billion euro ($5.7 billion) purchase of a majority stake in Morocco’s Maroc Telecom […]
ABU DHABI, United Arab Emirates — The strike had entered its second day when construction workers at Labor Camp 42 got word that their bosses from the BK Gulf corporation had come to negotiate. Mohammed Amir Waheed Sirkar, an electrician from Bangladesh, scrambled down the stairs to meet them. But when he got to the courtyard, he saw the truth: It wasn’t the bosses who had come. […]
