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e& enterprise successfully completes $60m acquisition of GlassHouse, expanding into Türkiye, Qatar and South Africa

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Sahfy Sahfy
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e& enterprise successfully completes $60m acquisition of GlassHouse, expanding into Türkiye, Qatar and South Africa
e& enterprise successfully completes $60m acquisition of GlassHouse, expanding into Türkiye, Qatar and South Africa

e& enterprise, the digital transformation arm of e&, today announced the successful completion of its US$ 60 million acquisition of GlassHouse, a leading Türkiye-based provider of managed cloud, business continuity and SAP Infrastructure services.

The acquisition, originally announced in June this year, strengthens e& enterprise’s capabilities in private cloud and managed services, bolstering its overall value proposition with the addition of SAP capabilities and vertical expertise within the banking and financial services sector – supported by GlassHouse’s deep understanding and specialist skills in this space. It also marks a significant milestone in e& enterprise’s international growth strategy, following successful market entries into Saudi Arabia in 2019, Egypt in 2023, and now Türkiye, Qatar and South Africa. This acquisition also expands e& group’s operational footprint to 34 markets.

Now part of the e& enterprise family, GlassHouse is well-positioned for growth with a strategic focus on augmenting e& enterprise’s SAP capabilities in both the UAE and Saudi Arabia. As the new wholly-owned subsidiary of e& enterprise, GlassHouse will retain its brand identity and continue to operate independently.

Salvador Anglada, Chief Executive Officer, e& enterprise, said: “We are thrilled to welcome GlassHouse into the e& enterprise ecosystem as we continue to bolster our value proposition by reinforcing our capabilities, adding vertical expertise, and expanding into high-growth markets. This acquisition is another bold step in our journey to becoming a regional leader in end-to-end digital transformation.”

Alp Bağrıaçık, CEO, GlassHouse, said: “I am both proud and delighted to announce the successful integration of our company into the e& enterprise ecosystem. By harnessing e& enterprise’s robust portfolio, we will provide our customers with cutting-edge security solutions and innovative strategies to accelerate their digital transformation journey.”

Founded in 2004, GlassHouse has established itself as a prominent player in the cloud services sector. It offers managed cloud, business continuity, on-premise backup, private sovereign cloud, and SAP Infrastructure services to over 2,000 enterprises in select geographies. The company boasts a robust presence in the financial services sector, serving nine of the top 10 banks in Türkiye. With over 150 professionals operating across offices in Türkiye, South Africa, and Qatar, GlassHouse is a trusted partner for industry giants such as Microsoft, Dell, and SAP.

UAE Employers Lead in Health Benefits Offering, Cigna Healthcare Study Reveals

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Sahfy Sahfy
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UAE Employers Lead in Health Benefits Offering, Cigna Healthcare Study Reveals
UAE Employers Lead in Health Benefits Offering, Cigna Healthcare Study Reveals

A new Cigna Healthcare study reveals a significant disconnect between employer intentions and employee perceptions regarding health and well-being benefits in the UAE. While HR leaders rank international health insurance as the most preferred employee value proposition (EVP) for boosting productivity and attracting talent, only 7 in 10 employees believe their employers proactively support their health and well-being.

The report, titled Harnessing Health – Measuring the Impact of Employee Health and Well-being Benefits, is based on a survey of 1000 managers and directors in HR and Benefits functions in the UAE, Hong Kong, Singapore, UK and US.

A compelling 98% of UAE employees agree that a robust health and well-being program significantly boosts productivity and creates a more positive workplace. Reflecting this sentiment, the study reveals that UAE companies offer more health benefits than their global counterparts, underscoring the emphasis HR leaders place on employee well-being. However, despite these efforts, many benefits remain underutilized, indicating a critical need for improved access and awareness among employees. 

