GA-ASI partners with EDGE
Business
Borouge to increase dividend from 2025
The company okayed $650 million final dividend for 2024.
Business
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
DEWA Q3 2023 revenue $2.5bn
Business
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.
Business
Rolls-Royce sells record cars
Sales last year advanced eight percent to a record 6,021 cars.
- "2022 has been a momentous year for Rolls-Royce Motor Cars," said chief executive Torsten Muller-Otvos.
- Orders for Spectre, its first all-electric car that launches later this year, beat expectations, the company reported.
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Company News
GA-ASI partners with EDGE
Business
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Burgan Bank Sells 52% stake
Business
ADNOC Drilling, Alpha Dhabi set up JV
Geostrategy
DEWA Q3 2023 revenue $2.5bn
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
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Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
- Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
- Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
- QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
- "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
- The ban on Apple's latest smartwatch models came into effect Tuesday, with the Apple Watch Series 9 and Apple Watch Ultra 2 no longer available in stores or online
- The ban is the latest legal tussle involving big tech companies over valuable patents that has also seen Google battle in court against Sonos in a fight over speaker tech