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ENERGY-
#1- Adnoc awards 3% stake in Abu Dhabi concession to Socar: The Abu Dhabi National Oil Company (Adnoc) awarded the State Oil Company of Azerbaijan Republic (Socar) a 3% participating stake in Adnoc’s Sarb and Umm Lulu concession for an undisclosed sum, according to a press release. This transaction marks Socar’s first upstream international investment. Following the acquisition, Adnoc now holds a 57% stake in the concession, while Austrian OMV and TotalEnergies each hold a 20% stake.
Adnoc and Socar are no strangers: Last year, Socar sold Adnoc a 30% stake in Absheron gas field in Azerbaijan. The two energy firms also signed an agreement to explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets.
#2- Renewables giant Masdar has broken ground on its 250 MW Nur Bukhara solar plant with a 63 MW battery energy storage system (BESS) in Uzbekistan, the company stated on Friday. The project is the first of its kind in the Commonwealth of Independent States (CIS) — a regional intergovernmental organization in Eurasia — and is set to start commercial operations by the end of the year, according to Masdar’s website. Masdar secured USD 171 mn in financing for the project in May.
About the project: The project — which will stand as Central Asia’s first renewable power facility with a utility-scale battery storage system — plans to offset around 327k metric tons of CO2, generate around 585 GWh of energy annually, and power 75k houses.
MANUFACTURING-
#1- Emirates Global Aluminium (EGA) has inked a framework agreement with Aluminium Corporation of China (Chinalco) to jointly develop an alumina refinery in Guinea, according to a press release. Signed on the sidelines of the UAE-China Business & Investment Forum in Beijing, the agreement will see the two firms build the facility through a joint investment. EGA subsidiary Guinea Alumina Company (GAC) Director-General Youssef Sylla had revealed in February plans to set up a refinery with an annual capacity of 1 mn tonnes.
Not EGA’s first Guinea investment: EGA owns Guinea Alumina Corporation, a bauxite mine and export facility operator in Guinea.
#2- Acino to expand Dubai operations: ADQ-owned pharma firm Acino plans to expand its production capacity at its 1.3k sqm Dubai Science Park facility as well as its export footprint to GCC markets, Interim Head of Region, Middle East, Turkey, and Africa Mansoor Meenai told Gulf Business, highlighting that the pharma market is “experiencing continuous growth, ample investment, and a strong interest in local manufacturing.”
Acino has increased its annual production capacity to over 250 mn tablets and 87 mn capsules, aiming to secure a “continuous sustainability in terms of volume increases in manufacturing that is critical to a site here,” Meenai said.
REFRESHER- Acino was among the three ADQ-owned healthcare assets consolidated under Arcera, the sovereign wealth fund’s new Abu Dhabi-based life sciences holding company. Arcera plans to double its revenues over the next five years through strategic acquisitions and global partnerships.
SPACE-
AzurX + MBRIF to launch space startup accelerator: The Mohammed Bin Rashid Innovation Fund (MBRIF) has partnered with Dubai-based satellite services firm AzurX to attract global space startups to the UAE through a tailored six-month acceleration program, Wam reports. The program will support startups at various stages of development by helping them secure funding and facilitating networking with various UAE-based stakeholders.
TECH-
India’s Bajaj launches DIFC tech services hub: Bajaj Finserv Direct, a subsidiary of Indian financial services conglomerate Bajaj Finserv, has inaugurated its technology services center in the Dubai International Financial Centre (DIFC), as part of it expansion plan into the Middle East, according to a press release. The hub is set to offer scalable solutions, including enterprise applications, data engineering and analytics, gen-AI, and cloud services to key sectors such as financial services, retail, e-commerce, and government enterprises.
EVS-
Lucid expands into UAE: Saudi-backed EV maker Lucid Group has opened a new retail location in Dubai’s City Walk, its first in the UAE and second in the Middle East, and will soon inaugurate a service center in Dubai Investment Park, according to a press release.
LOGISTICS-
#1- Adani lands in African waters: UAE-based East Africa Gateway, a subsidiary of Indian port operator Adani Ports and Special Economic Zone (APSEZ), has signed a share purchase agreement to acquire 95% of Tanzania International Container Terminal Services for USD 39.5 mn from Hutchison Port Holdings and Harbors Investments, according to a statement on Friday. The acquisition is part of a 30-year concession agreement between Adani International Ports Holdings and Tanzania Port Authority to manage and operate Container Terminal 2 at Tanzania’s Dar es Salaam Port, the press release adds.
This marks Adani’s first container terminal in Africa, and the third international port acquisition, including Israel’s Haifa Port — which it purchased from the Israeli government in a USD 1.15 bn transaction last year — and a terminal currently being developed at Sri Lanka’s Colombo Port.
#2- DP World debuts “cars in containers” on Mexico-US route: DP World has designed a 53-foot intermodal container with racking systems to transport cars via rail from Mexico to the United States and Canada, according to a press release. The containers — which can take up to six vehicles — should enhance efficiency and reduce costs for original equipment manufacturers (OEMs) in Mexico.
The mechanisms: The service will load finished vehicles into containers directly at Mexican factories or specialized stuffing yards that are close to manufacturing hubs. The containers will then be transported into intermodal rail ramps and moved by rail to destinations including Los Angeles, Chicago, Detroit, and Toronto.
FOOD-
ADAFSA + FAO launch biosecurity index: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and the Food and Agriculture Organisation (FAO) have launched the Integrated Biosecurity Index (IBI), a tool that measures global food security and biosecurity, Wam reports. The IBI, which measures plant and animal health, food safety, and environmental protection, aims to improve biosecurity risk assessment for investors as well as foster international cooperation and knowledge sharing in biosecurity.