Leah Cotterill, CEO of Cigna Healthcare Middle East and Africa (outside KSA), said, “Our survey results clearly demonstrate that health and well-being benefits are powerful drivers of workplace performance and talent attraction. While it’s promising to see that UAE companies are offering more health benefits than their global counterparts, there’s still work to be done in bridging the gap between availability and utilization. To truly maximize the potential of these benefits, employers need to adopt a more strategic approach. This means not only offering comprehensive packages, but ensuring they’re well-communicated, easily accessible, and aligned with local cultural values. This is crucial for fostering a healthier, more satisfied, and ultimately more productive workforce, giving businesses a competitive edge in today’s global market.”

Key findings in the UAE include:

  • Strong Preference for Health Benefits: International health insurance is not only a key part of the EVP but also the most favored by employees, ranking higher locally compared to its fifth place globally. This preference is also shared equally with flexible time off and working arrangements. The UAE presents more companies offering health benefits than the global average.
  • Employer Priorities: Employee health and well-being are top priorities for HR leaders, on par with succession planning and leadership development (15%). Over half of these leaders believe that robust health insurance plans promote a positive company culture and enhance employee loyalty while effectively reducing absenteeism. UAE employee rankings are amongst the highest in being proactively supported and valued for their health and wellbeing.
  • Gap in Benefit Utilization: Despite the widespread availability of health benefits —offered by 93% of companies— there remains a significant underutilization issue, with preventive health tools being the least utilized. This points to a potential gap in how these benefits are communicated and understood by employees which could be a result of insufficient awareness, cultural resistance, or limitations in support.
  • Impact on Business Outcomes: More than half of HR leaders acknowledge the positive impact of health benefits on key business metrics, particularly employee loyalty and fostering a good company culture. While they see health insurance as beneficial in reducing absenteeism, their confidence wanes when it comes to its effectiveness in decreasing turnover, suggesting a need for targeted strategies to address specific local challenges.
  • Mental Health Support: There is still a gap in mental health support, as it is the least offered benefit in the UAE (48%) among all markets surveyed. Additionally, only 7 in 10 employees in the UAE feel that their employers proactively support their health and well-being.
  • Health and Well Being: 98% of employees in UAE agree that robust health and well-being program leads to better productivity and more positive work environment overall.

Save up to AED 1,000 on Careem Car Rentals with quick, hassle-free booking and delivery

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Sahfy Sahfy
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Save up to AED 1,000 on Careem Car Rentals with quick, hassle-free booking and delivery
Save up to AED 1,000 on Careem Car Rentals with quick, hassle-free booking and delivery

As Dubai residents return for the new academic year, Careem introduces exciting deals on car rentals to meet the growing demand for flexible and affordable transportation. 

Powered by Swapp, Careem’s in-app car rental and subscription service provides customers with on-demand access to short and long-term rentals without requiring a deposit.

With many residents returning from summer vacations, starting new jobs, or preparing for the new school year, demand for car rentals is on the rise. Customers can choose from short or long-term rentals, with the average rental duration being 3 months, though some have used the service for over 10 consecutive months. You can rent a car through the app in minutes and have it delivered to your doorstep within 24 hours.

September and October are peak months for Careem’s car rental service. Rentals doubled in September 2023 compared to previous months. 

Popular car rental choices include models from Mitsubishi and Nissan, and luxury models like Porsche, Ferrari, Tesla, and BMW are also in demand. 

Bassel Alnahlaoui, Managing Director of Mobility, at Careem commented: “We know how quickly costs can stack up this time of year, with everything from school fees to new school supplies and uniforms. We want to take some of the pressure off by making car rentals more affordable and hassle-free. You can easily rent a car in just a few taps via Careem, and we’re offering savings of up to AED 1,000 to help ease the load. Careem’s purpose is to simplify life, and our everything app makes it incredibly easy to plan your day, from ordering your favorite meal to booking a ride or renting a car.” 

Customers can save up to AED 500 on three-month rentals by using the code UNLOCK500. To support teachers ahead of the new school year, Careem is offering an exclusive discount of up to AED 1,000 for those booking a nine-month rental using the code TEACH1000. Both offers can be redeemed until September 30, 2024. Customers renting monthly through Careem during this period also enjoy a free secondary driver and a 50% discount on a car wash from JINO.

