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Abu Dhabi sovereign wealth fund Mubadala’s assets jump 9% in 2024

Mubadala’s deployed capital grew by 33.7 per cent in 2024 from the previous year to Dh119bn

Reuters
Reuters

08 May, 2025

Abu Dhabi sovereign wealth fund Mubadala’s assets jump 9% in 2024
Image credit: Mubadala

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Mubadala Investment Company’s assets under management jumped 9.1 per cent last year to Dh1.2tn($326.74bn), it said on Thursday, as it stepped up investments into sectors such as technology, manufacturing, and private credit.

Read-Mubadala Energy makes first major US investment with stake in Kimmeridge’s SoTex

Mubadala is the second largest state investment fund in Abu Dhabi, behind the Abu Dhabi Investment Authority (ADIA). Together with smaller peer ADQ, the three funds manage around $1.7tn in assets.

Deployed capital growth

Mubadala’s deployed capital grew by 33.7 per cent in 2024 from the previous year to Dh119bn, it said in a statement. Its portfolio delivered a five-year rate of return of 10.1 per cent.

“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors,” Managing Director and Group CEO Khaldoon Khalifa Al Mubarak was quoted as saying in the statement.

Diversification of economy

Abu Dhabi has accelerated efforts to diversify its economy into sectors such as tourism, manufacturing, and advanced technology, utilising vehicles like its investment funds to deploy its vast oil wealth.

Mubarak said that Mubadala’s portfolio included assets in sectors such as AI, clean energy, semiconductors and advanced manufacturing which all align with the UAE’s national priorities.

It has also emerged as a key UAE partner for US tech companies. Its MGX vehicle, focused on AI investments and set up last year, has invested in OpenAI and Elon Musk’s xAI.

Proceeds, including monetisations, grew 10 per cent from a year earlier to 109 billion dirhams in 2024, Mubadala said in its statement.

Its portfolio mix remained broadly consistent year-on-year, with 40 per cent investment in private equity, 23 per cent in public markets, and 17 per cent in infrastructure and real estate.

Emirates Group delivers record-breaking financial year 2024-25

This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group

Gulf Business
Gulf Business

08 May, 2025

Emirates Group delivers record-breaking financial year 2024-25
Image credit: Dubai Media Office/Website

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The Emirates Group today released its 2024-25 Annual Report, achieving new record profit, EBITDA (earnings before interest, taxes, depreciation, and amortisation), revenue, and cash balance levels.

Read-Emirates executive says no impact seen from US tariffs, but airline remains vigilant

This outstanding performance places the Emirates Group as the most profitable aviation group globally in the 2024-25 reporting period, with Emirates reporting the best result in its history to become the world’s most profitable airline.

Strong performance from Emirates and dnata

Both Emirates and dnata contributed record revenues in 2024-25, as the Group expanded its operations around the world to meet voracious customer demand for its high-quality products and services.

The Group declares a dividend of Dhs 6.0 bn to its owner, the Investment Corporation of Dubai (ICD).

UAE corporate tax introduced

This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group’s profit after tax is Dhs 20.5 bn.

Visionary leadership and resilience

“It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata… [speech continues],” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.

Major investments to support growth

In 2024-25, the Group collectively invested Dhs 14.0 bn in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.

Workforce expansion

The Group’s total workforce grew by 9 per cent to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment activity worldwide.

Outlook for 2025-26

Commenting on the outlook for 2025-26, Sheikh Ahmed said: “We enter the year ahead with excitement and optimism… [speech continues].”

Emirates Airline: Performance highlights

Emirates’ total passenger and cargo capacity grew 4 per cent to 60.0 bn ATKMs. The airline launched new routes, added aircraft, and increased frequencies across its network.

By 31 March, Emirates had 4 A350s in its fleet. Its retrofit programme will now cover 219 aircraft with a total investment of Dhs 18.4 bn.

Revenue increased 6 per cent to Dhs127.9bn. Currency fluctuations reduced profitability by Dhs71m.

Operating cash flow hit Dhs40.8bn. Operating costs rose 4 per cent. Fuel costs dropped to Dhs32.6bn, accounting for 31 per cent of costs.

Emirates’ record profit after tax was Dhs19.1bn, up from Dhs17.2bn in 2023-24.

