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ADNOC joins MEIRA conference to promote regional best practice in Investor Relations

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Sahfy Sahfy
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ADNOC joins MEIRA conference to promote regional best practice in Investor Relations
ADNOC joins MEIRA conference to promote regional best practice in Investor Relations

ADNOC Group will be the main sponsor of this year’s Middle East Investor Relations Association (MEIRA) conference to be hosted in Abu Dhabi on December 11-12, 2024, in support of the organisation’s aims to promote best practice in investor relations (IR) and corporate governance across the region.

ADNOC’s listed subsidiaries will engage directly with analysts and investors at the conference, which includes a corporate access forum in response to strong interest in the region’s dynamic economies and capital markets.  

Khaled Al Zaabi, ADNOC Group Chief Financial Offer, said: “Through a series of successful, record-breaking IPOs and the growth of our listed subsidiaries, ADNOC Group has significantly contributed to deepening of the GCC equity markets in recent years. At the same time, MEIRA has played a positive role in enabling continuous development of robust capital markets, fostering excellence in corporate transparency, governance, and engagement. We are proud to support this important conference and MEIRA’s progressive agenda.”

CEO of MEIRA, Paolo Casamassima, highlighted the importance of this partnership: “We are privileged to have ADNOC as the main sponsor for this year’s conference. The Group’s leadership and innovation in the energy sector align perfectly with our mission to advance IR and corporate governance best practices in the Middle East. With the active involvement of ADNOC’s listed subsidiaries, this edition is set out to be a standout event for industry professionals across the region. We look forward to working closely with ADNOC and its Group companies to deliver a landmark conference.”

The 16th MEIRA Annual Conference, themed “Bridging Opportunities: Accelerating IR in the Middle Eastern Capital Markets,” will convene key stakeholders from regional listed companies, international corporations, investors, research analysts, IR advisors, and regulatory bodies. The conference will facilitate dialogue among capital market stakeholders, fostering collaboration and driving progress in investor relations across the region. 

Through the corporate access initiative, senior executives and IR professionals will connect directly with investors from both buy-side and sell-side segments. Attendees will engage in insightful panel discussions, presentations, and tailored sessions focused on the latest trends in investor relations, ESG practices, artificial intelligence, and capital market strategies.

Please visit the website, for more information and to register for the conference. 

Dubai Investment Real Estate and Al Mujama unveil 1.2MW solar power plant in Ritaj

By
Sahfy Sahfy
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Dubai Investment Real Estate and Al Mujama unveil 1.2MW solar power plant in Ritaj
Dubai Investment Real Estate and Al Mujama unveil 1.2MW solar power plant in Ritaj

 In line with the UAE’s Net Zero by 2050 Target and 2050 Clean Energy Strategy, Dubai Investment Real Estate (DIR), a leading real estate developer in the UAE, Al Mujama, a leading Owners Association in the UAE, Yellow Door Energy (“YDE”), the leading sustainable energy provider for businesses in the Middle and Africa, and Clyde Engineering, today successfully inaugurated a 1.2 megawatt-peak solar power system. 

The solar power system is spread across 9 residential buildings in the premier residential community of RITAJ, located in Dubai Investments Park. Over 2,000 solar panels have been installed on the roofs of the buildings, producing 1.9 million kilowatt-hours of clean electricity in the first year of operation, meeting 30% of the buildings’ energy consumption needs. This is equivalent to reducing carbon emission by 756,000 kilograms per year. The project operates under a solar lease, whereby significant cost savings are realized for Al Mujama without expending its own capital investment. 

Mohammed Bin Hammad, Senior Director of Jointly owned Properties at Dubai Land Department commented: “The Dubai Land Department values the inauguration of a 1.2-megawatt solar power plant by Dubai Investment Real Estate, Al Mujama, Yellow Door Energy, and Clyde Engineering. This project aligns with our strategic vision of promoting innovation in the real estate sector, reflecting the foresight of our wise leadership. By utilizing the sun’s energy to meet a significant portion of the needs in the RITAJ residential community, this collaboration between the public and private sectors highlights the importance of joint efforts in achieving sustainability goals and demonstrates how such partnerships can drive impactful change. These advanced solutions support the UAE’s Net Zero by 2050 target and the 2050 Clean Energy Strategy, showcasing our commitment to a more resilient future. We commend all partners for their dedication to environmental stewardship and look forward to more initiatives that contribute to the progress of our real estate sector.”

“Al Mujama is honored to play a key role in advancing the UAE’s sustainable future with the implementation of the solar power system. This initiative not only highlights the Company’s unwavering commitment to sustainability but also delivers significant cost savings for the residents by reducing energy consumption. It sets a new standard for Jointly owned Properties in driving impactful, eco-friendly change. By generating clean energy, we are fostering a greener, more affordable living environment that benefits communities today and secures a healthier, more resilient future for generations to come. Al Mujama is dedicated to leading the way in environmental stewardship and innovation, and we look forward to continuing to set new benchmarks in sustainable residential living”, Obaid Salami, General Manager, Dubai Investment Real Estate. 

Dubai Investment Real Estate is the real estate arm of Dubai Investments, a leading investment company listed on the Dubai Financial Market and Al Mujama is leading the way for Jointly Owned Property in the UAE to implement solar power in its operations. 

Mansoor Serkal, GM of Al Mujama, said, “We are striving to ensure all our communities are operated in the most cost effective and energy efficient manner to provide best possible value to the owners. We have been working hard with our solar developer Yellow Door Energy and our energy consultant Clyde Engineering. To-date, we have already produced savings of over 18% on our community energy costs. We are dedicated to protecting our environment and are proud to have 30% of our energy needs at Ritaj provided by solar power.”

Jeremy Crane, Group CEO of Yellow Door Energy, said, “Yellow Door Energy is honored to partner with Dubai Investment Real Estate and Al Mujama on this solar lease, marking a significant stride in advancing sustainability efforts in the UAE. This milestone is proudly added to our rapidly growing portfolio of successful projects in the UAE and internationally, where we have been awarded 240 megawatts of solar projects. As the leading solar developer in the Middle East and Africa, we are excited to empower businesses to transition to clean energy, lower their electricity costs and actively contribute to the UAE’s Net Zero by 2050 Initiative.” 

Philip Mills, CEO of Clyde Engineering, said, “Clyde Engineering congratulates the forward-thinking management of Dubai investment Real Estate and Al Mujama on the successful completion of the first JOP rooftop solar plant. This project will provide a major improvement in the carbon footprint at the Ritaj Community. This project was implemented with guaranteed solar production and zero capital expenditure from the client. Therefore, it is both a win for the environment and for the owners in Ritaj.”

The inauguration of the solar power plant marks a significant milestone in the journey towards sustainable development and energy efficiency in the UAE’s real estate sector in alignment with the UAE’s Net Zero by 2050 target. The collaboration integrates technological innovation and environmental stewardship to set a precedent for incorporating renewable energy solutions in residential communities and pave the way for more sustainable projects.

 

Scouts from Around the World Shape Future in Cairo

By
شمس سيف
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During the 43rd World Scout Conference held in Cairo with the participation of representatives from 176 countries

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the UN Sustainable Development Group, to discuss several joint issues during the 43rd World Scout Conference. This conference, hosted by Egypt from August 17 to 23, 2024, is organized by the World Organization of the Scout Movement and hosted by the Egyptian Federation of Scouts and Girl Guides.

At the beginning of the meeting, the Minister of Planning, Economic Development, and International Cooperation welcomed the UN Deputy Secretary-General, highlighting the significance of hosting the World Scout Conference in Egypt and acknowledging the global scouting movement’s role in developing and enhancing the skills of young people to become active citizens capable of positive change.

The UN Deputy Secretary-General congratulated Al-Mashat on her appointment as Minister of Planning, Economic Development, and International Cooperation. She noted the United Nations’ and its agencies’ commitment to strengthening collaborative efforts with Egypt in advancing towards the SDGs and addressing developmental needs in line with Egypt’s vision and priorities.

The meeting also included discussions on the “Summit of the Future” to be held on the sidelines of the 79th United Nations General Assembly and the Egyptian government’s efforts in achieving the SDGs. H.E. Dr. Al-Mashat briefed the Deputy Secretary-General on the ministry’s work areas following the recent merging of the Planning and International Cooperation ministries and the progress in implementing the Egypt – United Nations Sustainable Development Cooperation Framework Agreement (UNSDCF 2023-2027).

