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Abu Dhabi bets big on LNG

Adnoc will soon have access to about 21m tonnes of liquefied natural gas a year

When Sheikh Zayed, then ruler of Abu Dhabi, ordered the establishment of Adnoc LNG in 1970, his motivation was to stop the wasteful flaring of gas from oil operations.

More than 50 years later, Adnoc has just taken an investment decision on its second liquefied natural gas plant.

The UAE became the first in the Gulf and just the sixth LNG-exporting country worldwide in 1977 with its Das Island plant, with 6 million tonnes per year of capacity. For decades since, LNG has been just an adjunct to Adnoc’s primary business of producing oil and serving the domestic market for gas.

But the new Adnoc, under Sultan Al Jaber who became CEO in 2016, knows that to be a leading international player, it needs a stronger gas business. 

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The future of oil may be clouded by its carbon intensity and the rise of electric vehicles.

Gas, with about half the carbon emissions of coal, and comparatively clean-burning, is crucial for the next couple of decades of Asia’s environmental and climate progress. Meanwhile Russia’s self-sabotage of its gas sales to Europe leaves a gap for reliable suppliers.

In March 2023 Adnoc Gas, combining the company’s gas processing and liquefaction operations, was listed on the Abu Dhabi Securities Exchange .

Five months later in August, Adnoc took a 30 percent stake in the Absheron gas field in Azerbaijan, which will supply Turkey and Europe by pipeline.

In November 2023 it announced it would de-bottleneck the Das Island facility to add another 0.9 million tonnes of capacity.

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This February, it formed a j oint venture with BP , focused on gas in the East Mediterranean, and BP contributed its Egyptian gas assets to the partnership. The two have had, however, to suspend plans to take over Israeli gas company NewMed, firstly over valuation issues, then because of the Israel-Gaza conflict .

In May 2024 Adnoc bought 11.7 percent in NextDecade’s Rio Grande LNG project in Texas, and agreed to take 1.9 million tonnes per year of LNG from the plant. 

In its most recent deal, it bought 10 percent from Portugal’s Galp in Area 4 in Mozambique, which contains the Coral South floating LNG plant and could eventually produce 25 million tonnes annually.

Finally last week Adnoc took the final investment decision for its 9.6 million-tonne new plant at the western industrial hub of Ruwais. It also awarded a $5.5 billion construction contract to a consortium of engineering firms.

The new facility has trodden a winding path – until May 2023, it had been intended to be located in Fujairah on the UAE’s east coast. But it should now start operations around 2028.

Ruwais is intended to produce in a low-carbon manner, using electrical drive from solar and nuclear power and cutting methane leaks to a minimum.

The geography of Adnoc’s LNG assets is important

At that point, and not assuming any further deals, Adnoc will have access to about 21 million tonnes per year of LNG.

For comparison, BP, already a partner in Das, expects to have 25 million tonnes by 2025. Malaysia’s state company Petronas has more than 30 million tonnes currently.

Saudi Aramco is also on the LNG deal-making trail, having in September bought some minority stakes in Australian assets. It just agreed to purchase LNG from NextDecade, and is rumoured to be talking to Tellurian over a struggling project in Louisiana. But it lacks a domestic position.

So Adnoc will have a significant role, but it needs more to be one of the world leaders in LNG. It should have a domestic gas surplus by the late 2020s, but probably not enough to commit to more large export projects.

And no one can compete with next-door neighbour, Qatar. By 2030, QatarEnergy’s LNG capacity from its colossal North Field should reach 142 million tonnes, not to mention its 70 percent stake in the 18 million tonne Golden Pass project in Texas.

The geography of Adnoc’s LNG assets is important. The LNG world is divided into the Pacific and Atlantic basins, with little flow between them. The disruption to the Red Sea because of attacks on shipping reinforces this division, for as long as it lasts.

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The UAE plants and Mozambique are well-sited to supply the Pacific, particularly the growing markets in the Indian subcontinent.

But Ruwais also has contracts with two German buyers, and this is where the NextDecade deal is likely to come in. It gives Adnoc the ability to swap its US volumes to avoid the need to deliver directly from the UAE to Europe.

The LNG market is likely to be over-supplied in the late 2020s because of massive expansions in Qatar and the US. Prices agreed for new contracts are already softening.

It should be a good time for risk-tolerant and ambitious players to pick up stakes in LNG projects that need financial backing to get off the ground, particularly in North America and Africa.

The ability to access markets is crucial. So too are positions in physical and contractual assets – not just liquefaction plants, but tankers and import terminals – around which a company can generate additional value by trading.

We can expect Adnoc to strike more deals, perhaps in gas by pipeline as well as LNG, as it seeks to emulate its international peers.

Robin M Mills is CEO of Qamar Energy and author of The Myth of the Oil Crisis

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Britain’s biggest stock broker poised to approve £5.4bn Abu Dhabi-backed takeover

Hargreaves Lansdown has said it is prepared to “recommend unanimously” a £5.4bn takeover led by private equity firm CVC Capital and Abu Dhabi’s wealth fund.

The stockbroker’s board said they were minded to back a revised offer from the consortium priced at £11.40 a share. The new structure of the deal includes a 30p per share dividend that investors can choose to reinvest in the company as a private entity.

Alongside its endorsement, Hargreaves Lansdown extended the deadline for the bidders to make a firm takeover offer. A takeover decision will need to be made by July 19.

The company cautioned: “There can be no certainty that any firm offer will be made for Hargreaves Lansdown, nor as to the terms on which any firm offer might be made.”

The stockbroker’s shares jumped 5.3pc on Tuesday following the announcement, making the company the best performer on the FTSE 100.

It follows three previous approaches from the consortium in recent months, including a £4.7bn offer that was rebuffed in May.

Hargreaves Lansdown is the latest London-listed company to find itself in the takeover crosshairs, as low valuations attract overseas bidders. Darktrace recently agreed to sell itself to US private equity firm Thomas Bravo for more than £4bn, while Anglo American, the FTSE 100 miner, recently fended off a £39bn takeover bid from Australia’s BHP.

The takeover bid for Hargreaves Lansdown comes as Britain’s biggest stockbroker faces increased pressure from lower-cost rivals such Vanguard. Shares have slumped 41pc in the last five years.

Hargreaves Lansdown was co-founded in 1981 by Peter Hargreaves and Stephen Lansdown. Both have sold stakes in recent years but together still own about a quarter of the company.

The pair signalled they would be willing to back the fresh approach. Mr Hargreaves told Bloomberg: “If there’s a consensus for this to happen I will certainly consider backing it. A lot of people have the shares and are clearly elderly – they’ll be wanting to realise as much as they can with the business and probably don’t have to wait several years while it needs intensive care. And I think that’s better done in private hands.”

Last year Mr Hargreaves criticised the running of the company he co-founded, accusing the board of focusing on “completely unnecessary irrelevant programmes, which have distracted the firm from its prime objective”.

Mr Lansdown told Bloomberg of the latest offer: “It’s something to consider now and the board is going to support it so we’re going through the process.”

Hargreaves Lansdown declined to comment.

Read the latest updates below.

Live Reporting

Related stories, signing off....

Thanks for joining us today. We’ll be back in the morning, but I’ll leave you with the news that JD Wetherspoon is suing a Welsh pub for using ‘Wetherspoons’ name. Daniel Woolfson reports:

JD Wetherspoon is suing the Welsh pub at the centre of a rebranding row for using its name on signs. The JD Wetherspoon pub chain, led by Sir Tim Martin, has filed a legal claim against a company trading as Wetherspoons Ltd, which runs The Bridge Head in Abergele, Denbighshire. The pub, which has no link to JD Wetherspoon, had placed a “Wetherspoons Limited” sign on the building. It came after the pub was hit by a boycott from locals in March after it changed its name from Pen-Y-Bont Inn to The Bridge Head. Sir Tim, founder and chairman of JD Wetherspoon, said the pub chain had resorted to legal action after trying to resolve the matter informally. He said: “It’s mad. We’re well known in Wales. Welsh poets Goldie Looking Chain have even memorialised us in song.”

Read the full report...

Nvidia directors and executives sell $700m of shares

Nvidia’s directors and executives have sold more than $700m of shares this year as the American stock market powerhouse continues to push upwards in record territory.

Bloomberg reports that “insiders” have sold about 770,000 Nvidia shares during 2024 (excluding the effect of the stock split the company enacted a week ago).

Nvidia declined to comment.

The shares are up more than 180pc this year, and are up 3,467pc in the past five years.

