ADNOC Drilling and Alpha Dhabi form JV to invest $1.5bn for technological advancement

ADNOC Drilling and Alpha Dhabi form JV to invest $1.5bn for technological advancement
The JV aims to propel and scale up ADNOC Drilling’s integrated drilling and oilfield service offerings, enhancing operational efficiencies. Photo/Supplied
Short Url
Updated 12 November 2023
Follow

ADNOC Drilling and Alpha Dhabi form JV to invest $1.5bn for technological advancement

ADNOC Drilling and Alpha Dhabi form JV to invest $1.5bn for technological advancement

RIYADH: Abu Dhabi-based ADNOC Drilling Co.’s operations in the oilfield service and energy sectors are set to receive a technological boost through the establishment of a joint venture with Alpha Dhabi Holding.    

This strategic move aims to invest up to 5.5 billion dirhams ($1.5 billion) to acquire technology-enabled companies, enhancing ADNOC Drilling’s capabilities in the field, the Emirates News Agency, also known as WAM, reported. 

ADNOC Drilling will maintain a 51 percent stake in the joint venture, while Alpha Dhabi will hold a 49 percent ownership. This collaboration combines the expertise of a drilling and oilfield services specialist with a well-established UAE conglomerate.   

The JV aims to propel and scale up ADNOC Drilling’s integrated drilling and oilfield service offerings, enhancing operational efficiencies.  

“We are excited to enter into this strategic partnership with Alpha Dhabi that will drive further growth for ADNOC Drilling and its shareholders, enable economic diversification, and support ongoing decarbonization efforts, benefiting all stakeholders,” said ADNOC Drilling CEO Abdulrahman Abdulla Al-Seiari.

He added: “The JV will invest in innovative technology, enhancing our services, while adding depth to our offering and further expanding our business.”  

Lunate Capital Ltd., a private firm in the Abu Dhabi Global Market licensed by the ADGM Financial Services Regulatory Authority, will provide asset management support.  

The JV is expected to identify value-accretive transactions for both shareholders.  

“This joint venture with ADNOC Drilling marks a significant milestone in our commitment to driving growth and fostering innovation in the energy domain,” said Hamad Al-Ameri, managing director and group CEO of Alpha Dhabi. 

The collaboration aims to unlock opportunities and deliver sustainable value by pooling the expertise of both companies.  

“Diversification and innovation are critical pillars in today’s dynamic global economy. This partnership not only underscores our dedication to these principles but also positions us to significantly boost the UAE’s domestic growth, laying the foundation for sustained national prosperity,” Al-Ameri explained. 

Established in 1972, ADNOC Drilling focuses on adopting innovative technologies for efficiency and performance enhancement. Alpha Dhabi, founded in 2013, works toward maximizing subsidiary performance and unleashing potential through synergized businesses. 


Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years
Updated 5 sec ago
Follow

Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

RIYADH: EVUM Motors, a German electric vehicle manufacturer, forecasts that its EVs will reach an environmental break-even point after three years of usage, as stated by CEO Martin Soltes.

During a presentation at the Future Hospitality Summit in Madinat Jumeirah, Soltes explained that this break-even is achieved when the environmental costs of manufacturing the vehicle are offset by its operational benefits over time.

This achievement is part of EVUM Motors’ broader commitment to sustainability, a key strategic focus for the company as well as its suppliers and subcontractors.

Furthermore, this initiative aligns with the global goal of reducing human-caused carbon dioxide emissions by approximately 45 percent from 2010 levels by 2030, with the aim of reaching net zero by 2050, as emphasized by international scientific consensus.

“We are planning for the vehicle to be used at least 10 years. So, you know, three years at the very beginning and it’s a kind of for the break-even point and then the next seven years we have a positive impact on the environment using it,” he explained.

During his talk, Soltes discussed the vital role of governments in promoting innovation in the electric vehicle sector.

He outlined two key approaches: providing subsidies to encourage new technologies and creating supportive environments for EV infrastructure development.

“The one way would be providing a kind of subsidies, which is always a short-term, you know, point to push a new technology in. And the second thing is creating environments where innovations and, especially EVs, can be in there. So, helping build up the infrastructure,” Soltes said.

He also mentioned that implementing stricter regulations on firms can propel the industry forward, emphasizing a user-centered design approach. “So, go to the customer, talk to him about how he’s driving around, how he’s using the vehicle, understanding what his needs are, what needs to be optimized, what needs to be done,” he stated.

In a separate discussion, Issam AbdulRahim Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing, addressed the increasing number of companies relocating to Dubai.

“We have a lot of new companies that relocate to Dubai, family offices that are set up in Dubai. More communities moving to Dubai to find the right opportunities for themselves and set up their life in Dubai as well,” Kazim said.

He added that these developments should contribute to the goal of doubling the gross domestic product over the next decade. “All of that should aid the doubling of the GDP in the next decade. So that’s the vision from one side.”