Careem first introduced its car rental service in 2022. Cars are available for daily, weekly or monthly rentals, after which you can choose to return or exchange the vehicle for another model. Careem offers a wide selection of vehicles, ranging from everyday utility models to premium options, catering to individual and family needs. Available brands include Mitsubishi, Nissan, MG, Jeep, Toyota, Land Rover, Porsche, Ferrari, BMW, Tesla, and Renault. 

Careem currently offers over 12 services in Dubai including food and grocery delivery, rides, digital payments and remittances, bike rentals, and more. These include partner services offered directly through the app, such as home cleaning, laundry, salon and spa services, and tickets.

To rent a car in minutes and enjoy great savings, download or open the Careem app, and select ‘Car rental’ on the app home screen. You can download the Careem app from the App Store, Google Play, or via direct Android download.

EBRD makes equity investment in Bank of Palestine

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Sahfy Sahfy
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EBRD makes equity investment in Bank of Palestine
EBRD makes equity investment in Bank of Palestine

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are supporting the Palestinian economy in challenging times with an equity investment in Bank of Palestine.

Under the new investment agreement, Bank of Palestine will issue additional shares, with the EBRD acquiring a stake of up to 3.92 per cent and the IFC taking a stake of up to 5 per cent through primary issuance.

The EBRD’s investment will help Bank of Palestine to proceed with its plan to expand in the region and support the bank’s financial inclusion work in the Palestinian economy. Bank of Palestine is the leading banking group in the West Bank and Gaza and is deeply committed to financial inclusion, with a strong focus on small and medium-sized enterprises (SMEs) and the empowerment of women and young people.

The Palestinian economy has faced numerous challenges since the war in Gaza started in October 2023. While the economic outlook for 2024 remains uncertain, a further contraction is to be expected. Gross domestic product (GDP) is set to shrink by anywhere between 6.5 and 9.6 per cent owing to employment losses and rising security tensions, which are continuing to affect mobility and business activity.

The EBRD investment in Bank of Palestine will have a significant impact, giving a much‑needed boost to the capital of a systemically important financial institution that accounts for more than 30 per cent of the Palestinian market.

Francis Malige, the EBRD’s Managing Director for Financial Institutions, said: “We are fully committed to supporting the Palestinian economy. Our aim with this investment is to help Bank of Palestine maintain its position as the leading local institution, leaving it well placed to capture any future growth stemming from reconstruction efforts. Bank of Palestine is not only systemically important to the Palestinian banking sector, but a key pillar of the local economy.”

Hashim Shawa, Chairman of the Bank of Palestine Group, said: “Today is an important day in the history of Bank of Palestine. Two strategic international development institutions, the EBRD and the IFC, have joined forces to invest in the bank, helping to boost our capital and enabling us to support the economic recovery that will be required after the devastating war and economic crisis that our economy is enduring. This investment is important for our future growth, sending a message of hope and partnership, confidence in the future role that the bank intends to play in the local economy and faith in the bank’s planned regional expansion. On behalf of my shareholders, board and staff, I would like to thank and salute the visionary leaders of the EBRD and the IFC.”

AI AND INTERCONNECTIVITY PROPELS SOUTHEAST ASIA’S $6.1 BILLION DIGITAL HEALTH MARKET

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Sahfy Sahfy
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AI AND INTERCONNECTIVITY PROPELS SOUTHEAST ASIA’S $6.1 BILLION DIGITAL HEALTH MARKET
AI AND INTERCONNECTIVITY PROPELS SOUTHEAST ASIA’S $6.1 BILLION DIGITAL HEALTH MARKET

GITEX Global, the world’s largest tech and start-up event, hosted in Dubai, has announced the creation of GITEX DIGI_HEALTH 5.0 Conference, the most anticipated AI and digital health expert gathering at the opportune inflection phase of the global healthcare evolution.

