Latest news with #JassemMohamedBuAtabaAlZaabi
The Irish Sun
23-07-2025
- Automotive
- The Irish Sun
Struggling major carmaker to axe 500 jobs in ‘difficult decision' just 3 months after bombshell merger
A MAJOR carmaker is set to axe up to 500 jobs just three months after a shock merger. Back in April, the merger between a luxury supercar maker and an electric car start-up came as a shock. Advertisement 2 McLaren announced its merger with Forseven in April 2025 Credit: AFP The merger between McLaren and It comes after several years of financial difficulty for the supercar company. After the pandemic it faced near bankruptcy in 2020, leading to significant restructuring. Sales continued to plummet in 2023, with the merger hoping to restore its financial position. Advertisement Read more Motors A spokesperson said that they were proposing "a potential workforce reduction of up to 500 roles across the combined organisation". They added: "The realignment of roles and responsibilities is a necessary step in preparing for the coming together of our two businesses and will ensure that our operations are streamlined to enable resilience and success over the long term." The company said they would provide "comprehensive support and guidance to all those affected" while they try to minimise the impact on employees. "Looking ahead, we remain dedicated to expanding our portfolio of luxury vehicles and delivering the exceptional customer experiences that honour the McLaren legacy," the company said. Advertisement Most read in Motors Latest Breaking A consultation process with its 2,500 employee workforce is already underway according to It reported that roles are expected to be cut in departments like design and engineering, IT, legal and HR. All UK car dealerships will STOP selling 10,000s of iconic brand's used models impacted by lethal airbag flaw Jobs that are duplicated across the two companies are The cuts could affect employees at McLaren's main base in Woking, in addition to its Bicester, Leamington and Surrey sites. Advertisement While McLaren has a The British start-up includes more than 700 industry professionals who are working to launch a luxury range by 2030. An announcement on the Forseven website reads: "Forseven has merged with McLaren Automotive with one clear vision: to become a world-beating automotive business." Advertisement Abu Dhabi investment company CYVN Holdings is set to finance the new company. As part of the merger, an estimated 300 roles have been created which could reduce the impact of redundancies. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN hopes to redefine the high-performance and luxury sectors. In a Advertisement Jassem Al Zaabi said: 'I'm personally committed to making this vision a reality. It isn't just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. "We want to - and we will - push boundaries and deliver groundbreaking innovations that drive real progress in the sector. 'This is the start of an exciting new era for McLaren as a car brand and an automotive business." In addition to McLaren's Automotive business, he also promised to continue working on Advertisement This includes "supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide." They added that more details about the vision and strategy going forward will be announced later this year. 2 It could affect employees at a number of UK offices Credit: Google maps
Scottish Sun
23-07-2025
- Automotive
- Scottish Sun
Struggling major carmaker to axe 500 jobs in ‘difficult decision' just 3 months after bombshell merger
The merger is hoped to establish the company as a global competitor HIT THE BRAKES Struggling major carmaker to axe 500 jobs in 'difficult decision' just 3 months after bombshell merger Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR carmaker is set to axe up to 500 jobs just three months after a shock merger. Back in April, the merger between a luxury supercar maker and an electric car start-up came as a shock. Sign up for Scottish Sun newsletter Sign up 2 McLaren announced its merger with Forseven in April 2025 Credit: AFP The merger between McLaren and Forseven could result in up to 500 job losses as part of a cost reduction process. It comes after several years of financial difficulty for the supercar company. After the pandemic it faced near bankruptcy in 2020, leading to significant restructuring. Sales continued to plummet in 2023, with the merger hoping to restore its financial position. A spokesperson said that they were proposing "a potential workforce reduction of up to 500 roles across the combined organisation". They added: "The realignment of roles and responsibilities is a necessary step in preparing for the coming together of our two businesses and will ensure that our operations are streamlined to enable resilience and success over the long term." The company said they would provide "comprehensive support and guidance to all those affected" while they try to minimise the impact on employees. "Looking ahead, we remain dedicated to expanding our portfolio of luxury vehicles and delivering the exceptional customer experiences that honour the McLaren legacy," the company said. A consultation process with its 2,500 employee workforce is already underway according to The Evening Standard. It reported that roles are expected to be cut in departments like design and engineering, IT, legal and HR. All UK car dealerships will STOP selling 10,000s of iconic brand's used models impacted by lethal airbag flaw Jobs that are duplicated across the two companies are most at risk. The cuts could affect employees at McLaren's main base in Woking, in addition to its Bicester, Leamington and Surrey sites. McLaren merged with Forseven in April to form McLaren Group Holdings, with Forseven CEO Nick Collins leading. While McLaren has a long-standing history as a leader in the supercar market, Forseven is still relatively new. The British start-up includes more than 700 industry professionals who are working to launch a luxury range by 2030. An announcement on the Forseven website reads: "Forseven has merged with McLaren Automotive with one clear vision: to become a world-beating automotive business." Abu Dhabi investment company CYVN Holdings is set to finance the new company. As part of the merger, an estimated 300 roles have been created which could reduce the impact of redundancies. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of CYVN hopes to redefine the high-performance and luxury sectors. In a press release announcing the merger, the company said it hoped to "transform McLaren into a high-performing British automotive business on the global stage." Jassem Al Zaabi said: 'I'm personally committed to making this vision a reality. It isn't just about investing, it is about shaping the future of McLaren as a brand, as a business and its place on the global automotive map. "We want to - and we will - push boundaries and deliver groundbreaking innovations that drive real progress in the sector. 'This is the start of an exciting new era for McLaren as a car brand and an automotive business." In addition to McLaren's Automotive business, he also promised to continue working on McLaren Racing's long-term success. This includes "supporting the team in building on their successes, winning more podiums, and inspiring fans worldwide." They added that more details about the vision and strategy going forward will be announced later this year.
ME Construction
02-06-2025
- Business
- ME Construction
Gridora signs MoU with ADPIC to collaborate on infrastructure projects
Infrastructure Gridora signs MoU with ADPIC to collaborate on infrastructure projects By The MoU with ADPIC signifies the commencement of a series of planned engagements aimed at advancing high-impact public-priority infrastructure Gridora has secured its inaugural Memorandum of Understanding (MoU) with the Abu Dhabi Projects and Infrastructure Centre (ADPIC). The agreement signifies a pivotal moment in Gridora's mission to deliver strategic infrastructure projects. Through this agreement, Gridora and ADPIC will establish a framework for collaboration in supporting the development, planning, and implementation of infrastructure projects within Abu Dhabi. The initial focus of the MoU will be to establish a working committee to explore potential opportunities and identify pilot projects, activities, and initiatives that Gridora can undertake. These would be considered in light of the several projects ADPIC aims to deliver within the emirate, with the centre being mandated to implement projects with an estimated value of at least US $9.53bn. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Gridora added, 'Gridora's expertise and resources will deliver world-class infrastructure, empowering the nation's ambitious economic and population growth goals. Our MoU with ADPIC reflects our shared commitment to accelerate the implementation of critical transport infrastructure, combining innovation, scale and vision. The delivery of these high-impact infrastructure projects will be transformative to Abu Dhabi, and we look forward to working closely as a trusted infrastructure partner to ADPIC.' Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport commented, 'This strategic partnership between ADPIC and Gridora underscores a shared focus on creating transport infrastructure that enhances Abu Dhabi's continued growth as a global city. By leveraging Gridora's capabilities, this collaboration aims to accelerate project delivery, improve cost efficiency, and deliver long-term value for Abu Dhabi and its communities.' Eng. Maysarah Mahmoud Eid, Director General of ADPIC added, 'At ADPIC, we see infrastructure as a powerful enabler of opportunity, economic growth, and long-term sustainability. This MoU with Gridora advances our shared commitment to accelerate the delivery of high-impact projects that enhance connectivity and quality of life across the emirate. By combining our strategic vision with Gridora's delivery capabilities we are shaping a future-ready emirate that aligns with Abu Dhabi's strategic vision and long-term goals.' Bill O'Regan, Group CEO of Modon Holding commented, 'With this MoU, we can unlock Gridora's capability to deliver critical infrastructure, ensuring the long-term growth of the recently announced infrastructure platform. We look forward to seeing Gridora move forward with purpose, enabling world-class cities with cutting edge infrastructure.' Gridora, a platform for collaboration with specialist partners and capital providers, operates under Modon Holding. Established in partnership with ADQ and IHC, Gridora enables the delivery of large-scale, high-impact infrastructure projects. Gridora has adopted a dual-focus business model spanning 'Infrastructure Projects' and 'Infrastructure Investments', allowing it to lead across the full infrastructure lifecycle, a statement explained. The Memorandum of Understanding (MoU) with ADPIC signifies the commencement of a series of planned engagements aimed at advancing high-impact public-priority infrastructure. It also serves as a testament to the substantial scale of Gridora's business, as it fosters long-term collaboration between the public and private sectors.
