ABU DHABI / WAM Multiply Group, an Abu Dhabi-based investment holding company, is acquiring a minority interest in Breakwater Energy for AED367 million ($100 million). This investment comes under Multiply+, the group’s sector-agnostic arm that is more opportunistic in nature. Through this acquisition, Multiply Group will become part owner of a highly profitable and cash-generative, diversified global upstream portfolio with ...

KUWAIT / WAM Dr Matar Hamed Al Neyadi, UAE ambassador to Kuwait, met with Sheikh Ahmed Fahad Al Sabah, Deputy Prime Minister and Minister of Defense of the State of Kuwait, wherein they discussed the distinguished relations between the two countries and ways to develop cooperation. During the meeting, Al Neyadi, accompanied by Colonel Mohammed Al Muhairi, Military Attaché of ...

SHARJAH / WAM In implementation of the directives of HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, to expand Al Tarif Park in Kalba, the Department of Town Planning and Survey in Sharjah has begun to take the necessary measures to implement the directive. The park’s size will increase to more than 27,000 ...

SHARJAH / WAM Sharjah Book Authority (SBA) has begun accepting applications for the 2023 edition of the prestigious Sharjah International Book Fair (SIBF) Awards, which features five main categories, including the prestigious ‘Turjuman’ Award and nine associated accolades. These awards are designed to honour the outstanding achievements of writers, intellectuals and publishers, as well as local talents whose writing and ...

GENEVA / WAM The UAE participated in the 64th series of meetings of the assemblies of the World Intellectual Property Organisation (WIPO) member states that took place in Geneva, Switzerland, until July 14. Dr Abdul Rahman Al Maeeni, Secretary-General of the Association Emirates Intellectual Property (Eipa), said, “Thanks to the directives and vision of its wise leadership, the UAE has ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib) announced on Wednesday that it has successfully raised $750 million in the world’s first dollar denominated additional tier-one (AT1) perpetual sukuk issued since March 2023. Adib, which is rated A2 by Moody’s and A+ by Fitch, in each case with a stable outlook, priced the perpetual non-call, five and half-year sukuk ...

ABU DHABI / WAM Agthia Group PJSC on Wednesday announced the launch of Agthia Ventures, a corporate venture capital (CVC) fund designed to expand Agthia’s innovation capabilities and create mutual value with startups as the company continues to drive profitable growth in both new and existing markets. Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed ...

DUBAI / WAM The National Programme for Artificial Intelligence, in collaboration with the National Programme for Coders, has launched the fifth edition of the UAE AI Camp, a five-day camp that aims to empower new generations with advanced technology, tools, and skills in artificial intelligence. The camp targets school and university students, as well as various groups of society. It ...

BLOOMBERG  Housing Development Finance Corp, India’s largest mortgage financier, merging into HDFC Bank Ltd is likely to lead to a drop in borrowing costs in the rupee bond market, a senior official at the merged unit, said. “If the amount of supply comes down and demand remains the same, then prices will reflect that,” Keki Mistry, a non-executive director on ...

BLOOMBERG  Even in a year where currency volatility is falling worldwide, the slump in swings in the Indian rupee has traders from London to Singapore asking when the central bank will loosen its iron grip. The rupee’s one-month implied volatility versus the dollar crashed to its lowest since 2005 in June, drawing queries from investors on roadshows of Citigroup Inc ...