Latest news with #FedericoMaccioni
Yahoo
6 days ago
- Business
- Yahoo
UAE minister says trade talks with EU not a hurdle for deal between GCC and bloc
By Federico Maccioni DUBAI (Reuters) -The United Arab Emirates does not see bilateral talks for a free trade deal with the European Union as an obstacle to a similar agreement between the 27-nation bloc and the Gulf Cooperation Council, the UAE's trade minister said on Wednesday. "We're not seeing this as a hurdle, we are seeing it's a flow which is going to be starting from here and moving to the the blocs are much slower than the bilateral, and that's why we're starting here, so we can move quickly," Thani Al Zeyoudi told reporters. He said the UAE was keen to conclude a bilateral deal with the EU "in a very short period, three to six months from now." He was speaking in Dubai beside the EU trade commissioner Maros Sefcovic as the EU and the UAE officially launched talks. The UAE, an influential, oil-rich Middle East state, has long advocated deeper EU involvement in the Gulf region, with the GCC the EU's sixth-biggest export market. Since 2021, the UAE has initiated a raft of bilateral trade, investment and cooperation deals - called Comprehensive Economic Partnership Agreements - to reduce its dependence on fossil fuels and bolster long-term growth prospects. The EU and the GCC started trade talks 35 years ago but talks were formally suspended in 2008. Zeyoudi said bilateral talks that the UAE held with New Zealand and South Korea in the past had led to trade agreements with the GCC. He said the UAE also had the opportunity to start bilateral talks with the UK and that China had also approached the Gulf country for bilateral discussions, but said UAE would prioritise GCC talks.
Zawya
6 days ago
- Business
- Zawya
UAE and EU launch negotiations for trade deal, EU commissioner says
The European Union and United Arab Emirates have officially launched negotiations for a trade deal, European Trade Commissioner Maros Sefcovic said on Wednesday. (Reporting by Federico Maccioni; Writing by Ahmed Elimam; Editing by Alison Williams)
Time of India
6 days ago
- Business
- Time of India
VEON considering dual listing in the UAE in 3-5 years
By Federico Maccioni DUBAI : Nasdaq-listed telecom company VEON is considering a dual listing in the United Arab Emirates (UAE) in the next three to five years, its CEO said on Wednesday, after moving its headquarters to Dubai from Amsterdam last year. VEON is the parent company of Ukraine's Kyivstar and Pakistan's Jazz, the two countries' largest mobile operators, respectively. "We have of course moved our headquarters with all the intentions about the future relevance for these markets," CEO Kaan Terzioglu said during an event in Dubai. "At a certain point I think this (a UAE listing) will be inevitable." Terzioglu added that investors in the Gulf region had a better understanding of VEON's markets. VEON is shifting to a "digital operator" strategy, offering financial, healthcare and entertainment services in addition to mobile connectivity. It also operates in Uzbekistan, Kazakhstan, Kyrgyzstan and Bangladesh. Terzioglu said VEON might also consider initial public offerings (IPO) of its subsidiaries in the UAE along the same timeline. Kyivstar is already planning a U.S. listing later this year with a pro-forma valuation of $2.21 billion. Asked whether the company might look to expand to other markets in the Middle East, Terzioglu said that Iraq and Syria would play an important role in the future and that the firm was in talks with investors there. "I believe, especially the changes in Syria, (with) the new government being in place, basically, the country is reborn. And it perfectly fits into a large population, unmet demand market," he said. He said, however, that more work was needed in terms of regulations, tax regimes before the company could make a definitive commitment in Syria. Terzioglu added that VEON, which recently signed an exclusive partnership with Elon Musk's Starlink to develop and provide direct-to-cell connectivity in Ukraine, was in talks with the company over potential partnerships across the other markets where it operates. VEON is also in talks for partnerships with other satellite companies including ASD and Eutelsat's OneWeb.
Yahoo
18-04-2025
- Business
- Yahoo
KKR among asset managers vying for Abu Dhabi's district cooling business, sources say
By Hadeel Al Sayegh and Federico Maccioni DUBAI (Reuters) - KKR and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi's Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE's most powerful Sheikhs, three sources said. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. The Middle East's biggest alternative investment manager, Investcorp, is among the potential suitors for PAL Cooling Holding (PCH), the three people with knowledge of the matter told Reuters, declining to be named as the details are not public. The asset managers join a race that includes CVC which is working with Engie-backed National Central Cooling Co, also known as Tabreed, in a deal that could be worth around $1 billion, said the people. Abu Dhabi energy and utilities firm TAQA is also eyeing the deal, which is approaching its second round with potential buyers expected to put forward binding bids next month, they said. KKR, Investcorp and Taqa declined to comment, while Multiply, I Squared Capital, CVC and Tabreed were not immediately available for comment. Reuters reported last month that Tabreed was working with Citi on a potential bid. The interest in PCH underscores how buyout groups are now looking at local investment opportunities in the Gulf as governments in the region implement ambitious programmes to diversify their economies from oil. Before, equity firms would raise money there to invest elsewhere. Last week, KKR became the latest asset manager to announce plans to build a team in the region to go after Gulf deals. Multiply is controlled by IHC, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds. Private equity funds worldwide secured around $680 billion in 2024, a 30% decrease from about $966 billion raised in 2023, S&P Global Market Intelligence data said in January.
Zawya
20-03-2025
- Business
- Zawya
Abu Dhabi's Etihad Airways to start flights to Addis Ababa in October
DUBAI - Etihad Airways will start flying to Addis Ababa in October this year under a joint venture with Ethiopian Airlines, Abu Dhabi's hub carrier said in a statement on Wednesday. Under the deal, which includes a codeshare arrangement, Etihad will start direct flights from Abu Dhabi to the Ethiopian capital on October 1, while the African carrier will start flying to Abu Dhabi from July 15. Reuters reported Etihad is planning to launch an IPO no earlier than next month, according to sources. The carrier has been expanding its destinations as part of plans to boost the UAE's capital role as a tourism hub and Addis Ababa will be its 15th new destination for 2025. (Reporting by Josephine Mason, writing by Federico Maccioni, editing by Nia Williams)
