Latest News from Arabian Post
Arabian Post
2 hours ago
- Business
- Arabian Post
PIF Considers SITE IPO Amid Economic Diversification Push
Saudi Arabia's sovereign wealth fund, the Public Investment Fund , is evaluating an initial public offering for its wholly-owned technology arm, Saudi Information Technology Company , as part of broader efforts to bolster the kingdom's economic diversification strategy. According to individuals familiar with the matter, PIF has approached investment banks to submit proposals for roles in a potential share sale of SITE. The discussions are in preliminary stages, with specifics such as the IPO's size and timeline yet to be determined. Established in 2017, SITE operates at the forefront of Saudi Arabia's digital transformation, offering services in cybersecurity, cloud computing, and systems integration. The company has been instrumental in securing critical national infrastructure and supporting various digital initiatives aligned with Vision 2030, the kingdom's blueprint for reducing reliance on oil revenues. ADVERTISEMENT SITE's portfolio includes a range of digital platforms and services, such as SITE Postal, SITE Inform, and SITE Guard, designed to enhance the digital ecosystem within the country. The company has also forged strategic partnerships to advance its technological capabilities. Notably, in collaboration with South Korea's AhnLab, SITE has invested over SAR 500 million to bolster cybersecurity technologies across the Middle East and North Africa region. The potential IPO of SITE reflects PIF's ongoing strategy to monetize its assets and inject liquidity into the national economy. This move aligns with previous initiatives, including the exploration of public listings for other PIF-backed entities such as Nupco, the kingdom's largest medical procurement firm. Saudi Arabia's push into the technology sector has gained momentum, with significant investments aimed at positioning the country as a global tech hub. The launch of Humain, a state-owned artificial intelligence company backed by PIF, underscores this ambition. Humain plans to invest heavily in AI infrastructure and has secured partnerships with major international tech firms to develop data centers and AI models. The kingdom's commitment to technological advancement is further evidenced by initiatives like the LEAP Tech Event, an annual conference that has attracted global attention and investment. These efforts are part of a broader strategy to foster innovation, create high-tech employment opportunities, and diversify the economy away from oil dependency.
Arabian Post
2 hours ago
- Business
- Arabian Post
Investcorp Capital Divests $550 Million in US Multifamily Properties Amid Market Adjustments
Investcorp Capital, the Abu Dhabi Securities Exchange-listed alternative investment firm, has concluded the sale of 12 multifamily residential properties across five US states for approximately $550 million. The transactions, executed over several months beginning in 2024, encompassed the complete liquidation of a multifamily portfolio. Despite prevailing challenges in the US housing market, including elevated mortgage rates and economic uncertainties, the firm reported securing the exits at a premium. This outcome underscores the resilience of the underlying assets and Investcorp's adeptness in navigating complex investment landscapes. The divested properties, averaging a 94% occupancy rate, are situated in key rental markets such as Atlanta, Philadelphia, Raleigh, St. Louis, Tampa, and Orlando. Notably, the final transaction involved the sale of a 432-unit garden-style apartment community in Atlanta, completed at the end of February 2025. ADVERTISEMENT Interim CEO Mohamed Aamer highlighted the enduring appeal of the multifamily sector, stating, 'Though rent growth has cooled from the highs we saw in recent years, the long-term fundamentals supporting the multifamily sector remain compelling.' He emphasized the firm's commitment to identifying opportunities that deliver value to shareholders. Investcorp Capital's strategic focus on real estate is evident, with nearly 98% of its portfolio comprising industrial or residential properties. According to Real Capital Analytics, the firm ranks among the top five cross-border buyers of US real estate over the past five years.