M&S reverses ban on alpaca wool risking Peta activist backlash

Marks & Spencer has reversed its ban on alpaca wool, threatening to spark a row with campaigners who warn that shearing the animals causes “immense suffering”. Hannah Boland reports:

The retailer said it was beginning to source alpaca yarn for its clothes after a decision to ban the wool in 2020 under pressure from animal activists Peta. M&S at the time said an investigation by Peta had highlighted “concerns around the welfare of animals that are farmed to produce alpaca [wool]” and committed to phasing alpaca yarn “from all future product developments”. However, on Tuesday M&S said it had now reversed the ban following the introduction of the Responsible Alpaca Standard (RAS) in supply chains. It said the RAS “gives us the confidence we need to start sourcing this fibre again”. The RAS was launched in 2021 as a voluntary programme by industry group the Textile Exchange where alpaca farmers and ranchers can apply for certification and assessment on factors such as animal welfare and land management.

Read the full story...

Plant hire giant drops amid fallout from US script writers’ strike

The FTSE 100 plant hire giant Ashtead was the second-largest faller on the FTSE 100 today after revealing falling profits. Shares dropped 2pc.

Profit before tax fell 2pc to £2.1bn for the year to the end of April after being hit by higher interest rates and a writers’ strike in the US. It is a major supplier of camera, lighting and production equipment to the television and film industries. 

Adam Vettese, analyst at investment platform eToro, said: 

Ashtead has reported a softer performance than last year, highlighting the higher interest rate environment affecting the firm which largely utilises debt to service its plant rental demand. The writers; strike was also detrimental to the firms film and TV arm. The dividend has seen a 5pc increase which will please investors to some degree although many may well be wondering whether the rumoured switch to a US listing is actually better long term due to the more favourable valuation metrics. Given the majority of the firms business in North America it could be argued that this makes a lot of sense, albeit a big blow to the FTSE100.

FTSE 100 needs ‘new catalyst’ to stay above 8,200, says analyst

Investors are looking for a new catalyst to justify sending the FTSE 100 higher, an analyst has said.

Fiona Cincotta, senior market analyst at City Index said as the index’s struggled to move above the 8,200 level. The blue-chip index closed 0.6pc higher today at 8,164.21 points, after three straight sessions of losses. She said:

We’re seeing a consolidation phase ahead of inflation data and the BoE decision. We’re waiting for the next catalyst.

Investor focus is now on the domestic consumer price index (CPI) numbers tomorrow, the last crucial dataset ahead of the Bank of England’s interest rate decision on Thursday.

Russ Mould, investment director at AJ Bell, said:

Everybody will be looking at the voting patterns on the nine person Monetary Policy Committee to see if there’s any change in the 7-2 vote for no change. There’s some hope that more members will lean towards cutting; markets will take them as green lights for rate cuts in August or September.

European shares advance as French political concerns subside

European shares closed higher this afternoon, supported by a slip in government bond yields as investor concern over French political woes ebbed.

The pan-European Stoxx 600 index, which includes some of Britain’s biggest companies, closed nearly 0.7pc up, with utilities leading sectoral gains, up 1.5pc.

Euro zone government bond yields edged lower as concern over political risk in France subsided somewhat.

European shares posted their biggest weekly drop so far this year on Friday, after French president Emmanuel Macron called for a snap election following a trouncing of his ruling centrist party in the European Parliament elections.

Ipek Ozkardeskaya, a senior market analyst at Swissquote Bank, said:

Many investors out there [are] now saying that the sell-off we saw last week in French equities has been overdone and the fact that the political uncertainties are not necessarily going to impact the economic outlook of the country.

‘Significant day’ for the stock market tomorrow, suggests analyst

The FTSE 100 ticked up today ahead of official figures on consumer price inflation (CPI) tomorrow morning, which is expected to fall back to the Government’s target of pc.

However, experts do not predict it will be enough to persuade Bank of England policymakers to cut the base interest rate from 5.25% on Thursday.

Dan Coatsworth, investment analyst at AJ Bell, said:

Tomorrow could be a significant day for the UK market as we’ve got May’s inflation figures due. The consensus is 2pc which would put the cost of living bang on target for the Bank of England, thus strengthening the argument to cut rates. But the big unknown is when the Bank will cut. Thursday’s meeting might be too soon and markets certainly don’t expect it to budge.

Footsie closes up

The FTSE 100 closed up 0.6pc today. The biggest riser was takeover target Hargreaves Lansdown, up 5.3pc, followed by components supplier RS Group, up 3.69pc. The biggest faller was JD Sports, down 2.2pc, followed by equipment rental company Ashtead, down 2pc.

Meanwhile, the FTSE 250 fell 1.2pc. The biggest riser was Energeam, up 6.8pc, followed by Investec, up 6.4pc. The biggest faller was PureTech Health, down 2pc, followed by housebuilder Redrow, down just below 2pc.  

Elon Musk pushes ahead with payments service in ‘everything app’ X

Elon Musk’s X has been busy getting licenses from US states to become a payments app, in addition to a social media one.

Bloomberg reports that X has submitted dozens of documents to state regulators in the US with its plans to add payments features that will allow users to store money in X, pay other people or business and pay for goods in shops.

X was originally Elon Musk’s online bank, founded in 1999, before he merged it with the owner of PayPal in 2000.

X was invited to comment.

Hargreaves Lansdown’s biggest shareholder says will ‘consider backing’ takeover

Peter Hargreaves, co-founder of Hargreaves Lansdown, said he would consider backing the takeover offer from private equity buyers, including a unit of Abu Dhabi’s wealth fund.

Bloomberg reported him saying:

If there’s a consensus for this to happen I will certainly consider backing it. A lot of people have the shares and are clearly elderly – they’ll be wanting to realise as much as they can with the business and probably don’t have to wait several years while it needs intensive care. And I think that’s better done in private hands.

Blaze at Danish drugmaker Novo Nordisk is the third in a little over a month

A fire broke out today at an office building belonging to Danish pharmaceutical company Novo Nordisk, the third in a little more over a month to hit the drugmaker.

There were no reports of injuries and police said the blaze was under control.

Flames were seen at the top of a three-story building in Bagsvaerd in suburban Copenhagen. The cause of the fire is being investigated.

Danish media said neighbours heard a large explosion in connection with the fire. Firefighters said on the social media platform X that the blasts “presumably” were caused by gas canisters on the roof that exploded.

A spokesperson for Novo Nordisk told The Telegraph:

This afternoon a fire broke out on the roof of an office building Novo Nordisk is leasing in Bagsværd, Denmark. The building in question is not our headquarters. Fire brigade and police are on site. The fire is under control and has not spread to any surrounding buildings. There are no indications of any connection between today’s fire and the previous fires, or of any criminal activity relating to any of them.

Last month, two fires were reported at a company facility under construction in Kalundborg, about 55 miles west of Copenhagen, and at an administration building in Bagsvaerd. No one was injured.

Novo Nordisk has several facilities in western Denmark and produces the popular weight-loss drug Wegovy.

Stock makets giving ‘mild gains in low volume trading’

Investors are making mild gains today - but investor morale in Germany is still subdued, according to Axel Rudolph, senior market analyst at online trading platform IG. He said:

European stock indices are on track for a second day of gains as more bargain hunters enter the fray, even though trading volumes are light ahead of the US Juneteenth holiday on Wednesday. This might explain why US indices are mixed and why there was little reaction to Citigroup hiking its S&P 500 year-end target to 5,600 points, US retail sales rising less than expected and US industrial output rising more than forecast. In Germany investor morale improved less than expected while, in the UK, Hargreaves Lansdown agreed to a CVC consortium takeover.

Markets increase bets on US interest rate cuts after retail sales data

Markets slightly increased bets today on two interest rate cuts from the Fed this year following lower-than-expected retail sales data for May.

Robert Pavlik, senior portfolio manager at Dakota Wealth Management, said:

The weaker-than-expected data’s telling me that consumers are still having a difficult time and that the economy is still moving forward, but at a slower pace. The Fed has to start thinking about cutting interest rates, perhaps sooner than the end of the year.

Markets are fully pricing in an interest rate cut by the end of the November Fed interest rate meeting, and largely betting on a second cut by the end of the December meeting.

US stocks edge higher after lackluster retail sales data

Wall Street stocks edged higher early Tuesday as traders weighed a lackluster US retail sales report and awaited a Senate appearance from the Boeing chief executive.

US retail sales rose 0.1pc in May from April, below expectations.

While the data painted a disappointing picture of consumer demand, investors have hoped a slower economy will translate into an easing from the Federal Reserve on interest rates.

The Dow Jones Industrial Average of 30 leading US companies is up 2.9pc.

The broad-based S&P 500 is up 0.1pc, while the tech-rich Nasdaq Composite index down 0.1pc.

Among individual companies, Boeing fell 2.2pc percent ahead of a Senate hearing in which chief executive Dave Calhoun is expected to face tough questioning over the company’s safety record.

The Senate committee released new testimony from company whistleblowers over Boeing’s quality control policies and restrictions on using damaged parts in aircraft production.

Utility Warehouse posts bumper profits - but market sends the shares down

Profits at the owner of Utility Warehouse jumped 17.6pc after it attracted 125,000 extra customers.

Telecom Plus’s results for the year to the end of March show that pre-tax profit rose to £100.5pc, up from £85.5m the year before.

However, analysts were expecting a pre-tax profit of £117m.

The shares have had a mixed day in trading. They were in positive territory until mid-morning, but are currently down 2.7pc.

Turnover fell from £2.5bn to £2bn as a result of energy prices falling, while customer numbers rose above a million during the financial year.

Stuart Burnett, co-chief executive, said:

With the business in such good health, and having passed through the 1 million customer milestone, our current rate of growth places us firmly on track to double the size of the business to two million customers over the medium term, with a commensurate increase in profitability and shareholder returns.

The company specialises in selling energy, broadband, mobile services and insurance through word of mouth, in which customers who make recommendations receive a monthly commission.

Pound gains after weaker US retail sales

The pound has moved higher after US retail sales came in weaker than expected, fuelling hopes of interest rate cuts in America.

Sterling has gained 0.1pc against the dollar to $1.272 but faces a test tomorrow when inflation is expected to have fallen back to the 2pc target for the first time in nearly three years.

Most analysts are forecasting the consumer prices index (CPI) will drop to 2pc in May, down from 2.3pc in April.

It would mark the first time inflation has been at the Bank of England’s target since July 2021, before the cost-of-living crisis saw inflation shoot up - at one stage hitting levels not seen for 40 years.

It would also be a welcome boost for the Prime Minister as he seeks to push an election campaign built on his economic competence.

I will be back to cover the figures first thing tomorrow but until then, Alex Singleton will keep sending you live updates here.

HSBC to appeal decision on money-laundering failings

HSBC has said it plans to appeal the decision by Swiss regulators who said the bank failed to carry out necessary checks on “high-risk” transactions worth $300m (£236.7m).

A spokesman added: 

We acknowledge the matters raised by Finma, which are historic.  HSBC takes its anti-money laundering obligations very seriously including complying with all laws and regulations in every market we operate in.

US manufacturers shrug off high interest rates

US factory output beat expectations to rise sharply in May, according to Federal Reserve data, suggesting the manufacturing sector staged something of a rebound despite interest rates remaining at a 23-year high.

The US central bank recently reduced the number of rate cuts it has pencilled in this year from three to just one, as progress against inflation stalled in the first quarter.

Industrial production rose by 0.9pc in May from a month earlier, the Fed said in its latest report, significantly higher than the monthly gains seen in both March and April.

The gain was also well above market expectations of a 0.4pc monthly rise.

Among the major industry groups, mining and utilities production increased by 0.9pc and 1.6pc respectively from April, while mining production rose by a more modest 0.3pc.

May industrial production +0.9% m/m vs. +0.3% est. & 0% prior … manufacturing +0.9%, utilities +1.6%, and mining +0.3% pic.twitter.com/0waRAKVeOg — Liz Ann Sonders (@LizAnnSonders) June 18, 2024

US stock markets rise after lower-than-expected retail sales

Wall Street indexes opened slightly higher after weaker than expected US retail sales figures.

The Dow Jones Industrial Average rose 121.29 points, or 0.3pc, at the open to 38,899.39.

The S&P 500 opened higher by 2.92 points, or 0.1pc, at 5,476.15, while the Nasdaq Composite dropped 0.26 points to 17,856.76 at the opening bell.

Hargreaves Lansdown poised to approve £5.4bn takeover

The board of Britain’s largest stock broker is prepared to “recommend unanimously” a £5.4bn takeover by a consortium led by private equity group CVC.

Hargreaves Lansdown has extended the deadline for the bidders to make a firm takeover offer, following its initial approach worth £11.40 per share in cash.

A takeover decision will need to be made by July 19.

Hargreaves Lansdown’s shares jumped 5.8pc to the top of the FTSE 100 after the announcement.

HSBC violated money laundering rules, says regulator

HSBC failed to carry out necessary checks on “high-risk” transactions worth $300m (£236.7m) that were designed to avoid money laundering, Swiss regulators have found. Investigators pointed out a series of failings at the lender’s private bank concerning its relationships with two politically exposed persons. Swiss regulator Finma banned the bank from entering new business dealings with politically exposed people until it carried out a review regarding its anti-money laundering practices and its current high-risk business relationships. It said that HSBC, which has co-operated with its proceedings, “failed to carry out an adequate check of either the origins, purpose or background of the assets involved” in two high-risk business relationships. It said it also allowed transactions worth more then $300m to be transferred from Lebanon to Switzerland and back to primarily other accounts in Lebanon between 2002 to 2015 without sufficient checks.

HSBC has been approached for comment.

US retail sales grow less than expected

US retail sales increased less than expected in May as lower petrol prices weakened receipts at service stations.

Retail sales rose 0.1pc last month after a downwardly revised 0.2pc drop in April, the Commerce Department said. Retail sales were previously reported to have been unchanged in April.

Economists had forecast retail sales, which are mostly goods and are not adjusted for inflation, to gian 0.3pc in May. Retail sales have in recent months been distorted by an early Easter.

Paul Ashworth, chief North America economist at Capital Economics, said:

With services consumption growth slowing in recent months and consumer confidence plummeting again, maybe households aren’t quite as impervious to higher interest rates as we were beginning to believe.  Admittedly, we don’t expect a full-blown slump in consumption but, at the margin, even a modest slowdown in consumption growth (and consequently GDP growth too) could be enough to tip a finely balanced Fed in favour of a rate cut in September.

United States Retail Sales MoM https://t.co/weoPiAQNO8 pic.twitter.com/kQ943QOUxq — TRADING ECONOMICS (@tEconomics) June 18, 2024

Atom boss criticises ‘indifferent customer service’ at big banks

Atom bank has criticised the dominance of large UK lenders who provide “indifferent” customer service, as the app-based bank cheered a record year of profits.

The digital bank, which offers savings accounts, mortgages and loans, revealed it made an operating profit of £27m for the year to the end of March.

This was about seven times higher than the previous year. It also reported its first annual pre-tax profit since launching a decade ago.

The company, which is the only British bank to give employees a four-day week without reducing their salary, cheered the financial performance as its “best year yet”.

Chief executive Mark Mullen said it was difficult for challengers to “disrupt the status quo” in the banking sector. He said:

UK banking remains dominated by players with low growth, high costs and indifferent customer service. We remain entirely focused on serving the needs of borrowers and savers, without the soaring costs and operational complexity of transactional banking products like current accounts.

Bitcoin slumps as Fed predicts fewer interest rate cuts

Bitcoin has fallen to its lowest level in a month after the Federal Reserve predicted it would make fewer interest rate cuts this year.

The world’s largest cryptocurrency has dropped as much as 2.7pc today to trade around $65,000.

Smaller tokens such as Ether, Solana and Dogecoin also sank.

Some $600m was pulled from digital-asset products last week, the most since March, data from CoinShares International show.

It comes as markets reduce bets on interest rate cuts this year, with derivatives trades indicating there will be only one reduction this year which could come as late as December.

BTC Markets chief executive Caroline Bowler said: “Crypto is becoming increasingly exposed to macro triggers.”

Asda only major supermarket to post drop in sales

Mohsin Issa’s turnaround efforts at Asda have been dealt a fresh blow after it became the only major supermarket to post a drop in sales . 

Our retail editor Hannah Boland has the latest:

Sales figures at Asda were down 4pc in the 12 weeks to June 9, according to new figures from industry analysis firm Kantar, with the supermarket’s market share falling to 12.8pc from 13.7pc last year.  This only increased the gap between Asda and its two largest rivals, Tesco and Sainsbury’s, which both managed to grow sales in the last quarter.  Tesco’s market share rose from 27.1pc to 27.7pc over the period, while Sainsbury’s portion jumped to 15.2pc from 14.9pc. 

This chart shows how Asda is losing ground .

FTSE giant has no immediate plans for US listing

Plant hire company Ashtead Group has said it has no immediate plans to move its listing to the United States after revealing slower than forecast revenue growth.

Chief executive Brendan Horgan told analysts that the board periodically discussed “listing residency”. 

He said investors would be informed of any change, but none was planned for now.

The denial came after the Telegraph revealed this month that it is in the early stages of considering whether to switch its stock market listing from the UK to the US, which is where the vast bulk of its business is generated. 

The equipment rental group’s shares fell 4.7pc to a nearly three-month low today. It was the biggest loser on the FTSE 100.

Tata steel workers begin industrial action over Port Talbot

Workers at steel giant Tata have launched a work to rule and overtime ban in protest at the company’s plans to close blast furnaces at its biggest plant.

Tata is switching to a greener form of production at Port Talbot in south Wales, which needs fewer workers.

