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☆ Abu Dhabi's ADNOC, AI firm G42 plan IPO of technology joint venture AIQ -sources
▼ + stars: | 2023-06-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 22 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60% owned by ADNOC and 40% by G42, uses artificial intelligence and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, the sources said. G42, which is backed by Abu Dhabi state fund Mubadala Investment Co, AIQ and Salem did not immediately respond to a request for comment. It listed its gas business in March after raising $2.5 billion from the IPO, which was the world's biggest in the first quarter.

Persons: AIQ, Youssef Salem, Salem, Abu, OpenAI, Sheikh Tahnoon bin Zayed, Nahyan, Sheikh Mohammed bin Zayed, ADNOC, Hadeel Al Sayegh, Stephen Coates Organizations: Abu Dhabi National Oil Company, Reuters, ADNOC, Moelis, Mubadala Investment, U.S, Microsoft Corp, Thomson Locations: DUBAI, Abu Dhabi, U.S, Salem

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

☆ Abu Dhabi's G42 and Israeli firm Viola partner up in new tech venture
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

DUBAI, June 15 (Reuters) - Abu Dhabi's artificial intelligence firm G42 and Israeli technology investment company Viola Group, which manages $5 billion in assets, on Thursday announced Global Valley, a joint venture to set up a new platform to meet demand for high-skilled tech talent. Based in the UAE capital, Global Valley will employ specialised tech-focused workers from around the world providing a variety of services, as well as help develop Abu Dhabi's local tech sector, a statement from the Abu Dhabi Investment Office, which provided support for the project, said. No figure for the value of the investments by any of the involved parties was provided in the statement. ADIO is a government vehicle tasked with expanding private sector investment into the emirate and helping diversify its economy. We are looking to diversify Abu Dhabi's economy, we want and are developing further platforms for growth.

Persons: Abu, Abdulla Abdul Aziz AlShamsi, Shamsi, Abraham, Rachna, Jason Neely Organizations: Viola Group, Abu Dhabi Investment Office, Tech, Reuters, Trade, UAE, Thomson Locations: DUBAI, UAE, Global, Abu Dhabi, Abu, Israel

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ Telco tycoons’ UK bets look stuck underwater
▼ + stars: | 2023-05-25 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Set those complications aside, however, and his stake-building may have cost about 4.2 billion pounds overall since 2021. That’s according to Breakingviews calculations which use the share price from the day before each stake increase became public. The holding is now worth 3.6 billion pounds, implying a nearly 560 million pound or 13% loss. That’s mild compared with some of Vodafone’s investors. But UK consolidation would hardly move the needle as Vodafone is haggling to retain control of the merged entity.

☆ Abu Dhabi's Mubadala to buy majority stake in Fortress Investment from SoftBank
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Abu Dhabi's Mubadala Investment Co will acquire a majority stake in U.S. asset manager Fortress Investment Group from Japan's SoftBank Group Corp (9984.T). Financial terms of the deal were not disclosed, Mubadala and Fortress Investment said in a joint statement on Monday. After the completion of the deal, Fortress' management will own a 30% stake in the company, while Mubadala Capital will hold the rest, according to the statement. Fortress management will hold a class of equity that entails it to appoint a majority of seats on the board. Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the companies said.

☆ Manchester City win Premier League title as Arsenal lose
▼ + stars: | 2023-05-20 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

LONDON, May 20 (Reuters) - Manchester City were confirmed as Premier League champions for the fifth time in six seasons on Saturday without even having to kick a ball after second-placed Arsenal's challenge ended in defeat away at Nottingham Forest. City have now joined an elite group of clubs to win three successive English top-flight titles, with Huddersfield Town, Arsenal, Liverpool and Manchester United the only others. "The Premier League is without doubt the most demanding and competitive league in the world so that tells you everything about what an achievement this is," he said. That quality and consistency helps sum up what Manchester City stand for and ensures the club will continue to strive for success going forward." Defeat at Forest means Arsenal have won only two of their last eight matches in the league.

☆ Man City outclass Real Madrid to reach Champions League final
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +4 min

MANCHESTER, England, May 17 (Reuters) - Manchester City marched into the Champions League final for the second time in three seasons after outclassing holders Real Madrid 4-0 for a 5-1 aggregate victory at a raucous Etihad Stadium on Wednesday. With Inter Milan awaiting in the final, City will now be huge favourites to finally deliver the trophy Abu Dhabi's Sheikh Mansour has craved since buying the club in 2008, having lost to Chelsea two years ago. Just as in the Spanish capital, City took an early stranglehold with Real barely stringing two passes together and finding it almost impossible to escape their own half. City toyed with the 14-times champions for the rest of the half and could have been further ahead. With their place in the Istanbul showpiece secured, City can win their fifth Premier League title in six seasons this weekend and they also have an FA Cup final to look forward to.

☆ I had feeling Man City were ready to deliver, says Guardiola
▼ + stars: | 2023-05-17 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

MANCHESTER, England, May 17 (Reuters) - Manchester City were perfectly prepared with the right mix of calmness and tension for their Champions League semi-final against Real Madrid, manager Pep Guardiola said on Wednesday. "I had the feeling these last days that we had a mix of calm and tension to play these type of games," Guardiola told reporters. "And after 10 or 15 minutes, I had the feeling that all the pain that we had, what happened last season . "In sport, obviously you have another chance and when the draw was Madrid, I said, 'Yeah, I want it'," Guardiola said. "This season is really really good, what we've really done already.

"Our commitment to Juventus is unchanged and no meetings have taken place," a spokesperson for Exor said when asked to comment by Reuters on Friday. Juventus also faces potential new penalties, including further points deductions, in a separate case over alleged irregularities in payments to players. The Agnelli family has owned the club, which it listed in 2001, almost uninterrupted since 1923. New potential co-investors could include Middle Eastern or Asian sovereign wealth funds, or U.S. funds or family offices, two sources said. Juventus ranked 11th in Deloitte's European Money League published in January, based on its annual revenue of 400 million euros in 2021/22.

☆ 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.

☆ Malaysia to review $3.9 bln settlement deal with Goldman Sachs - PM Anwar
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 17 (Reuters) - The Malaysian government is re-evaluating a $3.9 billion settlement deal reached between the previous administration and U.S. investment bank Goldman Sachs (GS.N) over the 1MDB financial scandal, state news agency Bernama reported on Monday. Prime Minister Anwar Ibrahim said on Monday a government taskforce looking into 1MDB issues was scrutinising the 2020 deal with Goldman, adding that it was a matter of recovering public funds, Bernama reported. "I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised," Anwar was quoted as saying by Bernama. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department. Since taking office last November, Anwar has sought to review previous governments' decisions on 1MDB in a bid to recoup money embezzled from the fund.

☆ 9 Middle Eastern funds and investors pouring money into US media, sports, and entertainment
▼ + stars: | 2023-04-03 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Governments and investors in the Middle East are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

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.

LONDON, March 28 (Reuters) - BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector. The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%. For BP, the deal highlights the British company's focus on growing natural gas production after Chief Executive Bernard Looney last month slowed down its shift away from fossil fuels. After the deal closes NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group (DLEKG.TA), which holds the remaining 50%.

☆ 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.

☆ Op-ed: Crypto and blockchain need a trellis, not just a weed killer, says Scaramucci
▼ + stars: | 2023-03-21 | by ( Anthony Scaramucci | ) www.cnbc.com time to read: +4 min

You might not know this, but Goldilocks and the Three Bears is actually a story about the debate currently surrounding regulation of the blockchain and crypto industries. The agency nearly doubled the size of its crypto assets enforcement unit last May. Many in the crypto industry want this "regulation by enforcement" to stop. It's as much of a trellis for good plants as it is a weed killer. Scaramucci is the founder and managing partner of SkyBridge Capital, an alternative asset manager and SEC-registered investment adviser.

☆ Abu Dhabi's G42 buys ByteDance stake at $220 billion valuation, report says
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +1 min

Abu Dhabi-based artificial intelligence firm G42 acquired a $100 million plus stake in ByteDance, valuing the Chinese unlisted owner of TikTok at $220 billion, Bloomberg News reported late on Tuesday, citing people with knowledge of the deal. G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser, acquired the stake from existing investors in recent months through its 42XFund, the report said, adding that another fund also bought into ByteDance at a $225 billion shortly after. The company's $220 billion valuation is a considerable discount to the $300 billion valuation set during a share buyback program last year, down from the valuations of between $300 billion and $400 billion it received in the secondary market in 2021. Both 42XFund and ByteDance did not immediately repsond to Reuters' requests for comment. Bloomberg had earlier in the day reported that TikTok, ByteDance's short-form video app, is considering separating from its parent to help address U.S. concerns about national security risks, as it has come under increasing fire over fears that user data could end up in the hands of the Chinese government, undermining Western security interests.

☆ Abu Dhabi's G42 acquires $100 mln ByteDance stake at $220 bln valuation - Bloomberg News
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Abu Dhabi-based artificial intelligence firm G42 acquired a $100 million plus stake in Tiktok-parent ByteDance, valuing the company at $220 billion, Bloomberg News reported late on Wednesday, citing people with knowledge of the matter. Reporting by Rahat Sandhu in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The sale means UK startups and investors will be able to access their money. Like its US parent, SVB UK mostly served tech startups and their investors. Insider understands from a person close to SVB UK that there is some internal frustration at the bank run. The feeling is that SVB UK was sold off simply because of groupthink. That evening, it looked feasible that the government would allow SVB UK to collapse.

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

☆ 'Our phones are ringing off the hook': Amid a global downturn, the finance world is chasing Middle Eastern money
▼ + stars: | 2023-03-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The region's 10 largest sovereign wealth funds combined manage nearly $4 trillion, according to the Sovereign Wealth Fund Institute. The regional investors, especially the sovereign funds but also the families, are now much more sophisticated than before. Follow the capitalAs oil prices made a roaring comeback in the last two years, the Gulf's public wealth funds went on a spending spree. It added that GCC sovereign wealth funds "played an important role in 2020 during the Covid-19 pandemic and now again in 2022 during times of financial distress." Our phones are ringing off the hook," one manager from a UAE investment fund said, declining to be named due to professional restrictions.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

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