GITEX DIGI_HEALTH 5.0 Conference, organised by KAOUN International, the international organising office of Dubai World Trade Centre (DWTC), shall be hosted alongside MEDICAL FAIR ASIA in Singapore, organised by Messe Düsseldorf Asia.

MEDICAL FAIR ASIA is the region’s leading healthcare exhibition, organised by Messe Düsseldorf Asia. The showcase will feature 1,000 exhibitors from 62 countries and regions, with a Community Care dedicated area and a Start-Up Park presenting highly innovative companies.

The inaugural GITEX DIGI_HEALTH 5.0 Conference will convene a premier line-up of international speakers including dominant future health influencers and practitioners in Digital Health, Artificial Intelligence, Telemedicine, Consumer Health, and Patient Care, bringing together government leaders, global executives, investors, policy-makers, and innovators.

This strategic partnership between GITEX and MEDICAL FAIR ASIA, globally the two most influential industry event brands in the most transformational sectors of healthcare, medtech, digital and AI applications, catalyses Asia’s collective dynamics in forging a world class healthcare ecosystem underpinned by digitalisation. 

“We are delighted to see this co-location with GITEX DIGI_HEALTH 5.0 Conference in Singapore,” said Gernot Ringling, Managing Director of Messe Düsseldorf Asia. “This collaboration complements our event greatly, with MEDICAL FAIR ASIA’s strengths as a regional sourcing and networking event and GITEX’s expertise as the world’s largest tech event brand.

“At GITEX DIGI_HEALTH 5.0 Conference and MEDICAL FAIR ASIA, the medical, healthcare, and tech industries can come together to discover the latest digital health solutions and engage in meaningful discussions with leading experts and innovators. With its leadership in biotech and health R&D, Singapore provides the ideal backdrop for this partnership in advancing healthcare and driving the future of digital health across Asia.”

The expertly curated programme will explore the opportunities in a hybrid healthcare future, where AI, IoT, predictive data analytics, and interoperability are transforming patient care systems. Talks and panel discussions will also cover the evolution of telemedicine, the integration of AI diagnostics, VR/AR consultations, and remote monitoring, and the impact of emerging technologies such as blockchain and Web3 on the healthcare sector.

Under the overarching theme of Implications of AI and Digitalisation in Disrupting Healthcare – The immersive 2-day conference featuring global speakers from over 12 countries will highlight the integration of these technologies promises to disrupt traditional healthcare models, making them more efficient and accessible, with a keen focus on the region’s readiness and adaptability on how swiftly this transformation can take place.

Home to nearly 60% of the world’s population, the region’s digital health market is expected to generate USD 66.97 billion revenue in 2024 and reach a projected market value of USD 99.57 billion by 2029, according to analysts Statista. The rapid digitization of health services is leading industry sectors to experience significant growth. 

Trixie LohMirmand, CEO of KAOUN International, organiser of GITEX worldwide, said: “Despite the broader worldwide downturn in funding, regional startups have attracted significant investments particularly in the digital future health sector where accessible and high accuracy diagnostic medical interventions and solutions are the priorities of future economies. 

“The creation of GITEX DIGI_ HEALTH 5.0 Conference in Singapore, hosted with MEDICAL FAIR ASIA, shall now rally the region’s healthcare community of policy makers, practitioners, academia, investors, and innovation disrupters to collectively leverage the new phenomenal of deeptech to keep pace with a digital industry that’s reconstructing the healthcare industry.”

Harnessing Asia’s Health Tech Potential to the World

GITEX DIGI_HEALTH 5.0 Conference in Singapore will land in the region to expand and connect the knowledge and expertise of public and private organisations in tech and healthcare. Joining the stage this year are some of the most influential representatives from governments and global entities.

