Abu Dhabi Archives

Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s finance minister and chairman of Mumtalakat, said the agreement aligns with the company’s vision for McLaren’s transformation. “We are confident in CYVN’s ability to build on McLaren’s strong legacy and unlock its full potential,” he added. This development follows a challenging few years for McLaren, marked by record financial losses. In 2023, the company reported a £924 million loss, up from £349 million in 2022. These figures reflect the struggles of the Woking-based automaker, which has required significant financial support from Mumtalakat to stay afloat. Financial Woes Force Strategic Realignment McLaren’s financial challenges have been well-documented. During the COVID-19 pandemic, Mumtalakat led a £300 million emergency cash infusion to keep the company operational. In subsequent years, over £1 billion was raised through asset sales and investments, including a part-sale of McLaren’s heritage car collection and a sale-and-leaseback agreement for its headquarters. Despite these efforts, the automaker continued to face mounting losses, prompting Mumtalakat to seek a buyer. Wall Street giant JP Morgan was hired earlier this year to facilitate the process, culminating in the CYVN deal. A Vision for High-Performance Mobility CYVN Holdings aims to redefine high-performance automotive engineering by merging McLaren’s storied legacy with Abu Dhabi’s advanced engineering and technology capabilities. Jassem Mohammed Bu Ataba Al Zaabi, CYVN’s chairman, said the partnership reflects a shared commitment to innovation. “We aim to set a new benchmark for excellence in mobility,” he stated.

Business

Abu Dhabi Sovereign Wealth Fund Acquires McLaren Automotive in Historic Deal

by Samir Gautam

December 17, 2024

0

In a transformative deal for the British supercar icon, McLaren Automotive has been acquired by CYVN ...

News

Wynn Resorts to Build $3.9 Billion Gaming Oasis in Abu Dhabi

by Srijita Ghosh

April 30, 2023

0

Wynn Resorts, one of the world's leading hospitality and gaming companies, has announced plans to build ...

Abu Dhabi DoE Reveal Plans for EV Charging Infrastructure in Abu Dhabi

Automobiles

Abu Dhabi aims to diversify sources of energy to electrify

by Meghana Kandra

May 25, 2022 - Updated On May 26, 2022

0

Abu Dhabi takes a significant step toward changing the country's carbon emission, reaching Net-Zero by 2050. ...

Education

India to set up first IIT abroad in UAE under newly signed trade deal

by Balraj

February 21, 2022

0

The Indian government to set up an Indian Institute of Technology (IIT) in the United Arab ...

Business

Aquaculture start-up, FreshToHome to receive funding from the Abu Dhabi Investment Office

by Chhavideep Singh

December 8, 2020

0

Source: Deccan Herald FreshToHome is an online provider of fresh, chemical and antibiotics free chicken, mutton ...

Tag: Abu Dhabi

Abu Dhabi Sovereign Wealth Fund Acquires McLaren Automotive in Historic Deal

Wynn Resorts to Build $3.9 Billion Gaming Oasis in Abu Dhabi

Abu Dhabi aims to diversify sources of energy to electrify

India to set up first IIT abroad in UAE under newly signed trade deal

Aquaculture start-up, FreshToHome to receive funding from the Abu Dhabi Investment Office

Techstory

Advertise With Us

Welcome Back!

Create New Account!

Retrieve your password

Are you sure want to unlock this post?

Are you sure want to cancel subscription?

Tag: Abu Dhabi

Abu Dhabi Sovereign Wealth Fund Acquires McLaren Automotive in Historic Deal

Wynn Resorts to Build $3.9 Billion Gaming Oasis in Abu Dhabi

Abu Dhabi aims to diversify sources of energy to electrify

India to set up first IIT abroad in UAE under newly signed trade deal

Aquaculture start-up, FreshToHome to receive funding from the Abu Dhabi Investment Office

Techstory

Advertise With Us

BROWSE BY TAG

Welcome Back!

Create New Account!

Retrieve your password

Are you sure want to unlock this post?

Are you sure want to cancel subscription?