Goldman Sachs and the state-linked Abu Dhabi Investment Authority have invested in Haagen-Dazs owner Froneri, in a deal that values the ice cream company at around 15 billion euros ($17.6bn), including debt.

Froneri is a joint venture between European buyout firm PAI Partners and Swiss packaged food giant Nestle NESN.S.

PAI said on Thursday it had completed a 3.6-billion-euro deal that would create a new ownership structure for its 50 per cent in Froneri, with a subsidiary of ADIA becoming a “significant minority co-investor” and a vehicle led by Goldman Sachs Alternatives also taking a stake.

It declined to give further details on the new ownership structure.

The deal values Froneri at around 15 billion euros including debt, two sources with knowledge of the situation said.

Froneri is home to ice cream brands including Haagen-Dazs and Rowntree’s, and competes with Unilever’s ULVR.L soon-to-be spun off ice cream unit The Magnum Ice Cream Company. It has global revenues of $5.5bn, PAI said in its statement.

Froneri was formed in 2016 as a 50:50 joint venture between Nestle and PAI unit R&R Ice Cream. It bought Nestle’s US ice cream business in 2019 in a $4bn deal.

The investment led by Goldman Sachs was via a so-called single-asset continuation vehicle.

Continuation vehicles are a popular new tool for private equity firms to keep assets longer than the life of the funds they originally bought the asset with.

PAI said demand from investors for the continuation vehicle was oversubscribed, adding that it showed strong demand for investing in Froneri’s growth prospects.

“We are proud to continue our journey with Froneri and Nestle, and to welcome ADIA and other leading global institutions as shareholders for Froneri’s next phase of growth,” said Frederic Stevenin, co-managing partner at PAI.

Nestle said: “We welcome the new investment in Froneri and the continued commitment of PAI Partners. Froneri is a successful joint venture that continues to delight consumers as a strong player in the ice cream category.”

One of the sources said that Nestle was retaining its 50 per cent stake in Froneri. Nestle did not respond to a request for comment.

At 1200 GMT Nestle’s stock was up 0.4 per cent.

Bloomberg and the Financial Times previously reported the potential deal and Goldman Sachs’ interest.

($1 = 0.8511 euros)

Dubai Duty Free, one of the world’s largest single-airport retail operators, has been officially recognised by the International Board of Credentialing and Continuing Education Standards (IBCCES) as the world’s first Autism Certified airport retailer.

The Certified Autism Center (CAC) designation acknowledges the retailer’s extensive staff training and commitment to creating an inclusive shopping environment for autistic and sensory-sensitive customers. This milestone supports a broader city-wide initiative that has also positioned Dubai as a Certified Autism Destination, following Dubai Airports and Emirates Airlines, which became the first airport and airline, respectively, to achieve the same recognition.

Training at scale

More than 4,800 Dubai Duty Free employees across concourses, terminals, and back-office operations have completed training to better support individuals on the autism spectrum. Impressively, this was achieved with a 98.76 per cent completion rate in just 26 days.

Commenting on the achievement, Ramesh Cidambi, managing director of Dubai Duty Free, said: “It is an honour to receive this certification from IBCCES. This milestone is a testament of our commitment to delivering inclusive service to our diverse customer base. It aligns with Dubai Duty Free’s broader efforts to enhance accessibility and inclusivity across our operations. This achievement reinforces the organisation’s belief that travel should be a safe and welcoming experiences for everyone.”

The awarding ceremony, held in September at Dubai Duty Free’s head office in Ramool, was attended by senior executives including Salah Tahlak, deputy managing director; Mona Al Ali, senior vice president – Human Resources; and representatives from IBCCES and the Dubai College of Tourism.

Autism-friendly practices in action

As part of its certification, Dubai Duty Free is introducing autism-friendly service practices across its retail network. The initiative incorporates international best practices, with a focus on empathy, respect, and flexibility for customers with sensory sensitivities or developmental differences. It also adopts the globally recognised sunflower symbol to discreetly identify individuals with hidden disabilities.