Korea Herald
29-05-2025
- Business
- Korea Herald
Gridora signs inaugural MoU with Abu Dhabi Projects and Infrastructure Centre to accelerate delivery of transport infrastructure projects worth AED 35 billion
ABU DHABI, UAE, May 29, 2025 /PRNewswire/ -- Gridora, the new infrastructure platform established by ADQ, IHC and Modon Holding, has signed its first Memorandum of Understanding (MoU) with Abu Dhabi Projects and Infrastructure Centre (ADPIC) for the delivery of high-impact transport infrastructure projects. The agreement marks a key milestone in Gridora's mission to champion the delivery of strategic infrastructure projects. Through this agreement, Gridora and ADPIC will establish a framework for potential collaboration in relation to supporting the development, planning and implementation of strategic infrastructure projects within the Emirate of Abu Dhabi. The initial focus of the MoU will be to establish a working committee to explore potential opportunities and identify pilot projects, activities and initiatives Gridora could undertake. These would be considered from several projects ADPIC aims to deliver within the emirate, with the centre having been mandated to implement projects with an estimated value of at least AED 35 billion. His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Gridora, said: "Gridora's expertise and resources will deliver world-class infrastructure, empowering the nation's ambitious economic and population growth goals. Our MoU with ADPIC reflects our shared commitment to accelerate the implementation of critical transport infrastructure, combining innovation, scale and vision. The delivery of these high-impact infrastructure projects will be transformative to Abu Dhabi, and we look forward to working closely as a trusted infrastructure partner to ADPIC." His Excellency Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, commented: "This strategic partnership between ADPIC and Gridora underscores a shared focus on creating transport infrastructure that enhances Abu Dhabi's continued growth as a global city. By leveraging Gridora's capabilities, this collaboration aims to accelerate project delivery, improve cost efficiency, and deliver long-term value for Abu Dhabi and its communities." His Excellency Eng. Maysarah Mahmoud Eid, Director General of ADPIC, said, " At ADPIC, we see infrastructure as a powerful enabler of opportunity, economic growth, and long-term sustainability. This MoU with Gridora advances our shared commitment to accelerate the delivery of high-impact projects that enhance connectivity and quality of life across the emirate. By combining our strategic vision with Gridora's delivery capabilities we are shaping a future-ready emirate that aligns with Abu Dhabi's strategic vision and long-term goals." Bill O'Regan, Group CEO of Modon Holding, said: "With this MoU, we can unlock Gridora's capability to deliver critical infrastructure, ensuring the long-term growth of the recently announced infrastructure platform. We look forward to seeing Gridora move forward with purpose, enabling world-class cities with cutting edge infrastructure." Operating under Modon Holding and established in partnership with ADQ and IHC, Gridora serves as a strategic platform for collaboration with specialist partners and capital providers, enabling the delivery of large-scale, high-impact infrastructure projects. Gridora has adopted a dual-focus business model spanning 'Infrastructure Projects' and 'Infrastructure Investments', enabling it to lead across the full infrastructure lifecycle. This MoU with ADPIC marks the first in a series of planned engagements to advance high-impact public-priority infrastructure, enhance and foster long-term collaboration between the public and private sectors and is a testament to the significant scale of Gridora's business. Gridora is a private-sector infrastructure development platform established by ADQ, IHC and Modon Holding to accelerate the delivery of strategic projects across the UAE and beyond. Operating under Modon Holding, Gridora is structured around two core business lines – Infrastructure Projects and Infrastructure Investments – providing end-to-end capabilities from planning through to operations. The platform serves as a catalyst for public-private collaboration, combining the strategic capital, technical expertise and execution scale required to drive long-term impact in the infrastructure sector nationally, regionally and internationally. About ADPIC Established in 2023, ADPIC's vision is to oversee and manage capital projects aimed at enhancing the quality of life for every resident in the Emirate of Abu Dhabi. This involves diverse projects such as housing, infrastructure, tourism, community facilities, and education. ADPIC's mandate includes managing contracts, reviewing, approving, planning, and designing capital projects. These are overseen by the Centre in close collaboration with relevant entities and stakeholders to ensure quality is maintained while also facilitating efficient project execution in alignment with Abu Dhabi's strategic goals. Throughout its operations, the Centre is committed to strengthening public-private partnerships and adopting global best practices in sustainability.
