Australia’s second-largest gas producer Santos said on Monday it intended to support an all-cash $18.7bn takeover bid from an international consortium led by Abu Dhabi’s National Oil Company (ADNOC), which wants to grow a global gas business.

ADNOC, through its investment arm XRG, with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle has offered $5.76 (A$8.89) per Santos share, which was a 28 per cent premium to the Australian company’s close on Friday.

Taking into account net debt, the deal gives Santos an enterprise value of A$36.4bn, which would make it the largest all-cash corporate buyout in Australian history, according to FactSet data.

It would be the third largest takeover ever in Australia, the data showed.

“For ADNOC, this is in line with their aggressive growth plans,” said Kaushal Ramesh, vice president, gas and LNG research, at Rystad Energy.

Santos shares rose 15 per cent in early trading Monday to A$7.86, well below the offer price for the transaction, before tracking back to A$7.81 mid-session.

Analysts said the stock was trading below the offer price as the deal risked not being approved by regulators in both Australia and Papua New Guinea.

The takeover bid emerged as oil prices reached multi-week highs as Israel and Iran traded air strikes, sparking concerns oil exports from the Middle East could be widely disrupted.

With Santos in its fold, the XRG-led consortium would gain control of two Australian liquefied natural gas operations – Gladstone LNG on the east coast and Darwin LNG in the north, as well as stakes in PNG LNG and the undeveloped Papua LNG. Santos’ interests in Papua New Guinea are considered its most prized assets.

The company is also developing an oil project in Alaska, Pikka, due to start producing in mid-2026.

XRG said in June it aims to build a gas and LNG business with capacity of between 20 million and 25 million metric tons a year by 2035. Santos last year sold 5.08 million tons of LNG, with more than 60 per cent of that from Papua New Guinea.

“What ADNOC really wants is the LNG assets, since they are inside the Asia Pacific basin. Since their plan is to expand in LNG, they will want assets close to where the future of demand lies,” Rystad’s Ramesh said.

The takeover offer follows two previous proposals made by the consortium in March at $5.04 and $5.42 per share that were not made public.

“The Santos Board confirms that, subject to reaching agreement on acceptable terms of a binding scheme implementation agreement, it intends to unanimously recommend that Santos Shareholders vote in favour of the potential transaction, in the absence of a superior proposal,” it added.

The XRG consortium said it was negotiating to carry out due diligence with Santos on an exclusive basis before formalising the offer which would need at least 75 per cent support from Santos investors.

“The proposed transaction is aligned with XRG’s strategy and ambition to build a leading integrated global gas and LNG business,” it said in a statement.

XRG, which was set up in November, last month acquired a stake in an offshore gas block in Turkmenistan. ADNOC has also struck several international deals for assets to sit under XRG, including gas and LNG interests in Mozambique.

Regulatory approval

Santos said the deal required approval from Australia’s Foreign Investment Review Board (FIRB), Australian Securities and Investments Commission (ASIC), National Offshore Petroleum Titles Administrator, PNG Securities Commission, PNG Independent Consumer and Competition Commission and Committee on Foreign Investment in the United States (CIFIUS).

XRG said it would maintain Santos’ headquarters in South Australia, in a move to try and appease some regulators.

MST Marquee senior energy analyst Saul Kavonic said FIRB approval “may be a major risk to the deal” as Santos controls significant critical energy infrastructure in Australia. Analysts at E&P Capital also flagged the risk of securing approvals from Australia’s offshore operations regulator and Papua New Guinea.

Kavonic said any spin-off of domestic infrastructure assets to potentially satisfy regulators would be difficult, as they are saddled with decommissioning costs.

The deal follows talks scrapped last year between Santos and its bigger Australian rival Woodside to create a possible A$80bn oil and gas giant. Santos walked away saying it would look for other ways to bolster its value.

Santos said in February its underlying annual profit fell nearly 16 per. cent in 2024 and cut its dividend by 41 per cent.

While Santos has long been a takeover target, having rejected a $10.8bn offer from private equity-backed Harbour Energy in 2018, Kavonic said a competing bid “is very unlikely as only ADNOC may be willing to pay such a premium to realise their global LNG ambitions.”

The Dubai Government Human Resources Department (DGHR) has announced the rollout of the ‘Our Flexible Summer’ initiative across all Dubai Government entities, following a successful pilot phase in 2024.

The initiative, designed to promote work-life balance, will run from July 1 to September 12, 2025, and will be implemented at the discretion of each government entity.

Read-Dubai traffic: RTA mulls flexible working hours, remote work policies

Under the programme, employees will follow one of two flexible schedules aligned with the official five-day work week. The first group will work eight hours daily from Monday to Thursday, receiving Friday off.

The second group will work seven hours Monday to Thursday, and 4.5 hours on Friday, a Dubai Media Office report said.

Strong results from 2024 pilot phase

According to DGHR, the pilot phase involving 21 government entities in 2024 resulted in improved productivity, enhanced workplace environments, and a notable rise in employee satisfaction—reaching up to 98 percent. Evaluations conducted as part of the Dubai Government Excellence Programme also showed clear performance improvements across participating departments.

