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☆ COP28 summit host UAE's climate plans ranked 'insufficient'
▼ + stars: | 2023-07-20 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, July 20 (Reuters) - The United Arab Emirates, host of this year's COP28 UN climate summit, has set out "insufficient" plans to tackle its own contribution to climate change, an independent research group said on Thursday. The UAE strengthened its climate pledge earlier this month to be more ambitious, and its summit leadership has called on other countries to do the same ahead of the talks in November. But the country's new pledge would still see its CO2 emissions increase through to 2030, at odds with the sharp decrease needed to curb climate change, according to the Climate Action Tracker research consortium. Countries agreed under the Paris Agreement to take action to curb climate change to 1.5C above pre-industrial levels, the limit scientists say would avoid its most disastrous impacts. But this will not prevent the UAE from busting its overall climate goals, if fossil fuel use does not decrease, CAT said.

Persons: Sultan al, Jaber, Sarah Heck, Kate Abnett, Yousef Saba, Alexandra Hudson Organizations: United, CAT, Analytics, Investments, Alexandra Hudson Our, Thomson Locations: BRUSSELS, United Arab Emirates, UAE, Paris

☆ Abu Dhabi's ADQ signs $11.5 bln deals with Turkey for earthquake relief, exports
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Abu Dhabi sovereign wealth fund ADQ said on Wednesday it signed two memoranda of understanding to finance up to $8.5 billion of Turkey earthquake relief bonds and $3 billion in credit facilities to support Turkish exports. The bonds, agreed with Turkey's finance ministry, will fund "comprehensive reconstruction efforts in southern and central Turkiye," ADQ said in a statement. Abu Dhabi has also shifted to deploy more economic diplomacy, often using ADQ. IHC, also chaired by Sheikh Tahnoun, bought a 50% stake in Turkey's Kalyon Enerji for $490 million last August. Reporting by Yousef Saba; Additional reporting by Yomna Ehab; Editing by Peter Graff and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: ADQ, Tayyip Erdogan, Abu, Abu Dhabi, Sheikh Tahnoun bin Zayed, Sheikh Mohammed, Sheikh Tahnoun, Yousef Saba, Yomna Ehab, Peter Graff, Mike Harrison Organizations: Export Credit Bank of Turkiye, United Arab, UAE, Thomson Locations: Abu Dhabi, Turkey, Turkiye, Syria, United Arab Emirates, Riyadh, Turkey's

☆ Turkey's Erdogan ends Gulf tour with Abu Dhabi visit
▼ + stars: | 2023-07-19 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Abu Dhabi is Erdogan's last stop in a Gulf tour that included the Saudi Red Sea city of Jeddah and Doha. Reaping the benefits of his diplomatic efforts, Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey's history. Turkey also sent troops to Doha when Saudi Arabia and the UAE imposed a blockade on Qatar in 2017. Abu Dhabi agreed last year to a $5-billion swap deal in local currencies with Ankara to help its struggling lira. Reporting by Rachna Uppal in Abu Dhabi and Yousef Saba in Dubai, writing by Aziz El Yaakoubi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Abu Dhabi, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Rachna Uppal, Yousef Saba, Aziz El Yaakoubi, Bernadette Baum Organizations: United Arab Emirates, Turkish, Thomson Locations: ABU DHABI, Abu Dhabi, Saudi Red Sea, Jeddah, Doha, Saudi Arabia, Riyadh, Turkey, UAE, Qatar, Ankara, Nahyan, Gulf, Dubai

☆ Abu Dhabi's Masdar eyeing acquisition targets in US, Europe expansion
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, July 19 (Reuters) - Abu Dhabi state-owned renewable energy firm Masdar is in discussions with potential acquisition targets in the U.S. and is also looking to expand in Europe, Gulf Arab countries and elsewhere, its chief financial officer said on Wednesday. Masdar is in active discussions and U.S. President Joe Biden's $430 billion Inflation Reduction Act "reinforced" its view of the U.S. market, he said. "So we are already securing new capacities, so my expectation is that we are likely to come to market again in 2024," he said, adding Masdar would only issue bonds for already-secured projects. In November, the UAE and U.S. agreed to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035. Jaber last week said countries at COP28 must face how far behind they are lagging climate targets and agree a plan to get on track.

Persons: Niall Hannigan, Joe Biden's, Masdar, Hannigan, Sultan al, Jaber, Yousef Saba, David Evans Organizations: Abu, Abu Dhabi National Oil Company, Thomson Locations: DUBAI, Abu Dhabi, U.S, Europe, Gulf Arab, North America, Balkans, Poland, Serbia, Montenegro, Greece, Gulf, Saudi Arabia, Asia, Pacific, Africa, Azerbaijan, Uzbekistan, UAE

☆ StanChart to sell sub-Saharan Africa business to Access Bank
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses. Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG). "Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered's businesses across the five aforementioned countries," Standard Chartered said in a statement. The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

Persons: Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely Organizations: Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson Locations: DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria

☆ Dubai property prices surge at fastest pace since 2014
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 11 (Reuters) - Dubai residential property prices in the year to June 30 rose at their fastest in almost a decade, climbing by 16.9%, while average rents jumped by 22.8%, property consultancy CBRE said on Tuesday. Its property market has boomed after a swift post-pandemic economic rebound and relaxed residency rules. In June 9,876 residential units were sold, up 18.8% from a year earlier, with off-plan sales jumping 44.9% while the secondary market's sales weakened by 0.5%, CBRE added. Average rent was up 22.8% in the year to June 30, slowing from the 24.2% growth recorded at the end of May. ($1 = 3.6729 UAE dirham)Reporting by Yousef Saba Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: CBRE, Taimur Khan, Yousef Saba, David Goodman Organizations: Thomson Locations: DUBAI, Dubai, UAE

☆ Qatar National Bank's Q2 profit falls 4%
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 10 (Reuters) - Qatar National Bank (QNBK.QA), the oil-rich Gulf's biggest lender by assets, reported on Monday a 4% drop in second-quarter net profit to 3.7 billion riyals ($1.02 billion). QNB missed analysts' mean estimate of 3.9 billion riyals net profit in the quarter, Refinitiv data showed. Net profit for the first half of the year was 7.6 billion riyals, up 8% from the first half of 2022. Loans and advances also rose 7% to 819 billion riyals. ($1 = 3.6440 Qatar riyals)Reporting by Yousef Saba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: QNB, Yousef Saba, Louise Heavens Organizations: Qatar National Bank, Group, Thomson Locations: DUBAI, Qatar

DUBAI, July 7 (Reuters) - Dubai's Roads and Transport Authority (RTA) has selected Rothschild & Co (ROTH.PA) to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corp and its public parking business, said the sources, who declined to be named as the matter is not public. The authority is expected to appoint Emirates NBD for the potential IPOs, two sources with knowledge of the matter said. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. The authority was also looking at potential options for its public parking assets and the Nol card, which passengers use to pay for public transport across the emirate.

Persons: Rothschild, Emirates NBD, Nol, Hadeel Al Sayegh, Yousef Saba, Jonathan Oatis, Josie Kao, Louise Heavens Organizations: Transport Authority, Co, Dubai Taxi Corp, RTA, Rothschild, Emirates, dnata, Reuters, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

☆ Bahrain signs deals to invest $1.3 bln in UK economy
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Bahrain has signed a memorandum of understanding for strategic investments and collaborations with Britain that will see the Gulf state's private sector invest 1 billion pounds ($1.3 billion) in Britain, the Bahraini crown prince's social media account said on Monday. The investments will be through Bahraini sovereign wealth fund Mumtalakat, Investcorp, GFH Financial Group, and Osool Asset Management, the twitter account of the crown prince of Bahrain said. ($1 = 0.7881 pounds)Reporting by Yousef Saba and Omar Abdel-Razek Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Yousef Saba, Omar Abdel, Mark Potter Organizations: Bahraini, GFH Financial, Osool Asset Management, Thomson Locations: Bahrain, Britain

☆ Who is on the missing Titanic sub?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

Courtesy of Jannicke Mikkelsen/via REUTERS/File PhotoJune 20 (Reuters) - A five-person submersible vessel taking wealthy adventurers on a $250,000 trip to see the wreckage of the 1912 Titanic disaster 12,500 feet (3,800m) undersea is missing in the Atlantic off Canada. The British billionaire and chairman of aviation consultancy Action Aviation is among those missing, according to his stepson. The 77-year-old French explorer, whom media say is one of the five on board, is director of underwater research at a company that owns the rights to the Titanic wreck. The founder and CEO of the vessel's U.S.-based operating company OceanGate is also on the submersible, according to media reports. "It is an amazingly beautiful wreck," Rush told Britain's Sky news of the Titanic earlier this year.

