Latest news with #UAE-owned
Business Times
23-05-2025
- Business
- Business Times
RedBird Capital agrees to a £500 million deal to buy UK's Telegraph newspaper
[LONDON] RedBird Capital Partners, the US fund that bought Britain's Telegraph newspaper in partnership with UAE-owned IMI, will take control of the publication after agreeing a deal that values the enterprise at £500 million (S$868 million). The ownership of the right-leaning broadsheet has been in flux after the Abu Dhabi-backed RedBird IMI bought the Telegraph and the Spectator magazine in 2023, before Britain's then government moved to ban foreign state investment in British newspapers, forcing it to sell. The move followed an outcry among some politicians over the independence of the media and whether foreign states would be able to buy political influence. The current government's decision last week to allow foreign state-owned investors to own up to 15 per cent of British newspaper publishers helped unlock a deal. RedBird Capital, which provided a quarter of RedBird IMI's funding for the initial deal, will become the sole control owner and is in talks with 'select UK-based minority investors with print media expertise', it said in a statement. IMI will participate as a minority investor subject to Britain's legislation on foreign state-backed ownership. 'We believe the UK is a great place to invest, and this acquisition is an important part of RedBird's growing portfolio of media and entertainment companies in the UK,' Gerry Cardinale, the founder of the US private equity firm, said in a statement. The Telegraph said no final agreements were in place and there would be regulatory hurdles to clear. RedBird Capital Partners was formed in 2014 and is investing in sports, media and financial services companies. It manages about US$12 billion in assets globally, according to its website. RedBird's investments include AC Milan, Skydance Media and its pending merger with Paramount Global. REUTERS
Saba Yemen
22-05-2025
- Saba Yemen
Iranian Navy Denies Reports of Hijacking Oil Tanker
Tehran – Saba: The Iranian Navy denied on Thursday reports alleging that it had hijacked a UAE-owned, Panamanian-flagged oil tanker near Iran's Jask port. In a statement, the Iranian Navy said that the report by the security firm Embry about the ship's hijacking was baseless, stressing that no similar incident had occurred in waters under its jurisdiction. Whatsapp Telegram Email Print more of (International)
Yahoo
20-05-2025
- Business
- Yahoo
Ports demand £120m for ‘obsolete' Brexit border posts
Britain's ports are demanding £120m in compensation after Sir Keir Starmer's EU trade deal removed the need for costly post-Brexit border posts. The request for taxpayer-backed compensation has been made after the new UK-EU agreement meant that new refrigerated inspection sheds, warehouses, car parks and roads would become surplus to requirements. The Prime Minister's agreement will remove the need for border checks on plant, animal and food imports from the EU, wiping out the fee revenue that ports were banking on to recover the hefty capital cost of setting up the new checkpoints and inspection facilities. The ports' demands could add an unforeseen taxpayer cost to the UK-EU deal, putting further pressure on the Government's already stretched finances and offsetting some of the deal's benefit. It would also be controversial, given Britain's ports are owned by Middle Eastern and Chinese investors. Some of the recipients would include UAE-owned DP World and the Hong Kong-based conglomerate CK Hutchison. 'We've prepared these facilities in good faith, and now they're not going to be used,' said Richard Ballantyne, chief executive of the British Ports Association. 'Some of them may be eventually demolished, or at least modified. The Government should cover the full costs of these white elephants and put this episode behind us.' In 2020 the government doled out £200m to 41 ports across Britain in payments ranging from under £100,000 to more than £20m. The money was to be spent on infrastructure designed for inspections and spot checks on trucks from the EU carrying farm and food produce. But the Port Infrastructure Fund was not large enough to meet demand, leaving the ports to foot up to £120m of the bill – much of which was incurred during the pandemic, when construction costs soared. Once built, a typical large border control post costs around £200,000 to maintain, with running costs including energy, security, business rates, cleaning and repairs. The plan was for the ports to recoup at least the operating costs of the facilities, if not the capital and opportunity costs, from charging levies or fees on the EU-origin trucks that used them. Up to 40pc of Britain's trade with Europe is in agri-food or related products. But the UK-EU deal will set up a 'common sanitary and phytosanitary area' that will remove the need for the checks and inspections – and for the revenue and infrastructure that supports them. 'It's quite impressive infrastructure. But it could be largely redundant now,' Mr Ballantyne said. It could be more than a year until the UK-EU deal on animal and plant products is implemented. Mr Ballantyne said this would give the Government and industry time to set up any compensation mechanism. 'Based on our experiences last time, it's got to be quite flexible. The conditions that were placed on ports last time were too onerous,' Mr Ballantyne said. The Government was contacted for comment. 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.