Summit of the Future

H.E. Dr. Al-Mashat discussed the objectives of the “Summit of the Future”, scheduled to be held alongside the 79th UN General Assembly next September. She explained that this summit aligns with the start of the new government’s work in Egypt, which has launched an ambitious program aimed at a new and innovative approach to evidence-based policymaking and comprehensive development across all sectors. This approach reflects the political leadership’s vision in sustainable development, fair development finance, and inclusive and sustainable human, economic, and social development, particularly following the recent merger of the ministries in the new government formation.

Innovative Financing Tools

The conversation also addressed the high-level side event at the Summit of the Future in New York titled “Leveraging Innovative Financing Tools to Accelerate Sustainable Development: A Roadmap for Just Development Finance.” In this context, H.E. Minister Al-Mashat discussed Egypt’s efforts in launching the Sharm El-Sheikh Guidebook for Just Financing during COP27 in Sharm El-Sheikh in November 2022, in partnership with several international organizations and entities. The Minister also emphasized that the guidebook aims to promote just financing principles and define the roles and responsibilities of all relevant entities to stimulate developing countries and emerging economies to attract environmentally friendly investments, particularly through private sector projects.

Egypt’s Country Platform for the NWFE Program

The meeting also reviewed Egypt’s Country Platform for the NWFE Program, which represents a practical application of just financing principles and serves as an effective regional model and approach for concessional financing addressing adaptation, mitigation, and resilience issues. This involves 20 development partners, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Fund for Agricultural Development (IFAD), the African Development Bank (AfDB), the European Union, the European Investment Bank (EIB), the United States, Germany, France, and others.

Effective Development Partnerships

The importance of fostering effective development partnerships and involving the private sector in achieving sustainable development was emphasized. H.E. Minister Al-Mashat highlighted the need for adopting innovative economic models and just and effective development financing systems to restructure the global financial system. H.E. Dr. Al-Mashat noted that the “Summit of the Future” aims to develop measures for progress in sustainable development.

Moreover, the Minister also pointed out the significance of country platforms in enhancing development and climate action, citing the joint statement by the International Monetary Fund and the World Bank Group on the importance of such platforms as one of the mechanisms for reforming the multilateral development bank system. H.E. Dr. Al-Mashat emphasized that the NWFE program is a practical model of these platforms and reflects Egypt’s significant progress in development and climate action efforts.

“Shabab Balad” Initiative

The meeting also addressed the ministry’s efforts in launching the national version of the UN initiative “Generation Unlimited” under the name “Shabab Balad” to implement development projects in partnership with the private sector, international development partners, and civil society organizations and youth.

Integration of Sustainable Development Goals in Local Development Planning

The discussion further looked into the SDGs, Egypt Vision 2030, and integrating their governing principles into local development planning and national strategies with development partners. It was noted that Egypt has submitted Voluntary National Reviews (VNRs) in 2016, 2018, and 2021, and invested efforts to localize the SDGs in each governorate, with 27 reports released in partnership with the United Nations Population Fund (UNFPA) in 2021. These reports track progress towards achieving the SDGs across different governorates, with the second edition of the reports being prepared in coordination with the Central Agency for Public Mobilization and Statistics and expected to be released in the near future.

Egypt Integrated National Financing Framework (E-INFF)
Al-Mashat outlined that the Ministry of Planning, Economic Development, and International Cooperation has completed the formulation of the Egypt Integrated National Financing Framework (E-INFF). This framework aims to enhance planning processes and financing for SDGs on the national level, identify the full scope of domestic and international financing sources, and enable countries to achieve sustainable development priorities. The ministry plans to launch this framework soon.

WHO honours UAE for commitment to HPV Vaccine

By
شمس سيف
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WHO honours UAE for commitment to HPV Vaccine

The World Health Organization (WHO) has recognized the UAE in recognition of its progressive efforts to ramp up the national immunization program, specifically highlighting the integration of the HPV vaccine. 

The accolade showcases the WHO’s confidence in the UAE’s robust health system, which prioritizes preventive measures and delivers comprehensive, integrated healthcare through innovative and sustainable approaches that ensure disease prevention and the integration of the latest advancements in immunization technology.

