Abu Dhabi’s ADNOC Drilling board recommends $341.25mln dividend
The board of directors of ADNOC Drilling is recommending a final dividend payment of $341.25 million for 2022 after the company posted “exceptional” 2022 financial results and beat market expectations. ADNOC Drilling recorded a net profit of $802 million for 2022, up by 33% from the previous year. Its revenue rose 18% to $2.67 billion, […]
Dubai-listed Empower to invest $122.5mln in DMC cooling services
Dubai-listed district cooling company Empower will invest AED 450 million ($122.5 million) to supply services to Dubai Maritime City (DMC). The company revealed in a statement to Dubai Financial Market (DFM) that it had signed a contract for a project with cooling capacity of 63,000 refrigeration tons (RT), the first since Empower’s listing on Dubai […]
UAE’s TAQA, France’s Engie sign deal with EWEC for water desalination plant
Abu Dhabi National Energy Company, also known as TAQA, and French multinational utility firm Engie, have signed an agreement with Emirates Water and Electricity Company for the development of a desalination facility in the UAE capital. The Mirfa 2 Reverse Osmosis (M2 RO) Independent Water Project, which is expected to produce 120 million gallons of […]
DEWA CEO inaugurates Saur’s new international headquarters in Dubai
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), inaugurated Saur’s first office in Dubai, a move that symbolises the Group’s ambition to power ahead with its international expansion and make its expertise available to facilitate the water transition for all Middle Eastern countries. The opening ceremony was attended […]
UAE, US companies to jointly explore conversion of waste to alternative fuels
US-based carbon capture and transformation firm LanzaTech NZ (LanzaTech) and Abu Dhabi Waste Management Company (Tadweer) will jointly explore business opportunities to develop a large-scale conversion plant for transforming solid municipal waste into sustainable alternative fuel or clean energy. The collaboration further advances the US and UAE’s Partnership for Accelerating Clean Energy (PACE) and provides a […]
Abu Dhabi TAQA’s 2022 profit jumps 35% on high energy prices, lower depreciation
Abu Dhabi National Energy Company (TAQA) posted a 35% rise in its full-year (FY) net profit of AE8 billion ($2.2 billion), driven by high energy prices and lower depreciation expenses. Group revenue for the period was more than 10% higher at AED50 billion compared with a year ago, the energy company said in a statement […]
Adnoc’s $15bn investment in low carbon strategy is another step on a long road to net zero
From Europe, it appears as dilemma, a paradox, a contradiction. From the Gulf, it seems much simpler. What road must oil companies travel as an energy-hungry world seeks a climate-friendly destination? Adnoc announced Dh55 billion ($15 billion) of investments to 2030 in its low-carbon activities. This follows three other important transactions: in December, it bought Mubadala’s 24.9 […]
Adnoc’s new gas subsidiary begins operations
Adnoc’s new gas processing and marketing company, Adnoc Gas, began operations on January 1. Adnoc intends to proceed with an initial public offering (IPO) of a minority stake in Adnoc Gas on the Abu Dhabi Securities Exchange (ADX) during the course of this year, the state-run energy company said in a statement on Tuesday. A […]
UAE’s Masdar signs agreement with Kyrgyzstan to develop renewable energy projects
Abu Dhabi’s clean energy company Masdar has signed an agreement with Kyrgyzstan’s energy ministry to develop clean energy projects with a capacity to generate up to 1 gigawatt. The pipeline of projects will start with a 200 megawatt solar photovoltaic plant, which is expected to begin operations by 2026, Masdar said on Tuesday. “Masdar has considerable […]
Abu Dhabi’s ADNOC invites banks to pitch for gas business IPO -sources
Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for […]