PIF’s Alat to build robot factory as part of $100bn plan
Alat, a Public Investment Fund-backed technology manufacturing company, intends to invest $100 billion by 2030. The company struck deals this week to create factories to build industrial robots and surveillance products. Alat has partnered with international technology companies such as Japan’s Softbank Group, US-headquartered Carrier Corporation, China’s Dahua Technology and Saudi Technology and Security Comprehensive Control […]
Morocco gets $188m to build three desalinisation plants
Moroccan fertiliser company OCP Group has secured $188 million worth of funding to build three new seawater desalinisation plants as part of the government’s emergency plan for drinking water supply. The state-backed company signed an agreement with the African Development Bank (AfDB) to fund its green investment programme. The construction of the new desalinisation plants […]
Mubadala weighs buying stake in Heathrow airport
Abu Dhabi’s Mubadala Investment Company is studying the possibility of acquiring a stake in the UK’s busiest airport, Heathrow, according to a media report. The UAE sovereign wealth fund is weighing an investment after being approached by Paris-based buyout company Ardian, Bloomberg reported, citing people familiar with the matter. Discussions are ongoing and no agreements […]
Vodafone dividend helps push e& to record profit
Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […]