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US' Golub Capital to set up base in Abu Dhabi

VCCircle

VCCircle · 8m ago

US' Golub Capital to set up base in Abu Dhabi

US lender Golub Capital is set to open an office in Abu Dhabi, joining a growing list of firms looking to expand their business in the region and form ties with wealth funds. The company, which has more than $70bn of assets under management, has received preliminary approval for a licence to operate out of the Abu Dhabi Global Market centre. The move follows the decision by sovereign wealth funds to invest in the Middle East and the presence of an attractive regulatory environment.

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General Atlantic planning to open office in Abu Dhabi

VCCircle

VCCircle · 11m ago

General Atlantic planning to open office in Abu Dhabi

General Atlantic, a New York-based private equity firm, plans to open an office in Abu Dhabi by the end of the year, according to sources. The firm has received preliminary approval for a license to operate in the Abu Dhabi Global Market. The final approval is expected to be granted by the end of 2024. General Atlantic's move follows other asset managers and hedge funds that have set up in the UAE capital's financial centre, attracted by opportunities to deepen relationships with sovereign wealth funds. General Atlantic is being supported by asset manager Mubadala Capital.

Abu Dhabi sets out measures to help business get away from oil

VCCircle

VCCircle · 8m ago

Abu Dhabi sets out measures to help business get away from oil

Abu Dhabi, the capital of the United Arab Emirates, has unveiled measures to simplify business processes in its efforts to diversify the economy away from oil. The city emirate announced the creation of a centralised business registry authority, the Abu Dhabi Registration Authority, which will serve as the single point for business registration. The move comes as Abu Dhabi, like other oil-exporting regions, seeks to expand into sectors such as tourism, logistics, manufacturing, and industry to drive future economic growth. The emirate's non-oil GDP grew by 6.6% in Q2 2024.

Former Indian cricketer set to start new innings with VC fund for sports ventures

VCCircle

VCCircle · 8m ago

Former Indian cricketer set to start new innings with VC fund for sports ventures

A former Indian cricketer is launching a venture capital fund for sports ventures. The fund will be based in Abu Dhabi and has received approval from the regulator of the Abu Dhabi Global Market. The cricketer, who enjoyed a successful international career, will be entering a new chapter in his entrepreneurial journey by supporting startups in the sports industry.

Former Indian cricketer sets up sports-focused VC fund in Abu Dhabi

VCCircle

VCCircle · 8m ago

Former Indian cricketer sets up sports-focused VC fund in Abu Dhabi

A former Indian cricketer is launching a venture capital fund in Abu Dhabi focused on sports. The fund has been given approval by the regulator of the Abu Dhabi Global Market. The fund aims to invest in startups and companies operating in the sports industry. Further details about the fund, including its investment strategy and size, are yet to be disclosed.

Turkey-focused Mediterra Capital hits exit button on tech bet in secondary deal

VCCircle

VCCircle · 1y ago

Turkey-focused Mediterra Capital hits exit button on tech bet in secondary deal

Mediterra Capital, a private equity firm based in Amsterdam, is preparing to exit its investment in a data backup solutions provider in Turkey. The firm is set to sign a deal to sell its stake to a subsidiary of an Abu Dhabi-based tech conglomerate. This investment had been held for six years. Mediterra Capital specializes in backing small and mid-sized companies in Turkey.

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

Economic Times

Economic Times · 1y ago

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

NPCI International Payments Ltd is set to sign an agreement with Al Etihad Payments in Abu Dhabi to enable cross-border transactions. The memorandum of understanding aims to develop the UAE's domestic card scheme based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of India's commerce and industry minister, Piyush Goyal, during his visit to Abu Dhabi, where he will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.

BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

VCCircle

VCCircle · 1y ago

BlackRock, KKR sell stake in ADNOC assets to Abu Dhabi's Lunate

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.

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

VCCircle

VCCircle · 1y ago

Alpha Dhabi Holding to sell stake in oilfield services firm to JV with ADNOC Drilling

Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company (IHC), plans to sell its controlling stake in an oilfield services firm to the joint venture it formed with ADNOC Drilling, a unit of Abu Dhabi National Oil Company. The joint venture, called Enersol, will purchase Alpha Dhabi Holding's stake in the company.

Capital Group offloads 4.3% stake in SIS for Rs 258 Cr

YourStory

YourStory · 1y ago

Capital Group offloads 4.3% stake in SIS for Rs 258 Cr

On Wednesday, Capital Group, a financial services company, sold a 4.3% stake in cash logistics solutions provider SIS for over Rs 258 crore. The shares were sold through open market transactions, with Abu Dhabi Investment Authority purchasing shares in the company. Capital Group's affiliates, Smallcap World Fund and American Funds Insurance Series Global Small Capitalization Fund, sold a total of 62,26,115 shares at Rs 415 per share. Additionally, Abu Dhabi Investment Authority Stable and 360 One Mutual Fund bought 51.79 lakh shares, amounting to a 3.6% stake, for Rs 214.95 crore.

Dubai and Abu Dhabi race to lure world's wealth managers

VCCircle

VCCircle · 10m ago

Dubai and Abu Dhabi race to lure world's wealth managers

Abu Dhabi is making a name for itself as a desirable location for wealthy individuals and asset managers, rivaling Dubai as a leading financial center in the United Arab Emirates (UAE). While Dubai has traditionally been the region's financial hub, Abu Dhabi is actively diversifying its economy and leveraging its significant oil wealth to attract non-oil industries and investment. This shift has led to an influx of money managers and hedge funds, as well as major asset management firms setting up operations in Abu Dhabi. The city's regulatory environment and its ambition to become a global center for the crypto industry are also drawing investors. However, Dubai still maintains an advantage with its long-established international finance industry, vibrant entertainment scene, and iconic landmarks.

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