Persons: Hamish Harding, Jannicke Mikkelsen, HAMISH HARDING, Harding, Buzz Aldrin, Aldrin, SHAHZADA DAWOOD, SULEMAN, Shahzada, PAUL, HENRI NARGEOLET, Rush, Britain's, OceanGate, Ariba Shahid, Kate Holton, Dominique Vidalon, Yousef Saba, Andrew Cawthorne, Christina Fincher, Alexandra Hudson Organizations: Titanic, WHO, Action Aviation, Engro Corporation, SETI, French Navy, France Bleu, STOCKTON RUSH, Britain's Sky, Reuters, Alexandra Hudson Our, Thomson Locations: Atlantic, Canada, British, Dubai, Newfoundland, fertilisers, California, Britain, U.S, Everett, Washington State, Pacific, Gulf of Mexico, Karachi, London, Paris

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

[1/3] Cast member Hailee Steinfeld attends the premiere for Spider-Man: Across the Spider-Verse in Los Angeles, California, U.S., May 30, 2023. The UAE Media Council on Monday said on Twitter it "will not allow the circulation or publication of content contrary to the values and principles of the UAE and the standards of media content in force in the country." Several cinema customer service lines did not say why the film was not listed and government bodies in the UAE, Saudi Arabia and Qatar did not immediately respond to requests for comment. In June 2022 the UAE banned Walt Disney-Pixar's animated feature film "Lightyear" from screening because it features characters in a same-sex relationship. The youth and culture ministry said it "violated the nation's media content standard".

Persons: Hailee Steinfeld, Mario Anzuoni, Vox, Majid Al Futtaim, Majid Al Futaim, Gwen Stacy, Abdullah Al, Sami, Walt Disney, Yousef Saba, Lisa Barrington, Andrew Mills, Nafisa Eltahir, Mohammed Benmansour, William Maclean Organizations: REUTERS, United, Vox Cinemas, Vox, Novo, Reel, Reuters, UAE Media, Walt, Thomson Locations: Los Angeles , California, U.S, DUBAI, United Arab Emirates, United States, Gulf, UAE, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, Saudi, Riyadh, Dubai, Doha, Nafisa, Cairo

☆ OKX crypto exchange seeks Dubai regulation with eye on Middle East expansion
▼ + stars: | 2023-06-15 | by ( Lisa Barrington | ) www.reuters.com time to read: +2 min

DUBAI, June 15 (Reuters) - OKX, one of the world's largest cryptocurrency exchanges, is seeking regulatory approval to operate in Dubai as it plans to expand the company's Middle East operations, an executive told Reuters on Thursday. Regulation is an industry trend, OKX Global Head of Government Relations Tim Byun said. Byun said he believed the SEC's move would push more applicants towards innovative regulators like Dubai's Virtual Asset Regulatory Authority (VARA). OKX is regulated in the Bahamas and currently does not allow customers from the United States to use its platform due to regulatory issues. OKX plans to apply for such a licence, Byun said.

Persons: Tim Byun, Binance, Byun, VARA, Lisa Barrington, Yousef Saba, Kirsten Donovan Organizations: Reuters, Government, U.S . Securities, Exchange Commission, SEC, Regulatory, Dubai World Trade Center, United, United Arab Emirates, Dubai International Financial, UAE, Thomson Locations: DUBAI, Dubai, VARA, United Arab, Saudi Arabia, Bahrain, Bahamas, United States

