IMage: Christopher Pike/Bloomberg via Getty Images
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The Abu Dhabi National Oil Company (ADNOC) has completed the marketed offering of 3.1 billion ordinary shares in ADNOC Gas, raising approximately $2.84bn (equivalent to Dhs10.4bn).
This offering, which represents 4 per cent of ADNOC Gas’ total share capital, saw exceptional demand from institutional investors in the GCC and internationally, with a total oversubscription of 4.4x.
The shares were priced at Dhs3.40 each, representing a 43 per cent premium over the initial public offering (IPO) price of Dhs2.37 per share.
The price is also a 5 per cent discount to ADNOC Gas’ closing share price of Dhs3.58 on February 20, the last trading day ahead of the offering.
ADNOC Gas offering is the largest placement on ADX so far
The offering marks the largest placement on the Abu Dhabi Securities Exchange (ADX) to date and increases ADNOC Gas’ free float by 80 per cent, bringing its free float to 9 per cent.
Khaled Al Zaabi, group CFO at ADNOC, said: “ADNOC is proud to have completed the first-ever marketed offering in the UAE and the largest placement on the ADX to date. The exceptional demand and competitive discount provided by the international and domestic investor community reflect the strong confidence in ADNOC Gas’ track record and growth prospects. ADNOC will continue to support ADNOC Gas, which is integral to Abu Dhabi and ADNOC’s decarbonisation and growth ambitions.”
Strong financial performance
The offering attracted significant investor interest, reflecting confidence in the company’s growth trajectory and its strong financial performance.
For the full year 2024, the company posted an adjusted net income of $5bnm the highest since its IPO, with a net income of $1.38bn in Q4 2024, significantly ahead of Bloomberg consensus estimates.
ADNOC Gas’ strong performance is aligned with the company’s refreshed growth pipeline, which was outlined in November 2024.
This includes the planned acquisition of Ruwais LNG and a target of over 40 per cent adjusted EBITDA growth by 2029.
ADNOC Group will retain an 86 per cent majority shareholding in the company and has agreed to a six-month lock-up period, preventing the sale of further shares, subject to certain exceptions.
The offering’s success is expected to increase the company’s liquidity and potentially provide a pathway for its inclusion in the MSCI Emerging Market Index and FTSE Emerging Market Index at the next quarterly review, subject to meeting the inclusion criteria.
This inclusion could further diversify the company’s investor base and raise its profile globally.
BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities acted as joint Global coordinators and joint bookrunners for the offering.
According to a Wam report, the platform, launched by the UAE Ministry of Economy, provides real-time tracking of essential consumer goods, including staples like oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat, across various retailers in the UAE.
It allows officials to monitor prices, compare them against established price ceilings, and ensure compliance.
Abdullah bin Touq Al Marri, Minister of Economy, stated that this initiative reinforces the UAE’s commitment to consumer protection, a stable market, and a competitive economy, aligning with the ‘We the UAE 2031’ vision.
Dubizzle Group acquires Egypt automotive platform Hatla2ee
The UAE-based classifieds unicorn, Dubizzle Group, operates leading brands such as dubizzle, Bayut, and DriveArabia across the MENA region
The Dubizzle Group has announced the acquisition of Hatla2ee, a leading Egyptian automotive platform. This strategic move aims to expand Dubizzle Group’s automotive presence in one of the region’s most dynamic markets.
The UAE-based classifieds unicorn, Dubizzle Group, operates leading brands such as dubizzle, Bayut, and DriveArabia across the MENA region.
“The acquisition of Hatla2ee is a significant milestone in Dubizzle Group’s journey to further strengthen our automotive footprint across the MENA region. Egypt’s dynamic automotive sector offers immense opportunities, and by integrating Hatla2ee’s expertise with our technology-driven ecosystem, we aim to enhance the buying and selling experience for millions of users. We are excited to welcome Hatla2ee to the group and look forward to driving innovation and value in the Egyptian market,” said Haider Khan, CEO of Dubizzle Group MENA, commenting on the strategic move.
Samy Swellam, CEO of Hatla2ee, welcomed the acquisition, emphasising that joining forces with Dubizzle Group opens new opportunities to enhance Hatla2ee’s offerings, leverage advanced technology, and provide an even better experience for their users in Egypt.
This can be achieved by capitalising on Hatla2ee’s already established strong community of car buyers and sellers, offering a seamless and trusted platform for transactions.
