{"id":98322,"date":"2024-11-27T00:00:00","date_gmt":"2024-11-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-investment-trims-globalfoundries-stake-by-4-1-in-3q-2024\/"},"modified":"2024-11-27T00:00:00","modified_gmt":"2024-11-27T00:00:00","slug":"mubadala-investment-trims-globalfoundries-stake-by-4-1-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/27\/mubadala-investment-trims-globalfoundries-stake-by-4-1-in-3q-2024\/","title":{"rendered":"Mubadala Investment trims GlobalFoundries stake by 4.1% in 3Q 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Mubadala trims its GlobalFoundries stake: <\/strong>Mubadala Investment Company, a subsidiary of the Abu Dhabi sovereign wealth fund, reduced its stake in semiconductor manufacturer <a target=\"_blank\" href=\"https:\/\/gf.com\/\" style=\"\" rel=\"noopener\">GlobalFoundries<\/a> by 4.1% in 3Q 2024 to 81.63%, <a target=\"_blank\" href=\"https:\/\/www.marketbeat.com\/instant-alerts\/globalfoundries-inc-nasdaqgfs-stock-holdings-cut-by-mubadala-investment-co-pjsc-2024-11-26\/\" style=\"\" rel=\"noopener\">MarketBeat<\/a> reports. Mubadala\u2019s current stake, which accounts for 96.3% of its holdings, is valued at around USD USD 18.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming: <\/strong>Mubadala Tech was looking to sell a portion of its stake in GlobalFoundries on Nasdaq <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d2095060-8726-420d-b8c8-344df1de83f3\/mubadala-plans-sale-of-usd-950-mn%253cmark%253e-globalfoundries%253c%2Fmark%253e-shares,-up-to-usd-750-mn-formosa-bonds\" style=\"\" rel=\"noopener\">earlier in May<\/a> in a bid to raise USD 950 mn by offering shares at USD 50.75-52.50 apiece. Mubadala was GlobalFoundries\u2019 majority shareholder with an 85% stake prior to the sale.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ireland and US-based venture capital firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.continuous.vc\/\" style=\"\" rel=\"noopener\">Continuous Ventures<\/a><\/strong><strong> agreed to support t<\/strong><strong>he Economy <\/strong><strong>Ministry\u2019s<\/strong> <strong>NextGen FDI initiative<\/strong> aimed at attracting innovative companies from around the world to the UAE, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b6e284c-nextgen-fdi-programme-partners-with-continuous\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The partnership will see Continuous Ventures evaluate the program\u2019s potential entrants, offer go-to-market strategies, and connect their startups to the program. The firm will initially support UAE-based startups from its Dubai and Abu Dhabi offices, before expanding to a larger facility in the Dubai International Financial Center as the initiative grows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Enec to conduct studies to identify nuclear tech for <\/strong><strong>Adnoc:<\/strong> The Emirates Nuclear Energy Company (Enec) signed an agreement with Adnoc to conduct technical and economic assessments for identifying suitable nuclear reactor technologies for the state-run oil giant, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/enec-and-adnoc-to-explore-the-use-of-advanced-nuclear-technologies-and-excess-heat-utilization-for-oil-and-gas-operations-qbxysshj\" style=\"\" rel=\"noopener\">press release<\/a>. The two companies will also conduct feasibility studies on the potential applications of excess heat from the Barakah Nuclear Energy Plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Basf to expand gas treatment in the UAE: <\/strong>German chemicals giant <a target=\"_blank\" href=\"https:\/\/www.basf.com\/\" style=\"\" rel=\"noopener\">Basf<\/a> partnered with Dubai-based engineering firm Kent to advance its gas treatment operations in the UAE, <a target=\"_blank\" href=\"https:\/\/www.gasworld.com\/story\/basf-and-kent-partner-on-uae-gas-treatment-project\/2147219.article\/\" style=\"\" rel=\"noopener\">Gas World<\/a> reports. Kent will provide engineering and design services, including developing process design packages for Basf\u2019s OASE gas treatment technology. Under the agreement, Kent will also optimize process schemes for gas treatment at Basf\u2019s facilities and ensure compliance with industry standards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Basf\u2019s OASE technology uses a liquid absorption process with chemical solutions to separate specific gases from gas mixtures, such as CO2. These gases are then released for reuse, improving efficiency and reducing emissions. The technology is widely adopted in industries such as natural gas processing and carbon capture.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t launches tech training initiative: <\/strong>The UAE's Artificial Intelligence, Digital Economy, and Remote Work Applications Office launched a tech training initiative to upskill 5k Emirati students over the next five years in collaboration with the Emirati Human Resources Development Council, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b6e28a1-artificial-intelligence-office-ehrdc-launch-5000\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The council signed MoUs with LinkedIn, SAS, and several local universities for the initiative.