Latest news with #AhmedAlJaber
Yahoo
12-06-2025
- Business
- Yahoo
UAE oil giant circling BP gas fields
A state-backed oil giant from the United Arab Emirates is positioning itself for a swoop on BP's energy empire. Adnoc, the Abu Dhabi-owned group, has been considering a move for BP's key assets and looking to partner with another bidder to buy some of the FTSE 100 group's divisions, Bloomberg reported. The Middle Eastern company, which is run by Sultan Ahmed Al Jaber, the UAE's energy minister, is said to be most interested in BP's liquefied natural gas (LNG) fields, rather than taking over the entire company. Adnoc recently started an international unit, XRG, which is on the hunt for gas and chemicals deals as it targets a big jump in LNG capacity. It is understood that XRG's discussions about a possible bid are at an early stage with no decisions made. No BP assets have been announced as being for sale. Adnoc has been a longstanding suitor for BP, with The Telegraph last year reporting that Adnoc had explored a full-blown takeover of the UK group, which has long suffered from a depressed stock market valuation. Deliberations did not advance after Adnoc concluded that BP was not the right fit for its strategy. The company was also concerned about the politics of any bid. A takeover of BP would almost certainly draw UK government involvement because of its significance to Britain. Sultan Al Jaber, who has run Anoc since 2016, is also the chairman of UAE media company IMI, which has been involved in funding a bid to buy The Telegraph. Adnoc's possible interest comes as BP battles to turn around its fortunes after a string of missteps in recent years. Murray Auchincloss, the chief executive, is trying to reset that with a return to oil and gas, and a plan to sell assets. Elliott, the US activist investor, also recently took a significant stake in the group and has been pushing for changes to improve performance and shareholder value, including spending cuts and asset sales, BP and Adnoc already have a long history of working together on projects. The London-headquartered company helped discover oil in Abu Dhabi more than half a century ago. Last year BP also took a 10pc stake in an LNG plant under construction in the emirate and the companies also struck a deal to form a joint venture focused on production from two vast Egyptian gas fields. Under the deal, BP transferred interests in three gas fields to the joint venture as well as exploration rights. Adnoc put cash into the joint venture helping BP raise funds to further expand in the Middle East. The move was part of BP's attempts to battle a prolonged underperformance stemming in large part from its previous focus on a net zero strategy. Other oil companies have also been exploring opportunities at BP, whose market value has fallen by a third in just over a year to below £60bn. Adnoc referred questions to XRG, which declined to comment. A BP spokesman said the group refused to comment on 'rumour and speculation'. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Kuwait Times
25-05-2025
- Sport
- Kuwait Times
Sheikh Ahmed praises great organization by Egyptian federation
SHARM EL SHEIKH: The Fourth Arab Tennis Championship, organized by the Arab Tennis Federation, headed by Sheikh Ahmed Al Jaber Al Abdullah Al Sabah, came to a close at the Soho Square Tennis Complex in Sharm El Sheikh, in cooperation with the Egyptian Tennis Federation. In a press statement, Sheikh Ahmed Al Jaber expressed his satisfaction at the success of the tournament, praising the great organization and efforts made by the Egyptian Federation, headed by Captain Ismail El -Shafei, to present the event in the most beautiful image. Sheikh Ahmed Al Jaber congratulated the winners of the first places in the tournament, praising the performance of all participants and their high level, which increased the beauty and importance of the tournament, while appreciating the cooperation of the players and their interaction and keenness to participate in this event, explaining that the tournament witnessed the participation of more than 100 male and female players from 10 Arab countries. The president of the Arab Tennis Federation thanked the official sponsor of the tournament, for its support and keenness to provide 'Wild Card' cards for the winners in the men's and women's categories, which qualify their holders to participate in five international tournaments organized by the Egyptian Federation under the supervision of the International Tennis Federation (ITF). Sheikh Ahmed Al Jaber emphasized that the tournament will continue with the same momentum, noting that the fifth edition will be held in Riyadh, hosted by the Saudi Tennis Federation. Al Jaber concluded his statement by thanking the Egyptian Tennis Federation for hosting the tournament and providing all the ingredients for its success, as well as all members of the Arab Federation, organizers, players, as well as representatives of the Public Authority for Sport Dhari Al Dhafiri and Ali Al Ansari for attending the closing ceremony of the tournament, stressing that the Arab Federation continues to develop the game in all its competitions and age groups. The tournament witnessed the brilliance of Kuwaiti male and female players, as Kuwaiti champion Ahmed Dashti and his compatriot Asrar Abdul Majeed snatched the first place in the mixed doubles competition (total under 100) by beating the Egyptian duo of Moataz Mabrouk and Lilian Fawzi, while Kuwaiti Hussein Al-Behbehani and Algerian Hamar Al-Ain Abdelhak won the title in the over-35 category by beating Egyptians Adel Hijazi and Mostafa Bahnsi, while the Kuwaiti duo Ahmed Dashti and Moataz Mabrouk came second in the over-45 category as first place went to Hamar Al-Ain and Shadi Tamimi of Jordan, and the runner-up position in the over-45 category. Kuwait's Adel Safar took second place in the men's over-65 category, while the first place went to Egypt's Hussein El-Beltany. Kuwait's Asrar Abdulmajeed took second place in the women's over-35 category, while Bahrain's Reem Al-Hashimi took first place.
Yahoo
12-05-2025
- Business
- Yahoo
IHC to establish reinsurance platform in partnership with BlackRock
Investment firm IHC has revealed plans to set up a new reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM). The platform will leverage AI to enhance its underwriting capabilities, with a focus on aiding growth in the Gulf region and local capital markets. BlackRock has been confirmed as a partner for the venture, providing insurance asset management, advisory services and the integration of its Aladdin technology. Additionally, Lunate will join the initiative, bringing expertise in global, multi-asset investment to the platform. The yet-to-be-named platform will provide property and casualty (P&C), life and specialised insurance products. Operating from the ADGM, it will also cater to international markets, with a particular emphasis on the Middle East and Asia. The platform's operations will be built around an AI-native framework, aiming to improve data analytics and pricing, and expected to enhance risk assessment processes and capital efficiency. A buy-and-build strategy is central to the platform's growth plans, targeting initial liabilities of more than $10bn (Dh36.73bn). The initial equity commitments are projected to be more than $1bn, supplemented by additional financing. BlackRock will make a minority investment in the venture upon completion of the definitive documentation. The leadership of the new company will be under the chairmanship of United Arab Emirates Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, with former Aviva CEO Mark Wilson at the helm. Al Jaber said: 'Supported by exceptional global partners in IHC, BlackRock and Lunate, the new company will bring deep expertise, a strong capital base, and AI-driven underwriting to enhance efficiency and precision. Furthermore, establishing the company in ADGM gives us access to a robust regulatory framework, a rapidly growing insurance market and dynamic financial hub.' IHC CEO Syed Basar Shueb stated: 'This venture embodies IHC's commitment to innovation and strategic growth. By leveraging our diversified portfolio and deep regional insights, we aim to redefine the insurance landscape, delivering sustainable value to our stakeholders and contributing to the economic prosperity of the region.' In March, BlackRock, along with Allianz and T&D Holdings, agreed to purchase Viridium Group from Cinven for €3.5bn ($3.89bn). "IHC to establish reinsurance platform in partnership with BlackRock " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