Unite said 1,500 of its members based in Port Talbot and Llanwern started industrial action today, warning that strikes will be held if the company does not row back on its plans.

Unite general secretary Sharon Graham said: 

Tata’s workers are taking this industrial action because they know the company’s claim that jobs cannot be retained in south Wales during the transition to green steel is a lie. They are standing up and fighting for a better future, one in which Tata’s British business can take full advantage of the coming green steel boom and not be sacrificed to benefit its operations abroad.

A Tata spokesman said: “Of the 4,500 Tata Steel UK employees in Port Talbot and Llanwern, 1,366 Unite members were balloted, 857 voted and of those 468 members voted for industrial action including strike action.

“We have challenged the legality of their ballot process on multiple occasions and our position is that their industrial action is unlawful.”

‘Pickup’ in business leads to fewer insolvencies

Fewer companies went bust last month amid a pick-up in business activity across England and Wales, according to official data.

Company insolvencies fell 6pc between April and May to 2,006, which is 21pc lower than in May 2023, the Insolvency Service said.

The number of firms going out of business rose steadily during 2021 and 2022, with 2023 seeing the highest annual number of company insolvencies since 1993.

Experts said the fall last month reflects better trading conditions for businesses than the end of last year, when the UK went into a small recession.

Benjamin Wiles, managing director at data company Kroll, said: 

Compared to this time last year, we are seeing a pickup in business activity with key indicators showing improving consumer and business confidence. While I think it’s fair to say that we aren’t quite out of the woods, compared to twelve months ago when businesses were managing unpredictable cost inflation and energy bills, it does feel there’s now a lot more certainty for companies to plan.

Wall Street awaits retail sales figures

US stock indexes were hovering around record highs ahead of retail sales data and commentary from a number of Federal Reserve officials.

Technology stocks lifted the benchmark S&P 500 to its fifth record high close in six sessions on Monday, and the Nasdaq to its sixth consecutive record close.

Megacaps Apple, Microsoft and Alphabet edged higher between 0.1pc and 0.7pc in premarket trading on Tuesday.

Chipmakers Broadcom, Micron and US-listed shares of Arm Holdings rose between 0.5pc and 2.7pc after their strong showing on Monday boosted the Philadelphia SE Semiconductor index to a record high.

Focus now moves to fresh economic data in the United States, where May retail sales will be closely watched.

Comments from Federal Reserve officials will also be scrutinised for clues on how the central bank’s members view the current economic situation and path ahead for monetary policy.

In premarket trading, the Dow Jones Industrial Average and S&P 500 were little changed, while Nasdaq 100 futures up 0.2pc.

French stock market ‘most unloved in Europe’ after snap election plunge

France’s stock market has become the least favourite in Europe, a Wall Street bank has found, after its sharp plunge in the wake of Emmanuel Macron’s shock snap election.

Investors were more likely to expect French stocks to fall over the next 12 months compared to any other equities across the continent, according to a poll of fund managers by Bank of America.

It is a sharp swing from May when investors considered stocks in French markets to be their top choice and the Cac 40 index in Paris was hitting record highs.

Bank of America conducted the survey from  June 7 to June 13, encompassing the majority of last week’s drop, when the Cac 40 fell by the most in more than two years and wiped out $258bn (£203bn) in market capitalisation. 

BofA strategist Andreas Bruckner said: “France has turned into investors’ most unloved European equity market.”

The Cac 40 has rebounded since its fall of 6.2pc last week, and was last up 0.4pc.

Pound falls ahead of interest rate decision

The pound slipped to trade around a one-month low against the dollar as investors wait for inflation figures and the Bank of England’s interest rate decision this week.

Sterling was also down slightly against the euro, pulling away from a two-year high touched on Friday.

The pound has been buffeted over the last week by swings in the euro and dollar as global currency markets have digested US inflation data, a Federal Reserve meeting and French President Emmanuel Macron’s decision to call snap elections.

The euro has tumbled and the dollar has strengthened against most currencies as the threat of a far-right government in France has pushed investors towards the safety of the US currency.

Sterling was down 0.1pc on Tuesday at $1.269 as the dollar strengthened against most currencies, just above a one-month low of $1.266 touched on Friday.

Meanwhile, the euro was up very slightly against the pound at 84.5p, after sliding 0.6pc last week to as low as 83.97 pence.

The BoE’s monetary policy committee (MPC) is widely expected to leave interest rates at 5.25pc on Thursday, although investors will scrutinise the accompanying statement for any hints about when borrowing costs might fall.

Consumer price index (CPI) data due on Wednesday is expected to show Britain’s inflation rate fell back to the BoE’s 2pc target in May, from 2.3pc in April.

Oil steady after Wall Street delivers boost

Oil held its biggest advance in a week amid a more buoyant mood on US stock markets, which has helped push European indexes higher.

Brent was down 0.3pc to just below $84 a barrel after rising 2pc on Monday, while West Texas Intermediate was down 0.4pc near $80. 

Stock markets have moved higher this week, with the S&P 500 hitting its 30th record this year, despite the Federal Reserve reducing expectations for interest rate cuts. The optimism in wider markets is helping crude.

German investor confidence rises less than expected

German consumer confidence improved last month but not at the pace analysts had anticipated, casting doubts over its rebound from a slump at the end of last year.

The Zew Institute’s expectations gauge rose to 47.5 in June from 47.1 in May, which was below forecasts for a reading of 50.

Zew president Achim Wamback said: 

Both the sentiment and the situation indicators stagnate. These developments must be interpreted in the context of a constant situation indicator for the eurozone as a whole.

Germany Zew Economic Sentiment Index https://t.co/2TOP8G26fS pic.twitter.com/Kr00azWPUS — TRADING ECONOMICS (@tEconomics) June 18, 2024

Eurozone inflation hits 2.6pc

Inflation ticked higher in the eurozone last month, official figures confirmed, adding to expectations that interest rates will be held steady in July after a cut in June.

The consumer prices index rose to 2.6pc in May, up from 2.4pc in April, according to Eurostat. The figure was in line with initial estimates.

Euro area annual #inflation up to 2.6% in May 2024 https://t.co/RfWPrlrXD7 pic.twitter.com/qkNq8Xh4rR — EU_Eurostat (@EU_Eurostat) June 18, 2024

Season ticket use slumps to record low

The percentage of train journeys made using season tickets has fallen to a record low, according to new figures.

Office of Rail and Road (ORR) data shows the tickets accounted for just 13pc of the 1.6bn journeys taken on Britain’s railways in the year to the end of March.

That is down from 15pc during the previous 12 months, and is the lowest percentage in records dating back to 1987.

Around a third of train journeys before Covid restrictions began in March 2020 were made using season tickets.

The reduction since then has been driven by the increase in working from home.

Passengers who only travel to a place of work by train for part of the week often buy daily tickets as this is more cost-effective than weekly, monthly or annual season tickets.

Flexi season tickets aimed at commuters who travel to work two or three days a week were launched in June 2021, but their take-up has been minimal and they have been criticised for often offering little or no saving compared with daily tickets.

The rail industry was historically reliant on many commuters - particularly in south-east England - purchasing expensive annual season tickets for a large chunk of its total revenue.

Gas prices hovering amid large stockpiles

Natural gas prices are switching between gains and losses as traders weigh up ample supplies with conflicts in the Middle East and Europe.

Dutch front-month futures were trading around €34 per megawatt hour, gaining as much as 1.5pc and losing as much as 0.9pc.

Shell buys gas trader as it predicts rising demand

Shell has agreed to buy a Singapore-based liquefied natural gas (LNG) trader as it seeks to capitalise on rising demand as the world shifts away from dirtier fossil fuels.

The FTSE 100 oil giant said that it reached a deal, for an undisclosed sum, to buy Pavilion Energy from state-owned investor Temasek.

The new business has a contracted supply volume of about 6.5m tonnes per year of LNG, from suppliers including Chevron.

Pavilion’s global energy business covers LNG trading, shipping, natural gas supply and marketing activities in Asia and Europe, Shell said.

The acquisition, which is expected to complete in the first quarter of 2025, comes as Shell predicts LNG demand will rise by more than 50pc by 2040.

Zoe Yuinovich, Shell’s integrated gas and upstream director, said: 

The acquisition of Pavilion Energy will strengthen Shell’s leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio. We will acquire Pavilion’s portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell’s global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers.

European shares bounce back after French election sell-off

European shares bounced back for a second day after posting steep declines last week after Emmanuel Macron called surprise elections in France.

Bank stocks recovered, helping the pan-European Stoxx 600 rise by as much as 0.7pc. 

Lenders in the region gained 1.4pc after an 8pc drop last week. Travel and leisure lead gains with a 1.8pc jump.

European shares posted their biggest weekly drop so far this year on Friday, as President Macron called for a snap election following a trouncing of his ruling centrist party in the European Parliament elections.

