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ENERGY-
#1- The Abu Dhabi National Oil Company (Adnoc) has begun crude oil production from its Belbazem offshore block,operated by its JV with China National Petroleum Corporation, Al Yasat Petroleum, according to a statement. The block — located 120 km northwest of Abu Dhabi — comprises three offshore fields in Belbazem, Umm Al Salsal, and Umm Al Dholou.
The details: Adnoc aims to produce up to 45k barrels a day (bbl / d) of light crude through the block, and 27 mn standard cubic ft per day of associated gas, eyeing a company production target of 5 mn bbl/d by 2027, with an eye towards achieving gas self-sufficiency.
Refresher: Adnoc awarded an AED 2.73 bn construction contract for the Belbazem offshore block back in May 2021. Belbazem leverages operational facilities from the Satah Al Razboot offshore field operated by Adnoc Offshore, plus Al Yasat’s AI and digitization solutions to enhance efficiency while slashing emissions and costs.
#2- Positive Zero + Tamimi Energy partner on solar energy: Subsidiaries of KSA’s Tamimi Energy and Dubai-based decarbonization firm Positive Zero have signed a partnership agreement to develop solar projects across Saudi Arabia, according to a statement. Subsidiaries Sirajpower and Enerco will work together to finance, develop and source talent and tech for commercial and industrial solar power solutions across the Kingdom.
REMEMBER- Positive Zero just received a lot of funds to put towards decarbonization projects: US-based investment giant BlackRock invested USD 400 mn in Positive Zero through a diversified infrastructure fund. The investment allows Positive Zero to grow its sustainable energy adoption and offer fully financed sustainable energy solutions across the GCC which it has already begun doing in the UAE and Oman.
AGRICULTURE-
Badia Farms teams up with Bahraini Edamah to invest in Bahrain’s sustainable agriculture sector: Dubai-based urban vertical farming company Badia Farms signed a partnership with the Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahraini sovereign wealth fund Mumtalakat, to invest “several mn USD” to establish a sustainable farm in Bahrain, according to a statement. Under the agreement, Badia will lease a 50k sqm plot of land in the Bahraini village of Hamala from Edamah.
The details: The project will see Badia use advanced hydroponic farming methods, water recycling and solar power to maintain year-round crop production, according to a separate statement.
MANUFACTURING-
UAE-based Green Metal Industries has earmarked AED 367 mn (USD 100 mn) to set up a steel recycling and manufacturing plant located in AD Ports’ Khalifa Economic Zones Abu Dhabi, Kezad, according to a statement. Located in the Kezad industrial area, Kezad Al Ma’mourah, the plant will span some 116k sqm and is set to commence commercial operations in 1Q 2025.
INFRASTRUCTURE-
DIP Angola taps Chinese firm for infrastructure works: Dubai Investments Park (DIP) Angola signed an agreement with China Harbour Engineering Company (CHEC) for the first phase of DIP Angola’s infrastructure development, according to a press release. Over the course of 10 months, CHEC will construct the roadworks, storm sewer systems, water systems, and electrical infrastructure for phase 1A of the project.
REAL ESTATE-
#1- New sustainable residence in Dubai Marina? Dubai-based real estate developer Select Group and IHG Hotels & Resorts’ Six Senses are launching a 122-storey Six Senses Residences in Dubai Marina, including 251 residences, and wellness infrastructure and amenities, in what it says will be the world’s tallest residential tower, IHG said in a statement. The project is slated for handover in 1Q 2026, with WSP Middle East responsible for design and construction.
#2- Key Mavens Development is gearing up to launch a new AED 300 mn project in Dubai Creek’s Jaddaf Waterfront area, according to a press release. The project, named Montage, will offer luxury residential units at what it says will be “reasonable prices compared to its location.”
HEALTHCARE-
Abu Dhabi-based healthcare company M42’s Imperial College London Diabetes Centre is set to inaugurate a center for diabetes treatment in Madinat Zayed, Al Dhafra in 2H 2024, the Abu Dhabi Media Office said. The center aims to facilitate treatment for over 6k patients in the area by cutting travel time by 75%.
INS.-
PureHealth’s subsidiary, the National Health Ins. Company (Daman) has partnered with Axa Global Healthcare to offer international private medical ins. plans to its customers in the UAE that provide access to Axa’s network of 1.9 mn healthcare providers worldwide, Wam reports.
INVESTMENT-
The Abu Dhabi Chamber of Commerce and the UAE International Investors Council will promote Abu Dhabi as a global investment hub by forming economic delegations and holding joint workshops and international events to expand the Chamber’s international members, after the two sides signed an agreement, according to a press release.