Arabian Post
2 hours ago
- Business
- Arabian Post
Gridora and ADPIC Partner to Boost Abu Dhabi Transport Infrastructure
Gridora, a new infrastructure platform supported by ADQ, the Investment Holding Company , and Modon Holding, has formalised its first major collaboration by signing a memorandum of understanding with the Abu Dhabi Projects and Infrastructure Centre . This partnership aims to streamline the planning and execution of key transport infrastructure projects within the emirate. The MoU sets a strategic framework for cooperation, enabling Gridora and ADPIC to combine their expertise and resources to enhance project delivery efficiency and accelerate development timelines. Both parties emphasise the importance of advancing Abu Dhabi's infrastructure to meet the growing demands of urban expansion and economic diversification. Gridora's establishment reflects a broader ambition to create integrated platforms that harness the collective capabilities of government-backed investment entities and specialised infrastructure developers. Backed by major stakeholders such as ADQ—one of the region's largest sovereign investment vehicles—and IHC, a prominent diversified group with a significant infrastructure portfolio, Gridora is positioned to become a key player in shaping Abu Dhabi's urban landscape. ADVERTISEMENT ADPIC, tasked with overseeing infrastructure projects and promoting sustainable development across the emirate, will collaborate closely with Gridora to optimise planning processes and ensure alignment with Abu Dhabi's long-term strategic goals. The Centre's role includes fostering innovation in project management and enhancing coordination between public and private sector entities engaged in infrastructure delivery. The agreement outlines cooperation on multiple fronts, including joint feasibility studies, project structuring, regulatory support, and leveraging advanced digital tools to monitor and manage transport infrastructure initiatives. This holistic approach seeks to mitigate risks and improve cost efficiencies by fostering early-stage collaboration and integrated planning. Abu Dhabi continues to prioritise infrastructure development as a critical pillar in its Economic Vision 2030, targeting improvements in connectivity, sustainability, and urban mobility. Transport projects—ranging from roads and bridges to public transit systems—are central to this vision, aimed at supporting population growth and positioning the emirate as a global business and tourism hub. Industry experts note that the formation of partnerships such as the Gridora-ADPIC MoU reflects a growing trend in the Gulf region where infrastructure development increasingly relies on coordinated frameworks that bring together investment powerhouses and specialised government entities. Such arrangements facilitate smoother project cycles, reduce duplication of efforts, and enhance the deployment of capital and technical expertise. Gridora's backing by ADQ and IHC signals significant financial strength and strategic alignment with Abu Dhabi's broader economic diversification policies. Modon Holding's participation further adds operational capability, as the company brings experience in managing large-scale projects and infrastructure assets. ADVERTISEMENT This collaboration is expected to accelerate the pace at which critical transport infrastructure projects move from concept to execution, addressing challenges such as urban congestion and regional connectivity. The synergy between Gridora's investment-led approach and ADPIC's regulatory and planning oversight creates a platform for delivering high-impact infrastructure solutions that adhere to international best practices. The transport sector remains a major focus for infrastructure expansion across the United Arab Emirates, with Abu Dhabi seeking to complement ongoing projects like the expansion of its road networks and enhanced public transit systems. By establishing dedicated platforms and alliances, the emirate aims to ensure projects are delivered on schedule and within budget while promoting sustainability and technological innovation. As part of the agreement, Gridora and ADPIC will explore the integration of smart infrastructure technologies, including data analytics, digital twins, and IoT-enabled systems, to optimise asset performance and maintenance. This aligns with global infrastructure trends that prioritise resilience and adaptability in transport networks. The partnership also underscores Abu Dhabi's commitment to adopting collaborative governance models in infrastructure delivery, which are seen as essential to overcoming the complexities of large-scale urban development projects. By pooling expertise and aligning incentives, stakeholders can better manage risks and deliver projects that meet evolving economic and social needs. Gridora's launch and its engagement with ADPIC come amid increased regional focus on infrastructure as a driver of economic growth and social wellbeing. With growing population density and rising demand for efficient transport solutions, innovative frameworks that bring together public and private sector capabilities are critical. The collaboration between Gridora and ADPIC may serve as a blueprint for future infrastructure initiatives, both within Abu Dhabi and potentially across the broader Gulf Cooperation Council region. By fostering strong institutional partnerships, the emirate is working towards building a more integrated, sustainable, and future-ready transport infrastructure ecosystem. The agreement promises to facilitate a more coordinated approach to project delivery, enhancing transparency and accountability while accelerating timelines. This is particularly important as Abu Dhabi positions itself for significant urban development and seeks to support a diversified economy with robust infrastructure foundations.