Dr. Ahmed Al Suwaidi, Chairman of the National Immunization Technical Advisory Group (NITAG), Dr. Sulaiman Al Hammadi, a member of the group, and Dr. Laila Al-Jasmi, Head of the Immunisation Department at the Ministry, received the award at a ceremony hosted by the WHO Regional Office for the Eastern Mediterranean in Cairo. The event also celebrated the 50th anniversary of the WHO’s Essential Program for Immunization and was attended by senior officials from the office and representatives from member states in the Eastern Mediterranean region.

The honour recgonises MoHAP’s ongoing efforts and that of other health authorities to enhance and update the National Immunization Program. As one of the country’s strategic initiatives, the program undergoes periodic reviews by specialized technical committees, including the National Immunization Technical Advisory Group and the Supreme National Committee for Immunization. The reviews are conducted in accordance with the latest international standards and reflect the local vaccine coverage and the number of reported cases of diseases targeted by vaccination.

HE Dr Hussain Abdul Rahman Al Rand, Assistant Undersecretary for the Public Health Sector, stated that this honour is a source of pride for the UAE and clearly shows the commitment of the country’s leadership to excel in global competitive indicators.

He emphasized that the honour comes in recognition of MoHAP, strategic partners, and health authorities’ relentless efforts to enhance the efficiency of the health system and prevent diseases. It is yet another incentive to maintain excellence in public health, ensuring the highest levels of prevention for community members and the implementation of sustainable health strategies.

He highlighted that the UAE stands out both regionally and globally for adhering to the highest standards in combating HPV and cervical cancer. Such an achievement was made possible by various programs and initiatives launched and implemented by the country’s health authorities, driven by a commitment to developing health policies based on scientific research. These policies are very helpfull in setting, framing, and regulating standards within national strategic programs aimed at combating the disease.

Al Rand added that since 2018, the Ministry has included the HPV vaccine for females in the national immunization program, positioning the UAE as the first in the Eastern Mediterranean to do so. Recently, the program was expanded to include male students aged 13 to 14 years. He also praised the ongoing support from the Ministry’s strategic partners and other health authorities, which helps sustain the National Immunisation Programme and strengthens the UAE’s reputation as a global model for integrated healthcare.

From student initiative at AUS to thriving business: The rise of Arabic language program Bulbul

By
شمس سيف
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From student initiative at AUS to thriving business: The rise of Arabic language program Bulbul

What started as a student-led initiative at American University of Sharjah (AUS) has blossomed into a successful entrepreneurial social business named Bulbul, offering practical Arabic language classes that stand out for their innovative approach.

“The Arabic classes program began as a student initiative, driven by a noticeable demand for practical Arabic skills within the AUS community. Over two years, the program served 400 students and earned the Best Program of the Year award from Community Service and Outreach at AUS. This success prompted a transition into a social business model,” said finance alumna Alaa El Gamal, Bulbul Co-Founder, Client Relations and Business Growth Strategy.

The business came to fruition when finance alumnus Huzaifa Masood, chemical engineering alumna Hajar El Rashed, and El Gamal joined forces. Masood oversees sales and finances, ensuring operational success; El Gamal manages client journeys, focusing on growth and customer success; and El Rashed develops the curriculum, hires and trains tutors, and ensures high-quality service delivery.

“The program idea emerged when Masood identified a gap in Arabic language proficiency among expatriates, despite years of formal education. Starting the initiative at AUS, he quickly built a team and launched the program. After graduation, we transformed the initiative into a business. Despite challenges balancing full-time jobs, our dedication has led to the successful establishment and expansion of our business,” explained El Gamal.

What sets this program apart is its focus on practical, scenario-based learning. Unlike traditional, academically-focused methods, the program offers personalized, real-life conversational practice from day one. Clients benefit from tailored one-to-one tutoring that adapts to their proficiency level and learning pace. An initial free counseling session helps customize each learning experience, addressing individual goals and preferences. For those who prefer face-to-face learning, tutors are also matched based on location and client needs, with plans to establish centers across the UAE to further enhance accessibility.

“We emphasize personalized learning by carefully matching each client with a dedicated tutor who aligns with their schedule and proficiency level. Continuous engagement is key to our approach. We maintain regular contact with clients to monitor progress and ensure effective learning outcomes. Our overarching vision is to demystify the perception that Arabic is a difficult language. We strive to make Arabic accessible to everyone, enabling individuals to confidently communicate in everyday situations, whether in the street or at work,” said Masood.

