International Holding Company (IHC), the UAE's most valuable listed company, is "still evaluating the opportunity" to bid for Indian conglomerate Adani Enterprises' 200 billion rupees ($2.45 billion) follow-on sale of shares that began this week.
"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.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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The five pillars of Islam
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY%20PROFILE
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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
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
UAE%20FIXTURES
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Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
