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The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

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Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Middle East real estate giant Aldar Properties creates a billion-dollar investment firm

The United Arab Emirates (UAE) based real estate giant is spinning off its investment division to create a subsidary with around $5.4 bn of iconic property assets

Aldar Properties chief executive Talal Al Dhiyebi told CNBC’s Hadley Gamble: “It’s another extremely exciting day in the Aldar story, we’re launching Aldar Investments, the region’s largest and most diversified investment company.”

 “A lot of people still look at Aldar as a development company but today we’re much more balanced, 50 % of our income comes from the development business — that’s the typical homebuilder and ‘build to sell’ developer — and then on the asset management side we have quite a diverse portfolio of assets,” he added further.

He stated that the firm was “spinning off” the investment company with $5.4 bn worth of assets in residential, commercial, retail and hospitality. This list will include “trophy assets” like Yas Mall, The Gate Towers and Arc.

Explaining the reason behind this move, Al Dhiyebi stated the company thought it “was the right time to optimize our capital structure and unlock capital.” He further added that Aldar Investments had been assigned a “Baa1” rating by Moody’s ratings, the region’s highest non-government corporate credit rating, which means that Aldar Investments can raise capital, independently of Aldar as a whole.

Al Dhiyebi also stated that Aldar Investment would consider an IPO and would consider becoming a publicly-listed company on the stock exchange sometime in the future, saying: “We are ready to monetize this business at the right time if it’s going to deliver more shareholder growth.”

Founded in 2004 and headquartered in Abu Dhabi, one of seven emirates that make up the UAE, Aldar is responsible for many residential, commercial and cultural developments in the region.

Prominent developments include its headquarters in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, and Yas Island’s F1 racing circuit.

-GBO Correspondent.

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