March, 2023

• 8 March

  Mubadala, Stone Point Capital to buy $1.9bn stake in US’ Truist Insurance

  

  ABU DHABI / WAM Mubadala Investment Company announced that it has partnered with primary investor Stone Point Capital, a private equity firm focussed on the global financial services industry, alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings, Inc, a subsidiary of Truist Financial Corporation. Based in Charlotte, North Carolina, Truist Insurance Holdings is …

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• 8 March

  UAE President, Polish counterpart review enhancing bilateral relations

  

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday at Qasr Al Shati Palace, received Andrzej Duda, President of the Republic of Poland. President His Highness Sheikh Mohamed bin Zayed welcomed President Duda and his accompanying delegation, expressing his hopes that his visit would constitute an impetus to the two countries’ relations. The two …

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• 7 March

  Kim Jong Un’ sister threatens action on US-South Korea drills

  

  BLOOMBERG The powerful sister of North Korean leader Kim Jong Un issued a fresh warning to the US and South Korea, threatening them with severe consequences if they went ahead with joint military drills set to start next week. Kim Yo Jong said North Korea is monitoring the “restless military moves by the US forces” and its South Korean “puppet …

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• 7 March

  Russian minister vows to pursue Bakhmut assault

  

  BLOOMBERG Russian Defense Minister Sergei Shoigu said taking the besieged eastern city of Bakhmut would let Kremlin forces push further into Ukraine’s defenses, vowing to continue a months-long siege that’s shown limited results so far. Bakhmut “is an important link in the defenses of Ukraine’s forces in Donbas,” Shoigu told commanders in televised comments. The founder of Russian mercenary group …

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• 7 March

  US risks catastrophe with moves to ‘contain’ Beijing, warns China

  

  BLOOMBERG China’s new foreign minister warned that soaring US-China tensions risk blowing past any guardrails in the relationship, showing that divisions between the world’s biggest economies are becoming more entrenched. “The US claims that it seeks to outcompete China but does not seek conflict,” Foreign Minister Qin Gang said on Tuesday at his first news briefing since taking office late …

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• 7 March

  Trudeau orders review of alleged Chinese election meddling

  

  BLOOMBERG Prime Minister Justin Trudeau yielded to pressure over allegations China interfered in Canada’s elections, appointing a special investigator to study the matter. “Upholding confidence in our democratic process in our elections, in our institutions, is of utmost importance,” the prime minister told reporters in Ottawa. The “independent special rapporteur” will have a wide mandate and make recommendations on fighting …

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• 7 March

  Kezad, Emtelle partner to build $50mn manufacturing facility

  

  ABU DHABI / WAM Khalifa Economic Zones Abu Dhabi – Kezad group and Emtelle, a global manufacturer of passive fibre-optic network solutions, on Tuesday signed an agreement to build one of the world’s largest facilities for the manufacture of fibre optic ducting and pre-connectorised solutions. Emtelle will invest approximately $50 million in three phases of manufacturing. The building, located on …

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• 7 March

  MBRGI expands global partnerships to achieve sustainable food security

  

  DUBAI / WAM Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), through its 1 Billion Meals initiative, on Tuesday announced its support for the United Nations UNITLIFE Trust Fund, which aims to address chronic malnutrition across the globe. As the region’s largest food donation drive, 1 Billion Meals aims to provide food aid to the underprivileged in 50 countries, especially …

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• 7 March

  Adib shareholders approve AED1.7 billion cash dividend

  

  ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib has announced that its general assembly has approved a cash dividend of AED1.7 billion, 49 fils per share for the fiscal year ending December 31, 2022. This represents an increase from 31 fils per share in 2021 and constitutes 49.2% of the bank’s net profit for the year. In addition, Adib …

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• 7 March

  Hub71 signs deal to expand venture capital access for startups

  

  ABU DHABI / WAM Hub71, Abu Dhabi’s global tech ecosystem, has launched a partnership with Asia-Pacific based venture capital firm Investible, to support the growth of tech startups and early-stage companies in Abu Dhabi. Founders at Hub71 will benefit from access to Investible’s Early-Stage Funds, valued at approximately AUS$180 million funds under management collectively. Hub71 startups will also gain access …

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