Mashreq Bank provides $15.5bln of sustainable finance and adaptation-related investments
Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said that since January 2021, Mashreq has facilitated $15.5 billion of sustainable finance and adaptation-related investments. In a statement to Emirates News Agency (WAM), Dusen said that ESG is related to cash flow in five important ways. It minimises regulatory […]
Abu Dhabi-based Borouge’s new polyolefins complex in Ruwais to start operations in 2025
Abu Dhabi-based Borouge has said that its ‘Borouge 4’ polyolefins complex in Ruwais is set to begin operations in 2025 and work is progressing as planned. Borouge manages the project, which is co-owned by UAE’s ADNOC and Austria’s Borealis, the company said in a statement. The complex will add 1.4 million tonnes of polyethylene capacity, […]
Smart Ball technology saves 130mln gallons of water: DEWA
Dubai Electricity and Water Authority (DEWA) has revealed that its Smart Ball technology has provided significant results in detecting leaks in water transmission underground pipelines. These are usually difficult to detect using traditional leak noise logging techniques due to depth. Since its utilisation in April 2021 and until the end of 2022, […]
Abu Dhabi gets its largest solar rooftop project at Warner Bros. World Abu Dhabi
Abu Dhabi-based destination company Miral and Emerge, a joint venture of Masdar and French multinational utility company EDF, inaugurated the 7-megawatt peak (MWp) rooftop solar photovoltaic (PV) project at Warner Bros. World Abu Dhabi theme park, located on Yas Island. The rooftop solar photovoltaic project is Abu Dhabi’s largest solar rooftop plant and makes […]
Asset growth in UAE’s banking sector likely to be sluggish in 2023
The UAE banking sector’s asset growth is expected to be sluggish in 2023 as the demand for credit may slow down due to further monetary tightening, professional services firm Alvarez & Marsal (A&M) said in a new report. Oil-sector may face production cuts as agreed upon by OPEC, but the non-oil sector is likely […]
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 […]
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 […]