News related to
Since

Abu Dhabi National Oil Company has successfully completed a $2.84 billion share offering in its subsidiary, ADNOC Gas. The sale involved approximately 3.1 billion shares, priced at 3.40 dirhams each, representing 4% of ADNOC Gas’s total share capital. This transaction stands as the largest share sale in the Middle East and North Africa region since Saudi Aramco’s $12.3 billion offering in June.

The offering witnessed exceptional demand from institutional investors across the Gulf Cooperation Council and international markets, with total oversubscription reaching 4.4 times. The pricing of 3.40 dirhams per share reflects a 43% premium over ADNOC Gas’s initial public offering price of 2.37 dirhams per share and a 5% discount to the company’s closing share price of 3.58 dirhams on February 20, 2025, the last trading day before the offering.

Settlement of the offering is expected to occur on or around February 26, 2025. Post-transaction, ADNOC will retain an 86% majority stake in ADNOC Gas, while the company’s free float will increase by 80%, bringing it to a headline figure of 9%. This enhanced liquidity is anticipated to pave the way for ADNOC Gas’s inclusion in major indices such as the Morgan Stanley Capital International Emerging Market Index and the Financial Times Stock Exchange Emerging Market Index, potentially during the next quarterly review, subject to meeting all relevant inclusion criteria.

Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, expressed pride in completing the UAE’s first-ever marketed offering and the largest placement on the Abu Dhabi Securities Exchange to date. He highlighted that the exceptional demand and competitive pricing underscore strong investor confidence in ADNOC Gas’s performance and growth prospects. Al Zaabi reaffirmed ADNOC’s commitment as a long-term majority shareholder, emphasizing the subsidiary’s integral role in Abu Dhabi’s decarbonization and growth ambitions.

ADNOC Gas has demonstrated consistent growth and profitability. In its full-year 2024 financial results, the company reported an adjusted net income of $5 billion, the highest since its IPO, with $1.38 billion earned in the fourth quarter alone. These figures significantly surpass Bloomberg consensus estimates. The company’s robust performance aligns with its strategic update announced in November 2024, which outlined a refreshed growth pipeline. This includes the planned acquisition of Ruwais LNG and a target of over 40% adjusted EBITDA growth by 2029.

The successful offering is expected to diversify ADNOC Gas’s shareholder base and enhance liquidity. A higher free float is also projected to facilitate the company’s inclusion in prominent emerging market indices, broadening its investor base and increasing awareness of its value proposition.

BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities acted as joint global coordinators and bookrunners for the offering. ADNOC has agreed to a restriction on selling additional shares for a period of six months from the closing of the offering, subject to certain exceptions and unless waived by the joint global coordinators.

ADNOC Gas, operational since early 2023, was formed by consolidating ADNOC’s gas processing, liquefied natural gas , and industrial gas operations into a single entity. The company went public on the ADX, raising approximately $2.5 billion in one of the region’s largest IPOs in recent years. This latest share sale further underscores ADNOC’s strategy to unlock value from its assets and attract a diversified investor base.

MANSA, a fintech company specializing in cross-border payment solutions, has secured $10 million in funding to address liquidity challenges in global transactions. The funding round was led by Tether, the issuer of the stablecoin USDT, with participation from Polymorphic Capital, Octerra Capital, Faculty Group, and Trive Digital.

The investment comprises a $3 million pre-seed round and an additional $7 million in liquidity funding from institutional investors, including corporate backers and quantitative funds. MANSA plans to utilize these funds to expand its operations into Latin America and Southeast Asia, regions that often face liquidity constraints in cross-border payments.

Co-founded by CEO Mouloukou Sanoh and Nkiru Uwaje, MANSA aims to revolutionize global payments by integrating blockchain technology to facilitate real-time, on-chain transactions. This approach seeks to make cross-border payments faster, more efficient, and cost-effective, thereby eliminating the limitations of traditional financial systems.

