Business Point Today

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, successfully closed its $2 billion initial public offering, the biggest share sale on the Abu Dhabi Securities Exchange that was about 42 times oversubscribed. The company had set the price per share for its 10 per cent float at Dh2.45, implying an equity value of about $20bn. It sold about three billion shares to the public, the company said in a statement on Tuesday. Upon settlement, the proceeds of the transactions will go to selling shareholders – Adnoc and Borealis Middle East Holding, a wholly owned subsidiary of Borealis. Total gross demand for the IPO that also attracted India's billionaire Adani family amounted to more than $83.4bn, Borouge said. Read More : https://www.thenationalnews.com/business/markets/2022/05/31/borouge-raises-2bn-in-42-times-oversubscribed-abu-dhabi-ipo/

The UAE and Israel signed a Comprehensive Economic Partnership Agreement (Cepa) on Tuesday in a move aimed at boosting non-oil trade and investment between the two countries. The trade and investment pact will push the value of non-oil bilateral trade beyond $10 billion within five years, Dr Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, said on Twitter. "With the #UAEIsraelCEPA signed, sealed and delivered, we have written a new chapter in the history of the Middle East," he said in a tweet . "Our agreement will accelerate growth, create jobs and lead to a new era of peace, stability, and prosperity across the region." The agreement comes after the UAE and Israel normalised relations in September 2020, which led to dozens of initial pacts in sectors ranging from aviation to technology. Israel and the UAE began negotiations for a trade and economic co-operation deal in November 2021, a couple of months after the Emirates launched similar discussion...

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed received Gen. Michael E. Kurilla, the commander of the US Central Command in the Middle East (CENTCOM), state news agency WAM reported on Thursday. During the meeting, which was held at Qasr Al-Shati palace, the two sides discussed “prospects of further consolidating the friendship ties and aspects of defense cooperation” between the UAE and the US as part of the strategic relations binding the two nations, the statement said. They also exchanged views on a number of regional and international issues of mutual interest.

 In May, Princess Haya Bint Al Hussein was caught red-handed by Prime Minister of UAE Sheikh Mohammed bin Rashid Al Maktoum when he suddenly visited their London home and found Princess Haya and her lover-cum-bodyguard. The Dubai ruler also found strips of used condoms beside Haya’s bed as well as two glasses, proving the romantic couple were having sex in the bedroom while their children were in the next room. Sheikh Mohammed bin Rashid Al Maktoum was already suspecting his wife Princess Haya had inappropriate relations and the suspicion was proved as the couple were found to having sex. The Dubai ruler unexpectedly returned to London from attending a joint wedding of three sons in Dubai in May. According to sources, he was shocked seeing the 45-year-old Princess Haya with the bodyguard at the lavish residence and demanded her immediate return to Dubai with him. But the Princess refused and abruptly left the house with her two children and flew to Germany. The Dubai ruler and mem...

 The UAE's investment outlook looks positive as its policies to tackle the pandemic have infused confidence among investors, said Helal Al Marri, director general of Dubai’s Department of Economy and Tourism. The world looks relatively scary for an investor amid new strains of Covid-19, a war in Europe, recession and inflation but the UAE's actions in the past 50 years have instilled confidence, he said at the inaugural edition of Investopia Summit in Dubai on Monday. “The UAE’s resilience and [the] positive way in which it handles every challenge bring confidence to the world – not just from investors looking to set up their global headquarters here but also individual investors and talent looking to make the Emirates their home,” Mr Al Marri added. The role played by the government is important in a transforming landscape, the official said. “We don’t believe in protectionism and don’t have politics guide our decision making. Our economy is open and borderless, which makes in...

 Oil prices fell from 14-year highs as the UAE proposed that the Opec+ alliance increase oil production at a faster pace than its current monthly target in an effort to ease market volatility. “We favour production increases and will be encouraging Opec to consider higher production levels,” Yousef Al Otaiba, the UAE’s ambassador to the US, said. “The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy.” Also on Wednesday, the UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said the Emirates is committed to the existing agreement by the 23-member Opec+ alliance of oil producers led by Saudi Arabia and Russia, which ramps up oil supply by 400,000 barrels per day monthly. “The UAE believes in the value Opec+ brings to the oil market. The UAE is committed to the Opec+ agreement and its existing monthly production adjustment mechanism,” Mr Al Mazr...

 Most Middle East residents prefer online banking, a trend accelerated because of the digital transformation of banking and payment industries in the past few years, new research shows. Nearly 77 per cent of those surveyed in Saudi Arabia and 61 per cent in the UAE — the Arab world’s biggest economies — said they choose to do their banking online in some form, Minnesota technology company Entrust said in a recent survey. Almost 60 per cent of respondents in the two countries said they prefer using the bank’s app, while 29 per cent liked using the desktop web browser. Entrust surveyed 1,350 consumers in the UAE, Saudi Arabia, the US, Canada, the UK, Germany, Singapore, Australia and Indonesia who have made or received digital payments in the past 12 months. “This study highlights how, more than ever, consumer banking is about digital interactions first, and that they [banks] must create that digital experience with security at its foundation,” said Jenn Markey, vice president of pro...