Headliners include Sutowo Wong, Director of Data Analytics at the Ministry of Health Singapore, Dr Pauline Erica Tay, Director of National Health Innovation Centre Singapore (NHIC), Dr Ossama ElHassan, Head of E-Health at the Dubai Health Authority from the United Arab Emirates, and Hanna Burkhardt, Head of UNICEF’s Venture Fund in Sweden.

Among the innovators, founders, and digital health leaders confirmed are WeiWei Hong, Director of the healthcare network SingHealth, and Shravan Kumar, Co-Founder and CEO of the Healthcare solutions platform SpeedDoc from Singapore, Chwee Foon Lim, CEO for Asia-Pacific at the world’s largest exoskeleton company Ekso Bionics, headquartered in the United States, Dr Ramon Varughese, Chief Medical Officer of Qualitas Health from Malaysia, and many more.

Accessing a Global Tech Hub with the World’s Largest Event Brand

GITEX DIGI_HEALTH 5.0 Conference in Singapore will seamlessly integrate the Asian health tech industry into GITEX’s global brand, the world’s most trusted tech ecosystem, with its powerhouse events in Dubai, Singapore, Berlin, Morocco, and Nigeria.

To attend the Conference from 11-12 September 2024 at the Marina Bay Sands in Singapore, access the event’s website today and register for a free pass: www.gitexdigihealth.com.

As part of GITEX’s expansion into the Asian region, GITEX ASIA — the most international cross sector tech and startup event in Asia—will make its debut in Singapore from 23-25 April 2025. This event strategically positions itself as the premier gateway to the Asian market, connecting the region with a global network of leading tech companies, unicorn founders, investors, AI pioneers, government leaders, and top-tier R&D institutions and academia. Learn more at 

www.gitexasia.com.

Forbes Middle East to Host its Third Annual Healthcare Leaders Summit with PureHealth

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شمس سيف
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Forbes Middle East to Host its Third Annual Healthcare Leaders Summit with PureHealth

Forbes Middle East will be hosting its third annual Healthcare Leaders Summit in September, following the incredible success of the event’s 2022 and 2023 editions. This year’s summit, held once again in partnership with PureHealth – the largest healthcare platform in the Middle East – will be the most impactful yet, featuring MENA’s most influential and thought-provoking healthcare professionals, government ministers, and wellness experts.

The popular two-day summit will be held in Abu Dhabi on September 19 and 20, under the theme “Beyond Boundaries: Advancing Health Towards Longevity.” Topics up for debate will include the significance of public-private partnerships in improving community health, the advantages of a holistic lifestyle, the use of intelligent technology to increase lifespans, and advancements in stem cell research, regenerative therapy, and biotech innovations. Experts will address pressing issues like tackling non-communicable diseases, improving family immunity, attracting top talent to redefine longevity, and advancements in pediatric care. Highlights will include conversations on breast cancer awareness and corporate well-being, as well as networking opportunities, entertainment, and wellness breakfasts.

“We are so proud to be holding this vital summit for the third consecutive year. Previous editions have been incredibly successful in exploring the topics and trends defining healthcare in the Middle East and globally, and this year we will go even further to truly transform quality of life and inform the future of healthcare for us all,” said Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East.

Shaista Asif, Group CEO at PureHealth, said: “PureHealth is spearheading advancements that push the boundaries of medical innovation and enhance quality of life for people across the region. This summit is an opportunity to acknowledge the leaders in this space who are harnessing cutting-edge tools and solutions to transform healthcare for future generations. By celebrating these achievements, we foster greater collaboration between industry leaders, policymakers, and healthcare pioneers to tackle shared challenges. It also enables us to discuss the potential of AI, regenerative medicine, and sustainable practices to empower healthier lives and create a future-proof healthcare ecosystem.”