Hatla2ee’s comprehensive services include the buying and selling of both new and used cars—locally produced and imported—along with car evaluations, financing options, and real-time market pricing insights.
Founded in 2016, Hatla2ee has established itself as a trusted platform for buying and selling new and used cars in Egypt. With over 2 million unique monthly visitors across its website and mobile applications, it has become a go-to destination for car buyers and sellers.
HUAWEI Mate XT: The world’s first triple-foldable smartphone
The HUAWEI Mate XT is a leap into the future of foldable smartphones, combining sleek design, incredible display technology, and groundbreaking features
There are moments in the tech world when innovation takes a giant leap forward. The HUAWEI Mate XT is one such example.
As the world’s first-ever commercial triple-foldable smartphone, the Mate XT is pushing the boundaries of what’s possible, offering an unprecedented level of design, performance and versatility.
Simply put, the Mate XT is a technological ‘marvel’ that represents the future of smartphones.
A unique design
The Mate XT isn’t just the largest foldable smartphone in the world; it’s also the thinnest, with a remarkable thickness of just 3.6mm when fully unfolded.
This ultra-slim profile is paired with an elegant design that seamlessly merges style with cutting-edge technology.
The camera module design draws inspiration from Huawei’s symmetric ‘Star Diamond’ pattern, making it instantly recognisable.
Featuring the new ‘Sinusoidal Cutting’ technique, this design incorporates sharper lines and a three-dimensional structure that exemplifies impeccable craftsmanship.
Each camera lens module boasts unique ‘Eonic Curves’, giving every device its signature look.
The module is crafted through 22 days of meticulous work, involving 78 complex processes. The result? A truly one-of-a-kind design for each device. On the back, an ultra-thin leather cover, just 0.47mm thick, adds an element of subtle luxury.
Crafted from aerospace-grade fibre, this material offers both elegance and durability. Available in black and red, the leather ensures your phone feels as good as it looks.
Tablet-quality display
The Mate XT takes the display experience to new heights with the 3K HUAWEI X-True Display, which delivers vivid, realistic visuals with stunning colour accuracy.
With three distinct screen configurations — Single Screen (6.4 inches), Dual Screen (7.9 inches), and Triple Screen (10.2 inches)—this phone transforms into a tablet with a massive 3K display when fully unfolded.
The Mate XT boasts an impressive 92 per cent screen-to-body ratio, a peak brightness of 1800 nits, and a 120Hz LTPO adaptive refresh rate, ensuring a fluid and immersive viewing experience.
Photography redefined
The HUAWEI Mate XT is not just about style and display; it’s also a powerhouse for photography. As the first foldable smartphone to feature a 10-size Adjustable Physical Aperture (F/1.4-F/4.0), the Mate XT takes control over light like no other phone.
The adjustable aperture, controlled by a ring-shaped magnetic motor, ensures you capture every shot in perfect clarity. This, combined with an ultra-wide camera and a 5.5X telephoto lens, allows you to take professional-grade photos with ease.
Despite its thin profile, the Mate XT’s camera system delivers exceptional performance, ensuring high-quality photos and videos every time.
HUAWEI Mate XT’s revolutionary hinge
The engineering behind the world’s first triple-foldable device doesn’t stop with the display. The hinge system is a marvel of innovation, allowing the device to fold both inward and outward simultaneously without increasing its bulk. Huawei’s new hinge technology reduces the device’s thickness by 23 per cent, creating a sleek, lightweight phone that feels as good as it looks.
The strong steel hinge material ensures durability for everyday use, and the opening and closing mechanism feel perfectly balanced, making the foldable experience smoother than ever before.
Backed by Long-lasting power
The HUAWEI Mate XT is powered by the world’s thinnest large-capacity silicon anode battery, just 1.9mm thick, but still packs an impressive 5600mAh capacity.
Despite its slim design, this battery offers more power than many flagship smartphones.
The device also supports HUAWEI SuperCharge, including 66W wired charging, 50W wireless charging, and 7.5W wireless reverse charging, ensuring you spend less time charging and more time using your phone.
Marks the future of foldables
The HUAWEI Mate XT is a leap into the future of foldable smartphones, combining sleek design, incredible display technology, and groundbreaking features like never before.
It’s the only device on the market that seamlessly doubles as a tablet and can even be used like a laptop with one screen folded. This smartphone doesn’t just meet your digital needs; it simplifies your life.
If you’re wondering whether the high price tag is worth it, there’s no comparison. The HUAWEI Mate XT stands alone in its category, and if you’re after the most groundbreaking device on the market, then this is it.
