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 […]

Borouge secures two contracts worth $15m from UAE manufacturers

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has secured two contracts worth Dh55 million ($15 million) to supply polyolefins to UAE cable maker Ducab and Union Pipes Industry, its partner-customers. The companies will use the polyolefins to produce energy and infrastructure applications needed to construct the Borouge 4 project in Ruwais, Borouge said on Tuesday. Ducab will […]

First Abu Dhabi Bank raises $500m through Islamic bond

First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]

First Abu Dhabi explored offer for Standard Chartered

First Abu Dhabi Bank, the UAE’s largest lender, said it had considered making an offer for the emerging markets-focused Standard Chartered listed in London. “First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, […]

Burj Khalifa sales grow 16% as Dubai’s tallest tower turns 13

Dubai’s Burj Khalifa moved into adolescence in 2022 with a different type of growth spurt for the world’s tallest building. The architectural icon celebrated turning 13 by announcing a sweet 16% increase in residential sales. Property giant Knight Frank said 94 apartments were sold in the tower in 2022, valued at AED 477 million ($130 […]

Imdaad wins FM services contract for Al Nasr Club facilities

Dubai-based sustainable facilities management (FM) services group Imdaad has secured a three-year contract from Al Nasr Club Investment Company to provide a variety of solutions and services within its sports club and surrounding facilities. Under the terms of the contract, Imdaad will deploy a full range of hard services, soft services, and security solutions to […]

AD Ports forms JV for services in Caspian, Black Sea

Abu Dhabi-based AD Ports Group, a leading facilitator of global trade, has signed an agreement with Kazmortransflot (KMTF), to launch a joint venture (JV) to provide offshore and shipping services for energy companies in the Caspian and Black Seas. The JV is 51 percent owned by AD Ports Group and 49 per cent owned by […]

Etihad Cargo expands capacity offering to US

Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, will further reinforce its commitment to the US market with the introduction of an additional three weekly flights to John F. Kennedy International Airport (JFK) from April 24, 2023. The additional flights will bring Etihad Cargo’s total cargo capacity to over 600 tons out […]