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ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

EGA to produce silicon metal

Silicon metal is used in making of high-strength alloys.
  • Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
  • The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.

Emirates Global Aluminum has said it will develop a project to manufacture silicon metal in the UAE, securing supplies of a key raw material for ‘premium aluminum’.

Silicon metal is added to aluminum during the casting process, to create high-strength alloys required particularly in the automotive industry. Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.

The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material with an annual demand of around 60 thousand tons. Some 70 per cent of the world’s silicon metal manufacturing capacity is located in China, with the electricity-intensive industry largely powered by coal.

Silicon metal is also an essential raw material for other industries, including silicones which are used in everything from adhesives to contact lenses, and high-purity silicon which is used to manufacture solar photovoltaics and semiconductors.

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said, “Developing a silicon metal manufacturing facility would secure our supply of a strategic raw material. Once we have met our own demand we could expand further, creating a new growth opportunity for our company while supporting the development of new local industries in line with the goals of Operation 300bn and Make it in the Emirates, and the global energy transition. We could begin construction of a silicon metal plant as soon as next year.”