Passenger numbers rose 3 per cent to 53.7 m, with a seat factor of 78.9 per cent. Passenger yield remained at 36.6 fils per RPKM.

Emirates SkyCargo delivers strong results

Emirates SkyCargo carried 2.3 m tonnes of goods, up 7 per cent. Revenue grew to Dhs 16.1 bn, contributing 13 per cent of total airline revenue.

Orders for 10 new Boeing 777Fs were placed, with a projected freighter fleet of 21 by December 2026.

Subsidiary highlights

Emirates Flight Catering grew external revenue by 11 per cent to Dhs 1.1 bn. MMI/ELR saw revenue rise 6 per cent to Dhs3.1bn.

Cash reserves reached Dhs49.7bn. Emirates repaid its Dhs 2.75 bn Corporate Bond issued in 2013.

Risk Management and hedging

The Group saved Dhs 1.1 bn through hedging strategies, including forward contracts for oil and currency options.

dnata delivers solid performance

dnata increased its profit before tax by 2 per cent to Dhs 1.6 bn. Revenue rose 10 per cent to a record Dhs 21.1 bn.

Investments totalled Dhs 579 m, including new equipment and facilities.

Operating costs increased 10 per cent to Dhs 19.7 bn. Cash balance declined to Dhs 3.7 bn.

dnata’s airport and cargo operations

dnata handled 794,091 aircraft turns and 3.1 m tonnes of cargo.

New operations began at Rome Fiumicino. The company also secured licenses in Zürich and Brussels.

Catering and travel services

Catering & Retail revenue hit Dhs 7.1 bn, despite a 2 per cent decline in meals uplifted. Investments in Sydney and Melbourne are underway.

Travel revenue rose 11 per cent to Dhs 3.9 bn. TTV increased by 9 per cent to Dhs 9.7 bn.

Sustainability initiatives

Emirates introduced SAF at Heathrow and Singapore and supported marine conservation and education efforts. “Aircrafted Kids” launched to support underprivileged children.

dnata expanded its electric GSE fleet and transitioned to alternative fuels across several markets.

Employee engagement

The Group expanded employee initiatives including Wejhaty HR hub, salary enhancements, and scholarships.

Full-year financial summary

Emirates Group
• Record profit before tax: Dhs22.7bn (up 18 per cent)
• Record revenue: Dhs145.4bn (up 6 per cent)
• Cash assets: Dhs53.4bn (up 13 per cent)
• Record EBITDA: Dhs42.2bn (up 6 per cent)

Emirates Airline
• Record profit before tax: Dhs21.2bn (up 20 per cent)
• Record revenue: Dhs127.9bn (up 6 per cent)
• Cash assets: Dhs49.7bn (up 16 per cent)

dnata
• Record profit before tax: Dhs1.6bn (up 2 per cent)
• Record revenue: Dhs21.1bn (up 10 per cent)
• Cash assets: Dhs3.7bn

Microsoft’s Rima Semaan on redefining cybersecurity in the UAE

From real-time alerts and identity protection to the bold goal of training one million people in AI and security by 2027, Semaan reveals how Microsoft is shaping a safer digital future for the region

Neesha Salian
Neesha Salian

08 May, 2025

Microsoft’s Rima Semaan on redefining cybersecurity in the UAE
Image: Supplied

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As cyber threats grow more sophisticated and relentless, Microsoft is leading the charge with a new wave of AI-driven solutions designed to detect, prevent, and neutralise attacks before they escalate. At GISEC 2025, the region’s premier cybersecurity event, Microsoft UAE unveiled cutting-edge innovations—including an AI-powered phishing detection and triage agent — marking a significant shift toward proactive security.

In this exclusive interview, Rima Semaan, Data & AI lead at Microsoft UAE, shares how intelligent agents, responsible AI, and large-scale skilling initiatives are transforming cybersecurity.

From real-time alerts and identity protection to the bold goal of training one million people in AI and security by 2027, Semaan reveals how Microsoft is shaping a safer digital future for the region.

What are you showcasing at GISEC?

At GISEC this year, we’ve showcased one of our most exciting innovations in cybersecurity: an AI-powered phishing detection and triage agent. Phishing continues to be one of the most prevalent and impactful attack vectors globally, with Microsoft identifying nearly 30 billion phishing attempts last year alone.