Whether you’re a tech enthusiast, a business professional, or someone who simply wants the best tech, the Mate XT is here to redefine how we think about smartphones.
Amit Kaushal, group chairman of AKCEL GP, together with Team Principal Rohit Koul.
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Motorsport is all about speed, precision, and pushing the limits — and that’s exactly what newly launched AKCEL GP is aiming to deliver.
With its sights set on prestigious series such as Euro Cup 3, the Formula Regional Middle East Championship (FRMEC), and Formula 4 (F4), AKCEL GP is looking to dominate the track, nurture the next generation of racing talent, and break boundaries in a sport where every millisecond counts.
AKCEL GP is the latest venture from the AKCEL Group, a diversified conglomerate with interests spanning technology, real estate, IT, and green energy. Founded by UK-based businessman Amit Kaushal, the group’s ethos of sustainability and innovation forms the backbone of this motorsport endeavour. In fact, AKCEL GP represents the group’s strategic expansion into motorsport, building on its acquisition of the UK-based Indian Warriors Racing team.
Launched in style at the Armani Hotel in Dubai on January 12, 2025, AKCEL GP “represents more than a racing team”, says Kaushal.
“It is a showcase of cutting-edge technology, visionary talent, and a commitment to sustainability,” he notes.
From Dubai to the world
Dubai was a natural choice for the team’s launch. With its global appeal and thriving motorsport culture, the city provided the perfect platform for a team that envisions a far-reaching impact.
And Kaushal, who began his professional journey in Dubai over three decades ago, says the city holds special significance.
“The UAE is the best place right now — it’s a global platform. Everyone in the world is looking at Dubai as the future destination, not just for motorsport but for so many industries.”
As part of its strategy, AKCEL GP will race across circuits in Europe, the Middle East, and Asia, exposing its drivers to diverse challenges while simultaneously engaging fans and sponsors on a global scale.
The team’s debut race took place at Abu Dhabi’s world-renowned Yas Marina circuit in January.
Championing the cause for AKCEL GP is a diverse set of drivers, which includes young talents from India, the UAE, and Italy. One of its standout drivers is Emirati Hamda Al Qubaisi, who has already made history in motorsport, becoming the first woman to podium in the Italian F4 Championship. In the same team, Hamda is joined by her sister Amna, who is the first Emirati woman to compete in international motorsport.
“Championing inclusivity isn’t just a buzzword for us — it’s the core of our identity,” Kaushal explains.
Precision and performance
Behind the wheel may be the drivers, but behind the scenes, it’s Rohit Koul, team principal of AKCEL GP, who ensures every detail is meticulously executed.
With over 11 years of motorsport experience, Koul has taken on the mammoth task of managing drivers, technical partners, and infrastructure.
“I’m sleeping only three or four hours a day,” Koul admits. “I need to make sure everything is done properly — cars set up perfectly, drivers happy, and everything moving in the right direction. It’s a sport where even a single second matters.”
Koul’s journey in motorsport began with karting in Canada, where he honed his driving skills and developed a deep understanding of racing dynamics. He later transitioned to Formula racing, achieving multiple victories in Dubai, which solidified his reputation as a formidable competitor. His passion for the sport led him to establish the Indian Warriors Racing team, based in Milton Keynes, UK. Under his leadership, the team participated in the 2024 GB4 Championship, providing a platform for emerging talent.
In 2024, a chance meeting with Kaushal led to the acquisition and rebranding of Indian Warriors Racing into AKCEL GP. The duo quickly aligned on their shared vision for the team.
“We want to create a new ladder to Formula One,” Koul explains. “Our goal is to move into F3 and F2 within a year or two and ensure we produce great drivers who can make it to F1.”
PHM Racing: Vital technical partner
At the heart of AKCEL GP’s operations is its partnership with PHM Racing, a highly experienced technical team renowned for its expertise in developing competitive motorsport setups. This collaboration provides AKCEL GP with the technical resources, engineering prowess, and operational efficiency needed to excel in some of the world’s most challenging racing series.
“We’ve partnered with PHM Racing as our technical partner, and I’m very, very confident in what they’re going to deliver,” Kaushal says.
The partnership extends beyond just engineering and race preparation; it represents a shared vision for nurturing young talent and achieving long-term success. “We are very fortunate to have PHM with us,” adds Kaushal. “Their experience in this class is unmatched, and I’m hopeful that we’ll have a long-term relationship with them.”
