UAE President, India’s PM meet; deals signed include MoU to set up payment in local currencies
Sheikh Mohamed bin Zayed Al Nahyan, President of UAE met with Indian Prime Minister Narendra Modi in Abu Dhabi. The visit by the Indian leader was to take the strategic partnership between the two countries to the next level, following the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022, as per state news […]
OMV enters talks with ADNOC to form global chemical giant
Austria’s OMV is entering talks with Abu Dhabi National Oil Company (ADNOC Group) about combining some of their assets to create a chemicals and plastics giant. OMV’s executive board decided to pursue negotiations with state-owned ADNOC about a potential merger of Borouge and Borealis, it said in a statement Friday, confirming a Bloomberg News report. […]
Mohammed bin Rashid Al Maktoum Solar Park: A global model for clean energy leadership
The UAE is among the largest countries in the world to invest in clean and renewable energy projects and was the first country in the Middle East and North Africa to launch a strategic initiative to achieve net-zero carbon emissions by 2050. During the Year of Sustainability, it hosts the Conference of the Parties […]
Iberdrola, UAE’s Masdar to develop $1.5bln Baltic wind farm, Expansion reports
Spanish utility Iberdrola has signed an exclusive deal with Abu Dhabi’s Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany’s northeastern coast will have 50 wind turbines and is […]
Abu Dhai’s Mubadala invests in CoolIT Systems alongside KKR
Mubadala Investment Company has announced that it invested alongside investment funds managed by KKR, a leading global investment firm, in the acquisition of CoolIT Systems (CoolIT), which was announced on 2nd May 2023. Headquartered in Calgary, Canada, with operations across North America, China and Taiwan, CoolIT specialises in scalable liquid cooling solutions for the world’s […]
Al Fattan Holding Investment signs $20mln investment with LTechUVC
Al Fattan Holding Investment recently announced that it will invest $20 million in Abu Dhabi for green hydrogen and ammonia manufacturing business with LTechUVC, a Korean energy company. The ‘Green Hydrogen and Ammonia Production Project’ is a 200 MW green hydrogen and ammonia manufacturing project in Abu Dhabi with a total project cost of $400 […]
Abu Dhabi TAQA-led consortium secures $620mln funding for desalination plant
Abu Dhabi National Energy Co. (TAQA), alongside France’s ENGIE, have announced the financial closing of the 2.3 billion dirhams ($620 million) low carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project. This follows Emirates Water and Electricity Co. (EWEC) awarding the contract to develop the desalination plant to a consortium made up of TAQA, and […]
ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period. Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at […]
Masdar City completes LEED ratings for all Masdar Green REIT assets
Masdar City has secured the LEED Gold O+M (operations and maintenance) rating for the corporate headquarters buildings of IRENA, Masdar City, and Tabreed, meaning that each building owned by the Masdar Green REIT is now rated LEED Platinum or Gold. Leadership in Energy and Environmental Design (LEED) ratings, provided by the US Green Building […]
UAE-based diagnostics firm TGT to establish technology hub in Abu Dhabi
UAE-based TGT Diagnostics, which provides well diagnostics to the hydrocarbons industry, announced that it will build a new technology hub in Abu Dhabi. The company has signed an agreement with Khalifa Economic Zones Abu Dhabi (KEZAD Group) for the new facility, it said in a press statement. The facility, which is being set up at […]