The Cac 40 in France gained as much as 0.9pc as trading began, a day after Paris lost its crown as Europe’s largest stock market to London. The Dax in Germany was up 0.5pc.

A final reading of May eurozone inflation and a German survey of economic sentiment due later could impact markets.

FTSE 100 rises ahead of inflation figures

UK markets opened higher ahead of inflation data and the Bank of England’s interest rate decision this week.

The FTSE 100 was up 0.5pc, while the mid-cap FTSE 250 rose 0.5pc following rallies on Wall Street and in Asian markets overnight.

The UK’s benchmark index has been drifting between the 8,200 and 8,100 levels for the past two weeks, with a steeper decline expected if the index dips below the 8,100 mark.

The next big test comes from inflation figures on Wednesday and the Bank of England’s next monetary policy meeting on Thursday.

Among individual stocks, Whitbread gained 4.1pc after the Premier Inn owner reiterated its annual forecast.

Ashtead Group was the top loser on the FTSE 100, dropping 3.5pc after the plant hire forecast a slower growth in annual group rental revenue for fiscal 2025.

Meanwhile, XP Power plunged by 20pc after US rival Advanced Energy said it would not make a takeover bid.

All FTSE 350 sectors were in positive territory on the day.

Rain hits grocery sales even as inflation falls to lowest since 2021

Consumers have cut their supermarket shopping due to the unseasonable weather, even as grocery price inflation fell for the 16th month in a row, figures show.

Supermarket prices are 2.1pc higher than a year ago, slowing for the 15th month in a row from May’s 2.4pc, according to analysts Kantar.

However, despite 36pc of households now describing their financial position as comfortable - the highest proportion since November 2021 - falling inflation and poor weather saw take-home grocery sales rise by just 1pc over the month, the slowest increase since June 2022.

Growth in footfall also stalled, with the average shopper visiting a supermarket 16.3 times this month, down from 16.4 in June last year.

Consumers bought nearly 25pc fewer suncare items this month compared with last year while prepared salads dipped by 11pc. Meanwhile, fresh soup sales jumped by almost 24pc.

Fraser McKevitt, head of retail and consumer insight at Kantar, said: 

The sixth wettest spring on record hasn’t just dampened our spirits leading into summer, it’s made a mark on the grocery sector too as it seems Britons are being put off from popping to the shops. We’re not yet reaching for those typical summertime products and are making some purchases you wouldn’t expect in June.

Ashtead profits ‘soft’ amid New York listing speculation

Ashtead is not offering markets much “to get excited about” according to analysts, as bosses consider switching its listing from the UK to the US.

The company rents out heavy machinery and equipment, such as cranes, excavators and scaffolding, to the construction industry. 

Matt Britzman, equity analyst at Hargreaves Lansdown said:

Ashtead’s markets are slowing. Hot off the heels of news that it may be looking to move its main listing to the US, this was a slightly soft set of results.  Whether you look at revenue, profit, or guidance, it’s hard to see much for markets to get excited about here.  Management would be forgiven for giving slightly conservative guidance for the coming year after several disappointments of late, and it looks like that’s the case. But rental giant Ashtead is still demonstrating its strength, just in a softer market.  The larger construction equipment players are taking market share, and that plays right into Ashtead’s hands. Mega-projects in the US will continue to act as a medium-term tailwind, and it was positive to see rental rates showing strength in the final quarter.  This had been an area of concern going into the results. Longer term, the US rental market is fragmented and there’s a growing appreciation from end-users as to the benefits of rental over ownership.

UK markets open higher after Wall Street rally

The FTSE 100 gained at the open after US stocks rallied to more records.

The UK’s benchmark stock index rose 0.6pc to 8,188.26 while the midcap FTSE 250 gained 0.5pc to 20,261.12.

FTSE giant increases profits as it considers US switch

One of Britain’s leading blue-chip companies has revealed a decline in profits as it explores a move to New York which would be one of the biggest blows yet to the London Stock Exchange.

Ashtead, the FTSE 100 plant hire giant, said adjusted pre-tax earnings slipped 2pc to $2.2bn (£1.8bn)

The Telegraph revealed earlier this month that it is in the early stages of considering whether to switch its stock market listing from the UK to the US, which is where the vast bulk of its business is generated. 

US revenues grew by 13pc to $9.3bn (£7.3bn), while UK revenues were up 8pc to $887.6m (£706m).

Chief executive Brendan Horgan said:

Our end markets in North America remain robust with healthy demand, supported in the US by the increasing proportion of mega projects and the ongoing impact of the legislative acts.   We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the opportunities arising from these market conditions and ongoing structural changes.

Tesla rival Fisker files for bankruptcy as EV sales slump

An electric vehicle start-up in the US has filed for bankruptcy after failing to secure investment amid waning consumer demand.

Fisker filed a bankruptcy petition in Delaware on Monday after announcing weaker-than-expected earnings and plans to cut 15pc of its workforce.

The Tesla challenger, started by James Bond car designer Henrik Fisker, has seen its share price plummet by 99pc as it battled a cash crunch.

In March it announced plans to cut prices by as much as 39pc as the business battled to stay afloat amid a slowdown in electric vehicle sales in the US and Europe.

It has filed for bankruptcy after failing to secure investment from an unidentified car maker, which would have unlocked another $150m in financing from its existing lender.

Mr Fisker designed the BMW Z8 driven by Pierce Brosnan as James Bond in The World Is Not Enough.

US bidder abandons efforts to buy XP Power

A US-listed chip manufacturer has abandoned its hostile takeover bid for UK-based XP Power.

Advanced Energy, a major XP rival, said it does not intend to make a further offer after the board of the FTSE listed group rejected three separate proposals.

Despite hoping to put pressure on the XP board, four shareholders had backed chairman Jamie Pike for rejecting the approach and said the £19.50 offer undervalued the power converter group. 

The Nasdaq-listed tech company said it had been prevented from doing its due diligence after trying to engage with the board.

Advanced Energy, which was being advised by JP Morgan and HSBC, previously criticised the XP board for a “lack of engagement”.

The UK-founded group is a major designer of high-tech power converters to the semiconductor and healthcare industry, with its hardware used in machines like hospital CT scanners.  

Premier Inn owner confident as it cuts costs and boosts sales

Premier Inn owner Whitbread said it is confident about the year ahead as it increased sales and cut costs amid falling inflation.

Group total sales grew 1pc to £739m, which it said was “driven by improved UK trading and continued progress in Germany”.

Its £150m share buyback is on track, it said, with 3.2m shares purchased so far for £96m.

In a trading update to shareholders, it said: 

In the UK, recent trading has been more encouraging as we move into the peak periods of the year and our forward booked position remains positive.  We are continuing to execute our commercial programme and net inflation is now expected to be at the lower end of guidance as a result of increased cost efficiencies.

Australia holds interest rates with inflation warning

Australia’s central bank held interest rates steady as expected but warned there were still reasons to be vigilant against inflation risks.

Wrapping up its June policy meeting, the Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35pc, where they have been since a hike in November last year. It repeated that it was not ruling anything in or out on policy.

The RBA Board said:

The economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth. While recent data have been mixed, they have reinforced the need to remain vigilant to upside risks to inflation.

The Australian dollar was little changed at $0.6612 as the statement contained few surprises, while swaps slightly pared back the chance of a rate cut in December to 55pc from 65pc before the decision.

Wind to overtake gas as UK’s main electricity source for the first time

Wind is poised to overtake gas as Britain’s main source of electricity for the first time this year, as the country moves increasingly towards green energy. 

Research from Offshore Energies UK shows how wind outperformed gas during the first four months of 2024, with experts predicting that this trend will continue throughout the year. 

The industry body’s new report said: “It is possible wind (onshore and offshore) will be the largest supply source of electricity this year.

“Wind has provided more supplies than gas in the first four months of the year. This led to the carbon intensity of the UK grid falling to its lowest daily level on April 15, at 19g of CO2 per kilowatt hour.”

Last year, wind generated 82 terawatt hours (TWh) of power compared with 96TWh from gas and 37TWh from nuclear. 

However, several major wind farms have come into operation in recent months, including the world’s largest farm at Dogger Bank in the North Sea, 75 miles off the Yorkshire coast.

When complete, Dogger Bank will consist of 277 giant offshore turbines that generate enough electricity to power 6m homes a year. 

It and others like it have pushed wind output to record levels.

The report said: “Gas will still have an important role in bringing flexibility to the system but offshore wind will provide most of the growth in power supply in the coming decades as the Government aims to deliver a decarbonised power system by 2035. 

“The UK has about 15 gigawatts (GW) of offshore wind generation capacity, with targets to grow this to 50GW by 2030.”

However, the report also warned that reaching this target will be a challenge requiring 

the UK to install around two turbines a day for the next seven years.