Al Etihad
29-05-2025
- Business
- Al Etihad
Gridora signs inaugural MoU with Abu Dhabi Projects and Infrastructure Centre to accelerate delivery of transport infrastructure projects worth AED 35 billion
29 May 2025 19:50 ABU DHABI (ALETIHAD)Gridora, the new infrastructure platform established by ADQ, IHC and Modon Holding, has signed its first Memorandum of Understanding (MoU) with Abu Dhabi Projects and Infrastructure Centre (ADPIC) for the delivery of high-impact transport infrastructure projects. The agreement marks a key milestone in Gridora's mission to champion the delivery of strategic infrastructure this agreement, Gridora and ADPIC will establish a framework for potential collaboration in relation to supporting the development, planning and implementation of strategic infrastructure projects within the Emirate of Abu initial focus of the MoU will be to establish a working committee to explore potential opportunities and identify pilot projects, activities and initiatives Gridora could undertake. These would be considered from several projects ADPIC aims to deliver within the emirate, with the centre having been mandated to implement projects with an estimated value of at least AED 35 Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Gridora, said: 'Gridora's expertise and resources will deliver world-class infrastructure, empowering the nation's ambitious economic and population growth goals. Our MoU with ADPIC reflects our shared commitment to accelerate the implementation of critical transport infrastructure, combining innovation, scale and vision. The delivery of these high-impact infrastructure projects will be transformative to Abu Dhabi, and we look forward to working closely as a trusted infrastructure partner to ADPIC.'His Excellency Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, commented: "This strategic partnership between ADPIC and Gridora underscores a shared focus on creating transport infrastructure that enhances Abu Dhabi's continued growth as a global city. By leveraging Gridora's capabilities, this collaboration aims to accelerate project delivery, improve cost efficiency, and deliver long-term value for Abu Dhabi and its communities."His Excellency Eng. Maysarah Mahmoud Eid, Director General of ADPIC, said, 'At ADPIC, we see infrastructure as a powerful enabler of opportunity, economic growth, and long-term sustainability. This MoU with Gridora advances our shared commitment to accelerate the delivery of high-impact projects that enhance connectivity and quality of life across the emirate. By combining our strategic vision with Gridora's delivery capabilities, we are shaping a future-ready emirate that aligns with Abu Dhabi's strategic vision and long-term goals.'Bill O'Regan, Group CEO of Modon Holding, said: 'With this MoU, we can unlock Gridora's capability to deliver critical infrastructure, ensuring the long-term growth of the recently announced infrastructure platform. We look forward to seeing Gridora move forward with purpose, enabling world-class cities with cutting edge infrastructure.'Operating under Modon Holding and established in partnership with ADQ and IHC, Gridora serves as a strategic platform for collaboration with specialist partners and capital providers, enabling the delivery of large-scale, high-impact infrastructure projects. Gridora has adopted a dual-focus business model spanning 'Infrastructure Projects' and 'Infrastructure Investments', enabling it to lead across the full infrastructure lifecycle. This MoU with ADPIC marks the first in a series of planned engagements to advance high-impact public-priority infrastructure, enhance and foster long-term collaboration between the public and private sectors and is a testament to the significant scale of Gridora's business.
