Abu Dhabi’s ADNOC Gas shares up 18% over IPO price
Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday. ADNOC Gas’ shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams. State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion […]
Dubai’s Union Properties returned to profit in 2022 but faces dissolution vote
Dubai-based Union Properties (UPP) returned to a profit of AED 30 million ($8.2 million) in 2022. However, the developer will present a recovery plan to the UAE’s stock market regulator as accumulated losses reached 67.73% of capital ratio. The company revealed a full year profit after a loss of AED 966.7 million in 2021. Revenue […]
UAE’s Dana Gas accrued $32mln in interest on Iran’s NIOC award
The UAE-based energy firm Dana Gas said on Monday its portion of interest accrued on an international arbitration tribunal award of $607.5 million in a gas supply dispute with National Iranian Oil Co. (NIOC) was $31.84 million as of February 2023. The dispute concerns a 25-year gas sales and purchase contract between Dana Gas affiliate […]
Dubai-based Shelf Drilling wins $118mln rig contract in Nigeria
Dubai-based Shelf Drilling has secured a two-year contract for its rig Shelf Drilling Scepter in Nigeria for offshore operations. The contract value, including mobilisation revenue, is about $118 million, the Oslo Stock Exchange-listed company said in a statement. The contract includes a one-year extension option, with the planned operational start-up in May 2023. The statement […]
Presight AI announces start of subscription period for IPO
Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market. The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters. The opening of the subscription period for the Offering commences on […]
DEWA commissions a new 132/11 kV transmission substation in Tilal Al Ghaf
Dubai Electricity and Water Authority (DEWA) announced on Monday that it has commissioned a 132/11 kV substation with a conversion capacity of 150 megavolt-amperes (MVA) at Majid Al Futtaim Development’s Tilal Al Ghaf mixed-use project in Dubai. The substation project also included 300 metres of 132kV ground cable to connect it to the main transmission […]