News

ABU DHABI/WAM Adnoc Gas announced on Monday it expects to acquire Adnoc’s 60% stake in the Ruwais Liquified Natural Gas (LNG) plant in the second half of 2028 at cost. Adnoc Gas expects Adnoc to transfer its 60% share of the Ruwais LNG Project to the company at cost – estimated to be around $5 billion – in the second ...

BAKU/WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan arrived on Monday at Heydar Aliyev International Airport in Baku on a working visit to the Republic of Azerbaijan, during which he will participate in the COP29 climate conference. The conference is being hosted in the Azerbaijan capital from November 11 to 22 under the slogan ‘In Solidarity for ...

SHARJAH/WAM Al Qasimia University has signed a memorandum of understanding (MoU) with Kazakhstan’s Al-Farabi National University, aimed at strengthening academic ties and expanding collaborative research across various disciplines. This partnership is intended to promote the exchange of expertise, joint studies, and research initiatives between the two institutions. The MoU was signed at Al-Farabi National University’s campus in Almaty, Astana, with ...

DUBAI/WAM Dubai International Financial Centre (DIFC) on Monday announced the full redemption and on-schedule repayment of a $700mn Sukuk. This marks a significant milestone in implementing its sustainable financing strategy and commitment to responsible financial management. The repayment of the Sukuk reflects DIFC’s financial strength and the result of robust financial policies that enhance the efficiency of the centre’s debt ...

BAKU/WAM Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, on Monday delivered his handover address as COP28 President on the first day of COP29 in Azerbaijan, concluding a landmark term defined by breakthrough progress across the climate agenda. During the speech, he called on all parties to “prove once again that we can unite, act and deliver” over ...

RIYADH/WAM On behalf of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, led the UAE delegation at the Extraordinary Arab and Islamic Summit on developments in Gaza Strip and Lebanon. The summit was inaugurated today by His Royal Highness ...

DUBAI / WAM Dubai Chambers has signed a memorandum of understanding with the financial technology company “noqodi” to develop digital payment solutions for the services it provides to the business community. The agreement comes as part of the chambers’ efforts to support the ‘Cashless Dubai’ strategy, which aims to enable seamless and secure digital payment solutions across the public and ...

DUBAI / WAM Dubai Electricity and Water Authority (DEWA) on Monday reported its first nine-month consolidated financial results for 2024, recording cumulative revenue of AED23.5 billion, EBITDA of AED11.8 billion and net profit after tax of AED5.5 billion. Saeed Mohammed Al Tayer, MD and CEO of Dewa, said, “Dewa’s 6.2% revenue growth to AED23.5 billion and 4.7% increase in EBITDA ...

DUBAI / WAM The UAE, represented by a delegation from the Ministry of Human Resources and Emiratisation (MoHRE), participated in the first preparatory meeting for the Global Forum on Migration and Development (GFMD) 2024-2025, held recently in Geneva, under the Chairship of Colombia, in collaboration with France. In his remarks at the GFMD Steering Committee meeting, Ambassador Jamal Al Musharakh, ...

ABU DHABI / WAM Fertiglobe on Monday reported Q3 2024 revenues of $496 million, adjusted EBITDA of $176 million, and adjusted net profit of $31 million. The company reported 9 month 2024 revenues of $1.5 billion, adjusted EBITDA of $496 million, and adjusted net profit of $135 million. Q3 2024 and 9 month 2024 reported net profits attributable to shareholders ...