Jaden Rahman Pariat, one of the team’s drivers, also praised PHM for their hands-on approach: “They’ve been so patient, guiding us through everything and working on things. They really know what they’re doing, and it shows in the way they’re supporting us.”
BOXOUT: Key facts about PHM Racing
PHM Racing, established in 2021 by Paul Müller, is a German auto racing team based in Berlin. The team emerged from the dissolution of Mücke Motorsport’s single-seater program, with a core group of former Mücke personnel. Operating as a non-profit organization, PHM Racing focuses on developing young driving talent and providing opportunities in motorsport.
The team made its competitive debut in the 2022 Formula 4 UAE Championship, fielding drivers Nikita Bedrin, Jonas Ried, and Taylor Barnard. Their inaugural season was marked by notable successes, including their first race win with Barnard and additional victories by Bedrin. Building on this momentum, PHM Racing expanded into the Italian and German F4 series later that year.
In 2023, PHM Racing further broadened its horizons by entering the Formula Regional Middle East Championship. The team also ventured into the FIA Formula 2 and FIA Formula 3 Championships through a partial takeover of Charouz Racing System, competing under the banner “PHM Racing by Charouz.” This strategic move underscored their rapid growth and ambition within the motorsport hierarchy.
A significant development occurred in 2024 when the Dubai-based AIX Investment Group acquired PHM Racing’s F2 and F3 operations, leading to the rebranding of these teams as AIX Racing. Despite this transition, PHM Racing continues to compete in the Formula Regional and Formula 4 categories.
With AKCEL GP, they are a key technical partner.
AKCEL GP Academy, focus on sustainability
AKCEL GP’s approach extends beyond the track as it’s looking to upskill the next generation of drivers and weave in a sustainable approach to everything it does.
AKCEL GP Academy is a premier institution dedicated to developing the next generation of drivers. The academy provides young racers with world-class training, cutting-edge resources, and expert mentorship to refine their craft.
“Our academy is where dreams take shape,” says Kaushal. “We’re not just building drivers; we’re building champions who understand the technical and mental demands of motorsport.”
Notable talents from the academy include Tadeas Prochazka, an eight-year-old Middle East Bambino Champion, and Jamie White, a 12-year-old ROK Mini Champion. These young racers represent the future of the sport and exemplify AKCEL GP’s commitment to nurturing talent at every level.
The AKCEL GP team is also pioneering sustainable racing practices, integrating lightweight materials and energy-efficient technologies into its cars.
“Motorsport must evolve,” Kaushal states. “We’re committed to reducing our environmental footprint while maintaining peak performance.”
This ethos resonates with sponsors and fans alike. The motorsport industry generates over $10bn annually, and AKCEL GP offers tailored sponsorship packages with branding, VIP access, and meet-and-greet opportunities with drivers.
Looking to the future
As AKCEL GP embarks on its inaugural season, the focus is on building a strong foundation.
“At the moment, we just want to position ourselves and make some noise,” Kaushal says. “We want to tell people, ‘Hey, we’re here to stay.’”
Could AKCEL GP become a Formula One team one day? Both Kaushal and Kaul remain optimistic yet grounded. “You never know, but we’re working hard to make sure whatever we do, we do it the right way,” says Kaul.
“Motorsport is every man’s dream. Whether you’re watching as a fan, standing in the pit lane, or, like now, being the owner of a team, it’s an exciting journey.”
Amit Kaushal, group chairman of AKCEL GP, together with Team Principal Rohit Koul.
Creating magic: How Honor is redefining the smartphone experience
Laurance Li, GM GCC for Honor, shares insights into the new Magic 7 Pro and discusses the brand’s tailored approach to the Middle Eastern market and its plans for expanded retail presence, strategic collaborations and more
HONOR’s general manager of GCC, Laurance Li, shares insights into the exciting new Magic 7 Pro, spotlighting its cutting-edge AI-powered camera system, powerful performance features, and groundbreaking innovation.
Here, Li discusses HONOR’s tailored approach to the Middle Eastern market and its plans for expanded retail presence, strategic collaborations, and exciting product launches in 2025.
Honor recently launched several exciting new devices, including the upcoming Magic 7 Pro. Tell us about it.
HONOR continues to innovate and push boundaries with our latest devices, including the much-anticipated HONOR Magic7 Pro.
This device exemplifies our commitment to cutting-edge technology, particularly in the realm of artificial intelligence. It combines sleek design, advanced AI capabilities, and powerful performance in a smartphone that is set to redefine the user experience.