The broader implementation of ‘Our Flexible Summer’ supports Dubai’s 2025 ‘Year of Community’ initiative and reflects a strategic push to create a more flexible, family-oriented government work environment. Officials say the programme is part of a broader effort to strengthen social bonds and create a balanced, human-centric government model.

Commitment to people-centric policies

Abdullah Ali bin Zayed Al Falasi, Director General of DGHR, emphasized that the expansion underscores Dubai’s commitment to employee well-being.

“This initiative reflects our strategic direction to place people at the core of government policy,” Al Falasi said. “It builds on the strong outcomes of last year’s pilot and supports the creation of a government system that harmonizes institutional efficiency with human well-being. Our goal is to lead in delivering flexible, sustainable, and people-first public services.”

Shark Tank’s Kevin O’Leary is going all-in on the UAE. The outspoken investor has partnered with One Development as a brand ambassador, drawn by the company’s ambitious vision to fuse AI and real estate. “I’m not just endorsing it — I’ll be living in it,” says O’Leary, who plans to move into the Laguna Residences as part of his growing stake in the region’s future.

We caught up with him at One Development’s new office on Saadiyat Island during his recent visit to Abu Dhabi to mark the announcement of the partnership.

In our conversation, O’Leary opened up about why he’s betting big on the UAE, what makes One Development’s real estate model stand out, and the hard truths he shares with every entrepreneur — from Shark Tank pitches to boardroom battles.

You clearly love this region. What keeps bringing you back?

I have residency here. The real estate is phenomenal, the tech is cutting-edge, and the food — especially the Lebanese cuisine — is amazing. It’s an exciting time to be here, and there’s always something new to discover.

Let’s discuss your partnership with One Development as a brand ambassador. What drew you to this collaboration?

Real estate has always been the largest sector in my portfolio — about a third, which breaks my own investing rule. I’ve invested in commercial, residential, and even data centres, but I had never seen the vision that Ali [Al Gebely, founder and chairman of ONE Development] has.

Ali’s idea of fully integrating AI and technology into real estate isn’t just a gimmick. Most smart homes still require five or six apps to function properly — security, cameras, appliances, and so on. One Development offers a single integrated platform to control your entire environment from your phone. That’s genius. I’m very selective with brand ambassadorships, and I only represent products or services I actually use. In this case, I’m going to live there. The technology is the top selling feature, and I’m excited to be part of it.

How do you see yourself contributing to One Development’s broader expansion, especially with your business-building expertise?

What I like about One Development is the diversification. For instance, the DO Hotel is a very different project from Laguna Residences. You want both sectoral and geographical diversification in real estate. The company’s Cairo project really clinched it for me. I have a personal connection — my stepfather is Egyptian and Swiss. I’ve been to Alexandria and Cairo many times and love the place. What Ali is envisioning there is incredible. With investor interest in the region and the kind of returns you can get here, it’s a compelling opportunity.

Read: Amr Diab, ONE Development launch AI-powered DO Hotels & Residences

Speaking of the region, why the UAE? What makes it attractive for investors like yourself?

Policy is everything. You need to be able to get permits, have competitive tax rates, stability, and access to growth. The UAE offers all of that. It’s also become the capital of capital for this region. You can base yourself here and invest across other countries easily. Abu Dhabi and Dubai are safe, accessible, and strategically located. I always tell people — if you want to understand this place, spend a couple of weeks here. You’ll see why it’s exciting for investors.

With today’s global economic uncertainty, what advice would you give investors? What sectors look promising to you right now?

Geographic diversification is critical. If you had only North American assets right now, you’re facing maximum volatility. I’m glad I’ve allocated around 15 per cent to this region — returns have been significant in just the past year.

Real estate particularly in the UAE is much more stable. A lot of my peers from cities like Boston, New York, Toronto, and Zurich are also here. Everyone’s figured it out.

The UAE is pushing SMEs and entrepreneurship. What advice do you have for startups looking for funding?

Ninety percent of my successful venture returns have come from companies led by women. Women are great at mitigating risk and executing. For any entrepreneur, three things matter: First, pitch your idea in 90 seconds or less. Second, prove that you can execute it — ideas are cheap, execution is rare.

Third, know your numbers — market size, growth, break-even point, competitors. That’s how you attract capital.

You’ve mentioned AI is big in the UAE. How does AI fit into your investment strategy?

Huge focus. Most of my AI investments are in vertical applications across our businesses. AI powers content creation — essential for customer acquisition. Now, we can produce compelling, multilingual content with high-quality visuals at a fraction of the cost. AI is a game changer in productivity — even in creative sectors.

What’s a key life or business lesson that you always share?

When I graduated from business school, a guest speaker told us one-third would fail, one-third would live a mediocre life in consulting, and only 10 per cent of the entrepreneurial third would succeed. I thought he was harsh — but he was right. That insight came from experience. Also, listen to your intuition when investing. If something doesn’t feel right, don’t ignore it.

Who are some people who have influenced or inspired you?

Steve Jobs. I worked with him when we developed educational software for Apple. He taught me the importance of the “signal versus the noise”.