This agent is part of a broader effort to empower security teams by automating the identification and triage of phishing attacks in real-time. By doing so, it allows organisations to focus on more strategic tasks — like strengthening their cybersecurity frameworks — rather than spending valuable time on manual, repetitive work.

In essence, what we’re showing is a shift from reacting to incidents to preventing them before they escalate, while also making security operations more efficient and scalable. This is part of our broader vision to help organisations not only manage threats but also proactively strengthen their defenses.

What security trends can we expect to see this year?

This year, we’re seeing a few key security trends emerging across the industry, driven largely by AI and automation. There are three primary areas we expect to see a lot of focus on:

  1. Phishing and identity protection: As we’ve already discussed, phishing remains a major threat. This year, we’re seeing the rise of AI-powered agents that help organizations automatically detect and triage phishing attacks, improving efficiency while reducing the burden on security teams. Additionally, identity protection is more crucial than ever, especially with the increasing number of identity-based attacks globally.
  2. Data security and protection: With more data being generated and stored across various platforms, AI is becoming essential for securing sensitive information. We’ll see AI play a major role in automating data security measures and enhancing organisations’ ability to protect against threats in real time.
  3. AI-Driven cybersecurity strategy: AI is not just about responding to attacks — it’s helping organisations proactively defend by analyzing trends, vulnerabilities, and potential threats across multiple domains. This will help companies build a more resilient cybersecurity strategy.

Now, putting it in perspective, according to a recent cybersecurity report from the UAE Cybersecurity Council, there are 200,000 cyberattacks happening daily. We’re seeing this mainly in sectors like government, energy, and critical infrastructure. As a result, more organisations are focusing on strengthening their AI security strategies to both prevent attacks and respond quickly and efficiently.

It’s also important to note that cybersecurity is a team sport. While having the right tools and strategies is crucial, skilling up the workforce is just as important. That’s why we’re focusing on empowering organisations with knowledge — teaching teams to identify threats and act accordingly is essential for reducing risks. We’re seeing a greater emphasis on responsible AI and ensuring AI systems are governed by humans to provide accurate, actionable insights.

To summarize, the major trends we expect to see this year are: AI-powered threat detection, identity protection, data security automation, and a greater focus on upskilling and responsible AI to handle the scale of attacks we’re facing.

How can enterprises in the UAE defend against the latest security threats and how is your company contributing?

Enterprises in the UAE need to take a comprehensive approach to cybersecurity to defend against the growing threat landscape. One alarming statistic is that the number of attacks per day is in the hundreds of thousands, with reports showing that every cyberattack in the region costs around $8m — significantly higher than the global average of $4.45m per attack. This underscores just how costly and impactful these attacks can be.

To effectively defend against these threats, organizations must focus on three key areas:

  1. Strengthening their cbersecurity strategy: This includes implementing a zero-trust security model, which minimizes access to sensitive data and systems, ensuring that only authorised users can access critical resources. It’s all about limiting the attack surface and reducing vulnerabilities.
  2. Doubling down on AI and automation: With the scale and complexity of attacks growing, AI-driven security solutions are essential. Organizations need to leverage AI to proactively detect and prevent attacks before they escalate, keeping up with the scale and speed of modern threats. This is where our AI-powered solutions come in, helping enterprises stay ahead of attackers.
  3. Emphasising responsible AI and secure AI systems: As AI plays a more prominent role in cybersecurity, it’s crucial that AI systems are secure, transparent, and governed by human oversight. Our solutions incorporate responsible AI to ensure they are both effective and ethical, providing protection while keeping humans in control of the decision-making process.

In summary, enterprises in the UAE should adopt a secure-first approach, invest in AI-powered tools, and ensure responsible governance of AI systems. At Microsoft, we’re helping organizations implement these strategies by providing cutting-edge AI solutions that enable real-time threat detection and prevention, as well as helping them strengthen their cybersecurity frameworks with proactive measures.

What are some of the security innovations we can expect from Microsoft in the next 12-18 months?