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shaner Hotels partnered with Dubai-based The First Group to expand branded hotels<\/strong><strong> across the Gulf and Mena region, Greece, and Cyprus, <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20241126336043\/en\/Shaner-Hotels-Announces-Alliance-with-Dubai-Based-The-First-Group\" style=\"\" rel=\"noopener\">press release<\/a>. The partnership will focus on hotel management agreements, and will include services like site selection, operations, and eventual sale. Future hotels may feature brands like The First Collection, Tribute Portfolio, and other Marriott International brands.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As part of the agreement, the two companies will launch The First Collection at Jumeirah Village Circle<\/strong>, a Tribute Portfolio Hotel, marking the debut of Marriott Bonvoy\u2019s Tribute Portfolio in the Middle East. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AGRICULTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-based agri-food and technology company Silal partnered with <\/strong><strong>China\u2019s <\/strong><strong>Shouguang Vegetable Industry Group to boost the UAE\u2019s agricultural product supply capacity<\/strong>, focusing on agricultural innovation, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b6e28ox-silal-shouguang-vegetable-industry-group-announce\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement involves two key initiatives: the Seed Development Program, aimed at advancing seed breeding, and the Greenhouse Demonstration Park, which will showcase advanced technologies based on the Shouguang Model, including greenhouse systems, seedling cultivation, grafting, pollination, and plantation management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EVs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai\u2019s taxi operator National Taxi partnered with EV manufacturer Skywell<\/strong><strong> UAE <\/strong><strong>to add EVs to its taxi fleet in Dubai<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/skywell-united-arab-emirates-partners-with-national-taxi-to-promote-sustainable-transport-lux8st73\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember-<\/strong> <strong>The UAE is improving EV infrastructure:<\/strong> There are currently 380 green charging stations for EVs in Dubai, with plans to expand the network to 1k in 2025. The Energy Ministry and Etihad Water and Electricity set up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/db00f7b7-5b3b-4d42-b25c-88904760e016\/adnoc-makes-its-first-investment-in-the-us\" style=\"\" rel=\"noopener\">joint venture<\/a> in May to boost EV charging infrastructure in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global fintech <\/strong><strong><a target=\"_blank\" href=\"https:\/\/exante.eu\/\" style=\"\" rel=\"noopener\">Exante<\/a><\/strong><strong> opened an office in the Dubai Internation<\/strong><strong>al Financial <\/strong><strong>Center (DIFC)<\/strong>, following regulatory approval from the Dubai Financial Services Authority (DFSA), according to a company <a target=\"_blank\" href=\"https:\/\/me.exante.eu\/press\/news\/2499-exante-expands-global-reach-with-new-dubai-office\/\" style=\"\" rel=\"noopener\">statement<\/a>. The office will provide UAE clients access to over 50 global financial markets and more than one mn instruments via Exante\u2019s customizable trading platform. Exante is regulated in five jurisdictions: the UK, Hong Kong, UAE, Cyprus, and Malta. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National Center of Meteorology partnered with Ras Al Khaimah Inter<\/strong><strong>national <\/strong><strong>Airport to provide forecasts and real-time weather monitoring<\/strong> to the airport to ensure aviation safety, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b6e28cw-national-centre-meteorology-rak-international\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ALSO- Irish-US VC firm Continuous Ventures agreed to support the NextGen FDI initiative<\/p>\n","protected":false},"author":1,"featured_media":98323,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[57,398,47,610,306,1357,29,1896,420,143,7,477,132,534,147,1341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adnoc","tag-agriculture","tag-also-on-our-radar","tag-artificial-intelligence","tag-aviation","tag-business","tag-capital-markets","tag-economy-ministry","tag-enec","tag-energy","tag-enterpriseam-uae","tag-hospitality","tag-insurance","tag-ras-al-khaimah","tag-startups","tag-tech","wpautop","entry"],"acf":{"mongo_id":"c641d63c-c5ad-4644-acf8-11160247166e","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1231.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mubadala Investment trims GlobalFoundries stake by 4.1% in 3Q 2024","related_issue":[98310],"teaser":"ALSO- Irish-US VC firm Continuous Ventures agreed to support the NextGen FDI initiative","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.6f2fe8d9-bcad-4485-b160-3d14063af03a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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