The German company to focus on talent acquisition and development with global training programmes focused on technical, business, and behavioural skills
Germany
bilateral cooperation
UAE, Germany discusses measures to boost bilateral ties in energy, investment sectors
The two sides held a roundtable meet during the visit of German Chancellor Olaf Scholz, and his accompanying delegation to the UAE
Germany
Porsche IPO draws commitments from Qatar Investment Authority, Norway Wealth Fund
The IPO is expected to value the sports carmaker at $84 billion
acquisitions
Saudi Arabia’s Dammam Valley-led consortium acquires majority stake in German genome testing company Arcensus GmbH
Under the terms of the agreement, Dammam Valley, along with other investors, will make a double-digit million Euro payment on a fully diluted basis
automobile industry
Volkswagen to list biggest Porsche IPO, valuing sports carmaker at $84 billion
The offering could value Porsche between 60 billion and 85 billion euros ($84 billion), and is targeted for the end of September or beginning of October and is expected to be completed by year end, subject to capital market conditions
BMW
Motorsports carmaker BMW M revs testing for fully electric high performance cars
Setting more ambitious targets and releasing attractive models, the purely electric drive system is combined with innovative control systems to redefine the combination of dynamics, agility and precision.
Corendon Airlines
Ras Al Khaimah partners with Dutch carrier to launch direct flights to Germany
Dutch leisure carrier Corendon Airlines will operate seven direct weekly flights to Ras Al Khaimah International Airport
business funding
Abu Dhabi’s Mubadala backs $4.5 billion German insurtech Wefox
Currently, the company serves over two million customers, which it plans to increase to three million by the end of this year
Abu Dhabi Department of Education and Knowledge
Eight teams from UAE to compete at World Robot Olympiad finals in Germany this November
The UAE teams will compete against teams from over 85 countries across four categories – RoboMission, Future Innovators, Future Engineers and RoboSports
Abu Dhabi Investment Authority
Abu Dhabi fund, GIP to buy $7.4 billion German railcar lessor VTG
ADIA is one of the world’s biggest sovereign wealth funds, which invests on behalf of the Abu Dhabi government
clean energy
UAE delegation heads to Germany for clean energy talks
The two countries launched a partnership in 2017 to promote discussions about energy security, and to create a framework for cooperation in energy transition
Germany
Non-oil trade between the UAE and Germany climbs to $130.13 billion over the past decade
Cars ranked first on the list of the most important goods imported from Germany during 2021 at a value of approximately $1.17 billion
5G
UAE’s du and Huawei to train GCC talent
A leadership training programme will take place in the UK and Germany in partnership with business schools and the Chinese telecom giant
Germany
Germany looks to the UAE, Qatar for oil and gas as it moves away from Russian energy
Germany – which gets more than half of its natural gas, half of its coal, and roughly a third of its oil from Russia – is in talks with the UAE and Qatar to meet its oil and LNG needs
Banking & Finance
Deutsche Bank says ‘too early’ to know about MidEast job cuts
German lender Deutsche Bank is cutting 18,000 staff globally in order to get back in the black
Bahrain economy
Bahrain’s Investcorp seals $96m deal for German property
Acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months
Berlin
Exclusive: Emirates airline’s restrictions on access to Berlin airports should be lifted – mayor
Mayor of Berlin said Emirates airline should not be restricted to four German cities as there is growing demand
