THIS EVENING: Abu Dhabi’s ADQ wraps up acquisitions in three state-owned companies

Good afternoon friends, and welcome to this Tuesday-hump-day. Despite the regional war steering the local and international news we have had some updates in our business news cycle.

THE BIG STORY TODAY

ADQ seals acquisitions in three state-owned firms: Abu Dhabi’s sovereign wealth fund ADQ has inked final contracts with The Sovereign Fund of Egypt (SFE) to acquire stakes in the Egyptian Linear Alkyl Benzene (Elab), Egyptian Ethylene and Derivatives Company (Ethydco), and Egyptian Drilling Company (EDC), Al Borsa reported today citing sources it says are familiar with the matter.

How much are the stakes? As per the contracts, ADQ acquired a 35%-stake in Elab, 30% of Ethydco, and 25% of EDC for USD 800 mn, the sources said. The amount is part of USD 1.9 bn privatization agreements the government said it agreed to in July.

THE BIG STORY ABROAD

The Israeli attacks on Gaza continue to lead the headlines in the international press, as Israeli Prime Minister Benjamin Netanyahu has again dismissed any demand for a ‘halt’ or ceasefire adding that it will give an opportunity for Hamas to gather their forces and strength to attack once more. (Reuters)

The UN warns that the atmosphere is tense in Syria. With many Iran-backed militias at the trigger the situation is at its most dire as Israel continues its airstrikes.

SPEAKING OF IRAN- The Iranian Foreign Minister Hossein Amirabdollahian underlined the importance of using whatever political tools in the shed that could to stop the war during his visit to Qatar. (Bloomberg)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Officials are working overtime to blunt the impact of Israel’s war in Gaza on the tourism industry.
• Analysts are split over Egypt’s interest rate pathahead of the central bank meeting on Thursday.
• Back ethnic cleansing in Gaza, Netanyahu urges Europeans: Israeli Prime Minister Benjamin Netanyahu is lobbying Western leaders to put pressure on Egypt to resettle displaced Palestinian refugees in the Sinai.

⛅ TOMORROW’S WEATHER- Expect the mercury to rise to 31°C during the daytime and drop to a cooler 21°C in the evening, tells us our favorite weather app.