The acquisition adds significant asset value and further enhances TAQA’s predictable cashflow profile and earnings
Energy
Arab Light Crude
Saudi Arabia may cut October crude oil prices for Asia: Report
Worsening refining margins in China and the wider Asian region are among the factors cited for the expected price cut
DEWA
Dubai’s WETEX 2024 to host 44 Italian companies
The expo, organised by DEWA, will take place from October 1 to 3 at the Dubai World Trade Centre
Abu Dhabi
Borouge shareholders approve $650 million interim dividend
Dividend equates to 7.94 fils per share for first half of 2024; Last date of purchase is 5 Sep and record date set for 9 Sep
district cooling
Tabreed first district cooling company to be eligible to trade carbon credits
Abu Dhabi company’s plant completes Verra’s ‘Verified Carbon Standard’ programme that confirms district cooling’s energy efficiency
Abu Dhabi
Saudi announces holiday plans; UAE visa amnesty; Dubai real estate boom; Cloud-seeding explained; Petrol prices set to change – 10 things you missed this week
UAE visas, Saudi holidays, cloud-seeding, petrol prices, real estate trends and more of the top stories this week
Abu Dhabi Securities Exchange
NMDC Energy shares to debut on ADX at AED 2.8 in upcoming IPO
The issue will open on Friday, August 30
Egypt
Significant oil discovery announced in Egypt’s western desert
The Egyptian Ministry of Petroleum unveils new incentives to boost oil and gas production and exploration
Abu Dhabi
Indian conglomerate Adani Group incorporates new power company in UAE
The company said the objective of the subsidiary will be to invest in power, infrastructure, and related fields
Abu Dhabi
UAE petrol prices to change for September 2024
UAE petrol prices fell last month following four months in a row of increases and will change again this week
Abu Dhabi National Energy Company
TAQA and JERA achieve financial closing of SATORP’s cogeneration plant
Build with cutting-edge technology, the plant in Jubail will supply 475MWs of power and nearly 452 tonnes per hour of steam
NEOM
Jobs in Saudi Arabia: NEOM announces major recruitment drive
NEOM Green Hydrogen Company virtual recruitment event sees 9,000 registrations
Dana Gas
Pearl Petroleum terminates Kurdistan EPC contract with Enerflex
In a disclosure with ADX, Dana Gas says decision taken “following numerous performance issues during the execution of the contract works”
Abu Dhabi
TAQA’s revenue soar to $7.4bn as SWS acquisition starts adding up
Adjusted EBITDA up 4% to $2.97 billion; CapEx at $1.03 billion due to the construction progress of two major RO projects
Deira Enrichment Project
Empower starts constructing Deira Waterfront district cooling plant
The new plant, with a total capacity of 39,000 RT, will be built in two phases; the first phase will become operational in June 2025
Abu Dhabi
ADNOC Group’s listed portfolio companies post combined AED89 bn revenues in H1 2024
The six listed companies of the group reported a cumulative whopping AED16 billion net profit in the first half of this year
OPEC
UAE economy grows as real estate, tourism and manufacturing thrive: OPEC
OPEC forecasts growth of UAE economy as real estate, tourism and manufacturing thrive