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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

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Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Arab Development Establishment looks for JV partnerships in oil, gas sector

Oil prices rebounded more than two percent as OPEC and its key allies gear up for a delayed meeting due Thursday. (AFP)
  • The CEO of ARDECO said the partnerships with global companies will strengthen the government's approach to making the emirate a global hub for the oil and gas sector
  • He went on to add that his company represents more than 200 global firms in gas, oilfield services, and it intends to transform its relationship with these companies

Abu Dhabi, UAE— The Arab Development Establishment (ARDECO) has revealed that it is in talks with several international companies in the oil and gas sector to establish joint ventures boosting Abu Dhabi’s industrial base.

Yousef Al Nowais, CEO of the Arab Development Establishment (ARDECO), said the joint ventures will help support the government’s approach to making the emirate a global hub for the oil and gas sector, he added.

In his statement on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023, Al Nowais highlighted the organisation’s keenness to help strengthen the country’s oil and gas sector.

He then pointed out that the company represents more than 200 international companies in the areas of gas, oilfield services and energy, and has adopted a strategic plan to transform its relationship with these companies from representation to strategic partnerships.

“We have a network of strategic companies that provide a wide range of services in the oil and gas sector, from construction and maintenance to supplies, production facilities, refineries, pipeline installation, procurement, consultancy services, engineering, project management and labour force provision,” Al Nowais said.