The curriculum is developed through a collaborative process involving Masood and El Rashed, with insights from the Department of Arabic and Translation Studies at AUS.

“Rather than a traditional level-based approach, the program uses practical scenarios accompanied by a set of vocabulary lists categorized by difficulty—easy, medium, and hard—allowing for flexible, customized learning experiences. The curriculum is developed and constantly reviewed by El Rashed to ensure its effectiveness in real-world communication. Currently, we offer approximately 30 scenarios in our catalog, with the flexibility to create tailored scenarios upon client request. Arabic-speaking tutors, initially drawn from a pool of AUS students and now expanding, undergo specialized training to deliver effective scenario-based teaching. We are also always on the lookout for new talent to join our team,” said El Rashed.

The co-founders’ experience with the AUS program has given them a strong foundation for building the business. Their focus on exceptional service and rigorous quality monitoring aims to ensure client success and drive growth. As the business scales, they are committed to continuous improvement and innovation to meet evolving client needs.

“We’ve received significant interest both from within AUS and beyond, with clients expressing enthusiasm for our practical Arabic language program that effectively develops their speaking skills. Flexibility is ingrained in our operations to cater to diverse client needs, whether they prefer weekend or evening classes, or require flexibility to reschedule due to exams or unforeseen circumstances,” she said.

Looking ahead, the team is dedicated to expanding their reach and impact by opening centers across the UAE to host sessions and events, further enhancing accessibility and convenience for their clients.

“We are committed to continuously evolving and innovating our approach to meet the dynamic needs of our clients. As we expand, our goal is not only to teach Arabic effectively but also to foster a supportive learning environment where every client feels empowered and motivated to achieve their language goals. Our dedication to excellence drives us to constantly improve our services and explore new opportunities for growth and impact in the community,” said Masood.

The success of Bulbul exemplifies the powerful impact of alumni entrepreneurship supported by their alma mater.

“We are proud to support our alumni in starting their own businesses. Through personalized mentorship and networking events, we foster a community where entrepreneurial ambitions thrive. Our alumni’s success in launching successful enterprises reflects our commitment to nurturing innovative leaders who contribute nationally to economic and societal growth. We look forward to sharing these achievements with you and demonstrating how our college continues to empower entrepreneurs in today’s business landscape,” said Dr. Mohsen Saad, Professor of Finance at the School of Business Administration at AUS.

AUS is ranked second in employer reputation and employment outcomes in the UAE, according to QS World University Rankings (2025).

e& UAE Launches Fibre-To-The-Room for Ultimate Home Connectivity

By
شمس سيف
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e& UAE launches Fibre-To-The-Room, Boosting Wi-Fi Performance For High-Speed Internet Services

e& UAE has launched a Fibre-To-The-Room (FTTR) high-speed internet solution that supercharges the performance of in-home Wi-Fi networks.

The new service solves the challenges of inconsistent Wi-Fi coverage and speed in large residential spaces, including apartments and villas, serving a variety of customer needs. Additionally, Fibre to the Room (FTTR)  is an ideal solution for smart homes, gamers, and other tech-dependent users who require high-speed internet connections with the lowest possible latency to ensure peak performance.

Khaled ElKhouly, Chief Consumer Officer, e& UAE, said: “Fibre to the Room (FTTR) is a significant leap forward in fast Wi-Fi for homes, and we’re excited to bring it to UAE residents. By bringing fibre optic connectivity directly to every room, we’re ensuring every home is a hub for work, entertainment, and limitless possibilities.”

Khalid Murshed, Chief Technology and Information Officer, e& UAE, said: “High-speed connectivity is the cornerstone of our vision to create a digitally empowered future for all. The new Fibre-To-The-Room solution is a transformative step towards realising this vision, empowering our customers to unlock the full potential of next-generation performance and capabilities at home.”