In the next 12-18 months, we’re seeing significant innovation in the cybersecurity space, particularly with the infusion of AI across all layers of security. One of the key areas we’re focusing on is the development of AI-powered agents, which are designed to help security teams be more proactive and efficient. These agents are transforming how we approach threat detection and mitigation.

For example, we’re rolling out a phishing detection agent, which is already making waves, and we’re also previewing a security alert agent within our Purview platform. This agent provides real-time alerts to the right security personnel, notifying them of suspicious activity such as unauthorized data access, helping mitigate risks before they escalate.

Another exciting innovation is our Threat Intelligence Briefing Agent, which is integrated into Microsoft Security Copilot. This tool gives cybersecurity professionals daily updates on what’s happening within their organisation, enabling them to take proactive measures to address potential threats.

The overarching trend here is clear: Everything we’re working on revolves around creating intelligent agents that empower security teams with predictive capabilities. These agents aren’t just reacting to incidents —t hey’re preventing them by acting on behalf of humans, with human oversight ensuring the right decisions are made. This approach enables a more streamlined and proactive cybersecurity strategy, helping organisations stay ahead of threats.

What is the anticipated growth of this industry?

The growth of the cybersecurity and AI industry in the region is substantial. Every organisation is increasingly investing in this space, recognizing the importance of integrating cybersecurity and AI into their strategies. In fact, I recently read that 98 per cent of organisations have already incorporated cybersecurity and AI as key components of their business strategies. This is a remarkable statistic, and when you extrapolate that across the region, it points to a massive market—worth billions of dollars.

The demand for advanced cybersecurity solutions to combat evolving threats is driving this growth, and the industry’s potential is enormous. As more businesses prioritize these technologies to safeguard against cyber threats, we can expect the market to expand rapidly in the coming years.

What are your plans to uplift the security industry in 2025 and the years ahead?

Our plans for 2025 and beyond are ambitious and focused on empowering organizations and individuals in the region to tackle evolving security challenges.

First, we’re committed to driving innovation with our suite of security solutions. We aim to help organizations maximize the potential of these technologies to enhance their cybersecurity measures. A key focus is skilling — we recognise the importance of equipping individuals with the knowledge and tools to defend against cyber threats.

As part of this, we’re launching the Microsoft Security Academy alongside our AI Skilling Academy. These initiatives are part of our larger goal, announced through AI Nation, to skill one million people in AI and cybersecurity by 2027.

We’re also focusing on public-private partnerships, working closely with organizations and security councils in the region to push the boundaries of security AI innovations. These collaborations are crucial to ensuring that the cybersecurity landscape remains robust and adaptive to future threats.

Finally, we’ll continue our innovation journey, ensuring that our AI-first technologies are built on secure foundations across all platforms. This will help ensure that as the industry evolves, we are not only leading the way in innovation but also maintaining strong security standards at every step.

Airlines re-route, cancel flights due to India-Pakistan flare-up

Images from flight tracking websites showed a long line of airlines passing over Oman, UAE and Kuwait

Reuters
Reuters

08 May, 2025

Airlines re-route, cancel flights due to India-Pakistan flare-up
Image credit: Getty Images

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Airlines including United Airlines and Korean Air re-routed or cancelled flights and about a dozen Indian airports were shut on Wednesday after India struck nine sites in Pakistan, raising fears of an escalation.

India attacked Pakistani Kashmir and Pakistan said it had shot down five Indian fighter jets in the flare-up, which followed an attack by militants that killed 26 people in Indian Kashmir last month. India said it hit “terrorist infrastructure” related to the tourist killings. Pakistan rejects that it has such camps on its territory.

Images from flight tracking websites showed a long line of airlines passing over Oman, UAE and Kuwait after the attack, raising the possibility of airspace congestion.

Authorities in Pakistan said 57 international flights were in the country’s airspace when India struck. Prime Minister Shehbaz Sharif’s office said India’s action “caused grave danger to commercial airlines” belonging to Gulf countries and “endangered lives”.

India’s civil aviation ministry did not immediately respond to a request for comment on Pakistan’s remarks.

In the last few days, India and Pakistan had shut their airspaces to each other’s airlines. Global airlines like Lufthansa have also been avoiding Pakistan’s airspace.

“If the conflict continues, there is a chance that Pakistan could impose a full airspace closure, as they did from February to August 2019 under similar circumstances,” aviation advisory body OPSGROUP said in a blog post published Wednesday.

Domestic flights in both countries were also disrupted. Three percent of scheduled flights in India and 17 per cent of scheduled flights in Pakistan were cancelled, according to Flightradar24.

India’s top airline IndiGo said it was cancelling 165 flights till Saturday morning. Its shares were down 1.1 per cent. Flights belonging to Air India, SpiceJet and Akasa Air were also cancelled.

Pakistan said its airspace was open following closure after the attacks and that its airports were “fully functional.”

Images from FlightRadar24 showed some civilian jets flying over Pakistan airspace but India’s northwest continued to be deserted.

GPS spoofing concern

The changing airline schedules are set to further complicate operations in the Middle East and South Asia regions for carriers, which are already grappling with the fallout from conflicts in the two regions.

A spokesperson for Dutch airline KLM said it was not flying over Pakistan until further notice. Singapore Airlines said it had stopped flying over Pakistani airspace since May 6.

Korean Air said it had begun rerouting its Seoul Incheon–Dubai flights on Wednesday, opting for a southern route that passes over Myanmar, Bangladesh, and India, instead of the previous path through Pakistani airspace.

United Airlines said it had cancelled its flight to Delhi, citing in part “airspace limitations”. The US airline operates one direct flight from Newark to New Delhi.

American Airlines said it made adjustments to its operations to New Delhi and would allow customers impacted by the changes to change their plans without charge.

Thai Airways said flights to destinations in Europe and South Asia would be rerouted starting early on Wednesday morning, while Taiwan’s China Airlines said flights to and from destinations including London, Frankfurt and Rome had been disrupted.

Flights from India to Europe were also seen taking longer routes. Lufthansa flight LH761 from Delhi to Frankfurt took about half an hour more to reach its destination compared to Tuesday, according to FlightRadar24.

The Association of Asia Pacific Airlines voiced concern over the impact of conflicts on airline operations.

“Apart from cost and operational disruption, there are safety concerns as GPS spoofing interfering with flight operations over conflict zones is one of the highest risks the industry faces,” it said in a statement.

GPS spoofing is a malicious technique that manipulates Global Positioning System (GPS) data, which can send commercial airliners off course.

Bloom Living, a premium community in the heart of Abu Dhabi

Located near Zayed International Airport and the Abu Dhabi-Dubai highway, Bloom Living benefits from Abu Dhabi’s fast-developing infrastructure and lifestyle amenities

Bloom
Bloom

08 May, 2025

Bloom Living, a premium community in the heart of Abu Dhabi

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Inspired by Mediterranean Spanish architecture, Bloom Living is a fully integrated and all-inclusive community located in Abu Dhabi. Bloom Living will feature over 4,500 homes including villas, townhouses, and apartments offered at remarkably attractive and competitive prices to suit the unique needs of residents of all generations.

Bloom Living reflects Bloom Holding’s broader vision to redefine community living. The development aims to exceed homeowners and investors’ expectations through its premium design and best-in-class amenities. The gated community, with a guard house offering 24/7 security, is also an investment zone where expats and foreigners from all nationalities can own a property.

Bloom Living has been thoughtfully designed so that all the facilities, amenities and services are within walking distance for every resident. Residents can explore the beauty of nature at the development’s multiple uninterrupted, interconnected parks, and they can also enjoy their time at the community’s main Clubhouse which provides easy access to pools, sports, and recreational facilities.

Bloom Living also boasts diverse amenities including playgrounds, manicured gardens, and lush green spaces for its residents to enjoy.

At the heart of Bloom Living lies a Town Center, a vibrant community destination that offers an array of exquisite restaurants and cafés available for both residents and visitors, as well as a variety of retail options and services such as a medical clinic, a wellness center and a supermarket, to ensure that residents can obtain all their daily necessities without the need to leave Bloom Living.

The focal point at Bloom Living will be a large lake around which residents can walk, run, and cycle on designated trails. For gatherings and leisure activities, the community features multi-purpose amphitheaters and Sunset and Sunrise Plazas with spectacular views. Moreover, Bloom Living comprises places of worship and two outstanding international schools.