“Securing $10 million in pre-seed and liquidity funding marks a significant milestone in our mission to transform the way money moves,” said Sanoh. “By bringing payments on-chain and leveraging efficient liquidity solutions, we are addressing critical challenges in cross-border transactions—making payments faster, cheaper, and more reliable worldwide.”

Paolo Ardoino, CEO of Tether, expressed support for MANSA’s objectives, stating, “MANSA’s vision for addressing liquidity challenges in cross-border payments aligns with our mission to create a more efficient and inclusive financial system. By leveraging USDT for real-time settlements and instant payouts, MANSA is solving critical pain points for payment companies operating in emerging markets.”

Since its launch in August 2024, MANSA’s stablecoin-based payment solution has processed over $27 million in transaction volume on-chain, with nearly $11 million in January 2025 alone. This growth underscores the increasing demand for efficient and reliable cross-border payment solutions.

The company’s expansion into Latin America and Southeast Asia is poised to provide businesses and individuals in these regions with access to faster and more affordable payment options. By scaling its liquidity infrastructure and developing strategic partnerships with financial institutions and payment providers, MANSA aims to bridge existing gaps in the global payment landscape.

In addition to its technological advancements, MANSA is committed to financial inclusion and innovation. The company’s solutions are designed to address global liquidity shortages, offering a more accessible way for businesses and individuals to transact across borders. This approach is particularly beneficial in emerging markets, where traditional financial systems often fall short in meeting the needs of the population.

The use of stablecoins in cross-border transactions offers several advantages, including reduced settlement delays and lower transaction costs. By transacting on-chain, businesses can conduct seamless cross-border payments without the inefficiencies associated with traditional financial systems. This method also provides a viable alternative for import-heavy economies facing shortages of fiat currencies, enabling businesses to access digital dollars at scale and bypass local currency restrictions and capital controls.

Standard Chartered has announced a $1.5 billion share buyback and raised its earnings target following an 18% increase in annual profit for 2024. The London-based bank reported a pre-tax profit of $6 billion, up from $5.1 billion the previous year, slightly below analysts’ forecasts of $6.2 billion. The bank also declared a final interim dividend of 28 cents per share and upgraded its 2026 return on tangible equity target to “approaching 13%” from the previously estimated 12%.

The significant profit growth was largely driven by record performance in Standard Chartered’s wealth management division and robust market activities. The wealth business experienced unprecedented growth, contributing substantially to the bank’s overall income. This surge reflects the bank’s strategic focus on affluent clients and larger international corporations, moving away from smaller domestic businesses and regular retail clients.

Despite the strong annual performance, the bank faced challenges in the fourth quarter. Pre-tax profits for this period fell by 30%, dropping to $800 million from $1.1 billion a year earlier, missing analysts’ expectations of $983 million. Earnings per share for the quarter also decreased by 41% to 20.2 cents from 34.0 cents in the previous year. This decline was attributed to specific credit impairments and a cautious approach to risk management in volatile markets.

In response to the evolving market landscape, Standard Chartered plans to double its investment in wealth management over the next five years. The bank aims to allocate approximately $1.5 billion to enhance its wealth business, focusing on hiring additional relationship managers and advisers, particularly in key financial hubs such as Hong Kong, Singapore, and Dubai. This strategic investment is intended to capitalize on the growing demand for diversified financial products among affluent clients in these regions.

The announcement of the $1.5 billion share buyback is set to commence imminently, with an expected reduction in the Common Equity Tier 1 ratio by approximately 61 basis points. This move underscores the bank’s commitment to returning value to shareholders while maintaining a strong capital position. The decision aligns with the bank’s broader strategy to optimize its capital structure and enhance shareholder returns.

Chief Executive Bill Winters expressed confidence in the bank’s overall strategy, emphasizing the importance of focusing on high-growth markets and client segments. He highlighted the bank’s efforts to streamline operations and reduce costs through the “Fit for Growth” plan, which aims to achieve significant cost savings and operational efficiencies. This initiative is part of the bank’s ongoing efforts to adapt to the dynamic financial environment and position itself for sustainable growth.

