Dubai gets another Guinness World Records entry in the energy sector

Dubai gets another Guinness World Records entry in the energy sector
The Jebel Ali complex of the Dubai Electricity and Water Authority (DEWA) has an electricity generation capacity of 9,547 megawatts. (File/AFP)
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Updated 02 March 2021

Dubai gets another Guinness World Records entry in the energy sector

Dubai gets another Guinness World Records entry in the energy sector
  • Dubai project recognized as largest single-site natural gas power facility in the world

DUBAI: Dubai has chalked up another Guinness World Records entry — and this time it’s for a gas project.

The Jebel Ali complex of the Dubai Electricity and Water Authority (DEWA) has been recognized as the largest single-site natural gas power generation facility in the world, state news agency WAM reported.

The complex has an electricity generation capacity of 9,547 megawatts.

The emirate has been a prolific participant in the Guinness Book of Records, which first appeared in 1955 and has since sold more than 143 million copies.

“DEWA has created comprehensive electricity infrastructure development plans based on demand forecast until 2030,” Saeed Mohammed Al-Tayer, chief executive of the authority, said.

DEWA provides services to over one million customers.

Located on the southern fringe of Dubai, the plant was extended in 2019 and now has a capacity of 2,885 megawatts of electricity and 140 million gallons of desalinated water per day.

The award comes as the authority undergoes key updates in its operations, including the application of artificial intelligence and other “disruptive” technologies.

“This has resulted in DEWA improving its generation efficiency by 33.41 percent, which also helped achieve considerable financial savings,” Al-Tayer said.

He added: “This improvement has also reduced more than 64 million tons of carbon emissions, which are equivalent to planting 327 million trees. It has also reduced more than 46,000 tons of nitrogen oxide gases and over 3,000 tons of sulfur dioxide.”


Turkish research group faces criminal charges over inflation data

Turkish research group faces criminal charges over inflation data
Updated 09 May 2021

Turkish research group faces criminal charges over inflation data

Turkish research group faces criminal charges over inflation data
  • The group started publishing its own inflation data in September amid claims from opposition parties that the official agency is under-reporting price increases

DUBAI: Turkey’s statistics agency filed a criminal complaint against a group of local researchers publishing alternative inflation data, Bloomberg reported.

The government body demanded ENAGroup, an independent inflation research group, be fined for “purposefully defaming” the official statistics institution and “misguiding public opinion,” according to documents seen by the news wire.
The group started publishing its own inflation data in September amid claims from opposition parties that the official agency is under-reporting price increases, Bloomberg said
ENAGroup’s inflation figures are higher than the official data. Its consumer price index rose 2.62 percent in April from a month earlier, more than double the 1.1 percent reported by the official agency. The group reported an annual inflation rate of 36.7 percent for 2020, Bloomberg reported.
Turkey’s Treasury and Finance Minister Lutfi Elvan said that the statistics agency filed a complaint against a group “for the first time in the history of the Turkish Republic.”
The group aims to “damage and discredit the Turkish Statistical Institute” by spreading misleading data that are used by opposition parties, Elvan said.

 


Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO
Updated 09 May 2021

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO
  • ADNOC is planning to take the unit public in the third quarter
  • ADNOC Drilling owns and operates a large fleet of rigs

DUBAI: Abu Dhabi National Oil Co (ADNOC) has invited investment banks to pitch for bookrunner roles for the initial public offering of its drilling unit, two sources told Reuters on Sunday.
The oil giant invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month, they said.
ADNOC is planning to take the unit public in the third quarter, they added. One of the sources previously said ADNOC could raise at least $1 billion from the share sale.
ADNOC, which supplies nearly 3 percent of global oil demand, declined to comment when contacted by Reuters on Sunday.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
ADNOC Chief Executive Sultan Al-Jaber has been chief architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
It is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.