Confirmed speakers include Shaista Asif, Group CEO at PureHealth; H.E. Dr. Noura Khamis Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi; Shaikha Almazrouei, Genomic and Stem Cell Researcher at TII and Chairman of the UAE Stem Cell Society; Fouziyah Al-Jarallah, Group CEO of the Hayat National Hospitals; Ayman Cheikh-Lahlou, CEO of Cooper Pharma; Georg Schroeckenfuchs, Head of the Gulf and Saudi Country Group at Novartis; Fatih Mehmet Gul, CEO of the Dr. Soliman Fakeeh Hospital; Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park; and Marcelo Pereira, CEO of Oman International Hospital.

Forbes Middle East is collaborating with many distinguished partners to bring this important event to life, including: presenting partner, PureHealth; strategic partner, the Abu Dhabi Chamber and the Department of Health – Abu Dhabi; event partners, Jamjoom Pharma, Hayat Biotech, Magrabi Hospitals & Centers, and Hayat National Hospitals; wellness partner, Holistified; gift partners, Innara, Maison Etherique, and Wellbeings Holistic Healing; food partners, Amazonas4u.

To learn more about the Healthcare Leaders Summit and register, please visit our website.

MultiBank Group Achieves Record-Breaking Revenue and Exceptional Profit Growth in 2023

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Sahfy Sahfy
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MultiBank Group Achieves Record-Breaking Revenue and Exceptional Profit Growth in 2023
MultiBank Group Achieves Record-Breaking Revenue and Exceptional Profit Growth in 2023

MultiBank Group, one of the world’s largest financial derivatives institutions headquartered in Dubai, announces its most successful financial year to date, with an impressive revenue of $306,636,717 in 2023. 

Based on the latest audited financial statements, MultiBank Group achieved a strong 10% revenue increase, growing from $279,523,140 in 2022. This milestone reflects the Group’s effective business strategy, ongoing growth and its commitment to providing exceptional value to clients worldwide. 

Additionally, MultiBank Group reported a remarkable 26% rise in net income from $180,013,709 in 2022 to $226,837,355 in 2023, underscoring the Group’s operational efficiency and reinforcing its position as a global leader in the financial derivatives industry.

Naser Taher, Founder and Chairman of MultiBank Group, commented: “The unprecedented financial success we have achieved this year is a testament to our robust strategic planning and resilience, as well as our ability to anticipate and navigate the complexities of the global financial landscape. The sustained revenue growth and remarkable increase in net income underscore our relentless pursuit of innovation, operational excellence, and client-centric solutions. As we continue to expand our global footprint, we remain steadfast in our commitment to setting new benchmarks in the financial derivatives industry, ensuring that we deliver unparalleled value to our stakeholders and maintain our leadership position in this dynamic market.”

Managing an impressive daily trading volume of over $12.1 billion, MultiBank Group serves a vast and diverse clientele of more than 1 million traders across 90 countries, and is licensed by 15 financial regulators globally. The group is setting new industry standards with its user-friendly online trading platforms, leveraging state-of-the-art technology, while showcasing its commitment to providing cost-effective trading solutions and leading-edge financial products.

TAQA and JERA Close Financing for SATORP Expansion Project

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شمس سيف
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TAQA and JERA Close Financing for SATORP Expansion Project

Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utility companies in Europe, the Middle East and Africa together with JERA Co., Inc (“JERA”), Japan’s largest power generation company, today announced the successful financial closing of Najim Cogeneration Company Limited, a new industrial steam and electricity cogeneration plant that will produce electricity and steam for a petrochemical complex located in Jubail in the Eastern Province of the Kingdom of Saudi Arabia. 

The new cogeneration plant will supply up to 475 megawatts (MW) of power and approximately 452 tonnes per hour (TPH) of steam from advanced combined cycle gas fired technology and will be developed by a special purpose entity owned by TAQA (51%) and JERA (49%) on a 25-year build, own, and operate basis extendable by five years on mutual agreement. TAQA and JERA will also undertake the operation and maintenance (“O&M”) of the plant through an O&M special purpose entity.

The plant’s financial closing comes after TAQA and JERA entered into a Power and Steam Purchase Agreement with Saudi Aramco Total Refining and Petrochemical Company (“SATORP”), a joint venture company owned by Saudi Arabian Oil Company (“Saudi Aramco”) and TotalEnergies in March 2024.