Standard Chartered’s strategic shift includes reducing exposure to China’s troubled real estate market, with a 46% decrease since late 2021. This move reflects the bank’s cautious stance amid concerns over the sector’s stability and potential impact on the broader economy. By reallocating resources to more stable and profitable areas, the bank aims to mitigate risks associated with market volatility and geopolitical tensions.

The bank’s shares have risen significantly since Winters’ appointment, reflecting investor confidence in the strategic direction and financial health of the institution. However, the shares still trade below the book value of the bank’s assets, indicating potential room for further appreciation as the bank continues to execute its growth strategy and enhance profitability.

While the annual results demonstrate resilience and strategic foresight, the decline in fourth-quarter profits highlights the challenges posed by the current economic climate. The bank remains vigilant in managing risks associated with the shifting global political landscape, potential misuse of artificial intelligence, the possibility of a new U.S.-China trade war, and political instability in regions like the Democratic Republic of Congo. These factors necessitate a balanced approach to growth and risk management to ensure long-term sustainability.

Bitcoin’s hashrate growth has decelerated, presenting challenges for smaller mining operations. The latest MinerMag report indicates that after months of rapid expansion, the network’s difficulty experienced its first decline since September. This suggests that while publicly listed companies have continued to increase their hash power, their growth isn’t sufficient to offset the exit of smaller operators.

In January 2025, Bitcoin mining revenue remained steady at $1.4 billion. Notably, public mining companies accounted for approximately 30% of the network’s hashrate during that month. The competition among the top five mining firms has intensified, leading to a more concentrated mining landscape.

The slowdown in hashrate growth can be attributed to several factors. Following a record-setting difficulty adjustment and Bitcoin’s market price dipping below $96,000, the mining hashprice—a measure of revenue per unit of computational power—dropped to $53 per petahash per second. This decline raises concerns about the viability of older-generation mining equipment in an increasingly competitive market.

The Bitcoin hashrate has increased by approximately 29% since the halving in April 2024. This halving epoch is on pace for the lowest increase in difficulty across all epochs. The marginal efficiency gains in ASICs are diminishing, contributing to the slowing hashrate growth.

As more miners join the network, the difficulty of mining each Bitcoin increases, which in turn drives down profitability. This creates a cycle where miners must continuously invest in newer, more powerful equipment to maintain their share of the network, increasing operational costs and reducing margins.

In response to these challenges, some miners are exploring alternative revenue streams. For instance, the convergence of growth trends in Bitcoin and AI/HPC presents opportunities for miners. Miners are at the apex of these converging trends and are in a strong position to benefit from a sustained bull run in Bitcoin price, given the non-linear correlation of operating costs to BTC price. Simultaneously, generative AI has one of the fastest-growing adoption curves of any technology in history.

Despite the current challenges, the cryptocurrency mining market is projected to grow with a CAGR of 7.8% from 2022 to 2029, reaching an estimated value of $2,263.42 million by 2029. This growth is driven by factors such as the flexible and scalable nature of mining operations, allowing individual enthusiasts and small groups to participate and earn crypto rewards according to their hash power. Additionally, no licensing requirements, limited regulatory scrutiny, and the ability to mine from home lower the entry barriers significantly for small players.

However, the increasing competition and rising operational costs pose significant challenges for smaller miners. The flexible and scalable nature of mining operations allows individual enthusiasts and small groups to participate and earn crypto rewards according to their hash power. Furthermore, factors such as no licensing requirements, limited regulatory scrutiny, and the ability to mine from home lower the entry barriers significantly for small players.

In such an environment, it’s challenging for smaller players to compete with large operations that are already positioned to dominate the market. The increasing network hash rate, driven by more miners joining the network, leads to higher mining difficulty and reduced profitability. This necessitates continuous investment in newer, more powerful equipment, further increasing operational costs and reducing margins.

Abu Dhabi National Oil Company has announced plans to sell approximately 3.1 billion shares, equating to a 4% stake, in its subsidiary ADNOC Gas. This strategic move is projected to raise up to $3 billion, marking one of the most significant share sales in the Middle East and North Africa region since Saudi Aramco’s $12.3 billion offering in June of the previous year.