This innovative service tackles the challenge of Wi-Fi coverage in large spaces. Unlike traditional Wi-Fi solutions that can struggle with distance and interference, Fibre to the Room (FTTR) delivers fibre optic connectivity directly to each room. This bypasses the limitations of Ethernet cables and ensures robust, high-speed internet access throughout the entire home, guaranteeing a seamless and uninterrupted connection in every room.

e& UAE’s Fibre-To-The-Room service is available for a monthly rental fee of AED 129 (excluding 5% VAT) on a 24-month contract.  For users with very large homes, multiple Fibre-To-The-Room units can be ordered to serve the same premises seamlessly.

About e& UAE

e& UAE embodies the telecom arm of e& in the UAE, with a mission to maximise stakeholder value, deliver an unparalleled customer experience and optimise business performance for sustainable growth and success.

Leveraging the latest world-class technologies, e& UAE will grow core and digital services, enriching consumer value propositions with digital services catering to new consumer lifestyles and emerging demands beyond core telecom services, including health, insurance and gaming.

e& UAE will continue to act as a trusted partner to enterprises in meeting their connectivity needs and beyond.

Bolstering its leadership position as a digital telco that champions customers in a hyper-connected digital world, e& UAE will pivot the new sustainable demand into future spaces such as private networks, autonomous vehicles, and AI.

To learn more about e& UAE, please visit: https://www.etisalat.ae.

TAQA Group Reports AED 4.4 billion Net Income for H1 2024

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Sahfy Sahfy
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TAQA Group Reports AED 4.4 billion Net Income for H1 2024
TAQA Group Reports AED 4.4 billion Net Income for H1 2024

Abu Dhabi National Energy Company PJSC (“TAQA” or “the Group”), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, reported its earnings for the period ending 30 June 2024. TAQA delivered solid financial results, supported by stable returns from its Transmission & Distribution business and further strengthened by the contribution from Sustainable Water Solutions Holding Company PJSC (SWS Holding).

Financial highlights

  • Group revenues were AED 27.2 billion, 2.0% higher than the prior-year period, due to the contribution from SWS Holding, which also increased adjusted EBITDA and net income.
  • Adjusted EBITDA was AED 10.9 billion, 4.0% higher than the first half of 2023.
  • Net income was AED 4.4 billion, up AED 0.5 billion (12.3%) compared to the prior year, excluding one off items, but a decrease of AED 9.2 billion when these one-off items are included.  
  • Capital expenditure was AED 3.8 billion, 91% higher than prior year driven mainly by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects as well as timing and phasing of project execution within the T&D business.
  • Free cash flow generation was AED 4.3 billion, AED 2.1 billion lower than the previous year, primarily reflecting capital expenditure on the development of M2 RO and S4 RO desalination projects and working capital movements. 
  • Gross debt was AED 58.6 billion, down from AED 61.7 billion at the end of 2023, primarily due to the repayment of AED 3.5 billion of matured corporate bonds and scheduled loan repayments of AED 1.5 billion. This decrease was partially offset by an additional AED 1.5 billion in project debt from the acquisition of SWS Holding and AED 0.6 billion from new project debt to fund the development of the M2 RO and S4 RO projects.

Strategic highlights

  • In our Transmission and Distribution business: 
    • TAQA, Vision Invest and GIC Consortium announced the financial closing for Juranah Independent Strategic Water Reservoir Project in Makkah, Saudi Arabia. This is a significant milestone for TAQA as it underscores TAQA’s commitment to supporting sustainable development in the region and aligns with its strategy to expand its Transmission and Distribution business internationally.
  • In our Generation business:  
  • TAQA’s Generation business announced the signing of a Power and Steam Purchase Agreement with SATORP, a joint venture company owned by Saudi Aramco and TotalEnergies, to develop a cogeneration plant for the strategic expansion of a Petrochemical complex in Saudi Arabia. TAQA will own 51% of the plant, with Jera owning the remaining 49%. TAQA and Jera will also handle the operation and maintenance of the plant. The plant will supply up to 475 MW of power and approximately 452 tons per hour of steam using advanced combined cycle gas-fired technology.
      • Taweelah Reverse Osmosis Independent Water Plant commenced full commercial operations during Q2 2024. One of the world’s largest and most efficient operational desalination plants of its kind with a capacity of around 200 million imperial gallons per day.
  • Masdar’s Strategic Acquisitions in Europe and North America: 
  • Masdar signed a definitive agreement with GEK TERNA to acquire 67% of Terna Energy enhancing its renewable energy portfolio in Greece and the EU. Terna Energy aims for 6 GW operational capacity by 2030. 
  • Additionally, Masdar announced plans to acquire a 50% stake in Terra-Gen, a North American renewable energy company, from Energy Capital Partners, which operates 2.4 GW of wind and solar and 5.1 GWh of energy storage across the US. 
  • These acquisitions, expected to close by the end of 2024 pending regulatory approvals, will significantly contribute to Masdar’s goal of reaching 100 GW of global capacity by 2030.