It said: “There is a huge opportunity to grow low-carbon power supplies, increase manufacturing capacity and provide new business opportunities. But cost inflation, longer consenting timeframes and grid access all complicate the picture, deterring some investors.”

The same report also found that British consumers had to spend £80bn on imported fuels such as petrol, diesel and gas last year because of shrinking output from the North Sea. 

Those costs are likely to keep increasing because oil and gas output from the North Sea is shrinking at 8pc a year, partly because of the current Government’s windfall tax deterring investors.

Good morning

Thanks for joining us. The energy sector is our initial focus today as new research indicates that wind will overtake gas as Britain’s main source of electricity for the first time this year.

Offshore Energies UK said wind had outperformed gas in the first four months of this year and the introduction of new wind farms in recent months is expected to continue the trend.

5 things to start your day 

1) London dragging down UK productivity as office staff work from home | Capital suffers biggest decline in hourly output amid continued resistance to travelling to the office

2) UBS sets aside €900m to repay Greensill investors | Swiss banking giant says profits will not be affected by the provision to rescue Credit Suisse

3) Britain’s richest family spent more on pet dog than on servants, Swiss court hears | Hinduja family members face jail over trafficking and staff exploitation allegations

4) Anti-Israel student protests putting ‘handbrake’ on corporate diversity spending, says MindGym | Tighter HR budgets lead to ‘change in priorities’ for companies amid culture war

5) Ben Marlow: Shein’s fast fashion looks crazily out of step with Starmer’s Britain | Labour’s focus on workers’ rights jars with the fast fashion giant’s standards

What happened overnight 

 Asian stocks tracked Wall Street higher, while the Australian dollar held steady after its central bank offered few surprises in its policy decision.

The Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35pc, as expected, but warned there were still reasons to be vigilant against inflation risks.

Traders pared back on bets of a rate cut this year in the wake of the RBA decision, though the Aussie dollar was little changed as the statement contained few surprises. It last bought $0.6612.

Ebbing worries over political turmoil in Europe added to the buoyant market mood on Tuesday and sent the Euro Stoxx 50 higher by 0.4pc in premarket trading, reversing some of its steep losses from last week. FTSE futures similarly rose 0.3pc.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6pc, helped by an overnight rally on Wall Street.

The Nikkei in Japan was up 0.8pc and S&P/ASX 200 in Australia was up 0.9pc. The Hang Seng in Hong Kong was down 0.1pc.

On Wall Street, American stocks slowly gained steam after a sluggish start to the session to send the Nasdaq Composite and S&P 500 to record highs. 

The Dow Jones Industrial Average rose 0.5pc, to 38,778.10, the S&P 500 gained 0.8pc, to 5,473.23, and the Nasdaq Composite gained 1pc, to 17,857.02.

In the bond market, the yield on the 10-year Treasury bonds climbed to 4.29pc from 4.22pc late on Friday.

• London dragging down UK productivity as office staff work from home
• UBS sets aside €900m to repay Greensill investors
• Britain's richest family spent more on pet dog than on servants, Swiss court hears
• Anti-Israel student protests putting 'handbrake' on corporate diversity spending, says MindGym
• Shein's fast fashion looks crazily out of step with Starmer's Britain
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Sail around Louvre Abu Dhabi on an electric catamaran

There's also a guided tour on a kayak that lasts for an hour.

Visitors can choose between a 30-minute and a 60-minute catamaran ride for two. Photo: Louvre Abu Dhabi

Visitors to Louvre Abu Dhabi can now enjoy the marvels of the museum via a catamaran cruise.

From Wednesday, guests can book an electric catamaran tour for a sail around the museum. The experience costs Dh350 for 30 minutes or Dh600 for an hour, with up to two people per catamaran.

Operated by Costa Azzurra, the tour runs daily from 10am to 10pm, and visitors are encouraged to arrive 15 minutes prior to their slot.

This is not the only water-related experience at the striking Louvre Abu Dhabi , perched on the Arabian Gulf.

The museum previously launched a guided tour on a kayak. Unlike the catamaran ride, the kayak tour runs one trip daily for up to 25 people, from Tuesday to Sunday. It costs Dh126 per person with the tour beginning at 5.30pm and lasting an hour.

Once the water-based tours conclude, guests can check out the museum's ongoing exhibitions, including Cartier, Islamic Inspiration and Modern Design , which features 400 pieces of jewellery, drawings, textiles and photographs showing the influence of Islamic art on Cartier's designs.

Louvre Abu Dhabi is also the perfect place to view the nightly drone show , part of the city-wide Manar Abu Dhabi light art exhibition, running until January 30. The 24-minute show, one of many commissioned for the exhibition, depicts Saadiyat Island's architectural attractions, including the Louvre Abu Dhabi and a rendering of the Guggenheim Abu Dhabi , due to open in 2025.

The drone light show, visible from Louvre Abu Dhabi, is part of Manar Abu Dhabi. All photos: Victor Besa / The National

• Middle East

© 2024 - All rights reserved. Designed and developed by Fork Media Group

You Can Now Sail Around The Louvre Abu Dhabi In An Electric Catamaran Starting At AED350

Operated by costa azzurra, the electric catamaran service is certainly something visitors to louvre abu dhabi must not miss..

If the Louvre Abu Dhabi is a landmark in Abu Dhabi that you are planning to visit soon, then you will be glad to know that now you can do so with a catamaran cruise. Yes, now you can book an electric catamaran tour, which allows you to take a sail around the museum! As it happens, this service has been made available since Wednesday, December 20.

Electric Catamaran Ride At Louvre Abu Dhabi

  View this post on Instagram   A post shared by Louvre Abu Dhabi (@louvreabudhabi)

Operated by Costa Azzurra , the electric catamaran service is certainly something visitors Louvre Abu Dhabi must not miss. Lasting for 30 minutes at the cost of AED350 or for an hour at the cost of AED600, every catamaran can sit up to two people at a time. So, you might want to take this tour with your special one! It should be noted that this tour runs every day between 10 AM to 10 PM, which means visitors are expected to arrive 15 minutes before their slot, according to the information available on the official website.

Not The Only Water Related Experience Available Here

However, at this point, it’s worth noting that this is not the only water-related experience that is available at the iconic landmark in Abu Dhabi. Perched on the Arabian Gulf, this museum had previously launched guided tours on a kayak! However, unlike the catamaran ride, the kayak tour runs only one trip daily for up to 25 people. Moreover, this service is available from Tuesday to Sunday and it costs AED126 per person. As such, this tour begins at 5:30 PM and lasts for about an hour.

Don’t Forget To Explore The Ongoing Exhibitions

And while you’re here, once you’re done taking the ride, don’t forget to check out the museum’s ongoing exhibition. Yes, this includes Cartier, Islamic Inspiration and Modern Design, which presently features 400 pieces of jewellery, textiles, photographs, and drawings. All of these show the influences of Islamic art on Cartier’s designs. Another exhibition called Letters Of Light is also happening at the museum, which presents holy books of the three Abrahamic religions – the Christian bible, the Hebrew, and the Quran. Not to mention, you also get to explore sacred texts featuring works of skilled calligraphers, artists and bookbinders.

Also Read:  CT Quickies: Record-Breaking NYE Fireworks In RAK To Big Bad Wolf Book Sale In Sharjah; 7 Middle East Updates

Activities & Offerings For Children As Well

Located in Saadiyat, there are currently several activities that have been planned for families. This includes the Paper Making and Abstract Calligraphy (under the Letters Of Light exhibition) and even Book An Easel, happening on every Sunday.

As it happens, there’s also a children’s museum here, which is basically the perfect experience for your little munchkins. Called Picturing the Cosmos, this interstellar journey will take the little visitors on an out-of-the-world experience! So, the family-friendly experience will blend art and interactive games together, for an unforgettable experience.

Where: Main Entrance, Louvre Abu Dhabi When: 10 am to 10 pm

Cover Image Courtesy: Instagram/louvreabudhabi

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Exciting electric catamaran experience lands at Louvre Abu Dhabi

If you’ve ever fancied yourself setting sail in the South of France, here’s a fun way to get a taste.

As if a world class, state-of-the-art museum, a series of spellbinding exhibits and a jaw-dropping drone show spectacle weren’t enough to seal the Louvre Abu Dhabi’s status as a glittering jewel in the capital, you can now set sail in the waters surrounding the iconic structure.

That’s right, you can now enjoy a captivating electric catamaran experience as you set sail around the Louvre Abu Dhabi. This extraordinary experience harnesses aquatic innovation as you take in the sight of the architectural marvel, and one of the UAE’s most iconic, recognisable structures. Sit back and relax in a luxurious vehicle presented by Costa Azzurra, as you create a memorable experience in the waterfront on Abu Dhabi’s mystical Saadiyat Island, in an experience that is available to enjoy seven days a week.

