Browsing: Business

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Foreign Minister of Greece Nikos Dendias, today reviewed the prospects of strengthening the strategic partnership ties between the two nations.This came as the two top diplomats met today in Washington D.C., where they deliberated a number of regional and international issues of interest, including the latest developments in the eastern Mediterranean and the importance of strengthening peace and stability in the region.Sheikh Abdullah highlighted the steady growth in the UAE-Greece relations across various fields thanks to the strategic partnership and friendly ties between the…

Etihad Airways has raised US$1.2 billion in the first sustainability-linked loan (SLL) tied to environmental, social and governance (ESG) targets in global aviation. The transaction is the largest sustainable financing in the airline’s history and follows two innovative aviation financing deals – a first-of-a-kind sustainability-linked transition sukuk in 2020 and a loan tied to the UN Sustainable Development Goals in 2019.Adam Boukadida, Chief Financial Officer at Etihad Aviation Group, said, “Etihad Airways has spearheaded sustainable financing in aviation, and we are proud to continue our innovative track record by being the first airline to secure a sustainability-linked ESG loan. Financing…

Al Seer Marine, a marine company in the Middle East region that is engaged across multiple marine sectors, has announced the formation of a joint venture with BGN International, one of the leading energy, trading, storage, and transportation companies, to acquire a portfolio of Very Large Gas Carriers (VLGCs) for the transport of Liquefied Petroleum Gas (LPG).In addition, the joint venture has agreed to award Hyundai Heavy Industries (HHI) in Korea with an order to build two new VLGCs, both sized at 86,000 cubic metres capacity. The new-build VLGCs are due for delivery in the first and second quarters of…

India is expanding its strategic petroleum reserves programme, the Minister of State for Petroleum and Natural Gas, Rameswar Teli, told the lower House of Parliament, the Lok Sabha. In the second phase of its petroleum reserves programme, approvals were given this month for establishing two additional commercial-cum-strategic storage facilities with a total capacity of 6.5 million metric tonnes (MMT) in underground storage structures. The approvals were announced by the Minister today in reply to questions from Lok Sabha members.In the first phase of India’s strategic petroleum reserves programme, an agreement to store oil from Abu Dhabi at strategic petroleum reserves…

The OPEC Fund for International Development (OFID) has signed a US$75 million loan agreement with Bangladesh to improve connectivity and accessibility between the rural southwest regions and the capital Dhaka. The OPEC Fund loan will co-finance the construction of the Nalua-Baherchar Bridge (1.3km) over the Pandab-Paira River and build access roads. This project will improve connectivity between Dhaka and the southwest districts of Barisal and Patukhali, where agriculture and fishing are key economic activities. As travelers currently cross the river by ferry, the project will reduce travel time and costs while also allowing agricultural produce to reach marketplaces faster. The government…

The Abu Dhabi National Oil Company (ADNOC), announced an investment of US$763.7 million (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields to support its production capacity expansion to 5 million barrels per day (mmbpd) by 2030. The investment is in the form of three contracts awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process.Schlumberger’s share of the award is valued at US$381.18 million (AED1.4 billion); ADNOC Drilling’s share is valued at US$228.71 million (AED839.58 million), and Halliburton’s share is valued…

Masdar announced that it is expanding its footprint in the Republic of Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country for a combined capacity of 440 megawatts. Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, signed the Investment Agreements for both projects with Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, in Tashkent. The Power Purchase Agreements were signed by Sobirjon Artikov, First Deputy Chairman of the Board of JSC National Electric Grid of Uzbekistan, and Masdar’s Al Ramahi.”The Government of Uzbekistan opened up the power…

Masdar (Abu Dhabi Future Energy Company) has won a tender to build a US$174 million utility-scale solar project in Armenia. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of $0,0290/kWh.The 200-megawatt (MW) plant will be located in the Talin and Dashtadem communities of Armenia, in an area where solar radiation is both high and land is unusable for agricultural purposes. The project will be developed on a design, finance, build, own, and operate (DFBOO) basis and the project company will be 85…

DP World has announced the acquisition of 100 percent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in second half of 2021.Syncreon is a US based global logistics provider that specializes in the design and operation of complex supply chains for the high growth automotive and technology industries. syncreon provides specialized value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation management, reverse/repair and fulfillment services. syncreon has a global presence across 91 sites in 19 countries and services a large and diversified…

Al Maryah Community Bank, UAE’s first fully integrated digital bank, has announced the completion of its pragmatic architectural design of technology platform which is infused with an artificial intelligence capability that will lead to the complete transformation of digital banking, dispensing maximum customer satisfaction.Mohammed Wassim Khayata, CEO, Al Maryah Community Bank, said, “After extensive research of the available technologies in the market, we zeroed into this state-of-the-art turnkey solution which will transform and amplify the power of digital banking and help maximize digital customer service. We are also excited to share that we have successfully implemented and tested the first…