Kazim also noted an increase in hotel numbers since the launch of the tourism strategy, highlighting Dubai’s ongoing growth.

This year’s Future Hospitality Summit 2024 marks the largest edition to date, bringing together 1,500 industry leaders and featuring more than 110 distinguished speakers, facilitating engaging discussions and networking opportunities.

The three-day event continues to serve as a platform for industry leaders to connect, share ideas, and shape the future of hospitality and tourism.


AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 
Updated 7 min 42 sec ago
Follow

AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

RIYADH: Technological integration and advancements in artificial intelligence are driving efficiency at Dubai International Airport, helping position it as a leading global hub, a top official said. 

During a panel at the Future Hospitality Summit, CEO of Dubai Airports Paul Griffiths explained that with the facility expecting to serve a record 93 million passengers this year, innovation and strategic use of the hub’s geographic advantage are crucial to sustaining growth and enhancing customer experience.

“Dubai’s geocentricity plays a pivotal role in our success,” Griffiths said, adding: “A third of the world’s population is within four hours, and two-thirds within eight hours from Dubai. This makes DXB an unparalleled hub, offering connectivity to 104 countries and 256 cities globally.”

Speaking at the event in Dubai, the CEO added that the airport’s throughput has scaled with its growth, driven by a combination of technology and human capital, allowing it to remain competitive even amid rising global passenger numbers. 

DXB recorded a milestone of over 44.9 million passengers in just the first half of 2024, a significant increase from previous years, reaffirming its position as the world’s busiest airport for international travelers. 

Griffiths highlighted DXB’s Operations Control Center as a key technological innovation enabling this success. 

“We’ve established a center where every aspect of the operation is micromanaged in real-time. From monitoring aircraft turnarounds with AI-driven cameras to predicting weather-related disruptions, we ensure smooth, quick transitions for passengers,” he said. 

This data-driven approach, Griffiths explained, ensures that the airport can accommodate an ever-increasing number of passengers while maintaining high service standards. 

Griffiths also highlighted the importance of Al Maktoum International Airport in supporting the emirate’s long-term infrastructure and aviation strategy, aligned with the Dubai Economic Agenda D33, which aims to double its gross domestic product by 2033. 

 

The airport’s workforce has also evolved in parallel with its technological advancements. Griffiths discussed DXB’s’ graduate training program, launched in 2007. 

“We have invested in local talent, and today, 78 percent of our management team comprises UAE nationals, many of whom are women,” he said. 

The CEO stressed that this talent pipeline has been instrumental in maintaining high operational standards despite a significant reduction in staff numbers. “When I started, we had 5,500 employees managing 30 million passengers. Today, we handle 93 million passengers with just 1,800 staff, thanks to technology and highly motivated teams.” 

This increase in efficiency aligns with the broader transformation happening in Dubai, where the aviation, travel, and tourism sectors are central to the emirate’s economic growth. 

Ahmed Al-Maktoum, chairman of Dubai Airports, emphasized earlier this year the need for expanding Dubai’s infrastructure to keep pace with rising passenger traffic, which is projected to exceed 90 million by year-end. 

The integration of technology and the nurturing of local talent have not only boosted efficiency but also supported the airport’s broader ambition to position Dubai as a leader in global aviation. 

Griffiths further emphasized that the future of the airport would focus on enhancing connectivity and ensuring customer satisfaction without losing the personal touch. 

Looking forward, he expressed confidence in the continued growth of Dubai’s aviation sector. 

This milestone will further solidify Dubai’s position as the largest international airport in the world, driven by a combination of strategic location, cutting-edge technology, and an innovative workforce. 

“We are not just a transit point; we are setting new standards in global connectivity and customer service,” said Griffiths.


Central Bank of Egypt issues over $1bn in treasury bills 

Central Bank of Egypt issues over $1bn in treasury bills 
Updated 30 September 2024
Follow

Central Bank of Egypt issues over $1bn in treasury bills 

Central Bank of Egypt issues over $1bn in treasury bills 

JEDDAH: Egypt’s central bank has issued treasury bills worth 50 billion Egyptian pounds ($1.06 billion) as the country seeks to manage liquidity and support government financing amid rising inflation. 

One tranche offers 30 billion pounds in 91-day bills maturing on Dec. 31, and while the other covers 20 billion pounds in 273-day bills due July 1, 2025. 

The move comes as part of the CBE’s broader effort to curb inflation and provide investors with short- and medium-term investment options. 

This follows a similar issuance on Sept. 26, when the Central Bank of Egypt offered treasury bills worth 50 billion pounds through two auctions. 

The first tranche, valued at 30 billion pounds, carries a 182-day tenor, maturing on April 1, 2025. The second, totaling 20 billion pounds, will mature in 364 days on Sept. 30, 2025. 