Telegraph
20-05-2025
- Business
- Telegraph
Ports demand £120m for ‘obsolete' Brexit border posts
Britain's ports are demanding £120m in compensation after Sir Keir Starmer's EU trade deal removed the need for costly post-Brexit border posts. The request for taxpayer-backed compensation has been made after the new UK-EU agreement meant that new refrigerated inspection sheds, warehouses, car parks and roads would become surplus to requirements. The Prime Minister's agreement will remove the need for border checks on plant, animal and food imports from the EU, wiping out the fee revenue that ports were banking on to recover the hefty capital cost of setting up the new checkpoints and inspection facilities. The ports' demands could add an unforeseen taxpayer cost to the UK-EU deal, putting further pressure on the Government's already stretched finances and offsetting some of the deal's benefit. It would also be controversial, given Britain's ports are owned by Middle Eastern and Chinese investors. Some of the recipients would include UAE-owned DP World and the Hong Kong-based conglomerate CK Hutchison. 'We've prepared these facilities in good faith, and now they're not going to be used,' said Richard Ballantyne, chief executive of the British Ports Association. 'Some of them may be eventually demolished, or at least modified. The Government should cover the full costs of these white elephants and put this episode behind us.' In 2020 the government doled out £200m to 41 ports across Britain in payments ranging from under £100,000 to more than £20m. The money was to be spent on infrastructure designed for inspections and spot checks on trucks from the EU carrying farm and food produce. But the Port Infrastructure Fund was not large enough to meet demand, leaving the ports to foot up to £120m of the bill – much of which was incurred during the pandemic, when construction costs soared. Once built, a typical large border control post costs around £200,000 to maintain, with running costs including energy, security, business rates, cleaning and repairs. The plan was for the ports to recoup at least the operating costs of the facilities, if not the capital and opportunity costs, from charging levies or fees on the EU-origin trucks that used them. Up to 40pc of Britain's trade with Europe is in agri-food or related products. But the UK-EU deal will set up a 'common sanitary and phytosanitary area' that will remove the need for the checks and inspections – and for the revenue and infrastructure that supports them. 'It's quite impressive infrastructure. But it could be largely redundant now,' Mr Ballantyne said. It could be more than a year until the UK-EU deal on animal and plant products is implemented. Mr Ballantyne said this would give the Government and industry time to set up any compensation mechanism. 'Based on our experiences last time, it's got to be quite flexible. The conditions that were placed on ports last time were too onerous,' Mr Ballantyne said.
Zawya
05-03-2025
- Business
- Zawya
GAL unites with Thales Emarat Technologies to advance defeense and Aerospace sector capabilities inn the UAE
Abu Dhabi, UAE – Global Aerospace Logistics (GAL), a leading provider of integrated aerospace and defense services in the UAE, signed multi-year partnership with Thales Emarat Technologies (Thales) to enhance Maritime Patrol Aircraft (MPA) support and explore opportunities for further cooperation in fostering development for the defense and aerospace sector in the UAE. Under the terms of this four-year agreement, Thales and GAL will explore ways to improve and strengthen support for the MPA platform currently in service within the UAE forces, in particular, the supply and implementation of resources needed to improve operational availability. Both parties will also discuss the prospect of offering new systems for both existing and new MPA platforms. Furthermore, together, they have also reinforced their commitment to employee skills development with their cooperation on GAL's recently launched 'Next 50 Initiative,' a multi-year program aimed at enhancing the skills and knowledge of aspiring Emirati aerospace professionals by offering specialized training on aircraft engine maintenance, avionics, engineering principles, and operational best practices. Thales will support the initiative with extensive training and on-site education at their global facilities. Mahmood Alhay Alhameli, Chief Executive Officer at GAL commented, 'Partnering with Thales allows us to combine our expertise and capabilities to further collaborate on the digitalization of operations related to mission systems and maintenance and support solutions for MPA platforms. Looking towards the future, our cooperation in training the next generation of talent ensures that at GAL, we are continuously equipping and advancing capabilities for the defense and aerospace sector in the UAE. Abdelhafid Mordi, Chief Executive Officer of Thales Emarat Technologies and Thales in the UAE went on to say, 'We're very proud to be partnering GAL. I am confident that we will not only improve response time and flexibility, but also readiness. Thales is celebrating 50 years in the UAE this year, and it is the trust that our partners have in us for the integration of trusted innovation, high-tech manufacturing, and localized knowledge transfer that ensures we're directly contributing to the UAE's national security objectives.' About GAL Global Aerospace Logistics (GAL) is a leading provider of integrated aerospace and defense services, headquartered in Abu Dhabi, UAE. Established in 2007 and 100% UAE-owned, GAL is the core service provider for the UAE Ministry of Defense and hold several maintenance and service contracts across the region. With a team of over 5,000 employees from 71 nationalities, GAL offers a wide range of military-specific support services including maintenance, overhaul, and inspections to ensure the operator's assets are at peak mission readiness. About Thales Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive. The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G. Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion. About Thales Emarat Technologies (TET) Thales Emarat Technologies (TET) is a strategic defence asset, committed to facilitating sustainable technology transfer while fostering the creation of local jobs and developing local talent. The long-term vision for TET is to establish itself as a trade and export hub catering to the broader region. TET features three centres of excellence: Radar, Defence Services, and Digital. Through these centres, TET is focused on developing sovereign capabilities in radar systems, cybersecurity, and various digital activities.
