Uber confirms Careem acquisition for $3.1bn

In a joint statement issued earlier this morning, Uber has said that it will acquire its Dubai-based rival Careem for $3.1bn.Uber will pay $1.4bn in cash and the remaining in convertible notes for Careem which can then be converted into Uber shares. This is Uber’s priciest acquisition ever. The deal is expected to close in the first quarter of 2020 subject to regulatory approvals from the 15 countries where Careem operates. Source: Uber confirms Careem acquisition for $3.1bn

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SHUAA Capital in merger talks with ADFG – Gulf Business

Financial services and investment firm SHUAA Capital has confirmed it is in merger talks with Abu Dhabi Financial Group (ADFG).The company’s shares jumped 15 per cent to Dhs0.715 on the DFM when the news broke that discussions are underway regarding the possibility of creating a larger financial listed group. Source: SHUAA Capital in merger talks with ADFG – Gulf Business

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UAE’s ADNOC seals $4bn pipeline infrastructure deal with KKR, BlackRock – Gulf Business

Abu Dhabi National Oil Company (ADNOC) has sealed a $4bn midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock, the government-owned company said on Sunday. ADNOC has been expanding through strategic partnerships since 2017. Last month it won a combined $5.8bn investment from Italy’s Eni and Austria’s OMV for a stake in its refining business to establish a new trading operation owned by the three partners. Source: UAE’s ADNOC seals $4bn pipeline infrastructure deal with KKR, BlackRock – Gulf Business

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Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender – Gulf Business

UAE lenders Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have confirmed plans to merge and together acquire Al Hilal Bank to create the country’s third largest lender. The new banking group will carry the ADCB identity and will continue to have institutional backing from its biggest stakeholder – the Abu Dhabi government, a statement said. Source: Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender – Gulf Business

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