August, 2023

• 15 August

  Adnoc, Tabreed collaborate on region’s first geothermal project

  

  ABU DHABI / WAM Adnoc and the National Central Cooling Company (Tabreed), today announced a breakthrough in the first project in the gulf region to harness geothermal energy following the conclusion of testing on two geothermal wells at Masdar City in Abu Dhabi. The landmark project is set to decarbonise the cooling of buildings in Masdar City, further diversify the ...

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• 15 August

  COP28 UAE Presidency to convene economists in UAE

  

  ABU DHABI / WAM The COP28 Presidency has announced that it will convene the Independent High-Level Expert Group (IHLEG) on Climate Finance in the UAE this week to drive progress on steps to reform international finance ahead of COP28. The two-day meeting — taking place on August 15 at the Abu Dhabi Global Markets (ADGM) — will bring together world-leading ...

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• 15 August

  UAE national banks’ financing totalled AED28.4b in 5 months

  

  ABU DHABI / WAM According to the latest statistics from the Central Bank of the UAE, the country’s national banks increased their credit facilities for the business and industrial sectors by around AED28.4 billion in the first five months of this year. The statistics also showed that the two sectors witnessed a 4 percent rise in credit balance from national ...

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• 15 August

  WEF selects Al Olama for AI Governance Alliance committee

  

  DUBAI / WAM   The World Economic Forum announced the selection of Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Director-General of the Prime Minister’s Office, for the steering committee in the AI Governance Alliance which includes 10 of the world’s leaders in the digital and technological fields globally. The AI Governance ...

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• 15 August

  Abu Dhabi’s Taqa reports AED13.5b net income for H1

  

  ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa) reported its first half earnings for the period ending on June 30, announcing a group revenues of AED26.8 billion, 5% higher than the prior-year period, primarily due to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment. Taqa also announced that the net ...

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• 15 August

  UAE participates in 3rd anti-corruption working group meeting in India

  

  ABU DHABI / WAM The UAE, represented by the Supreme Audit Institution (SAI), has participated in the 3rd Anti-Corruption Working Group (ACWG) Meeting and the Anti-Corruption Ministers Meeting of G20 that were held in Kolkata, India from August 9-12. The UAE’s participation aims to enhance the strategic role of the country in anti-corruption while taking part in the discussions for developing ...

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• 15 August

  Hamdan bin Zayed sends outstanding orphan students to Saudi Arabia to perform Umrah

  

  ABU DHABI / WAM HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent (ERC), congratulated some leading Grade 12 students who are orphans for their academic excellence by sending them to Saudi Arabia to perform Umrah. The ERC followed up on the implementation of Sheikh Hamdan’s directives and made ...

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• 15 August

  Beeah unveils region’s first AI vision cameras to enhance city cleaning, waste management

  

  SHARJAH / WAM Beeah Tandeef, the waste collection and city cleaning vertical of Beeah Group, announced a monumental step towards cleaner urban environments with AI City Vision. This groundbreaking AI 360 Camera system for waste collection vehicles, the first of its kind in the region, is set to revolutionise how cities are maintained and waste is managed. A standout innovation, ...

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• 15 August

  Vestas warns wind turbine backlog dragging on earnings

  

  BLOOMBERG Vestas Wind Systems A/S said it expects increased costs from a backlog of wind turbine orders to drag down full year earnings as executives avoided giving details on how the quality issues plaguing the broader wind industry would affect the Danish company. A key supplier of blades to Vestas published a profit warning last month after higher inspection and ...

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• 15 August

  Lagos seeks $10 billion power funding by 2032

  

  BLOOMBERG Nigeria’s biggest city and commercial hub of Lagos plans to raise as much as $10 billion in private investment to boost electricity supply to nearly five million households by 2032, state governor Babajide Sanwo-Olu said. Lagos, home to about 25 million people, receives about 25% of 5,000 megawatts of national grid-connected electricity, prompting the city to depend on fragmented ...

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