“These practices are a significant step in making Dubai Duty Free a more inclusive and supportive space for all travellers. We are happy to introduce measures that not only foster awareness but also provide meaningful support to individuals and families navigating hidden disabilities,” added Cidambi.

Key features include:

• Awareness and identification – frontline staff will wear sunflower pins to indicate readiness to assist.

• Dedicated counters – retail areas will display the sunflower symbol for clear visibility.

• Sensory kits – available for travellers wearing sunflower lanyards, discreetly signalling the need for extra support.

• Operational consistency – each shift will have a designated ‘Autism Champion’ to ensure implementation.

Ongoing commitment to accessibility

Dubai Duty Free will also act as a strategic partner for the 7th edition of the AccessAbilities Expo, the region’s leading event dedicated to enhancing the lives of people with disabilities.

Through its Dubai Duty Free Foundation, the retailer has long championed inclusive initiatives that empower people of determination, supporting their integration into society and strengthening their role within the community.

Former NBA forward Rudy Gay, a 17-season veteran and two-time FIBA World Cup gold medallist, is in Abu Dhabi this week to appear at the NBA District during the NBA Abu Dhabi Games 2025.

Gay will meet fans ahead of the New York Knicks’ pre-season game against the Philadelphia 76ers, scheduled for 8pm on October 2 at Etihad Arena.

The NBA District, part of the league’s international expansion efforts, is the first fan experience of its kind in the Middle East.

The interactive venue features player meet-and-greets, basketball skill challenges, live game screenings, and entertainment for fans of all ages.

The event coincides with two preseason games, with the Knicks and 76ers returning to Etihad Arena on October 4 for a second matchup.

In an interview held earlier this week with Gulf Business editor, Neesha Salian, Gay reflected on his career, the globalisation of basketball, and the significance of the sport reaching emerging markets in the Middle East.

On basketball’s expansion in the Middle East

“Basketball is a game I’ve loved my whole life, and to see it grow and expand to areas that aren’t usually big basketball markets means a lot. It also means a lot for fans of the game across the world.

“You have guys like LeBron James, Kevin Durant, and in my era, Carmelo Anthony, who have pushed the game this far. Also, the guys before them paved the way for the popularity the game enjoys today. I think they’d be happy to see that this game is in Abu Dhabi now.”

On comparing current players to his style

“That’s a tough question. I don’t know. The game is so different now. I do see some young guys athletically comparable to how I used to be, but kids tend to work on different things today. It’s a different era. I do believe everyone has strengths they bring to the game.”

Advice to young fans in the region

“Be a student of the game. Don’t just watch highlights, which a lot of people do now. Watch the actual game, see yourself in it, and understand how much time pros put into it. A highlight doesn’t suffice.”

On training and mental preparation

“It’s tougher for me not to do anything than to do something these days [Gay announced his retirement at the end of October last year]. I’d usually wake up, eat breakfast, shoot some hoops, lift weights, nap, eat again, head to the gym, lift, get to the stadium, shoot and prepare for the game. Post-game, it was all about recovery, ice, stretching. It was a grind, 82 times a season, plus practices.

“Mentally, if I was in a funk, I always thought somebody else is working harder than me or not enjoying this as much. That kept me motivated.”

On meeting fans at NBA District

“A lot of people coming here might be experiencing a basketball game for the first time. Expect a lot of play, athleticism, and excitement. This game drew me in maybe 30 years ago, and I fell in love with it. Hopefully, it can do the same for them.”

Gay’s presence in Abu Dhabi underscores the NBA’s ongoing strategy to globalise the league, bringing interactive fan experiences, international games, and top players to emerging basketball markets, with the UAE positioned as a key hub for professional basketball in the Middle East.