Operational highlights

  • Transmission network availability for power and water of 98.5% in H1 2024 (H1 2023: 98.2%), marginally higher versus the comparative period last year.
  • Generation global commercial availability of 98.1% in H1 2024, compared to 98.7% in the same period last year, marginally lower due to both planned and unplanned outages across the UAE and international fleet.
  • SWS asset availability of 96.4%, underscoring the robust performance of the assets accounted for by TAQA since the beginning of 2024.
  • Oil & Gas average production volumes decreased to 104.9 thousand barrels of oil equivalent per day (boepd), a decrease of 7.6% compared to the first half of 2023. This decrease is mainly due to the natural decline in production and decommissioning activity associated with the Group’s late-life UK assets.

His Excellency Mohamed Hassan Alsuwaidi, Chairman of TAQA, commented: “TAQA’s continued growth during the first half of 2024 is a result of its unwavering commitment to unlocking long-term value for stakeholders. The Group has consistently achieved strong financial results, underpinned by an improved credit rating of AA by Fitch, demonstrating the resilience of its balance sheet.

TAQA’s focus on executing projects that will further cement its leading market position remains steadfast. A notable milestone is the upcoming integration of SWS Holding, which will contribute to TAQA’s transformation into a vertically integrated utility leader with expanded expertise in water treatment. 

Looking ahead, TAQA remains dedicated to sustainable growth and progress that balances shareholder benefits with our stewardship of the environment and communities.”

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “TAQA’s robust financial and operational performance in the first six months of 2024 was driven by the sustained growth across the Transmission & Distribution business, and bolstered by the welcome addition of SWS Holding. These reliable sources of income align with TAQA’s ambition to be an integrated utility champion, providing low-carbon power and water to the communities it serves and creating value for stakeholders. During this period, TAQA also remained focused on delivering on key strategic projects. 

On the generation side, TAQA in partnership with JERA, signed a Power and Steam Purchase Agreement with SATORP, a joint venture company owned by Saudi Aramco and TotalEnergies, to develop an industrial steam and electricity cogeneration plant in Saudi Arabia. Additionally, TAQA along with its partners achieved financial closing of the Juranah Independent Strategic Water Reservoir Project in Saudi Arabia, aligning with its strategy to expand the transmission and distribution business beyond the UAE.

Forbes Middle East Reveals The Middle East’s Top 100 CEOs 2024

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Sahfy Sahfy
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Forbes Middle East Reveals The Middle East’s Top 100 CEOs 2024
Forbes Middle East Reveals The Middle East’s Top 100 CEOs 2024

Forbes Middle East has revealed its fourth annual list of the Top 100 CEOs in the Middle East, recognizing the chiefs accelerating achievements and successes of the companies they lead.

To develop this ranking, Forbes Middle East evaluated the CEOs using various metrics, including the individual’s accomplishments and implemented innovations over the past year, size of their company, and their impact on their firm and the wider industry. Only CEOs of companies headquartered in MENA were considered. 

Amin H. Nasser, President and CEO of Saudi Aramco, topped the ranking. ADNOC Group’s Sultan Al Jaber and Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, and Saad Sherida Al-Kaabi, Deputy Chairman, President and CEO of QatarEnergy, rounded up the top four spots. The top five have retained their ranking since last year, with the exception of IHC’s Syed Basar Shueb who jumped from ninth to fifth place. 

The 2024 cohort consists of listees from 19 nationalities. Emiratis reign with 27 entries, followed by Egyptians with 21 and Saudis with 14. Together, the three groups make up 62% of the ranking, indicating the positive trajectory for localization in C-suite management. The banking sector has the most entries, with 19, followed by real estate with 10, reflecting the boom in the sector over the last two years. Nine CEOs on the list head telecommunications businesses. Among the top 10 alone, six different industries are represented. 