Arabian Post
2 hours ago
- Business
- Arabian Post
Abu Dhabi Firms Cement Stake in Uzbekistan's Power Sector
Greenlogue/AP Abu Dhabi's sovereign investor Mubadala and the Abu Dhabi National Energy Company have finalised the acquisition of an 875-megawatt combined-cycle gas-fired power plant at the Talimarjan Power Complex in Uzbekistan, marking a significant step in the ongoing privatisation of the Central Asian country's energy sector. Each entity now holds a 40 per cent stake in the TPP1 gas-fired plant through a newly created project company, Talimarjan Power Plant 1. Mubadala and TAQA also jointly own 40 per cent of Talimarjan Operations & Maintenance LLC, formed to operate the facility. The remaining 20 per cent stake in both entities is held by Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi' . ADVERTISEMENT The TPP1 plant operates under a 25-year power purchase agreement with JSC 'Uzenergosotish' , the successor to the National Electric Grid of Uzbekistan. This agreement ensures a stable demand for the plant's output, which is crucial as Uzbekistan experiences rapid economic and population growth, leading to increased energy consumption. Mubadala's Head of Asia Pacific Infrastructure, Hammad Rahman, emphasised the company's commitment to supporting countries in meeting their energy needs while reducing carbon emissions. He noted that efficient natural gas-fired power plants like TPP1 play an important role in transitioning to cleaner energy sources. Rahman expressed confidence in the collaboration with TAQA and TIES to ensure reliable, affordable, and secure power supply across Uzbekistan, supporting socioeconomic development. Frank Possmeier, Chief Investment Officer of Generation at TAQA, highlighted the significance of the acquisition in Uzbekistan's journey towards a privatised energy sector. He stated that TAQA would leverage its extensive experience to help Uzbekistan meet its growing energy needs. Possmeier also mentioned that the stake in TPP1 aligns with TAQA's 2030 targets, aiming to grow its power generation capacity to 150 gigawatts, with a significant portion derived from renewable energy sources. The acquisition brings direct foreign investment into Uzbekistan's energy sector and is expected to foster local development through social infrastructure and knowledge-sharing initiatives aimed at capacity building and sustainable community development. It also reflects the broader strategic energy partnership between the governments of the United Arab Emirates and Uzbekistan, aimed at introducing global expertise into Uzbekistan's rapidly expanding power market. Uzbekistan's government has been actively pursuing the privatisation of its energy sector to attract foreign investment and modernise its infrastructure. The collaboration with Mubadala and TAQA is part of this broader initiative, which includes plans to increase the share of renewable energy in the country's electricity supply to 25 per cent by 2030. The involvement of experienced international partners is seen as a way to accelerate these goals and ensure the successful implementation of energy projects. The Talimarjan Power Complex, located in the Kashkadarya region, is a critical component of Uzbekistan's electricity infrastructure. The TPP1 plant's integration into the complex enhances its capacity to meet the country's growing energy demands. The strategic location and advanced technology of the plant are expected to contribute significantly to the stability and efficiency of Uzbekistan's power supply.
Arabian Post
2 hours ago
- Business
- Arabian Post
TAQA Commits Over AED37 Billion to Power Abu Dhabi's Data Centre Expansion
Arabian Post Staff -Dubai Abu Dhabi National Energy Company has unveiled plans to invest more than AED37 billion to meet the escalating power demands of the emirate's expanding data centre and artificial intelligence infrastructure. The announcement was made by Group CEO and Managing Director Jasim Husain Thabet during the World Utilities Congress 2025. This substantial investment is integral to TAQA's strategy to deliver clean, certified, and reliable energy to critical infrastructure. The company aims to support Abu Dhabi's ambition to become a global hub for digital innovation and AI development. ADVERTISEMENT TAQA's market capitalisation stands at approximately AED360 billion, positioning it among the top five companies in electricity generation, transmission, and water desalination across Europe, Africa, and the Middle East. Operating in 25 countries, TAQA has doubled its electricity production capacity to 56 gigawatts over the past four years, surpassing the total electricity consumption of the United Kingdom. The company's growth strategy includes significant international acquisitions. TAQA recently partnered with Mubadala to acquire an 875-megawatt gas-powered electricity station in Uzbekistan, aiding the country's energy transition and opening new markets in Central Asia. Additionally, TAQA has acquired Transmission Investment, a leading UK-based energy and utility investment platform, enhancing its capabilities in offshore transmission services and infrastructure development. In collaboration with Masdar, where TAQA holds a major stake, the company is developing 5 gigawatts of solar energy supported by 19 gigawatt-hours of battery storage. This integrated solar and battery system is designed to deliver a continuous supply of 1 gigawatt for 24 hours, marking it as the largest project of its kind globally. TAQA plans to invest AED75 billion by 2030 to triple its electricity generation capacity to 150 gigawatts. Part of this strategy includes developing water desalination plants with a combined capacity of 1.3 billion gallons per day, with two-thirds utilising highly efficient reverse osmosis technology. The company is also exploring acquisition opportunities in the United States, identifying it as a key market for expansion. TAQA aims to spend around $20 billion between 2023 and 2030 on organic and inorganic growth, targeting 150 gigawatts of capacity by the end of that period, up from around 56 gigawatts currently.