Farid Al Awlaqi, Chief Executive Officer, TAQA’s Generation business, said: “We are proud to have reached financial close, an important milestone reinforcing our position as a partner of choice for utility projects of this scale. Representing a cornerstone of our commitment to growth and efficiency, TAQA is proud to take on a developer role as well as the operations and maintenance at the plant, two focus areas for capability expansion for TAQA, as well as adding 475 MW of power generation and 452 TPH of steam generation to our overall capacity. This is our third generation project in the Kingdom of Saudi Arabia and we will be developing an advanced cogeneration steam and power plant using the latest highly efficient J-Class gas turbine technology in partnership with JERA. We are building our track record of excellence as a responsible and reliable operator and lead developer of generation projects.”

Steven Winn, Chief Global Strategist, JERA, said: “Achieving financial close for the SATORP Strategic Expansion Cogeneration plant marks a significant success for TAQA, JERA and SATORP. This key milestone was successfully achieved due to the excellent teamwork of all stakeholders. This project aligns perfectly with our strategy to provide efficient, sustainable, and technologically advanced energy systems, contributing to the Kingdom’s and to our customer’s vision for a sustainable and optimized energy supply. This new cogeneration plant, based on advanced J-class gas turbine technology, is designed to optimize energy efficiency, and reduce environmental impact, and it will play a crucial role in supporting SATORP’s Strategic Expansion operations. By leveraging cutting-edge technology, the plant will ensure reliable and efficient power and steam generation, setting new standards in operational performance and sustainability.”

Featuring state-of-the-art power and steam generation systems, gas and water receiving systems, and gas insulated switchgear interconnections, the plant is designed to meet the stringent efficiency standards imposed by the Saudi Energy Efficiency Center. Moreover, the project has provision for the future installation of a carbon capture plant and is capable of hydrogen cofiring. The SATORP Strategic Expansion petrochemical complex is expected to house one of the largest mixed-load steam crackers in the GCC region.

For media enquiries, please contact: media.hq@taqa.com

About TAQA

Established in 2005, TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has significant investments in power and water generation, water treatment and reuse, transmission and distribution assets, as well as upstream and midstream oil and gas operations. The company’s assets are in the United Arab Emirates as well as Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the United Kingdom and the United States. For more information, please visit: www.taqa.com and follow us @TAQAGroup on LinkedIn, Twitter, Instagram and YouTube.

About JERA Co., Inc.

Established in 2015, JERA is an equal joint venture of two major Japanese electric power companies, TEPCO Fuel & Power Incorporated and Chubu Electric Power Company and produces about 30% of all electricity in Japan. JERA is an energy company with global reach that has strength in the entire energy supply chain, from participation in LNG upstream projects and fuel procurement, through fuel transportation to power generation. JERA, which stands for Japan’s Energy for a New Era, will take on the challenge of achieving net zero CO2 emissions from its domestic and overseas businesses by 2050 and is supporting an energy transition in an environmentally and socially responsible manner.

For more details: https://www.jera.co.jp/english

About SATORP

The Saudi Aramco Total Refining and Petrochemical Company (SATORP) is one of the most advanced refineries in the world, with a processing capacity of 460,000 barrels per day of Arabian Heavy Crude to produce petroleum and petrochemical products with a commitment to the highest standards of Health, Safety, and Environment. This world-class refinery was founded by the expertise of the two oil giants, Saudi Aramco and TotalEnergies, located at Jubail Industrial City in the Eastern Province of Saudi Arabia. The founding Shareholders are in the process of a strategic expansion to construct a petrochemical complex that will be integrated with SATORP’s existing refinery for maximum operational synergy.

