SABB Alawwal Bank merger creates third-largest Saudi lender
June 16, 2019 (Abu Dhabi) According to an article on The National, the Saudi British Bank (SABB) and Alawwal Bank will continue to operate as separate entities and offer their respective products and services until they fully integrate their back office operations following the completion of their merger. SABB will absorb Alawwal Bank’s assets and liabilities. The transaction was executed…
New York office block now fully owned by ADIA
June 18, 2019 (London / Dubai) According to an article published on Arab News, the Abu Dhabi Investment Authority (ADIA) is said to have bought 25% of 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the New York office block with the deal expected to close in the third quarter of this year. ADIA has between 5% to…
Solar PV technology to generate 500MWac of renewable power in Oman
May 5, 2019 (Muscat) According to Zawya, there has been an agreement reached for the development of the Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company. The agreement has been executed by a consortium composed of ACWA Power, Gulf Investment Corporation, and Alternative Energy Projects Co., and will be located around 300km west of Muscat,…
PIF aiming to be the worlds largest SWF by 2020
April 25, 2019 (Saudi Arabia) According to an article on Arabian Business, the Public Investment Fund of Saudi Arabia (PIF) is growing its assets faster on the international pool as they are trying to diversify, increasing the size and proportion of their total international assets. PIF's current AUM of $290 billion makes it the 11th largest Sovereign Wealth Fund (SWF) globally…
ADIA to invest in 49% stake of airport holding firm
April 19, 2019 (Hyderbad) As reported by The Hindu, the Abu Dhabi Investment Authority (ADIA) have signed a pact buying 49% stake in an airport holding firm. GVK Power & Infrastructure Ltd. (GVKPIL), through two subsidiaries, has entered into an agreement for selling a 49% stake in its airports holding company to ADIA and the National Investment & Infrastructure Fund…