Business Point Today

Today's weather will be fair in general, the National Centre of Meteorology has said. Some low clouds are predicted to appear Eastward. There may be light rainfall in those areas, with a probability of the formation of some convective clouds over the mountains by afternoon. Residents in Dubai and Abu Dhabi are in for a hot day as temperatures will rise to 43ºC and 44ºC, respectively. The weather is likely to get humid by night and Wednesday morning with a probability of fog or mist formation over some coastal and internal areas. Read More : https://www.khaleejtimes.com/weather/uae-weather-hot-fair-forecast-for-tuesday-mercury-rises-to-44oc

Shareholders of Abu Dhabi-listed Q Holding have approved the acquisition of developer Reem Investments as part of its strategy to broaden its investment portfolio. The acquisition will boost Q Holding’s asset base to more than Dh5.9 billion ($1.6bn). Q Holding is acquiring Reem Investments in exchange for new shares to be issued in the company. It did not give the value of the deal when it announced it last week. Q Holding shareholders approved the transaction at their general assembly meeting, both companies said in separate statements on Monday to the Abu Dhabi Securities Exchange, where their shares are traded. The deal is part of "efforts to increase our investment portfolio and develop our business performance in line with the board of directors’ strategies to invest in selected industries to meet the local and international market need”, Abdulla Al Hamed, chairman of Q Holding, said. In 2018, Eshraq Properties dropped plans to merge with Reem Investments after the two compan...

 Abu Dhabi's holding company ADQ bought stakes in listed Egyptian companies across key sectors, from FinTech to logistics, to help bolster the country's economy. The move is part of ADQ's $20 billion joint strategic investment platform with the country, it said in a statement on Wednesday. The deals include investing in shares of Commercial International Bank, digital payments platform Fawry, logistics player Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries, ADQ said. "The recent transactions are a testament to our long-term commitment to elevate our investment partnership with Egypt and continue deploying capital in projects of commercial importance," Mohamed Alsuwaidi, managing director and chief executive of ADQ, said. Earlier this month, Egypt’s Gulf allies pledged up to $22bn to help the country cope with the effects of the war in Ukraine. The North African country is also...

 Aldar Properties, Abu Dhabi's largest developer, has acquired 6.2 million square metres of land on Saadiyat Island as part of its plans to develop a Dh15 billion ($4bn) mega mixed-use project. The land is valued at Dh3.68bn and the acquisition consideration "will be paid in kind as the development progresses", Aldar said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded. The integrated community will include nearly 2,700 residential units, most of which are villas, and will be home to more than 15,000 people when complete. Construction is scheduled to begin in the second half of 2022 over a four-year development period. “This is an incredibly exciting acquisition for Aldar as it will allow us to develop the most strategically located and desirable land available in Abu Dhabi," said Talal Al Dhiyebi, group chief executive at Aldar Properties. "The transaction is also a milestone in the development of Saadiyat Island as it...