Qatar Airways’ CEO to quit
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Nedaa, Dubai Customs ink MoU
Business
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
Business
TAQA acquires stake in Taweelah
TAQA took up the operation and maintenance of the plant.
- As part of a transaction valued at US$65 million (approx. AED239 million), TAQA has completed its acquisition from BTU Power Company.
- TAQA acquired an additional 10 percent ownership stake in the owner of the Taweelah B IWPP – Taweelah Asia Power Company.
Business
TAZIZ, PROMAN sign pact
They will build UAE’s first world-scale methanol production facility.
- The facility has an anticipated annual capacity of up to 1.8 million tons.
- The facility has an anticipated annual capacity of up to 1.8 million tons. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials.
Business
ADNOC, TAQA mobility JV
They will build and operate electric vehicle infrastructure in Abu Dhabi.
- The partnership will include a network of fast chargers at key locations, featuring associated solutions such as parking and tolling services.
- Demand for EVs in the UAE market is projected to see a compound annual growth rate of 30 percent between 2022 and 2028.
Business
TA’ZIZ signs ammonia agreement
The pact was signed with Fertiglobe, GS Energy and Mitsui & Co.
- Low-carbon ammonia is made from hydrogen derived from natural gas feedstocks and nitrogen, with the carbon dioxide produced captured and stored.
- The total investment in the first phase of TA’ZIZ will be in excess of $5 billion (AED18 billion), with most of the chemicals produced to be created in the UAE for the first time.
Business
Al Seer Marine unveils MEGA II
MEGA II is the world's largest 3D printer, the company said.
- The technology will enable engineers to develop large-scale boats and products that are in high demand.
- The global additive manufacturing market size was valued at $13.84 billion in 2021 and is expected to reach $44.03 billion by 2027.
Business
DP World, Maersk sign partnership
They will collaborate on decarbonizing solutions, customer service.
- Maersk will deploy two of its solutions for customers moving their cargo through Jebel Ali Port
- In Jan 2022, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, a non-profit organization.
Business
TSMC posts Q4 profit of US$9.7bn
The Taiwanese company predicts slowing sales for 2023.
- TSMC operates the world's largest silicon wafer factories and produces some of the most advanced microchips.
- It is regarded as a global economic bellwether because so many of its chips are in such a wide array of devices.
Business
ALAFCO completes transfer pact
An order for 20 Boeing jets would be transferred to Macquarie AirFinance.
- ALFCO said it executed the purchase agreement for the 20 Boeing 737 Max 8 jets dated October 2012.
- The agreement will increase cash and cash equivalents by KD 21.7 million ($70 million).
ADNOC Gas set up as processing, operations and marketing firm
ADNOC said the company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into...
- Ahmed Mohamed Alebri has been appointed as Chief Executive Officer (Acting) of ADNOC Gas, Peter Van Driel as Chief Financial Officer, and Mohamed Al Hashemi as COO.
- As announced in November 2022, ADNOC intends to proceed with an initial public offering of a minority stake in ADNOC Gas on ADX.
Company News
Aramco, ENOWA ink pact
Business
RSG, KHC set up joint venture
Business
Latest News
British Steel to cut 2000 jobs
Business
Qatar Airways’ CEO to quit
Business
Chevron to acquire Hess
Business
Invest AD to launch debt fund
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
Business
Most Read
Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.