It really must be that time of year, because there’s also this happening very soon…

Louvre Abu Dhabi, Saadiyat, Abu Dhabi. 10am to 10pm daily, Dhs350 (30 mins for two), Dhs600 (60 mins for two). Tel: (0)561108138. louvreabudhabi.ae

Images: supplied

Motivate Media Group © 2023

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Region’s first electric boat and yacht manufacturing plant to be built in UAE

• 20 Mar 2023

Electric boat and yacht building will give a significant boost to the Middle East economy as a manufacturing hub.

Staff Reporter, Gulf Today Advancing the prospect of sustainable marine transportation in the region, a pioneering electric marine vessel maker, Crown Electric Ships and Boats Dubai, on Monday said it is looking at setting up an all-electric boat and yacht manufacturing plant in the UAE, which will support the local economy by creating jobs.

The company also announced clinching a deal with the Badr Sultan Group of Kuwait, to develop and supply a fleet of zero-emission electric yachts for the region. The deal valued at an initial order of $10 million is for developing a fleet of electric vessels ranging from 7.3-meter electric cabin cruisers to 23.9-meter electric catamarans specifically designed for the Middle East market. The initial deal was signed by the Managing Director of Badr Sultan Group, Ayman Badr Sultan al-Essa, and Sonu Jayan, Chairman of Crown Electric Ships and Boats. The deal was initiated at the recently concluded defense expo, IDEX/NAVDEX 2023 in Abu Dhabi. “The market demand for catamarans and day cruisers has been fulfilled by products developed for the international market. The Middle East market has specific requirements due to high temperatures, humidity, and sea states. Crown Electric Ships and Boats, which has experience in the development of special-purpose electric vessels, including unmanned electric boats for the defense industry, has taken up the challenge of developing sustainable electric vessels specific to the Middle East region,” said Ayman Badr Sultan al-Essa. Lekshmi Salaja, Vice Chairperson of Crown Electric Ships and Boats said that the deal will have a significant impact on sustainability and net zero initiatives in the Middle East region. “A mid-sized cruise ship’s emissions are equal to 1 million cars, and Crown has been developing electric boats from 7 meters up to 23 meters and is moving towards the development of sustainable super yachts,” she added. “Electric boat and yacht building will give a significant boost to the Middle East economy as a manufacturing hub. The electric yacht market is standing at the same position where the electric car market stood in 2011 due to advancements in battery technology in the past couple of years,” Sonu Jayan said. The MENA region is home to 12.6 per cent of the global superyachts. “The combined revenue of top three shipbuilding companies globally adds above $100 billion and it is surprising that none is from the Middle East, he added.

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Sail into Luxury: Louvre Abu Dhabi Introduces Electric Catamaran Experience for Enchanting Views

Experience the allure of the South of France without leaving Abu Dhabi, as the Louvre Abu Dhabi unveils its latest offering – an exciting electric catamaran experience that promises breathtaking views.

Amidst its world-class exhibits and mesmerizing drone shows, the Louvre Abu Dhabi is enhancing its status as a cultural gem in the capital. Now, visitors can set sail on the waters surrounding this iconic structure, enjoying the splendors of a captivating electric catamaran experience.

Aquatic Innovation Unleashed: Prepare for an extraordinary aquatic adventure as you cruise around the Louvre Abu Dhabi. This electric catamaran experience, presented by Costa Azzurra, merges innovation with aquatic beauty, providing a unique perspective of the architectural marvel that is one of the UAE's most iconic and recognizable structures.

Luxurious Seafaring Journey: Sit back, relax, and indulge in the luxury of a Costa Azzurra vessel. As you glide through the waters around Abu Dhabi's mystical Saadiyat Island, create lasting memories with an unforgettable experience available seven days a week.

Practical Information:

Location:  Louvre Abu Dhabi, Saadiyat, Abu Dhabi.

Operating Hours:  10 am to 10 pm daily.

Dhs350 for a 30-minute experience for two.

Dhs600 for a 60-minute experience for two.

For bookings and inquiries, contact Tel: (0)561108138 or visit louvreabudhabi.ae .

Note:  As the festive season approaches, more exciting events are on the horizon, making it the perfect time to explore and make the most of your time in Abu Dhabi.

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Rising Soul

The Rising Soul is a stunning and awe-inspiring creature that embodies the essence of the sea. Her simple shell, adorned with the splendor of the ocean, shines like a crown upon her head, symbolizing her power and majesty.

With wings empowered by the might of the whale, she takes flight, soaring above the waves and embracing the limitless expanse of the ocean. She is the spirit of the sea, a living embodiment of the rhythm and flow of the tides.

With each rise and fall of the waves, the Rising Soul grows stronger, her soul rising once again to new heights of power and beauty. She is a symbol of renewal, of the unyielding spirit of the ocean that endures through time and change. For those who gaze upon her, the Rising Soul is a reminder of the majesty and wonder of the sea, inspiring us to embrace the power of our own souls and rise to new heights of greatness.

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Sunreef displaying three catamarans at Abu Dhabi show

• October 21, 2023

The Polish builder’s line-up at November’s Abu Dhabi International Boat Show includes the Middle East premiere of the 80 Sunreef Power Eco.

Athena Too, 80 Sunreef Power Eco

Sunreef Yachts will display Eco sailing and power catamarans among its three-yacht display at this year’s Abu Dhabi International Boat Show, which will be held at ADNEC Marina from November 9-12. Company representatives will welcome visitors throughout the four-day show.

The Polish builder has two production facilities in Gdansk and one in Ras Al Khaimah in the UAE, where it also has a regional office in Dubai and is a strong supporter of local boat shows and yachting events.

Sunreef’s line-up at berth CD003 at the Abu Dhabi International Boat Show includes the Middle East premiere of the 80 Sunreef Power Eco, with Athena Too on display after the yacht also exhibited at the Cannes Yachting Festival and Monaco Yacht Show in September.

Athena Too has two 180kW electric engines and an ultralight 330kWh battery bank. The yacht also uses Sunreef’s revolutionary solar power system, with solar cells built into the composite bodywork on the hulls, superstructure and hard top.

Sunreef’s grand display at ADNEC Marina also includes the first Sunreef 80 Eco sailing catamaran, Marie-Joseph , which had its world premiere at Cannes last year and was on display at this year’s Dubai International Boat Show in March.

Marie-Joseph has Sunreef’s ‘solar skin’ built into the hull sides, superstructure, hard top and even mast, and is equipped with advanced electric engines and a hydro-generation system, so can generate energy while under sail.

60 Sunreef Power

The Polish builder’s line-up in Abu Dhabi also includes a 60 Sunreef Power , which is from the shipyard’s standard series of powercats that also includes the 70, 80 and 100 powercats.

This year’s show also features an Innovation Zone, which includes 16 cleantech startups including producers of electric boats, motors, water toys and marine technologies.

www.sunreef-yachts.com

www.adibs.ae

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Le catamaran électrique fait son entrée au Louvre Abu Dhabi

Préparez-vous à vivre une expérience unique et inédite en naviguant sur les eaux du musée!

Embarquez sur un catamaran électrique pour une expérience unique et profitez de vues impressionante de l'architecture iconique du Louvre Abu Dhabi.

Il vous suffit de vous installer confortablement dans ce bateau luxueux présenté par Costa Azzurra et de profiter de votre balade.

Réservez votre tour en catamaran électrique pour vivre une expérience mémorable. Cette activité est uniquement disponible aux Émirats arabes unis.

Emplacement : Escalier de l'entrée principale Opérateur : Costa Azzurra Jours d'ouverture : Tous les jours Horaires d'ouverture : 09.00 - 22.30 Âge minimum : 18 ans , les plus jeunes doivent être accompagnés d'un adulte. Prix : 350 AED (30min x2 personnes) 600 AED (60min x2 personnes) Arrivée requise 15 minutes avant le début du tour

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Electric Hydrofoil Ferries Set to Hit the Water in Abu Dhabi

Candela, manufacturer of zero-emission, electric hydrofoil boats, and Al Seer Marine, a global maritime organization headquartered in Abu Dhabi, announced a partnership to revolutionize waterborne public transportation within the emirate.

The partners will work together to introduce Candela’s electric hydrofoil boats for public transport use. They will also establish a sales and service network within Abu Dhabi and explore further collaboration opportunities to develop and implement innovative and sustainable public waterborne transport solutions for Abu Dhabi’s needs.

“At Al Seer Marine, we are constantly seeking ways to advance sustainable solutions in the maritime sector,” said Holger Schulte-Hillen, Chief Operating Officer of Innovation, Security & Technologies at Al Seer Marine. “This collaboration with Candela is a significant step forward, and we are excited to bring this transformative technology to Abu Dhabi.”