UAE-based ride-hailing app Zed has expanded its platform to include 10,764 vehicles through partnerships with Dubai Taxi Corporation (DTC) and National Taxi, making it the host of more than 80 per cent of taxis in the emirate, the company said on Thursday.

The move positions Zed as the host of Dubai’s second-largest taxi fleet and incorporates the fleets of the city’s top three taxi operators, including Kabi by Al Ghurair.

Zed said the expansion aims to improve availability, reduce cancellations, and shorten estimated arrival times for riders.

Zed continues to support Dubai’s mobility ecosystem

“With over 25 years of experience in the mobility sector through our legacy business, Zed and Kabi by Al Ghurair have a deep understanding of Dubai’s commuting behaviours and cultural expectations,” said Badr Al Ghurair, CEO of Zed. “This collaboration with DTC and National Taxi further strengthens Dubai’s mobility ecosystem while ensuring that our communities have access to the reliable, everyday transport solutions they deserve.”

Abhinav Patwa, EVP and head of Zed, added that the partnerships allow the company to deliver greater scale and reliability while supporting drivers and maintaining a customer-centric approach. “As Dubai shapes the blueprint for future-ready mobility, Zed is proud to be part of that journey, helping drive progress one ride at a time,” he said.

Zed’s app offers features such as guaranteed punctual pickups for pre-scheduled premium rides, and the company plans to introduce loyalty rewards, digital wallets, and lifestyle partnerships.

The expansion also aligns with Dubai’s Smart City 2025 goal of shifting 80 per cent of taxi bookings to e-hailing platforms, integrating electric and hybrid taxis to support a cleaner transport ecosystem.

Zed is available on iOS and Android.

Read: Dubai Taxi Company, Kabi by Al Ghurair form ride-hailing alliance with Bolt, Zed

Fertiglobe has completed the acquisition of the distribution assets of Wengfu Australia, expanding its presence in the Asia-Pacific and reinforcing its focus on customer proximity as part of its “Grow 2030 Strategy”.

The acquired network spans five ports and eight warehouses, distributing 700,000 to 800,000 tonnes of fertilisers annually to more than 200 customers, with capacity to scale up to 1.1 million tonnes per year. A new subsidiary, Fertiglobe Australia, will operate the assets under the Fertiglobe brand.

The transaction, financed through short-term facilities expected to be repaid within four months, is projected to add around $23m in incremental annual EBITDA by 2030.

Fertiglobe said the acquisition will have no impact on its dividend distribution capacity and only a minimal effect on net debt to adjusted EBITDA, which stood at 1.2 times as of June 2025.

Prior to the deal, Fertiglobe supplied about 600,000 tonnes of urea annually to Australia, with Wengfu as its largest customer in the country.

Fertiglobe says acquisition provides an opportunity to grow volumes

The company said the acquisition provides an opportunity to grow volumes, diversify its footprint and strengthen its supply chain.

“We are pleased to complete the acquisition of Wengfu Australia’s distribution assets, a key step in advancing Fertiglobe’s ‘Grow 2030 Strategy’ and supporting our pillar of enhancing customer proximity,” CEO Ahmed El-Hoshy said.

“Fertiglobe Australia’s platform across the Asia-Pacific region creates new opportunities, expands our customer base, and strengthens our supply chain efficiency.”

Paul Osborne, recently appointed CEO of Fertiglobe Australia, said the deal would “unlock new opportunities for our business and benefit our customers through access to a strong global ecosystem.”

The acquisition follows regulatory and legal approvals.

Fertiglobe, headquartered in Abu Dhabi and backed by ADNOC and XRG, is the world’s largest seaborne exporter of urea and ammonia combined, with annual production capacity of 6.6 million tonnes of urea and merchant ammonia across plants in the UAE, Egypt and Algeria.

Wengfu Australia, established in 2009, was part of Guizhou Phosphate & Chemical Group, the world’s third-largest phosphate fertiliser and chemical producer.