DUBAI, June 5 (Reuters) - Saudi Arabia's sovereign wealth fund will take control of four of the kingdom's top soccer clubs including Al-Nassr, which Cristiano Ronaldo plays for, as the government revives a plan to privatise several state-owned sports clubs. All are in the top-flight Saudi Professional League, except Al-Ahli which is in the second-tier Saudi First Division. The privatisation plan, mainly focused on soccer clubs and launched by Saudi Crown Prince Mohammed bin Salman, allows companies and development agencies to invest in and take over clubs, SPA reported earlier on Monday. The kingdom aims for the revenue of the Saudi Professional League to increase to 1.8 billion riyals ($480 million) annually by 2030 from 450 million riyals. Saudi oil giant Aramco will own Saudi First Division club Al-Qadsiah, Third Division side Alula FC will be owned by the Royal Commission for Al-Ula while First Division club al-Diraiyah FC will be controlled by Diriyah Gate Development Authority.

Persons: Cristiano Ronaldo, PIF, Saudi Crown Prince Mohammed bin Salman, Ula, Ronaldo, Al Nassr, Lionel Messi, Jana Choukeir, Yousef Saba, Sriraj Kalluvila, Emelia Organizations: Al, Public Investment Fund, Twitter, Saudi Professional League, Saudi, Division, Saudi Crown, Second Division, NEOM, Saudi First Division, Alula FC, Royal Commission, First Division, Diraiyah FC, Diriyah, Development Authority, Investment, Premier League, Newcastle United, Reuters, Thomson Locations: DUBAI, Saudi, al, Ittihad, Al, Ahli, Hilal, Saudi Arabia, Portuguese, Argentina

☆ Dubai ruler announces plan for mothballed second palm-shaped island
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 31 (Reuters) - Dubai’s ruler on Wednesday announced a new plan for the Palm Jebel Ali, a man-made palm-shaped island that has been dormant since 2009 following a real estate crash, and is double the size of the functioning Palm Jumeirah. State-owned company Nakheel, which was taken over by the government in 2011 as part of a $16 billion (10 billion pounds) rescue plan in the aftermath of Dubai’s 2009-2010 real estate crash, is the developer of the islands. Nakheel in November secured 17 billion dirhams ($4.63 billion) in financing as it accelerates plans for new waterfront projects including Dubai Islands, another man-made island project formerly known as Deira Islands. The real estate market in Dubai, the Middle East's financial and tourism hub, began its recovery in early 2021 as the government moved to quickly reopen its economy and airports. Reporting by Yousef Saba; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Rashid Al Maktoum, Yousef Saba, Emelia Sithole Organizations: Wednesday, Thomson Locations: DUBAI, Jebel Ali, UAE, Dubai, Ukraine, Nakheel, Deira

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ Aramco Q1 profit falls 19% to $31.9 billion
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowDUBAI, May 9 (Reuters) - Saudi oil giant Aramco (2222.SE) posted first-quarter net profit of 119.54 billion riyals ($31.88 billion) on Tuesday, a fall of about 19% from the previous year. Net profit was 3.75% higher than in the fourth quarter but also below analysts' median forecast of $30.8 billion, according to Refinitiv data. The world's top oil exporter will pay $19.5 billion in dividends for the first quarter, in line with the previous quarter. CEO Amin Nasser in a statement said Aramco was looking at introducing performance-linked dividends, in addition to its base distribution. Aramco reached deals to expand its downstream business abroad in the first quarter, including investments in China and completing a $2.76 billion acquisition of Valvoline Inc's products business.

☆ Standard Chartered CEO says big U.S. recession unlikely
▼ + stars: | 2023-05-08 | by ( Yousef Saba | ) www.reuters.com time to read: +3 min

[1/2] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter NichollsDUBAI, May 8 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Monday he sees a big recession in the United States as unlikely, although a period of negative growth was possible. "I think it's less the question of a massive decline in the U.S. - I think that's very, very unlikely," Winters said at conference in Dubai, adding the economy was "extremely strong". I think unlikely. First Abu Dhabi Bank, the UAE's biggest lender, earlier this year had considered a bid to take over Standard Chartered, but later said it was no longer doing so.