The offering is set to commence immediately and is expected to conclude on Friday, February 21, 2025. It will be open to qualified institutional and other investors across various countries, including the United Arab Emirates. The final number of shares to be placed and the offering price will be determined at the close of the book-building process, in accordance with the Block Trade Rules of the Abu Dhabi Securities Exchange .

ADNOC currently holds a 90% majority stake in ADNOC Gas. At the last closing price of AED 3.58 per share, the offering is valued at approximately AED 11.1 billion . This initiative aligns with ADNOC’s strategic objectives to enhance the liquidity and free float of ADNOC Gas, while providing a pathway to a more diversified shareholder base and potential inclusion in major indices.

Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, stated, “Since its IPO in March 2023, ADNOC Gas has consistently delivered strong growth, robust financial performance, and superior shareholder returns. As a world-class integrated gas processing company, ADNOC Gas is ideally positioned for further expansion.”

The offering will be subject to a customary 180-day lock-up period for both ADNOC and ADNOC Gas, subject to certain exceptions and unless waived by the joint global coordinators. Major financial institutions, including BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities, are acting as joint global coordinators and joint bookrunners for this offering.

This move follows ADNOC Gas’s initial public offering in March 2023, which raised approximately $2.5 billion, marking one of the region’s largest IPOs at that time. The company was formed earlier that year by consolidating various gas processing operations into a single entity, aiming to streamline operations and enhance efficiency.

In May of the previous year, ADNOC also raised $935 million by selling a 5.5% stake in its drilling unit to institutional investors, reflecting the company’s ongoing strategy to monetize assets and attract foreign investment.

ADNOC Gas operates an extensive network, managing over 3,000 kilometers of pipeline infrastructure and 26 processing trains. The company plays a crucial role in processing and distributing natural gas within the UAE and to international markets. The funds raised from this stake sale are expected to support ADNOC Gas’s ambitious growth plans, including expanding its processing capacities and exploring new markets.

The energy sector in the UAE has seen significant foreign direct investment in recent years. In 2019, ADNOC attracted major investments from U.S. asset managers BlackRock and KKR, as well as Italian firm Eni, collectively bringing in billions of dollars. These investments have been pivotal in expanding ADNOC’s infrastructure and operational capabilities.

The decision to divest a portion of ADNOC Gas aligns with the company’s broader strategy to optimize its portfolio, enhance capital efficiency, and provide attractive opportunities for global investors. As the global energy landscape continues to evolve, ADNOC remains committed to adapting its business model to meet emerging challenges and capitalize on new opportunities.

DP World’s Jebel Ali Port has achieved its highest cargo volumes since 2015, handling 15.5 million twenty-foot equivalent units in 2024, an increase of 1 million TEUs from the previous year. This surge represents nearly 18% of DP World’s total global container throughput of 88.3 million TEUs for the year.

The growth in container throughput was driven by strong local and regional demand, particularly from Asia and the Indian Subcontinent. New shipping services enhanced global connectivity, and efficient operations ensured smooth cargo flow despite challenges such as the Red Sea crisis.

Breakbulk cargo also experienced significant growth, surging by 23% year-on-year to reach 5.4 million metric tonnes , marking the second-highest performance in nearly a decade. This increase was fueled by the region’s investments in infrastructure, renewable energy, and industrial development. Jebel Ali handled large shipments of wind turbines, solar panels, heavy machinery, and construction materials, with imports constituting 80% of total shipments. Outbound shipments were led by sugar, iron, and steel.

Abdulla Bin Damithan, CEO and Managing Director of DP World GCC, stated, “This performance reflects the strength of our world-class ports and logistics infrastructure. The 15.5 million TEUs handled at Jebel Ali in 2024, along with the strong growth in breakbulk cargo, show our capacity to meet increasing demand in both sectors.”

