Saudi Aramco has announced its decision to acquire an additional 22.5% stake in Petro Rabigh, its petrochemical joint venture with Japan’s Sumitomo Chemical, for $702 million. This move will raise Aramco’s ownership to 60%, making it the largest shareholder, while Sumitomo Chemical will retain a 15% stake. This acquisition aligns with Aramco’s strategy to expand its downstream operations and integrate more closely with Petro Rabigh. Hussain A. […]
Flydubai has launched its inaugural flights to Basel, marking a significant expansion of its European network. The Dubai-based airline, renowned for its extensive regional and international routes, has now added the Swiss city to its list of destinations, reflecting a growing demand for connectivity between the Middle East and Switzerland. The new route, which commenced operations this week, connects Dubai International Airport with EuroAirport Basel-Mulhouse-Freiburg. This addition […]
PetroRabigh’s shares have surged to their highest level in nearly three years following the announcement of a significant partnership with Saudi Aramco. The dramatic increase in PetroRabigh’s stock price reflects strong investor confidence in the future of the joint venture. The deal, unveiled earlier this week, marks a pivotal moment for PetroRabigh as it involves a substantial investment from Saudi Aramco. The collaboration is set to enhance […]
Saudi Arabia has introduced a competitive bidding process for seven new mining exploration licenses, encompassing approximately 1,000 square kilometers. This announcement, made on August 7 by the Ministry of Industry and Mineral Resources, marks a strategic move to bolster the nation’s mining sector and attract investment from both local and international entities. The new exploration licenses are distributed across several regions known for their mineral wealth. One […]
SINGAPORE – Media OutReach Newswire – 8 August 2024 – Singapore-based fintech ROSHI has published an in-depth analysis of the cost of living in Singapore, including local trends and regional comparisons within Southeast Asia. By examining various economic factors and utilising data from 2024, the report offers valuable insights into the financial landscape facing Singaporeans and regional neighbours. Key findings from the report include Singapore’s position as […]
Arabian Post Staff Kazakhstan Stock Exchange (KASE) has officially joined the Tabadul Digital Exchange Hub, a platform established by the Abu Dhabi Securities Exchange (ADX). This collaboration marks KASE as the sixth exchange to integrate into the Tabadul network, paving the way for enhanced bilateral cross-exchange trading and stronger strategic partnerships. The integration into Tabadul is a significant move for KASE, which aims to expand its global […]
Arabian Post Staff Eurogroup chief Paschal Donohoe emphasized the urgency for the European Union to lessen its economic dependency on the United States, driven by concerns over a potential second term for Donald Trump. Speaking to EU finance ministers, Donohoe underscored the importance of strengthening Europe’s economic sovereignty in the face of potential geopolitical shifts. Donohoe highlighted the need for the EU to bolster its economic resilience, […]
PUTRAJAYA, MALAYSIA – Media OutReach Newswire – 8 August 2024 – The Netherlands Maritime University College (NMUC), in collaboration with the Port Training Institute (PTI) of the Arab Academy for Science, Technology, and Maritime Transport (AASTMT), STC International, and co-organised by MY Iskandar Sdn Bhd (MISB) and the Chartered Institute of Logistics and Transport (CILT), proudly announces the International Conference on Maritime Logistics and Ports (ICMLP) 2024. […]
A World Health Organization (WHO) delegation has recently visited the field hospital set up by the United Arab Emirates (UAE) in Rafah. The visit focused on assessing the hospital’s medical operations, coordination efforts, and experience-sharing practices. This field hospital is part of the UAE’s broader initiative in response to the humanitarian crisis in Gaza. The WHO representatives expressed high regard for the UAE’s contribution to medical relief […]
TOKYO, JAPAN – Media OutReach Newswire – 8 August 2024 – Creww Inc. (Japan Office: Shibuya-ku, Tokyo, Representative: Sorato Ijichi, hereinafter “Creww”), Japan’s leading open innovation platform provider, and Real Madrid Next (Avenida de las fuerzas armadas, 402, Madrid, Spain, hereinafter “RMNext”) are pleased to announce the selection of 7 startups for the “Real Madrid Next Accelerator for Asia,” out of more than 800 applicants. About “Real […]
VICTORIA, SEYCHELLES – Media OutReach Newswire – 7 August 2024 – Globally recognized multi-asset broker JustMarkets implemented in June 2024 a major update to its trading app that promises to help traders on the go unlock the full potential of the market. The mobile app, which is available on both Google Play and the App Store, now includes In-App Trading, allowing users not only to stay ahead […]
Solana (SOL) and MoonTaurus (MNTR) have emerged as significant cryptocurrencies to monitor this August, driven by unique factors and strong market potential. Both coins are catching the eyes of investors and analysts alike for their promising trajectories and recent developments. Solana has been a powerhouse in the crypto space, known for its high throughput and low transaction costs. Despite a downturn earlier this year, Solana has demonstrated […]
Arabian Post Staff Dubai Chamber of Digital Economy, in partnership with the Dubai World Trade Centre, has successfully concluded a series of 12 international roadshows aimed at promoting Expand North Star, the largest global event for startups and investors, set to take place from October 13-16 in Dubai Harbour. The roadshows spanned cities across Poland, India, Brazil, China, Morocco, France, Switzerland, the UK, and the Netherlands, engaging […]
Cogo and Saascada have announced a strategic partnership aimed at reducing the carbon footprint of the financial industry. The collaboration will integrate Cogo’s carbon footprint management technology with Saascada’s digital banking platform, enabling banks and financial institutions to offer customers a way to track and manage the environmental impact of their financial activities. Cogo, a company specializing in carbon footprint management, helps individuals and businesses measure, understand, […]
Saudi Aramco is set to acquire a majority stake in Petro Rabigh, significantly impacting the integrated refining and petrochemical complex in Saudi Arabia. The move is part of a strategic agreement designed to bolster Petro Rabigh’s financial stability and advance its turnaround strategy. The deal, formalized through a comprehensive agreement between Aramco and Petro Rabigh, entails Aramco increasing its shareholding in the company, thus becoming its largest […]
Saudi Basic Industries Corp. (SABIC) has announced a significant investment agreement with the Fujian government in China to establish a new engineering thermoplastic compounding facility. This development marks a strategic move to enhance SABIC’s footprint in the Chinese market, aligning with its broader growth objectives. The agreement signifies a robust commitment by SABIC to cater to the increasing demands of its local clientele in China. As part […]
Abu Dhabi has initiated a substantial educational venture, enrolling 2,400 students in AI Summer Programs aimed at advancing their knowledge in prompt engineering. Organized by the Abu Dhabi Department of Education and Knowledge (ADEK) in collaboration with prominent institutions like 42 Abu Dhabi, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), and Majalis Abu Dhabi, the initiative targets students from grades 9 to 12 across various school […]
Abu Dhabi has embarked on a significant educational initiative, enrolling 2,400 students in its AI Summer Programs, focusing on the advanced field of prompt engineering. Organized by the Abu Dhabi Department of Education and Knowledge (ADEK) in partnership with 42 Abu Dhabi, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), and Majalis Abu Dhabi, the programs are designed for students from grades 9 through 12 across public, […]
Abu Dhabi’s sovereign wealth fund Mubadala is initiating strategic shifts within its European startup portfolio to enhance returns amidst a downturn in valuations. The fund is collaborating with international investment firms to revitalize these startups and integrate them into Abu Dhabi’s burgeoning tech ecosystem.
Mubadala, with assets worth $284 billion, is focusing on fostering innovation and growth in European startups by leveraging its substantial capital and expertise. The initiative aims to attract global investors to Abu Dhabi, creating a vibrant startup ecosystem centered around Hub71, the emirate’s tech hub.
Amidst declining valuations, Mubadala is not merely a passive investor but an active partner. Ibrahim Ajami, head of ventures at Mubadala Capital, emphasizes that the fund seeks startups with strong business models and visionary leadership. Mubadala’s approach includes providing more than just financial support; it extends to offering strategic guidance, operational support, and market access.
The fund is particularly interested in sectors such as technology and healthcare, where it sees potential for substantial impact and returns. Mubadala’s investment strategy is designed to create long-term value, balancing financial returns with contributions to the UAE’s development goals. This dual focus ensures that investments are not only profitable but also aligned with Abu Dhabi’s vision of becoming a global innovation hub.
Partnerships with other major funds from the US and Europe are key to Mubadala’s strategy. These collaborations are expected to bring additional capital and expertise to Abu Dhabi, further solidifying its position as a leading destination for startups. This influx of international resources is intended to help startups scale effectively, access new markets, and innovate at a faster pace.
To attract investors and enhance startup readiness, Mubadala stresses the importance of solid business plans and financial metrics. Startups are encouraged to focus on detailed growth projections and sustainability. Ajami notes that beyond capital, Mubadala offers startups the critical support needed to navigate early growth stages, including corporate governance and financial management.
The Abu Dhabi Global Market (ADGM), with its robust regulatory framework, plays a crucial role in this strategy. As one of the region’s top financial centers, ADGM provides a secure and attractive environment for foreign investors. Mubadala’s alignment with ADGM ensures that startups benefit from a well-regulated ecosystem conducive to innovation and growth.
Mubadala’s proactive stance in reshaping its European startup portfolio underscores its commitment to creating a dynamic, innovation-driven economy in Abu Dhabi. By aligning financial returns with developmental goals, Mubadala is setting a benchmark for strategic investment in the global startup landscape.
Italy has unveiled the names of 23 cities vying for the inaugural title of Capital of Contemporary Art. This new accolade, introduced this year, aims to recognize and promote urban centers that excel in fostering contemporary art. The competition is set to highlight Italy’s vibrant art scene and encourage cultural tourism across the country. Among the cities competing are major cultural hubs like Milan, Florence, and Rome, […]
HANOI, VIETNAM – Media OutReach Newswire – 5 August 2024 – Vingroup, Vietnam’s largest private conglomerate, has firmly established its presence in diverse sectors such as real estate, technology, hospitality, healthcare, and education. However, Vingroup’s success is not solely attributed to ambitious expansion, but is deeply rooted in an unwavering commitment to making the world a better place and to a customer-centric philosophy – a core value […]
HONG KONG SAR – Media OutReach Newswire – 5 August 2024 – Crown Worldwide Group Hong Kong has been honored with the prestigious Master Insight ESG Achievement Awards 2024 in the category of ‘Green Environmental Protection’ for the second consecutive year. The award ceremony took place at the Hong Kong Exchange on July 29. Crown Worldwide Group Hong Kong has won Green Environmental Protection Award at the […]
The partnership will kick off in Q3 of 2024 during football campaign season, with a series of Responsible Drinking initiatives throughout the year to support responsible consumption HONG KONG SAR – Media OutReach Newswire – 5 August 2024 – Carlsberg Asia is pleased to launch a regional responsible drinking campaign, #CelebrateResponsibly, in partnership with three of Asia’s major e-commerce platforms – Grab, foodpanda, and Meituan – transforming […]
Sidara, a prominent player in the global energy sector, has decided to suspend its planned acquisition of the UK-based Wood Group, citing escalating geopolitical risks. This decision marks a significant shift in the company’s strategic direction, underscoring the growing impact of international tensions on corporate mergers and acquisitions. The proposed deal, which had been in advanced stages of negotiation, was intended to expand Sidara’s presence in the […]