The Magic7 Pro will feature innovations like AI-powered photography, real-time graphics rendering for gaming, and an intelligent operating system. We’re incredibly excited to bring this device to the Middle East, where tech enthusiasts are always on the lookout for the latest and greatest in smartphone technology.
Tell us more about the standout features of the Magic 7 Pro and how it enhances the user experience in terms of innovation and performance.
The HONOR Magic7 Pro is packed with standout features that set it apart in terms of both innovation and performance. Powered by the Snapdragon 8 Elite Mobile Platform, it offers PC-level graphics and unparalleled gaming performance, ensuring a smooth and immersive experience.
The device’s AI-powered HONOR AI Falcon Camera System, with a 50MP Super Dynamic Main Camera, 50MP Wide Camera, and 200MP Telephoto Camera, delivers exceptional detail and clarity. MagicOS 9.0 provides a personalised interface with features like Magic Portal 2.0, offering seamless app interaction.
Additionally, the Magic7 Pro’s 5850mAh battery, combined with 100W Wired HONOR SuperCharge, ensures you stay powered throughout the day with lightning-fast charging in just 33 minutes. It’s a device built to meet the demands of modern users, from gaming and entertainment to photography and daily productivity.
Honor has placed a strong emphasis on camera technology. How does the Magic 7 Pro’s camera stack up in terms of innovation, and what new features can users expect to see that set it apart from other devices in the market?
The HONOR Magic7 Pro’s camera system is truly revolutionary. The AI-powered HONOR AI Falcon Camera System delivers cutting-edge features, including AI Super Zoom (30x to 100x) for incredible zoom capabilities and AI Motion Sensing Capture for precise action shots.
The camera system’s ability to adapt to different lighting conditions and its advanced HD Super Burst function ensures top-tier photography, even in challenging environments. HONOR is setting new standards in mobile photography by integrating real-time AI optimisation, which helps enhance images instantly, allowing users to capture professional-quality photos with ease.
This combination of AI and hardware makes the Magic7 Pro’s camera one of the most advanced in the market.
Innovation has always been at the core of Honor’s brand. Beyond the Magic 7 Pro, are there any other unique or game-changing features across your latest product range that you’re particularly excited about, especially for consumers in the Middle East?
Innovation is indeed at the heart of everything we do, and beyond the Magic7 Pro, there are other exciting advancements we’re introducing. A standout feature is the introduction of HONOR’s AI Deepfake Detection technology, integrated within MagicOS 9.0, designed to protect users from fraud and misinformation. This feature will be available in the Middle East in Q2.
Additionally, our foldable smartphone technology, like the HONOR Magic V3 series, continues to set new benchmarks in design and functionality. We’re also focused on offering seamless integration across devices, from smartphones to wearables, making the HONOR ecosystem smarter and more intuitive.
These innovations are aimed at enhancing the user experience for consumers in the Middle East, who are increasingly looking for devices that offer both cutting-edge features and practical, everyday benefits.
The Middle East is an incredibly important market for Honor. How does the region shape your strategy, and what key factors do you take into consideration when designing products specifically for Middle Eastern consumers?
The Middle East is a vital market for HONOR, and our strategy is shaped by several key factors. We understand that Middle Eastern consumers value innovation, performance and design, but also prioritise reliability and user experience.
We consider regional preferences, such as the desire for advanced camera features, long battery life, and high-performance capabilities, particularly for gaming and multimedia consumption.
Additionally, we ensure that our devices are tailored to meet the needs of a diverse, tech-savvy population, offering features like localised content, Arabic language support, and integration with regional services. Our commitment to community engagement and offering products that cater to local needs is central to HONOR’s success in the region.
What are Honor’s key plans for growth and expansion in the Middle East this year? Are there any exciting launches or collaborations we should look forward to in 2025?
HONOR is focused on expanding its footprint in the Middle East, and we have several exciting plans for growth in 2025. This year, we’re continuing to expand our retail presence with the opening of additional HONOR Experience Stores across key markets like the UAE, Qatar, and Oman. These stores provide consumers with direct access to our latest innovations and a hands-on experience with our devices.
We are also honoured to partner with Louvre Abu Dhabi on their remarkable exhibition “Kings and Queens of Africa: Forms and Figures of Power”. This collaboration reflects our dedication to fostering innovation and creativity, not only through technology but also by supporting cultural and artistic initiatives that inspire and unite communities.
Our partnership with Louvre Abu Dhabi is a true testament to this commitment.