Google-backed Firefly comes to the Middle East after Abu Dhabi acquisition

Google-backed Firefly comes to the Middle East after Abu Dhabi acquisition
Updated 09 May 2021

Google-backed Firefly comes to the Middle East after Abu Dhabi acquisition

Google-backed Firefly comes to the Middle East after Abu Dhabi acquisition
  • IHC-owned Multiply Marketing Consultancy (MMC) acquired the minority stake in the company

DUBAI: A unit of Abu Dhabi’s International Holding Company (IHC) has acquired a stake in Google-backed Firefly, which provides street-level digital media on taxis and rideshare vehicles.
IHC-owned Multiply Marketing Consultancy (MMC) acquired the minority stake in the company, it said in a stock exchange filing on Sunday.
Firefly operates across major US cities, working with major taxi and rideshare companies to install advertising displays atop their vehicles.
The proprietary screens feature content based on location, and are Internet-enabled. The platform attracts millions of impressions per month, according to a statement.
The deal will expand the company’s operations in the Middle East, and will set up an office within MMC’s Abu Dhabi headquarters.
“Investments in our communications vertical ensure that our media teams are servicing our local clients with the latest, most innovative and analytically-precise technology available on the market,” MMC chief Samia Bouazza said.
Gulf governments are ramping up their technology investments in a regional race for supremacy in the sector which is seen as a critical path to economic diversification.
Firefly will become part of Multiply Group’s communications vertical, which includes global agency MMC, Viola, as well as other minority stakes in companies such as Yieldmo, a digital advertising and attention analytics company.


ADQ-owned Senaat offers to merge Arkan Building Materials with Emirates Steel

ADQ-owned Senaat offers to merge Arkan Building Materials with Emirates Steel
Updated 09 May 2021

ADQ-owned Senaat offers to merge Arkan Building Materials with Emirates Steel

ADQ-owned Senaat offers to merge Arkan Building Materials with Emirates Steel
  • The proposed deal implies an equity value for Arkan of about 1.4 billion dirhams

DUBAI: Abu Dhabi industrial conglomerate Senaat has submitted an offer to Arkan Building Materials to merge it with its own Emirates Steel unit.
Under the proposed deal, Emirates Steel would be transferred to Arkan in consideration of a convertible instrument which would on the closing of the deal convert to 5.1 billion ordinary shares at a fixed price of 0.798 dirhams per share in Arkan’s capital.
The proposed deal implies an equity value for Arkan of about 1.4 billion dirhams, the building materials company said in a filing to the Abu Dhabi stock exchange.
Post completion, ADQ-owned Senaat would own approximately 87.5 percent of the entire issued share capital of the combined group
Should an agreement be reached between the two parties, a general assembly meeting would consider approving the transaction during the second half of this year, Arkan said in the statement.
Emirates Steel is a leading integrated steel manufacturer in the Middle East region, based in Abu Dhabi.

 


Saudi property developer Alandalus profits jump on office income

Saudi property developer Alandalus profits jump on office income
Updated 09 May 2021

Saudi property developer Alandalus profits jump on office income

Saudi property developer Alandalus profits jump on office income
  • Overall revenues gained by a fifth over the period, helped by the acquisition last June of QBIC Plaza in Riyadh

DUBAI: Saudi property developer Alandalus said first quarter net profit rose 55 percent to about SR19 million ($5.1 million), driven by its office business.
Overall revenues gained by a fifth over the period, helped by the acquisition last June of QBIC Plaza in Riyadh.
The high-end office complex located close to the intersection of King Abdulaziz Road with Northern Ring Branch Road in the Al-Ghadeer district of the capital, is fully leased to the Ministry of Housing for a period of three years.
“Despite the continuation of the pandemic and its effects on society, the company’s malls reported healthy footfall rates, which contributed to achieving positive results in the first quarter of the year,” said Alandalus CEO Hathal bin Saad Al-Otaibi. “We also affirm the continuity of the company’s strategic approach to maintaining our tenant mix and progressing steadily toward achieving our future targets, God willing. “
The developer’s offices and malls business helped to compensate for the impact of the pandemic on its hospitality unit where occupancy levels fell.