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UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito
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UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

United Arab Emirates-based conglomerate Alpha Dhabi said on Monday it plans to acquire a majority stake in the United Arab Emirates-based water and wastewater project developer Metito Holdings.

Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.

Alpha Dhabi has around 20 offices and 4,500 employees across the world.

The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday, Reuters reported.

Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed Al Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74% stake in the parent of Alpha Dhabi, the International Holding Company (IHC).

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.