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COMMODITIES-
Infrastructure players tapped for new Abu Dhabi water and food cluster : Abu Dhabi’s new food and water cluster — AgriFood Growth & Water Abundance (AGWA) — inked agreements with four infrastructure partners to provide infrastructure for companies setting up shop there, Wam reports. The partners are AD Ports, Abu Dhabi Airports, Abu Dhabi Distribution Company (ADDC), and Masdar City.
Background: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the launch of AGWA, which is led by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, earlier this week. The cluster seeks to promote alternative proteins, algae, and reverse osmosis technologies to address global food shortages and water scarcity.
AGWA also partnered with five of the UAE capital’s leading universities and technology enablers, to set up a framework helping companies develop research and development capabilities in the food and water security sectors, according to Wam. The agreements were inked with Advanced Technology Research Council, the Abu Dhabi Investment Authority Lab, Khalifa University, the United Arab Emirates University, Hub71.
ALSO- New regulations to support water + food innovation? The Abu Dhabi Investment Office (ADIO), the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), and the Abu Dhabi Quality and Conformity Council (ADQCC) will work on building regulatory frameworks that support the goals of AGWA’s technological advancements, Wam reports.
ENERGY-
#1- Fitch Ratings upgraded Abu Dhabi National Energy Company’s (Taqa) long term default rating and senior unsecured rating to AA with a stable outlook, from AA- previously, according to a press release. The agency cited its stable revenues and cashflow visibility, as well as support from the Abu Dhabi government as reasons for the upgrade. Fitch also removed Taqa from under criteria observation (UCO), under which it was placed in January.
#2- Adnoc taps Celeros to provide carbon capture tech for Habshan plant: Adnoc has chosen US-based flow technology company Celeros to provide two high pressure CO2 injection packages — among the world’s largest — for carbon capture and storage (CCS) at its gas plant in Habshan, Abu Dhabi, according to a statement. The Habshan plant will be able to process 1.5 mn tons of CO2 annually.
REMEMBER- Adnoc has been exploring CCS investment opportunities: Adnoc signed a strategic collaboration agreement with Occidental Petroleum to explore potential investment opportunities in CCS hubs in the UAE and the US in April. The carbon capture program is part of an initial USD 15 bn decarbonization investment in low-carbon solutions to reach Adnoc’s Net-Zero by 2045.
TECH-
#1- National telco Emirates Integrated Telecommunications Company (du) will provide over 100 hyperscale cloud and sovereign AI services for the government and public sector using software companies Oracle and NVIDIA’s Oracle Alloy cloud infrastructure platform, it said in a statement. Du will run Oracle’s services from its UAE data center — making it the first local hyperscale cloud provider — with a focus on Dubai and the northern emirates.
#2- Dell and Presight ink an MoU to accelerate AI: Dell partnered with UAE-based AI company Presight to develop RAN and Internet of Things (IoT) analytics architectures for customers in the UAE, Trade Arabia reports. Presight also signed an MoU in May with Dell on the development of private cloud solutions as well as the development and deployment of sustainable data center solutions.
DEBT-
Emirates Global Aluminium (EGA) funded its acquisition of German aluminum recycling company Leichtmetall Aluminum Giesserei with its first green loan facility, it said in a statement, which did not disclose the size of the loan. The loan comes as part of EGA’s newly inaugurated green finance framework, developed with support from First Abu Dhabi Bank. Citi and ING are the lead sustainability structuring banks for the framework.
REFRESHER- EGA closed its acquisition of 100% of Leichtmetall Aluminum Giesserei from Leichtmetall Holding last month, marking its first major acquisition since it was formed through the merger of Dubai Aluminum and Emirates Aluminum. EGA did not provide details on the value of the purchase.
DEFENSE-
Edge + Cummins collaborate on military maintenance: Defense conglomerate Edge Group ’s military maintenance, repair, and overhaul arm Al Taif signed two MoUs with power provider Cummins Arabia to partner on the sales, maintenance, and servicing activities of Cummins’ engines and products owned by the UAE Armed Forces and other government entities, Wam reported. The agreements also cover marketing, promotion, and sales of rugged mobile power products.
INFRASTRUCTURE-
AD Ports is taking over three tourism terminals in Egypt: AD Ports will develop, operate, and manage three cruise terminals in Egypt’s Red Sea cities of Hurghada, Safaga, and Sharm El Sheikh, after inking a USD 4.7 mn 15-year concession agreement with the Red Sea Port Authority, the group said in a statement (pdf) yesterday. Under the agreement, AD Ports will “provide new services, improve access for cruise operators and add new itineraries through the Group’s cruise terminal network in the Red Sea.”
ALSO FROM AD PORTS- The group ratified two 30-year concession agreements with the SCZone that will see it develop, manage, and operate a roll-on, roll-off ship terminal and a cruise terminal in Ain Sokhna Port.
BUSINESS-
Meydan Freezone premises will now be open round the clock, courtesy of a Dubai 247 initiative launched by Meydan to offer clients and investors round-the-clock access to its company establishment processes and visa services, Wam reports. An operations team will also be available 24/7 in the client lobby for consultations, transactions, and document issuances.
EDUCATION-
#1- Dubai teachers to get schooled in AI: Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched an initiative aiming to train teachers in Dubai to use AI on the sidelines of the AI Retreat 2024, according to a Dubai Media Office statement. The initiative — which will be overseen by the Dubai Center for Artificial Intelligence and the Knowledge and Human Development Authority — will focus on advanced AI applications to automate tasks and personalize learning experiences. Some AED 1 mn in awards will be distributed to the top ten teachers adapting AI in education at the next AI Retreat in 2025.
#2- Gulf Medical University signed an MoU with Meridian Healthcare to promote healthcare education and research, according to a press release. The agreement will include the improvement of an AI-focused curriculum, training on AI applications, the development of research projects and faculty development initiatives.