Conveniently located near Zayed International Airport and the Abu Dhabi-Dubai highway, Bloom Living benefits from Abu Dhabi’s fast-developing infrastructure and lifestyle amenities. Its premium facilities and picturesque landscaping draw homeowners and investors seeking peace of mind and genuine human connection.

Granada, Bloom Living’s Premium Community Living Apartments

Most recently, Bloom Holding has announced the launch of the second phase of ‘Granada’, its premium community living apartments located within Bloom Living.

Scheduled to be completed in Q4 2027, Granada’s second phase will comprise spacious studios, to upscale one, two-, and three bedroom- apartments across eight luxury, low-rise four-story buildings centered around community living. Prices start from AED XX with attractive post-handover payment plans available.

The apartments are highly efficient, spacious and have a harmonious interior concept which supports a variety of interior design styles. Natural light weaves through the well-ventilated and well-proportioned openings to modern kitchens and spacious living and lounge areas. Each unit has generous covered parking.

Granada reflects Bloom Holding’s commitment to make premium community living accessible. By introducing a premium low-rise community, Bloom Holding is breaking down barriers and inviting a broader demographic to experience the luxury and comfort of Bloom Living.

Granada offers something for everyone, and this inclusivity not only attracts a wider audience but also fosters a sense of community and belonging by establishing itself as a vibrant, multi-generational hub for modern living.

This premium apartment community is fully equipped to cater to all types of residents and all age groups. Residents have direct access to fully facilitated community centers consisting of fitness spaces, cafés, lounge areas, kids play areas, swimming pools and shaded playgrounds.

The communal areas at Granada are designed to be welcoming with detailed façades, open gardens and spacious courtyards, creating luxurious leisure spaces.

Curbing inflation: What Kuwait is doing to maintain price stability

The steps are part of a broader ministerial initiative to bring order to market dynamics and prevent price manipulation or supply disruptions

Nida Sohail
Nida Sohail

07 May, 2025

Curbing inflation: What Kuwait is doing to maintain price stability
Image credit: Getty Images

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The recently established Central Committee for Price Studies, Inflation Monitoring, and Supply Chains in Kuwait has officially begun its organizational work to control inflation and regulate prices.

Read-Kuwait unites oil giants: Merger of KNPC, KIPIC begins

The committee held its first meeting on May 6, during which key leadership positions were assigned and subcommittees were formed—signaling a serious governmental effort to recalibrate the country’s pricing system, an Arab Times report said.

Responsibilities of the committee

Chaired by the Ministry of Commerce and Industry in Kuwait, the committee is now set to execute its core field responsibilities. These include monitoring market prices, tracking inflation, protecting national products, and regulating supply chain operations.

The entity has also laid the groundwork for a series of intensive upcoming sessions to evaluate pricing requests from companies, review the introduction of new products, and ensure the availability of essential goods in local markets.

These steps are part of a broader ministerial initiative to bring order to market dynamics and prevent price manipulation or supply disruptions.

Four specialised subcommittees have been established for this purpose:

  • Price monitoring committee
    Responsible for observing market trends and approving any proposed price increases. No price changes will be permitted without prior approval from this committee. Adherence to regulatory frameworks remains essential to ensure market stability.
  • Inflation committee
    Tasked with analyzing both local and international economic indicators and recommending appropriate actions.
  • Market and supply chain regulation committee
    Charged with overseeing distribution networks and addressing potential bottlenecks in the system.
  • Strategic stockpile committee
    Focused on evaluating reserves of essential goods and preparing for emergencies.

Institutionalisation of the committee

Members of the committee and subcommittees will not receive any financial compensation, underscoring the initiative’s commitment to public service and institutional integrity.

According to sources, this reflects a clear intent to serve the public interest over personal gain.

Additionally, a dedicated team has been assigned to the secretariat to coordinate operations and provide periodic reports to the Minister of Commerce and Industry.

The coming weeks have been decided to be critical in assessing the committee’s effectiveness on the ground, particularly given challenges such as rising import costs, global market volatility, and seasonal demand pressures.

The committee has been granted the necessary authority and structure to play a proactive and robust regulatory role in stabilising the market.

More news in finance

Abu Dhabi sovereign wealth fund Mubadala's assets jump 9% in 2024