Focus on what needs to get done today — the “signal”. Everything else is noise. I live by that 80/20 ratio.

Elon Musk is the only guy I’ve seen who’s probably 100 per cent “signal”. He’s something else.

I’ve noticed you wear two watches. What’s the story there?

I’m a serious watch collector. One is set to Abu Dhabi time, the other to New York time. These two watches — a Rolex Rainbow with a rare red band and a Vélos — are part of my prized collection. When I come to the UAE, I like to wear colourful pieces.

You mentioned longevity. So how does Mr Wonderful prioritise health with such a busy schedule?

I invest a lot in myself. The best longevity clinics are here in the UAE. Every time I visit, I do EBOO therapy (extracorporeal blood oxygenation and ozonation) —cleansing and ozonating my blood—then inject 50 billion exosomes to reduce inflammation. It keeps me feeling like I’m 30, even though I’m 70.

The UAE has prioritised healthcare innovation for decades, which is why the best tools and doctors are here.

When you have a rough day, what helps you reset?

Exercise. I bike 12 miles to clear my head. And I’ve learned not to let ups and downs affect me too much. Every day brings setbacks and wins. If something bad happens, I just wait a few hours — something good usually follows.

The UAE’s non-oil foreign trade surged by 18.6 per cent year-on-year in Q1 2025, reaching Dhs835bn, as the country accelerates toward its economic diversification targets ahead of schedule, according to Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Dubai Media Office (DMO) reported.

Sheikh Mohammed stated: “The UAE’s non-oil foreign trade saw growth of 18.6 per cent year-on-year in the first quarter of this year, reaching Dhs835bn (global average is 2-3 per cent). The nation’s non-oil exports experienced exceptional growth, surging by 41 per cent annually.”

UAE’s non-oil exports in Q1 2025

Non-oil exports recorded Dhs177.3bn in Q1 2025, a 40.7 per cent increase compared to Q1 2024 and a 15.7 per cent jump from the fourth quarter of 2024.

For the first time, non-oil exports represented over 21 per cent of the UAE’s total non-oil trade, outpacing both imports and re-exports.

“Our goal to grow non-oil foreign trade to Dhs4tn by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4 per cent, reaching Dhs1.77tn, with the non-oil sector contributing 75.5 per cent to the national economy,” Sheikh Mohammed added.

Re-exports grew by 6 per cent annually to Dhs189.1bn, while imports reached Dhs468.6bn, up 17.2 per cent year-on-year but slightly down 1.7 per cent from Q4 2024.

According to the (DMO) report, Sheikh Mohammed reaffirmed the country’s economic trajectory: “Under the leadership of HH [UAE President] Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels. We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realise the UAE’s global ambitions.”

UAE’s top trading partners

Trade with the UAE’s top 10 trading partners rose by 20.2 per cent in Q1 2025, surpassing the 16.9 per cent growth rate with other countries. Bilateral trade with India increased by 31 per cent, with Saudi Arabia by 127 per cent, with Turkiye by 8.3 per cent, and with China by 9.6 per cent, breaking previous records.

The UAE has reported consistent record-breaking non-oil trade performance for several years, underpinning its efforts to position itself as a global hub for commerce, investment, and logistics.

The UAE’s Ministry of Energy and Infrastructure (MoEI) has announced a new initiative aimed at improving the quality of life for senior citizens and residents, under the banner ‘We Are Your Support’, as part of the national ‘Year of the Community‘ campaign.

The initiative introduces a suite of innovative and integrated services designed to enhance the well-being, dignity, and independence of elderly citizens and long-time residents.

Key components include the National Housing Specifications Guide for Senior Citizens, free housing design options via the ‘Darak’ platform, and voluntary engineering consultations in energy, electricity, and construction through the ‘Aounkom’ initiative.

Dedicated advisors with experience in social services and fluency in local dialects have been appointed at MoEI service centres in Dubai, Sharjah, Ras Al Khaimah, and Fujairah.

They are tasked with delivering tailored assistance and managing exceptional cases with sensitivity.

Gender-specific services

The initiative also introduces gender-specific enhancements. For elderly women, the ‘Leen Babek’ service enables home-based transaction processing to ensure privacy and comfort. For men, increased mobility support includes reserved parking, smart service desks, and personalised assistance through to the completion of services.

A ‘Golden Counter’ has also been launched at service centres to prioritise senior citizens’ transactions, alongside workshops aimed at increasing digital literacy among the elderly and offering direct support with digital services when needed.

We Are Your Support to empower senior citizens and residents

Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at MoEI, said the initiative aligns with the leadership’s commitment to providing personalised, human-centred public services.

“We believe that serving the elderly is not just a duty, but a privilege and a gesture of gratitude toward a generation that contributed to building the nation,” Al Olama said. “The ‘We Are Your Support’ initiative was designed to be a model of empowerment and care, delivering an exceptional service experience that reflects the appreciation they deserve.”

He added that the initiative is part of a broader government strategy to eliminate bureaucracy and deliver proactive, seamless, and smart services that reflect the values of inclusion and respect for all community segments.