☆ Citi appoints new North Africa, Levant and Central Asia head
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: 1 min

DUBAI, May 8 (Reuters) - Banking group Citi has appointed Omar Hafeez as head of its North Africa, Levant and Central Asia operations based in Dubai after a reorganisation of the company's MENA region, it said on Monday. Hafeez transfers from Japan, where he was head of the corporate banking business, the third largest for Citi globally. The North Africa, Levant and Central Asia sub-cluster consists of Algeria, Tunisia, Morocco, Egypt, Jordan, Lebanon, Turkey, Kazakhstan and Israel, Citi said. Reproting by Yousef Saba Writing by Lisa Barrington Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Etihad Airways signs deal to allow bookings using AI within chat app BOTIM
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 2 (Reuters) - Etihad Airways, Abu Dhabi's state carrier, on Tuesday signed an agreement with technology firm Astra Tech that allows customers to make flight bookings using artificial intelligence within chat app BOTIM, Astra Tech said. Astra Tech has said its GPT is the first that works in the Arabic language. "Through the BOTIM GPT module developed by Astra Tech, flights and other travel-related services are integrated into the Botim app, offering a convenient and innovative way for customers to book Etihad flights," Astra Tech said. Astra Tech bought BOTIM last year for an undisclosed sum from about 12 investors, Astra Tech founder and BOTIM CEO Abdallah Abu Sheikh told Reuters last month. BOTIM is one of the top three digital remittance providers in the UAE, one of the other services the app provides, Sheikh said.

"We are now aiming to regain the tourism income from (Gulf Cooperation Council countries) to Syria. Some Arab states, including GCC members the United Arab Emirates and Saudi Arabia, are increasingly rebuilding ties with Damascus, reversing years of isolation over Assad's crackdown on protests in 2011 and the ensuing civil war. Machfej said Syria had 1.5 million visitors last year, a third of which were tourists. Tourism ministry data shows 385,000 visitors came to Syria in the first quarter this year, 40,000 of which were non-Arab foreigners. Gulf states along with Egypt, Iraq and Jordan have been discussing Syria's possible return to the Arab League, but no agreement has been reached.

"We could add maybe 85 or 90 destinations depending on the aircraft deliveries," Qatar Airways CEO Akbar Al Baker told reporters. Airbus in March reinstated an order for 73 aircraft from Qatar Airways which it had revoked during a major legal dispute over damage to the surface of grounded A350s. Qatar Airways is also experiencing delayed delivery of Boeing 787 and 777X planes, Al Baker added. He later told reporters that Qatar Airways could pursue codeshares or exchanges of technical assistance with the new airline. High energy prices have not dented passenger demand for travel at Qatar Airways, where load factors, a measure of capacity utilisation, are in the "high 80s" Al Baker told reporters.

☆ Saudi Arabia's TAWAL to buy European towers from United Group
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

DUBAI, April 20 (Reuters) - TAWAL, a unit of Saudi Telecom Company (stc) (7010.SE), agreed to buy tower infrastructure worth 1.22 billion-euros ($1.34 billion) from United Group in its first foray into Europe's telecoms market, the southeast European firm said on Thursday. TAWAL, a tower infrastructure unit that STC carved out in 2018, will buy the mobile infrastructure unit of United Group in Bulgaria, Croatia and Slovenia, which has more than 4,800 towers, United Group said in a statement. United Group, backed by private equity firm BC Partners, said it was TAWAL's first investment in Europe's telecoms sector. "Upon completion, TAWAL's operations in the European market will be rebranded as "TAWAL Europe" and will serve as TAWAL's platform for any future expansion in Europe," stc said. ($1 = 0.9119 euros)Reporting by Yousef Saba; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Sheikh Mohammed, who became president and Abu Dhabi ruler last year after running the U.S.-allied OPEC oil producer for years, named his brother Sheikh Mansour as UAE vice president, alongside Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. This appeared to further centralise power in Abu Dhabi, which is the political capital by virtue of its immense oil wealth, of the UAE federation of seven emirates. Abu Dhabi has held the presidency since the founding of the UAE federation by Sheikh Mohammed's father in 1971. Sheikh Mohammed, known as MbZ, had been grooming his son in positions of authority in security - including intelligence - economy and governance, analysts say. Earlier this month, Sheikh Tahnoun was named chair of Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds.

☆ Abu Dhabi's Presight AI soars on market debut
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight's shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE's national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He was also recently named chair of Abu Dhabi Investment Authority, the emirate's largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

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