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ENERGY-
Taqa, Jera secure financing for Saudi plant: The Abu Dhabi National Energy Company (Taqa) and Jera, Japan’s biggest power producer, reached financial close on their joint venture with Saudi Arabia’s Satorp to develop a greenfield industrial cogeneration plant in Jubail, Saudi Arabia, according to a Taqa press release (pdf). The plant will supply power and steam to the Amiral petrochemical complex, set to host one of the GCC’s largest steam crackers.
The details: The plant will be developed by a special purpose entity 51% owned by Taqa, with Jera holding a 49% stake, on a 25-year build, own, and operate basis — extendable by five years. The two companies will also handle operation and maintenance of the plant through a separate special purpose entity. The agreement is extendable by five years.
REMEMBER- Taqa and Jera entered into a power purchase agreement with Saudi Arabia’s Satorp, a joint venture between Saudi Aramco and TotalEnergies, to develop the plant back in March.
DEBT-
FAB to list USD 20 mn bonds on LSE: First Abu Dhabi Bank (FAB) is set to list its USD 20 mn bonds on the London Stock Exchange after setting the terms for the debt offering, a disclosure (pdf) shows. Issued under the lender’s USD 20 bn EUR-denominated medium term note program, the unsecured bonds were priced with a 4.48% annual yield rate, with maturity set for 22 August 2034.
ENERGY-
NMDC lands USD 200 mn dredging contract from Adnoc: The National Marine Dredging Company (NMDC) Group secured a contract worth over USD 200 mn from Abu Dhabi National Oil Company (Adnoc) for marine dredging works at the Ruwais liquified natural gas (LNG) project, according to an ADX disclosure (pdf). The project is expected to be completed within 10 months.
REMEMBER- In June, Adnoc handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts to a JV between engineering companies NMDC Energy, Technip Energies and JGC Corporation after reaching the final investment decision for the project at an executive board committee meeting.
REAL ESTATE-
Saudi Arabia’s Dar Al Arkan said it will back its Dubai-based unit Dar Global’s push into Saudi and London markets, including through facilitating acquisitions and ventures in Saudi Arabia, in a Nasdaq disclosure (pdf). The developer said it is “not expecting any financial obligations” related to facilitating potential transactions for the London-listed company.
ICYMI- Dar Global, the Dubai-based developer and global arm of Saudi Dar Al Arkan, tapped US giant financial advisory Rothschild & Co earlier this week to help in its search for potential acquisitions and joint ventures in Saudi Arabia and London.
AVIATION-
Emirates is acquiring five Airbus A380s from Doric Nimrod Air, according to a London Stock Exchange disclosure. The aircraft are being purchased for GBP 30.7 mn (AED 147.7 mn) a piece, to be paid by 1Q 2025, with the acquisition set to be complete between 1 October and 30 November this year.
Background: Emirates had leased seven Airbus A380s from Doric Nimrod Air for a period of 12 years back in 2011. The airline acquired two of the seven aircraft last year for GBP 59.2 mn after their lease expired.
RETAIL-
Dexiconn brings Bosch ACs to the market: Dubai-based electronic exporter Dexiconn has become a distributor for Bosch Home Comfort to bring Bosch air conditioners to the UAE, including the Climate Line 5300 split air conditioners, according to a statement.
TRADE-
Fujairah to export gravel to Kuwait: The Fujairah Natural Resources Corporation and Kuwait’s Public Works Ministry inked an agreement to export high quality gravel from the UAE to Kuwait, the Kuwait News Agency reports. The agreement will also see both sides exchange expertise on gravel manufacturing and transport.
FINTECH-
Zumo joins ADGM’s finance sustainability pledge: UK B2B digital assets infrastructure provider Zumo has signed the Abu Dhabi Sustainable Finance Declaration, pledging to contribute to the Middle East’s sustainable finance sector, according to a press release. Under the declaration, Zumo will collaborate with other signatories — including the Abu Dhabi Securities Exchange, First Abu Dhabi Bank, the Central Bank, AND HSBC — to develop a framework to promote green and sustainable investments
About the declaration: Launched by Abu Dhabi Global Market (ADGM) in 2019, the declaration aims to build a robust sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative.
HEALTHCARE-
American Hospital Dubai established its first medical tourism office in Lagos, Nigeria, marking its initial expansion outside the UAE, Khaleej Times reports. This initiative aims to provide Nigerians with easier access to medical services in the UAE and is part of the hospital’s broader strategy to establish 30 offices across Africa and Eastern Europe.
REMEMBER- American Hospital plans to establish three medical tourism offices in Nigeria this year, it said back in February. The Lagos office will also engage in community outreach, knowledge-sharing, and offer affordable treatment packages for Nigerian patients.
BANKING-
Sharjah-based Invest Bank and Network International partnered to offer Network’s digital payment services to the bank’s corporate clients, in a bid to digitize and streamline payment management processes, Wam reports. The agreement will see Invest Bank integrate Network’s merchant acquiring, card acceptance, and payment services, allowing it to offer a full suite of technology-enabled payments solutions to its corporate clients.
BUSINESS-
Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi met with the American Business Council in Dubai (AmCham Dubai), as well as the US Ambassador to the UAE Martina Strong and “major” American companies, to discuss trade relations and strategic partnerships with the US, Wam reports. The meeting focused on ramping up economic and investment cooperation to promote sustainable development in Ras Al Khaimah, in addition to investment and economic windows available in the emirate for US businesses.
MoUs signed: Ras Al Khaimah Economic Zone (RAKEZ) and AmCham Dubai inked an agreement during the meeting to enhance cooperation and support the local business community.
