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LOGISTICS-
US Treasury sanctions three more Emirati oil traders and shippers: The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on UAE-based Zeenit Supply and Trading, Talassa Shipping, and Dubai-based Oil Tankers (SCF) Management for breaching the USD 60 / bbl price cap on Russian crude oil exports, the OFAC said in a statement on Thursday. Under the sanctions, the companies’ US assets will be frozen, and American companies will be barred from engaging in any business with them.
ICYMI- The US has previously sanctioned four UAE shipowners accused of violating the USD 60 / bbl price cap on Russian crude oil exports this past January and November 2023.
ENERGY-
Dana Gas is planning to reinvest USD 58 mn of its receivables in Egypt to drill more wells and increase production, the company’s CEO Richard Hall told Asharq Business (watch, runtime: 0:31).
ICYMI- Dana Gas said in November that it plans to invest USD 43 mn in Egypt in 2024, as part of an “intensive” natural gas drilling program. The company said it wants to drill 11 development wells and three exploratory wells in 2024, with the aim of increasing production by some 30 mn cubic feet per day.
M&A-
Amethis gets a piece of BBI: Africa-focused investment fund manager Amethis has acquired an undisclosed minority stake in UAE-based data management consultancy BBI via its MENA Fund II, according to a joint press release (pdf). The move will help BBI expand its geographical coverage and offer more services, the statement read. BBI currently operates in the UAE, Egypt, Algeria, and Saudi Arabia.
INFRASTRUCTURE-
The world’s first mobile marine station was launched in Dubai, courtesy of the Dubai Civil Defense, reports the Dubai Media Office. The floating station travels at 11 miles per hour with up to 16 individuals onboard, aiming to reduce response times to maritime incidents to four minutes. It is considered to be 70% more cost effective than traditional marine posts.
HEALTHCARE-
Dubai Health launched its new prenatal pediatrics center at the Latifa Hospital in partnership with Dubai-based holding company Al Tayer Group to provide maternity care for expecting mothers and high-risk pregnancies, aiming to establish the center as a “hub for discovery, fostering research and innovation,” according to the Dubai Media Office.
BUSINESS-
Sharjah + Oman chambers of commerce want to boost investment and business cooperation: The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed startup growth and capitalizing on the potential of the tourism and commerce sectors during a meeting yesterday, Wam reports. The two sides also discussed organizing commercial events and trade delegation exchanges to increase economic cooperation.