The Candela P-12 electric ferry for 30 passengers boasts groundbreaking hydrofoiling technology. At high speed, underwater ‘wings’ lift the vessel above the water, reducing energy consumption by 80%. As a result, Candela P-12 is said to be the first battery electric ferry to achieve a long range at high speeds. It combines a luxurious and silent passenger experience with minimal environmental impact, as the vessel generates no wake. For public transport operators, the hydrofoil efficiency brings substantial cost savings.

“We are thrilled to partner with Al Seer Marine to bring our revolutionary electric foiling vessels to Abu Dhabi,” said Erik Eklund, Director of Commercial Vessels at Candela. “Their dedication to innovation and sustainability in waterborne transportation perfectly aligns with our vision for a greener future.”

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Art, history and kayaking: Louvre Abu Dhabi museum's attractions during the 52nd UAE Union Day holidays and beyond

• Environment

Galleries, talks, folk shows and more through the long weekend - and for months to come

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Abu Dhabi: The Louvre Abu Dhabi museum has announced a programme for the public during the holidays to celebrate the 52nd UAE Union Day.

The first journey takes visitors on a voyage journey through Emirati maritime heritage inside Louvre Abu Dhabi, showcasing the stories of the people of the sea, their customs, professions and crafts that defined their lives before the advent of oil and the building of the modern state. The theme features traditional Nahma artists and allows participating in activities such as learning traditional songs and watching a live oyster opening show.

'Cartier, Islamic inspiration and modern design'

The second stop is ‘Cartier, Islamic inspiration and modern design’. This station allows you to learn about an aspect of Islamic art, which was a formative source of inspiration for Louis Cartier and the House of Cartier, one of the most famous jewelry houses in the world. This major exhibition explores how Cartier designers were inspired to create a thoroughly modern “stylistic language” by forms, techniques and materials found in the Islamic world to create masterpieces.

Featuring over 400 works including jewellery and precious objects, masterpieces of Islamic art, drawings, textiles and photographs, the exhibition showcases the influences of the Islamic arts on Cartier’s designs, from the beginning of the 20th century to the present day.

The exhibition will be complemented by digital projections, immersing visitors into the shapes and patterns of Cartier pieces inspired by the Islamic arts. The scenography of the exhibition and the immersive digital space is designed by the New York-based design studio Diller Scofidio + Renfro. Visitors can explore the exhibition until March 24, 2024.

‘Letters of Light’

Featuring some of the oldest and most sacred texts of the “religions of the book”, this exhibition, held in partnership with Bibliothèque nationale de France and France Muséums, explores the roles played by texts, letters, light and illumination in the three great Abrahamic faiths: Islam, Christianity, and Judaism.

Visitors will discover the most important and beautiful manuscripts of sacred texts from the monotheistic religions, as well as artefacts from the collections of the Bibliothèque nationale de France, Musée du Louvre and Louvre Abu Dhabi.

As you walk through the five different sections of the exhibit, you will uncover the birth of the three monotheisms, their sacred writings, and their dissemination across different languages and cultures. The audiences will encounter some of the most exquisite sacred books ever made, featuring the work of skilled calligraphers, bookbinders, and artists who mastered the use of precious pigments and illuminated calligraphy. They also can explore art, calligraphy and sacred manuscripts in the displayed Letters of Light exhibition.

The Children’s Museum

‘Picturing the Cosmos’ takes younger visitors on a journey through space while discovering how the heavens have inspired some of history’s greatest art and culture. As part of their quest, kids are invited to embark on a mission to develop the skills required to become explorers of space and art.

This section of the Museum gives the children the opportunity to a trip for an out-of-this-world adventure as it unveil its latest exhibition, ‘Picturing the Cosmos’, an interstellar journey that spans three floors, transporting young visitors straight into the depths of space. This family-friendly exhibition is a gateway to the wonders of the cosmos, blending art and interactive games.

The cosmic odyssey unfolds in four themes:

Contemplate

The journey begins through marvelling at the celestial wonders from Earth through artistic interpretations of celestial bodies.

Where tales of stars and galaxies come alive through storytelling that shaped humans’ relation with the cosmos across time and cultures.

Unlocking the mysteries of the cosmos through scientific inventions and discoveries that helped humans better understand the complexity and immensity of space.

The place where dreams of interstellar travel and exploring the unknown becomes a reality.

Performances, talks and more

This year, Louvre Abu Dhabi give the public to discover a world where art and sustainability intertwine at ‘Sustainability in Museums’ on December 7, in alignment with the UN climate conference COP28 being held in Dubai. Talks in partnership with France Muséums and guided tours unveil the secrets behind art’s materiality, sustainable architecture, and the richness of the UAE’s cultural heritage.

The audiences can join this ceremony through three insightful talks and guided tours, all dedicated to exploring sustainability in collaboration with France Muséums.

Activities, tours and workshops

Visitors can also explore the museum’s architecture from the Arabian Sea with the kayaking experience, or hop on an electric catamaran and capture unique views of the Louvre Abu Dhabi.

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DRIVE YAS ELECTRIFIED

The Meeting Place of Champions turns on the electric vibes with electrified driving experiences - new for 2022! Yas Marina Circuit (and Abu Dhabi Motorsports Management) are excited to be part of the movement supporting sustainability in all areas of sport, and this is a great way for fans, petrol heads with electric dreams or the curious to experience the next generation of electric vehicles on the ultimate exhilarating track. We will be developing a portfolio of EV’s available for our guests to drive, as well as dedicated Track Days (Electric cars are able to join our regular track days ). We will also shortly activate a number of charging stations across the venue, available for everyone to use.

PORSCHE TAYCAN TURBO

Our first electric driving experience! Together with Porsche, Yas Marina Circuit extends our DriveYAS product offering in this exciting space with the launch of the Porsche Taycan Turbo. More than just a sustainable alternative to petrol, this racing car delivers a futuristic drive or ride experience that electrifies the senses through massive acceleration. Phenomenal biometric technology reads and records your impulses throughout your wild experience.

PIONEERING ELECTRIFICATION

Yas Marina Circuit (and ADMM) will pioneer electrification across all areas, including:

• Developing electric experiences and supporting the electric vehicle community
• Public recharge facilities
• Track days for electric vehicles
• Partnerships with brands associated with the sector
• Intra-circuit transportation – buses and scooters watch this space for new developments as they are rolled out.

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Enjoy Sashimi, 50 Power Catamaran in Abu Dhabi

Our exquisite yacht is available for exclusive cruises, thrilling fishing adventures, and enchanting night cruises, ensuring an unforgettable journey on the pristine waters of Abu Dhabi. Rates: • 2 Hour: 1200 AED • Full day: 14000 AED Elegantly designed to accommodate up to 20 guests, our yacht offers a perfect blend of comfort and sophistication. Whether you are planning a private celebration, a corporate event, or a serene escape with friends and family, our yacht provides the ideal setting.  Embark on a luxury cruise and bask in the stunning views of Abu Dhabi’s skyline, explore the rich marine life on a fishing expedition, or enjoy the magic of the Arabian nights under the stars. With top-notch amenities and a dedicated crew to cater to your every need, your experience with us will be nothing short of extraordinary. Discover the ultimate in yachting luxury. Book your adventure today and create memories that will last a lifetime.

Starting from

• $163/hr 2 hrs min

Check Availability

Features & details.

• Air Conditioning
• Fishing gear
• Climate Control
• Galley Stove & Oven
• Life jackets/required safety gear
• Fuel type: Gas
• Twin Engine
• Chart Plotter
• Wheel steering
• Cruising Cats
• Music System
• Outboard Engine

Approximate Location

You’ll get directions to the departure location when you make a booking.

Cancellation Policy

Full refund up to 5 days prior.

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Exciting electric catamaran experience lands at Louvre Abu Dhabi

All aboard for breathtaking views….

If you’ve ever fancied yourself setting sail in the South of France, here’s a fun way to get a taste.

As if a world class, state-of-the-art museum, a series of spellbinding exhibits and a jaw-dropping drone show spectacle weren’t enough to seal the Louvre Abu Dhabi’s status as a glittering jewel in the capital, you can now set sail in the waters surrounding the iconic structure.

That’s right, you can now enjoy a captivating electric catamaran experience as you set sail around the Louvre Abu Dhabi. This extraordinary experience harnesses aquatic innovation as you take in the sight of the architectural marvel, and one of the UAE’s most iconic, recognisable structures. Sit back and relax in a luxurious vehicle presented by Costa Azzurra, as you create a memorable experience in the waterfront surrounding the Louvre Abu Dhabi. The experience is available to enjoy seven days a week.

It really must be that time of year, because there’s also this happening very soon…

Louvre Abu Dhabi, Saadiyat, Abu Dhabi. 10am to 10pm daily, Dhs350 (30 mins for two), Dhs600 (60 mins for two). Tel: (0)561108138. louvreabudhabi.ae

Images: supplied