DP World’s global operations have also seen remarkable growth. The Posorja terminal in Ecuador reported an 87% increase in volume, handling nearly 1 million TEUs. Other terminals, including San Antonio in Chile, Yarimca in Türkiye, Chennai in India, Callao in Peru, Antwerp in Belgium, and London Gateway in the UK, experienced double-digit growth. The company’s global container terminal capacity has now surpassed 100 million TEUs annually.

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, commented, “During the last 10 years, we have invested more than $11 billion in world-class ports and logistics infrastructure to make trade flow. This record performance is further evidence that our long-term investment is providing the right services for our customers in the right places.”

Alibaba Cloud, the cloud computing division of Alibaba Group Holding, has inaugurated its first data centre in Mexico, marking a significant expansion of its services into Latin America. This development aims to accelerate digital transformation and foster innovation across the region by providing secure, resilient, and scalable cloud services to businesses, startups, developers, and organizations.

The new facility, launched on February 18, 2025, in Mexico City, extends Alibaba Cloud’s global infrastructure to 87 availability zones across 29 regions. Selina Yuan, President of International Business at Alibaba Cloud Intelligence, emphasized the company’s commitment to the Latin American market, stating, “We are not only bringing world-class cloud technology to support local businesses, but also building an inclusive and thriving ecosystem in Mexico together with our local partners, developers, and customers to foster innovation, collaboration, and sustainable growth across Latin America.”

The establishment of the data centre is poised to strengthen Mexico’s position as a regional tech hub. Manola Zabalza, Secretary of Economic Development of the Government of Mexico City, highlighted the city’s role in technological advancement, noting, “Mexico City is the technological, financial, economic, investment, and innovation engine in the world, and we are setting a benchmark in the digitalization process. With the arrival of Alibaba Cloud, we are getting closer to the consolidation of becoming a cutting-edge digital metropolis, which increasingly provides more advanced tools for startups, entrepreneurs, and companies in strategic sectors.”

Alibaba Cloud’s expansion into Mexico is part of a broader strategy to enhance its presence in key international markets. The company recently commenced operations at its second data centre in Thailand, reflecting its commitment to meeting the growing demand for cloud services and supporting generative artificial intelligence applications in the region.

The Mexican data centre offers a range of cloud computing products and services, including elastic computing, cloud storage, and network services. These offerings are designed to cater to both local customers and Chinese enterprises seeking to expand their operations in Latin America. Early adopters of Alibaba Cloud’s services in the region include Limac, a Mexican IT company. José Limón, CEO of Limac, expressed enthusiasm about the partnership, stating, “With Alibaba Cloud’s reliable infrastructure and security solutions, we’ve accelerated our growth while ensuring compliance. The launch of the Mexico Region enables us to deploy local resources and expand our IT solutions across Latin America, empowering millions of SMBs in their digital transformation. With cutting-edge technology and cost-effective solutions, Alibaba Cloud is the ideal partner to drive this evolution.”

The launch of Alibaba Cloud’s data centre in Mexico comes amid increasing competition among global cloud service providers in the Latin American market. Amazon Web Services inaugurated its cloud region in Mexico in January 2025, while Google established its presence in December 2024. Microsoft entered the Mexican market with its Azure cloud region in May 2024 and has since announced plans to invest an additional $1.3 billion to enhance AI infrastructure in the country. Oracle also launched its first Mexican cloud region in June 2022, followed by a second facility in September 2022.

The growing presence of these cloud service providers underscores the rising demand for digital infrastructure in Latin America. Businesses across various sectors are increasingly adopting cloud computing solutions to enhance operational efficiency, scalability, and innovation capabilities. Alibaba Cloud’s entry into the Mexican market is expected to provide local enterprises with more options and foster a competitive environment that could lead to improved services and pricing.

In addition to offering cloud services, Alibaba Cloud is committed to building a robust ecosystem in Mexico by collaborating with local partners, developers, and customers. This approach aims to drive innovation, facilitate knowledge exchange, and support sustainable growth across the region. By leveraging its global network, Alibaba Cloud enables Mexican companies to tap into other markets, particularly in Asia, thereby expanding their global footprint.