Finance World Magazine| Edition: April 2024
Amidst pressing global climate challenges, the UAE has emerged as a leader in sustainability, spearheading initiatives promising a greener future. At the forefront of this movement is the country's ambitious Net Zero 2050 initiative, which has garnered pledges from several companies. This month's edition of Finance World Magazine delves into the implications of the UAE's Net Zero 2050 initiative and its transformative effects on the financial landscape, echoing the country's dedication to sustainable development. The cover story highlights companies dedicated to the Net Zero by 2050 initiative, driving change across sectors with innovative strategies for carbon neutrality, reflecting their proactive leadership and impactful contributions to a sustainable future. Between these pages, readers can discover insights into Venkat Reddy's visionary approach behind klipit, the world's first eco-friendly, blockchain-based paperless receipt app. The edition highlights the significance of the UAE's pioneering Digital Asset Law and the newly introduced Biofuel Policy, assessing their implications and potential impact. Complementing the net zero initiatives the article, “Sustainable Living in Dubai: A Closer Look at ZāZEN Properties' Prescient Developments” deciphers the successful green developments by ZāZEN Properties. It also features Shahzad Ahmad, CEO of Ensure Events, sharing insights on his entrepreneurial journey fueled by childhood passion, navigating challenges and envisioning global music festivals and business expansion. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
Amidst pressing global climate challenges, the UAE has emerged as a leader in sustainability, spearheading initiatives promising a greener future. At the forefront of this movement is the country's ambitious Net Zero 2050 initiative, which has garnered pledges from several companies. This month's edition of Finance World Magazine delves into the implications of the UAE's Net Zero 2050 initiative and its transformative effects on the financial landscape, echoing the country's dedication to sustainable development.
The cover story highlights companies dedicated to the Net Zero by 2050 initiative, driving change across sectors with innovative strategies for carbon neutrality, reflecting their proactive leadership and impactful contributions to a sustainable future. Between these pages, readers can discover insights into Venkat Reddy's visionary approach behind klipit, the world's first eco-friendly, blockchain-based paperless receipt app.
The edition highlights the significance of the UAE's pioneering Digital Asset Law and the newly introduced Biofuel Policy, assessing their implications and potential impact. Complementing the net zero initiatives the article, “Sustainable Living in Dubai: A Closer Look at ZāZEN Properties' Prescient Developments” deciphers the successful green developments by ZāZEN Properties.
It also features Shahzad Ahmad, CEO of Ensure Events, sharing insights on his entrepreneurial journey fueled by childhood passion, navigating challenges and envisioning global music festivals and business expansion.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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UAE Chemical Maker Eyes Expansion Amid Ongoing Merger Talks<br />
The United Arab Emirates’s largest<br />
chemicals producer, Borouge Plc,<br />
is actively seeking expansion<br />
opportunities while concurrently<br />
pursuing a ($32.8B) tie-up with a unit<br />
of Austria’s OMV AG. State-owned<br />
Abu Dhabi National Oil Co., which<br />
oversees Borouge, is driving international<br />
growth initiatives, including a potential<br />
acquisition of Germany’s Covestro AG<br />
and investments in natural gas fields<br />
in Egypt and Azerbaijan. Additionally,<br />
discussions are underway regarding the<br />
merger of Borouge with OMV’s chemical<br />
Hudson RPO Expands into<br />
UAE with Acquisition<br />
RPO, a global talent solutions<br />
firm under Hudson Global, Inc.<br />
(NASDAQ: HSON), has acquired<br />
Executive Solutions, a Dubai-based<br />
talent solutions company, marking its<br />
entry into the UAE, known for its rapid<br />
growth. Expected to finalise this month,<br />
the move aims to bolster RPO’s presence<br />
in the Middle East. Jacob Zabkowicz,<br />
Global CEO of Hudson RPO, believes<br />
the acquisition will meet global clients’<br />
strategic needs by placing top talent<br />
in the UAE and the broader Middle<br />
East. Jeff Eberwein, CEO of Hudson<br />
Global, echoes this sentiment, emphasising<br />
the expansion’s significance for<br />
shareholder value and global growth<br />
strategy. Established in 2008, Executive<br />
Solutions excels in talent placement<br />
across industries. Post-acquisition, it<br />
will rebrand as Executive Solutions: A<br />
Hudson RPO company. Hudson RPO’s<br />
collaborative approach aligns with<br />
its mission to provide scalable talent<br />
solutions worldwide.<br />
producer Borealis AG. Borouge CEO<br />
Hazeem Sultan Al Suwaidi emphasised the<br />
company’s role as Adnoc’s petrochemicals<br />
“champion,” highlighting the significant<br />
expansion plans within the sector. Al<br />
Suwaidi mentioned that Borouge is<br />
evaluating options, particularly in key<br />
Asian markets like India and China, with<br />
a focus on finding suitable partners.<br />
The Borouge 4 project, expected to<br />
conclude by the end of 2025, will increase<br />
production capacity to 6.4 million tons<br />
annually, further solidifying its position<br />
in the global chemicals market.<br />
Acclime Expands into UAE with MeiPro<br />
Acquisition and Rebranding<br />
Acclime, Asia’s top professional<br />
corporate and advisory services<br />
specialist, formally enters the<br />
United Arab Emirates (UAE) market,<br />
aiming to cater to multinational and<br />
regional companies seeking to establish<br />
and manage operations within<br />
the UAE. Offering a comprehensive<br />
suite of services, including company<br />
incorporation in UAE-free zones,<br />
mainland, and offshore jurisdictions,<br />
Acclime ensures compliance with local<br />
regulations. Acclime strengthened its<br />
presence by acquiring MeiPro Corporate<br />
Services, a renowned Dubai-based<br />
corporate services provider founded<br />
in 2017. MeiPro will be rebranded as<br />
Acclime Dubai. Leading the Middle<br />
East expansion is Rajiv Kumar Singh<br />
(“Rajiv”), appointed as the Managing<br />
Director of Acclime Middle East, based<br />
in Dubai. With over two decades of<br />
experience in business expansion and<br />
mergers across the MENA region and<br />
Southeast Asia, Rajiv brings extensive<br />
expertise to the role.<br />
Mubadala, Stone Point Capital, CD&R Acquire<br />
Truist Insurance Holdings Stake<br />
Mubadala Investment Company<br />
(“Mubadala’’), a renowned Abu<br />
Dhabi-based investment firm,<br />
has forged a strategic alliance with<br />
prominent private equity entities, Stone<br />
Point Capital and Clayton, Dubilier &<br />
Ross (“CD&R”), alongside other investors.<br />
Together, they are set to acquire<br />
the remaining stake held by Truist<br />
Financial Corporation (NYSE: TFC)<br />
in Truist Insurance Holdings (“TIH’’).<br />
Headquartered in Charlotte, North Carolina,<br />
TIH stands tall as the fifth-largest<br />
insurance broker in the United States,<br />
boasting a sprawling network of over<br />
200 offices catering to diverse insurance<br />
services. This latest venture follows<br />
Mubadala’s earlier acquisition in 2023,<br />
where alongside Stone Point Capital<br />
and other partners, they secured a 20%<br />
stake in TIH for a significant $1.95B<br />
investment. The anticipated all-cash<br />
transaction, valuing TIH at a robust<br />
implied enterprise worth of $15.5B,<br />
awaits regulatory nods and customary<br />
closing procedures, with completion<br />
slated for the second quarter of <strong>2024</strong>.<br />
<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 55
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