International Holding Company in Abu Dhabi was founded to help diversify and develop non-oil business sectors in the UAE. Khushnum Bhandari / The National
International Holding Company in Abu Dhabi was founded to help diversify and develop non-oil business sectors in the UAE. Khushnum Bhandari / The National
International Holding Company in Abu Dhabi was founded to help diversify and develop non-oil business sectors in the UAE. Khushnum Bhandari / The National
"We are still evaluating the opportunity, just like any other business case," Ahmad Ibrahim of IHC told The National in a statement, adding that the company does not comment on other organisations' business activities as part of its policy.
"Our business decisions are purely based on an analysis of objective facts, aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation."
Shares in Adani Group companies, which are controlled by one of the world's richest men, Gautam Adani, plummeted this week after US investor Hindenburg Research said it was shorting the conglomerate’s stocks and accused companies owned by Asia’s richest man of brazen market manipulation and accounting fraud.
On Thursday, Jatin Jalundhwala, the head of the Adani Group’s legal department, said the group is considering legal action against US investor Hindenburg Research.
“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” Mr Jalundhwala said in a statement.
He referred to the short seller allegations as “maliciously mischievous, unresearched”.
“The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens.”
Seven listed companies in the Adani conglomerate have lost a combined $48 billion in market capitalisation since Wednesday, with US bonds of Adani companies also falling after Hindenburg flagged concerns in a January 24 report about debt levels and the use of tax havens, according to Reuters.
Adani Group chief financial officer Jugeshinder Singh also dismissed Hindenburg Research's allegations and described them as “a malicious combination of selective misinformation and stale, baseless and discredited allegations".
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE. The company has a market value of about Dh882 billion as of Friday and has been rapidly expanding its operations globally, through acquisitions and joint investments.
Last year, it completed a Dh7.3 billion investment deal with the Adani Group.
As part of the transaction, IHC made investments in three green-focused companies in the group, including Adani Green Energy, Adani Transmission and Adani Enterprises, which are all listed on the Bombay Stock Exchange and the National Stock Exchange of India.
UAE currency: the story behind the money in your pockets
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Donald Trump and Kim Jong-un shake hands ahead of one-on-one discussion
US and North Korean teams sit down for bilateral summit
Kim: “I believe this is a good prelude for peace."
Trump: “We will solve it, we will be successful.”
All times UTC 4
All Blacks line-up for third Test
J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).
Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.
NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
UAE v Zimbabwe A
Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs
Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai
