#UAE renewables company Masdar to buy Greece's Terna Energy | Reuters

UAE renewables company Masdar to buy Greece's Terna Energy | Reuters

United Arab Emirates renewable energy company Masdar said on Thursday it has reached an agreement to buy an initial 67% stake in Greece's Terna Energy (TENr.AT), opens new tab and intends to make a mandatory offer to buy the rest.

Masdar has signed a definitive agreement with Greek conglomerate GEK Terna (HRMr.AT), opens new tab and other shareholders to buy the 67% stake in Terna Energy at 20 euros ($21.45) per share.

The acquisition price gives the Greek renewables company an equity valuation of 2.4 billion euros and an enterprise value of 3.2 billion euros, the two companies said.

GEK Terna owned 37.93% of Terna Energy as of June 4, according to LSEG data.
The transaction is subject to regulatory approvals and other conditions. Once completed, "Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of TERNA ENERGY with the intention of reaching 100%," the statement said.

Masdar is expanding in several parts of Europe, as well is in Asia, the United States and elsewhere, as it seeks to grow its capacity to 100 gigawatts of renewable energy by 2030.

Masdar is owned by state-controlled energy and utilities firm TAQA, Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi National Oil Company, which hold stakes of 43%, 33% and 24%, respectively.

"As one of Europe's biggest renewable energy transactions in 2024, this investment reflects the UAE's clear commitment to Greece and Europe's clean energy development," said Sultan Al Jaber, Masdar's chairman and president of the COP28 climate summit hosted by the UAE last year.

Rothschild & Co was financial adviser to Masdar and Simmons & Simmons, Bernitsas Law and Latham & Watkins were legal advisers for the deal and financing.

Reed Smith and Potamitis Vekris were legal advisers to GEK Terna Group and Morgan Stanley was financial adviser to Terna Energy.

Gulf shares end mixed; US Fed officials comments in focus | Reuters

Gulf shares end mixed; US Fed officials comments in focus | Reuters

Major stock markets in the Gulf were mixed on Thursday amid steady oil prices, while investors awaited commentary from U.S. Federal Reserve officials to firm up bets on interest rate cuts this year.

Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% on geopolitical developments in the Middle East ahead of U.S. inventory data, with Brent trading at $85.41 a barrel by 1200 GMT.

The Qatari benchmark index (.QSI), opens new tab was up 0.2%, extending its gains for the thirteenth session, the longest rally in nearly a year.

Maritime and logistics firm Qatar Navigation (QNNC.QA), opens new tab climbed 5.8%, while petrochemicals and fertilizers conglomerate Industries Qatar (IQCD.QA), opens new tab advanced 1.4%.

Meanwhile, energy giant QatarEnergy and Exxon Mobil(XOM.N), opens new tab, owners of a $10-billion LNG project that has stalled with the bankruptcy of its main contractor, are asking a court to immediately oust Zachry Industrial from the project.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab slipped 0.2%, dragged down by a 1.3% drop in conglomerate International Holding Co (IHC.AD), opens new tab and a 2.6% fall in Alef Education (ALEFEDT.AD), opens new tab.

First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, and Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, gained 2.4% and 2.6%, respectively.

Dubai's benchmark stock index (.DFMGI), opens new tab fell marginally after three straight sessions of gains, with business park operator Tecom Group (TECOM.DU), opens new tab down 3.2% and Dubai Islamic Bank (DISB.DU), opens new tab up 2%.

Investors are waiting for comments from U.S. central bank officials to get fresh cues as to when the Fed would start its policy easing cycle. Traders currently see a 66% chance of an interest rate cut by the Fed in September.

Most Gulf currencies are pegged to the dollar and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.

Markets in Saudi Arabia, Oman and Egypt are closed for a holiday break.

#AbuDhabi’s Biggest Fund Hires Ex-JD Executive in China - Bloomberg

Abu Dhabi’s Biggest Fund Hires Ex-JD Executive in China - Bloomberg

Abu Dhabi’s biggest wealth fund hired the finance chief of a JD.com Inc. unit to help oversee its investments in China, at a time the United Arab Emirates is increasing its bets on emerging markets.

Former Jingdong Industrials Inc. Chief Financial Officer Hugo Hu has joined Abu Dhabi Investment Authority as China chief in its private equities unit, a spokesperson with the fund said in response to a query from Bloomberg News. A JD.com representative declined to comment.

Hu joined the JD Group, a leading Chinese e-commerce platform, in 2021 first as head of the strategic investment unit before he assumed duties as Jingdong Industrials’ CFO in December 2022. Before JD, he worked for Warburg Pincus for about a decade.

Companies and funds in the UAE, of which Abu Dhabi is a part, have been forging close links with China and India, bolstering their investments and trade ties by inking agreements worth billions of dollars. The Gulf country recently joined the BRICS grouping of major emerging markets, which includes both those Asian nations.

Mubadala Investment Co., one of Abu Dhabi’s three main wealth funds, said at the beginning of 2024 that it was seeking to double its exposure to Asia as it was underweight in China.

ADIA has assets of about $1 trillion, according to Global SWF, and is chaired by UAE royal Sheikh Tahnoon bin Zayed Al Nahyan. Sheikh Tahnoon oversees a sprawling empire that includes artificial intelligence firm G42.

G42’s $10 billion tech fund 42X had hired Hugo Hu’s predecessor at JD Group, Jason Hu, to lead its Shanghai office, Bloomberg News has previously reported — though the firm has since said it’s paring back its presence in China amid scrutiny from US officials. It is unclear whether the two Hus are related.

Meanwhile, Hugo Hu’s departure from Jingdong Industrials came as JD.com Inc.’s subsidiary is seeking to list in Hong Kong.