March, 2023

• 27 March

  Edge acquires UAE’s Trust to strengthen its portfolio

  

  ABU DHABI / WAM Edge Group has announced the acquisition of UAE-based Trust International Group, a defence trading specialist and major supplier of premium solutions to the UAE Armed Forces and security establishments. Trust will join Edge within its Trading and Mission Support cluster, complementing the Group’s existing multi-domain capabilities. Founded in 2004, Trust acts as a supplier and military ...

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• 27 March

  Brookfield, EIG near $10.2 billion takeover of Origin

  

  BLOOMBERG A Brookfield Asset Management Inc-led consortium agreed terms on a A$18.7 billion ($10.2 billion) deal, including debt, to acquire Australian utility Origin Energy Ltd after months of delays. The consortium, which includes EIG Global Energy Partners, increased the value of its proposal following further talks in recent weeks and the pact will value Origin’s shares at A$8.912 each, the ...

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• 27 March

  French oil-processing industry barely running as strikes enter week four

  

  BLOOMBERG France’s oil-processing industry is running at a fraction of normal capacity as worker strikes enter their fourth week. Four of the nation’s six refineries are barely operating after Exxon Mobil Corp started taking the larger of its two French facilities out of service at the weekend because it can’t get crude into the site. The country’s labour action is ...

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• 27 March

  Maqta Gateway marks graduation of 4th cohort of ATLG Programme

  

  ABU DHABI / GULF TIME Under the patronage of Sheikha Fatima bint Mubarak, the General Women’s Union and Maqta Gateway, part of AD Ports Group, celebrated the graduation of the fourth cohort of the ATLG Programme. Created to promote the presence of women in technical fields related to strategic trade and logistics projects, the ATLG Programme empowers Emirati women to ...

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• 27 March

  Presight AI Holding now listed on Abu Dhabi Securities Exchange

  

  ABU DHABI / WAM Presight AI Holding, a G42 company and a big data analytics company powered by artificial intelligence (AI), has listed and commenced the trading of its shares on the First Market of the Abu Dhabi Securities Exchange (ADX) on Monday. The initial public offering (IPO) of the company was oversubscribed by 136 times in aggregate, excluding the ...

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• 27 March

  Admaf, MBZUAI sign deal to empower UAE’s youth

  

  ABU DHABI / WAM The Abu Dhabi Music and Arts Foundation (Admaf) announced the signing of a memorandum of understanding with the Mohammed bin Zayed University of Artificial Intelligence (MBZUAI) as part of its ongoing efforts to empower the nation’s youth and help develop their skills. Through the MoU, both parties aim to create a pathway to knowledge by co-curating ...

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• 27 March

  Q Properties unveils stylish luxury apartments in Reem Hills

  

  ABU DHABI / GULF TIME Q Properties — a leading UAE real estate developer and subsidiary of Q Holding — unveiled a collection of stylish new luxury apartments in Reem Hills, located in the heart of the capital and the only gated community on Al Reem Island. The new collection has been created for value seeking buyers wanting an attractive, ...

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• 27 March

  Fraud-hit Steinhoff shareholders reject debt-relief plan

  

  BLOOMBERG Steinhoff International Holdings NV failed to pass a plan to give creditors 80% of its equity as it sought to be released from its debt that is due at the end of June. Shareholders rejected all the resolutions that were voted on at the global retailer’s annual general meeting held in Amsterdam. The gathering lasted three hours because of ...

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• 27 March

  African e-commerce firm seeks to expand with French tools

  

  BLOOMBERG Jumia Technologies AG made a deal to sell French retailer Leroy Merlin’s products in West Africa, part of a plan to expand its reach and cut losses in half by the end of 2023. The Africa-focussed e-commerce giant will sell the French company’s tools and do-it-your-self products in Ivory Coast and Senegal, focussing on high-growth rural areas and smaller ...

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• 27 March

  China’s consumer brands stay cautious on recovery

  

  BLOOMBERG China’s biggest consumer brands like sneaker makers say they’ve seen a boom in demand as the country leaves the dark days of Covid Zero behind. But beneath the surface, a lingering sense of caution about the sustainability of the rebound points to a potentially rocky year ahead. A recovery in business since the Lunar New Year is still going ...

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