October, 2022

• 22 October

  Clean energy is a key pillar for sustainability: Al Mazrouei

  

  Dubai / WAM Today, the UAE leads global efforts in clean and renewable energy through its strategies and investments in this field. In 2021, the UAE announced the UAE Net Zero by 2050 Strategic Initiative, with investments of more than AED600 billion in clean and renewable energy until 2050. This makes it the first country in the Middle East and ...

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• 22 October

  Arada closes $100m tap of sukuk issuance

  

  Sharjah / WAM Arada has successfully closed a $100 million tap of its existing $350 million sukuk, which was issued in June and listed on the London Stock Exchange. The tap was priced at 99 cents on the dollar, with an investor yield of 8.386%. Arada’s existing five-year fixed rate RegS debut sukuk issuance was rated BB- by Fitch and ...

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• 22 October

  EasyLease 9-month net profit hits AED32.73mn

  

    Abu Dhabi / WAM EasyLease, the leading Mobility Solution company, a subsidiary of Abu Dhabi-based International Holdings Company (IHC), released its financial results and board meeting resolution letter for the third quarter of 2022, after market close on Friday, recording 32% YTD increase in net profit, higher by 17% than the market estimate. Easy Lease has posted a standalone ...

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• 22 October

  MFNCA bags two Gold Stevie Awards

    Abu Dhabi / WAM The Ministry of State for Federal National Council Affairs (MFNCA) claimed two Gold Stevie awards in the International Stevie Business Awards 2022, after ranking first in the Human Resources Department of the Year and Organisation of the Year (Government Organisations) categories. The International Business Awards are among the most prestigious international business awards for creativity, ...

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• 22 October

  Emirates marks successful 20-year partnership with Mauritius

  

    Dubai / Gulf Time Sir Tim Clark, President Emirates Airline, re-affirmed the airline’s commitment to Mauritius at a dinner reception held yesterday evening on the occasion of its 20-year anniversary of operations in the nation. The event took place at the Labourdonnais Waterfront Hotel in the presence of the Honourable Pravind Kumar Jugnauth, Prime Minister of Mauritius, other dignitaries ...

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• 22 October

  Europe racks up $700 billion energy tab as budgets strain

  

  Bloomberg European Union (EU) governments have pledged more than 550 billion euros ($536 billion) to protect citizens and businesses from soaring energy costs over the past year, highlighting the enormous fiscal burden the bloc’s leaders face as they jostle over how to pay for it. That figure climbs to 710 billion euros when support for utilities via loans, bailouts and ...

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• 22 October

  Enel in talks on $15.8 billion credit line for power price hit

  

    Bloomberg Italy’s Enel SpA is in talks with banks on a new €16 billion ($15.8 billion) state-backed credit line to cover derivatives risks linked to spiking energy prices, according to people familiar with the matter. Under the plan, the country’s trade-credit insurer Sace would provide guarantees for around 70% of the total amount, said the people, asking not to ...

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• 22 October

  Germany risks wasting billions on LNG projects

  

    Bloomberg Germany is at risk of wasting billions of euros on boosting liquefied natural gas imports instead of moving towards sustainable alternatives like energy efficiency, according to a new report. The country faces about 200 billion euros ($196 billion) of additional costs for gas imports by the end of the decade, causing a doubling of bills for consumers, the ...

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• 22 October

  Chinese city plans offshore wind farm that could power Norway

    Bloomberg A city in southern China is planning an offshore wind farm bigger than all of the power plants in Norway combined. Chaozhou, in Guangdong province, intends to start work on the 43.3-gigawatt project before 2025, according to a copy of the city’s five-year plan posted on industry publication bjx.com. The wind farm will be built between 75 and ...

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• 22 October

  BP to acquire US biogas producer

    Bloomberg BP Plc agreed to acquire biogas producer Archaea Energy Inc. for about $4.1 billion including debt, the latest step in the UK energy giant’s expansion into into lower-carbon fuels. BP will pay $26 per share, a 38% premium to the average share price in the 30 days to Oct. 14, Archaea said in a statement. The Houston-based company, ...

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