President El-Sisi Directs the Referral of the National Dialogue’s Recommendations to the Government

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President El-Sisi Directs the Referral of the National Dialogue’s Recommendations to the Government
President El-Sisi Directs the Referral of the National Dialogue’s Recommendations to the Government

Following the National Dialogue’s submission of recommendations regarding pretrial detention and criminal justice to the President of the Republic:

President Abdel Fattah El-Sisi directed the referral of the recommendations to the government and the swift implementation of the necessary procedures to effectuate the agreed-upon recommendations, in response to the diverse and specialized discussions of the National Dialogue.

President El-Sisi confirmed: “My response to the recommendations of the National Dialogue emerges from a sincere desire to implement the provisions of the Egyptian Constitution and the National Strategy for Human Rights.”

The President emphasized the need to reduce the maximum duration of pretrial detention and to maintain its nature as a precautionary measure required by the necessity of investigation, rather than allowing it to become a punitive measure. President El-Sisi underscored the necessity to implement the various alternatives to pretrial detention, stressing the importance of material and moral compensation and reparations for those subjected to wrongful pretrial detention.

MOL Pakistan makes 3 new discoveries in the TAL Block with Razgir-1 exploratory well

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Sahfy Sahfy
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MOL Pakistan makes 3 new discoveries in the TAL Block with Razgir-1 exploratory well
MOL Pakistan makes 3 new discoveries in the TAL Block with Razgir-1 exploratory well

MOL Pakistan has made 3 significant gas discoveries in the TAL Block, where the company has operated for 25 years and produced hydrocarbons for 19 years. The Razgir-1 exploratory well was spudded on 9 January 2024, and drilled to 3,950 meters. Three successful well tests have been performed so far in 3 separate geological formations. MOL is the operator of the TAL Block and its share is 8.4 % of the volumes produced.

MOL spudded the Razgir-1 well in January 2024 and completed it ahead of the target date while testing operations are in progress to ascertain the full potential of the well.

Gas and condensate were discovered in 3 reservoirs. In total, “Lumshiwal-1 Formation” tested approx. 3800 boepd of gas and condensate. The “Kawagarh Formation” tested at approx. 3000 boepd, while in the “Lockhart Formation”, an approximate flow rate of 3500 boepd was achieved. With production strategy still to be assessed, MOL’s share is expected in the 400-800 boepd range, adding up to cca. 1% to the Group’s total hydrocarbon production.

“By using state-of-the-art technology combined with the creativity of our highly skilled colleagues, MOL Pakistan was able to secure these discoveries in the TAL Block, in a mature area where the company has carried out exploration and production activity for 25 years. This result shows the resilience and professionalism of our team that provides energy supply security in Pakistan for two decades. The new well marks the long-awaited exploration campaign recommencement in the TAL Block and a major milestone for MOL Pakistan. We look forward to the production phase of the project” – said Zsombor Marton, Executive Vice President, Exploration and Production, MOL Group.

MOL Pakistan, a fully owned subsidiary of MOL Group, has been operating in Pakistan since 1999. The Company holds working interests in 4 blocks and operatorship in  the TAL and Margalla Blocks.

MOL made its first hydrocarbon discovery in Pakistan in 2002 and has since announced a total of 13 commercial discoveries, most recently in 2020 in the TAL block with the drilling of Mamikhel South-1 well. Since entering the Pakistani market, MOL has discovered more than 400 million barrels of oil equivalent of proven and probable (2P) reserves in the TAL Block. As the operating shareholder, MOL is responsible for 65 mboepd gross production in the TAL Block. MOL’s partners in the Joint Venture consortium are local O&G companies, OGDCL, PPL, POL and GHPL and MOL’s share is 8.4% of the volumes produced.

MOL Pakistan contributes substantially to the energy security of Pakistan. With the production of 15,000 barrels/day, the company is the 2nd largest condensate producer in the country, 2nd largest in LPG production with 425 metric tons/day and the 5th largest gas producer, extracting 250 million standard cubic feet/day.

The company plays an important role in MOL Group’s international portfolio, representing 7% of the group’s total hydrocarbon production.

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