Earlier, on Sept. 22, the CBE auctioned treasury bills worth 60 billion pounds in two tranches. 

The central bank plays a key role in managing Egypt’s public debt and maintaining financial stability. 

Egypt’s inflation remains high, with urban consumer price index inflation hitting 2.1 percent in August, up from 0.4 percent in July. 

Annually, CPI inflation rose to 26.2 percent from 25.7 percent in the previous month. 

The central bank’s core CPI inflation measure showed an increase to 0.9 percent in August, compared to a negative 0.5 percent in July, with the annual rate rising to 25.1 percent from 24.4 percent. 

In its latest review, the International Monetary Fund reported that Egypt’s economy is showing signs of recovery as government efforts to restore macroeconomic stability begin to yield results. 

The IMF noted that while inflation remains high, it is gradually decreasing. 

Egypt has undertaken several economic reforms aimed at maintaining fiscal stability, including the unification of the official and parallel exchange rates in March. 

Since then, the economy has improved significantly, with the pound becoming market-determined, the foreign exchange backlog at banks cleared, and daily interbank exchange turnover increasing. 

However, the IMF highlighted that geopolitical challenges, such as the Gaza conflict and Red Sea tensions, are complicating the reform process.

 


Saudi Aramco raises propane, butane prices for October

Saudi Aramco raises propane, butane prices for October
Updated 30 September 2024
Follow

Saudi Aramco raises propane, butane prices for October

Saudi Aramco raises propane, butane prices for October

RIYADH: The Saudi Arabian Oil Co., also known as Saudi Aramco, has raised the official selling prices for propane in October by $20 per tonne from the previous month, according to an official statement.

The company also increased butane prices by $25 per tonne from August. Aramco’s October OSP for propane is now $625 per tonne, while butane is priced at $620 per tonne.

Propane and butane are types of liquefied petroleum gas with different boiling points. LPG is commonly used as a fuel for vehicles, heating, and as a feedstock for various petrochemicals.

Aramco’s OSPs for LPG are used as a benchmark for contracts supplying the product from the Middle East to the Asia-Pacific region.

In winter, the demand for propane rises significantly due to its use in heating homes, which can lead to higher prices if supply struggles to keep up.

Such fluctuations are a normal part of the market and are expected during colder months. The increase in prices reflects the basic economic principle of supply and demand, with higher demand resulting in higher costs.


Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM
Updated 30 September 2024
Follow

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM

Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM

DUBAI: Hotelier Hyatt has revealed plans to open two new establishments in Jaumur, a coastal destination in Saudi Arabia’s Magna region, located along the Gulf of Aqaba.

According to a statement, this move marks a milestone for the firm, expanding its presence in the Kingdom and deepening its collaboration with NEOM.

The two hotels, set to open in 2027, will offer 350 rooms and suites, each designed to provide distinct, high-end experiences for guests. 

Steven Ansell, managing director for the Middle East and Africa at Hyatt, emphasized the importance of this development during an interview with Arab News at the Future Hospitality Summit in Dubai.

He also revealed more ambitions for the firm, saying: “We aim to triple our hotel portfolio in Saudi. We are expecting to develop around 3000 rooms, (with) new opening hotels, in the future. So we have already announced some hotels, and there are plenty of other things happening in the background.”

Ansell emphasized that it’s an exciting step forward as they aim to triple their hotel portfolio in Saudi Arabia, with plans to develop around 3,000 rooms nationwide.

The managing director added that the hotel chain would be “meeting with developers and future potential owners,” highlighting that Hyatt’s regional expansion has been very ambitious over the last several years.

The Park Hyatt Jaumur, located at the heart of the marina community, will feature 125 rooms and is set while the Andaz Jaumur Marina, will offer 225.

Jaumur, envisioned as a hub for coastal luxury, offers a blend of land and sea experiences and will be home to a 300-berth marina, while visitors will also have access to a deep-sea diving research center.

Ansell also emphasized that these hotels align with Saudi Arabia’s Vision 2030, which aims to attract 150 million visitors by the end of the decade.

In a statement, Javier Aguila, group president for Europe, Middle East, and Africa at Hyatt, shared his enthusiasm, saying: “The Kingdom of Saudi Arabia is a key market in Hyatt’s growth strategy in the Middle East, and these upcoming properties in NEOM reflect our dedication to expanding our brand footprint.” 

Aguila added that the hotels will play a critical role in enhancing the region’s tourism landscape as part of NEOM’s sustainable tourism goals.

In keeping with Hyatt’s commitment to innovation, Ansell told Arab News about the integration of artificial intelligence into their operations.

“AI will contribute to a lot of our focus on customer service and how we operate our hotels. So I think there are going to be a lot of changes in the future and it’s something that we embrace but embrace with recognition, that this will take time as it evolves and will need to be treated very, very carefully,” he said.