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News on Medial
KKR, Investcorp vying for Abu Dhabi's district cooling business, sources say
VCCircle
·
3m ago
Medial
KKR, I Squared Capital, and Investcorp are among global asset managers bidding for Abu Dhabi's district cooling business, PAL Cooling Holding (PCH), owned by Multiply Group. This enterprise is part of a broader $1.5 trillion portfolio under UAE’s Sheikh Tahnoon bin Zayed Al Nahyan. The deal, valued around $1 billion, also attracts entities like CVC, Engie-backed Tabreed, and TAQA. The interest indicates buyout firms’ growing focus on local Gulf investments.
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BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate
VCCircle
·
1y ago
Medial
Abu Dhabi-based investor Lunate has acquired a 40% stake in the entity that leases Abu Dhabi National Oil Company's (ADNOC) oil pipelines from private equity firms BlackRock and KKR. The terms of the deal were not disclosed, but it marks a return of the stake to local hands after being purchased by the two US funds for $4bn in 2019. This move aligns with Abu Dhabi's strategy to create a national champion in the alternative investments sector with Lunate, which manages $105bn of assets and is part of a business empire owned by Sheikh Tahnoun bin Zayed Al Nahyan.
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UAE's Tabreed, CVC in exclusive talks to buy Multiply unit
VCCircle
·
2m ago
Medial
UAE's Tabreed and CVC are in exclusive talks to acquire Multiply Group's district cooling business in a deal potentially exceeding $1 billion. Engie-backed Tabreed and private equity firm CVC were the highest bidders for PAL Cooling Holding, a unit of Multiply. This move underscores growing international investment interest in the Gulf as economies diversify from oil. District cooling is favored for its economic and environmental benefits in the region's extreme climate.
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Abu Dhabi wealth fund ADQ, Orion team up to invest $1.2 bn in metals, mining
VCCircle
·
6m ago
Medial
Abu Dhabi's sovereign wealth fund ADQ and Orion Resource Partners are forming a joint venture to invest $1.2 billion in the metals and mining sector. Based in Abu Dhabi, this 50-50 partnership will focus on emerging markets in Africa, Asia, and Latin America over four years. The investment will utilize various asset classes, including equity and debt. This initiative supports Abu Dhabi's economic diversification efforts by securing critical raw materials for future industries.
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Abu Dhabi launches free Wi-Fi across emirate, including beaches, parks and buses
Startup News FYI
·
1y ago
Medial
The Department of Municipalities and Transport (DMT) in Abu Dhabi has introduced free Wi-Fi at various public locations, including parks, beaches and buses. This initiative is part of Abu Dhabi's smart city development plan and aims to enhance its digital infrastructure. The service is being offered in collaboration with UAE service providers and allows for connectivity across different areas in Abu Dhabi. The move aligns with Abu Dhabi's commitment to innovation, inclusivity and sustainability as it strives to become a leading smart city.
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Abu Dhabi's ADIA explores investment in India's Pocket FM, sources say
TechCrunch
·
1y ago
Medial
Abu Dhabi's sovereign wealth fund, ADIA, is holding talks to back Indian audio-storytelling platform Pocket FM in a new funding round. Pocket FM recently secured around $100 million in funding from Lightspeed Venture Partners. The talks with ADIA have been ongoing for over a month and are currently confidential. Pocket FM has seen rapid revenue growth and aims to reach an annualized revenue run rate of $100 million by the end of 2023. Pocket FM offers a freemium model, allowing users to pay for the content they prefer rather than the entire library.
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Indian refiners look more widely for oil after EU’s Russia curbs
Economic Times
·
11d ago
Medial
Indian oil refiners are considering diversifying their crude oil sources due to new EU sanctions on Russia. Although India, a major importer of Russian crude, hasn't drastically changed its supply, there is exploration of alternatives. Traders and refinery executives note increasing purchases from Azerbaijan, Nigeria, and the UAE. Mangalore Refinery bought Azeri oil, while Hindustan Petroleum acquired Nigerian crude. Reliance Industries also purchased Abu Dhabi's Murban grade, reflecting a shift towards broader sourcing.
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UAE renewables firm Masdar weighs possible IPO
VCCircle
·
4m ago
Medial
Abu Dhabi's state-owned renewable company, Masdar, is considering an initial public offering (IPO) to raise funding for renewable projects. This potential listing, possibly not before 2026, might occur in Abu Dhabi with a dual listing in New York. Although Masdar currently has no public plans for an IPO, it's expanding its operations globally, targeting 100 gigawatts of renewable energy by 2030. Recent acquisitions highlight its strategic growth in Europe and other regions.
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UAE firm G42 plans $2 billion hyperscale data centre in Vietnam - The Economic Times
Economic Times
·
29d ago
Medial
Abu Dhabi's G42 plans to develop a $2 billion hyperscale data center in Ho Chi Minh City, Vietnam, partnering with local companies FPT Corp., VinaCapital, and Viet Thai Group. The project, reported by Vietnam's state media, awaits the Prime Minister's input, although no specific development timeline is mentioned. The initiative marks significant international collaboration in Vietnam’s tech infrastructure, reflecting the country's growing business potential in data management and technology investments.
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UAE-based Aliph Capital makes second deployment from $250-mn vehicle
VCCircle
·
8m ago
Medial
UAE-based private equity firm, Aliph Capital, has made its second investment from its $250 million fund. The firm recently announced Saudi Venture Capital (SVC) as a limited partner for its Aliph Fund I. Backed by Abu Dhabi's sovereign wealth fund, ADQ, Aliph Capital focuses on mid-market investments.
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ADNOC to acquire German chemicals company Covestro for $16 bn
VCCircle
·
10m ago
Medial
- Abu Dhabi's ADNOC acquires German chemicals company Covestro for $16 billion, making it ADNOC's largest-ever acquisition. - The deal aims to reduce the Gulf state's dependence on oil and increase investment in cleaner energy sources. - ADNOC plans to expand its presence in petrochemicals, gas, and renewable energy through the acquisition. - The transaction includes a cash deal of 62 euros per share and the assumption of around 3 billion euros in debt. - Covestro is seen as a growth platform for ADNOC, with expectations that the chemicals sector will outpace GDP growth. - The acquisition includes measures to limit ADNOC's control over Covestro, such as maintaining labor representation and securing management's strategic direction.
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