Pursuing innovation and efficiency, several leaders on this list have launched new ventures to diversify their impact. This year, Abdulrahman Al Hatmi’s Asyad Group announced the establishment of Hafeet Rail, as well as inaugurated the Asyad Container Terminal in the Port of Duqm, Oman. Whereas Said Zater’s Contact Financial Holding launched a new financing program aimed at financing electric vehicles. Industrials giant Aluminum Bahrain’s Ali Al Baqali introduced EternAl, a low-carbon aluminum line with 30% and 15% recycled products in May. 

Top 10 CEOs In The Middle East 2024

  • Amin H. Nasser 

Nationality: Saudi 

President & CEO, Saudi Aramco 

  • Sultan Al Jaber 

Nationality: Emirati 

Group CEO & Managing Director, ADNOC Group

  • Ahmed bin Saeed Al Maktoum 

Nationality: Emirati 

Chairman & Chief Executive, Emirates Airline & Group 

  • Saad Sherida Al-Kaabi 

Nationality: Qatari 

Deputy Chairman, President & CEO, QatarEnergy 

  • Syed Basar Shueb 

Nationality: Emirati 

CEO & Managing Director, International Holding Company (IHC) 

  • Nawaf S. Al-Sabah

Nationality: Kuwaiti 

Deputy Chairman & CEO, Kuwait Petroleum Corporation (KPC)

  • Sultan Ahmed Bin Sulayem 

Nationality: Emirati 

Group Chairman & CEO, DP World  

  • Isam Jasem Al-Sager

Nationality: Kuwaiti 

Vice Chairman & Group CEO, National Bank of Kuwait (NBK)

  • Hatem Dowidar

Nationality: Egyptian 

Group CEO, e&

  • Abdulla Mubarak Al-Khalifa

Nationality: Qatari

Group CEO, QNB Group

Click here to view the complete Top 100 CEOs in the Middle East 2024 list. 

PUMA Unveils The Al-Hilal Third Kit for The 24-25 Season Collection

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Sahfy Sahfy
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PUMA Unveils The Al-Hilal Third Kit for The 24-25 Season Collection
PUMA Unveils The Al-Hilal Third Kit for The 24-25 Season Collection

PUMA Middle East proudly announces the launch of the Third kit for the 24-25 season, as part of its ongoing partnership with Al-Hilal, Saudi’s most decorated football club. The third kit is uniquely designed to include elements inspired by Al-Hilal’s prosperity and one of the Kingdom’s national wonders – its desert rose.

Set to debut on August 11, the third kit captures the essence of the desert rose, a natural phenomenon symbolizing resilience and beauty. The design features mineral-inspired patterns and sandy hues, embodying Al-Hilal’s tenacity and spirit. Additionally, the vibrant green elements pay homage to the Kingdom’s cherished color, symbolizing strength and vitality as the club strives to conquer new horizons.

The third kit, like the home and away kits, features PUMA’s advanced sports technology for peak performance on the pitch. The Authentic jersey uses ULTRAWEAVE fabric with a 4-way stretch to reduce weight and friction and includes dryCELL technology to keep players sweat-free. The Replica jersey, available to consumers, also incorporates dryCELL for comfort in intense conditions. Both jerseys are made from recycled polyester, highlighting PUMA’s commitment to sustainability.

Taner Seyis, Managing Director of PUMA Middle East, expressed his enthusiasm for the release, saying, “Collaborating with Al-Hilal FC on various initiatives and launches is always a pleasure. This partnership enables us to innovate and demonstrate our dedication to advancing sports alongside the region’s leading club in a market passionate about sports and national pride. We are excited for the upcoming projects this partnership will bring.”

Fahad bin Nafil, Chairman of Al-Hilal FC, emphasized the importance of the partnership, stating, “Our ongoing collaboration with PUMA consistently introduces innovative and exciting projects to our club, helping us elevate the sports culture in Saudi Arabia. PUMA has been a loyal supporter of sports and football in the region. We are delighted to work with a global brand that infuses inspiration, innovation, and creativity into every piece made for our athletes and team.”

The new Al-Hilal FC third kit will be available at PUMA stores, PUMA.com, the Al-Hilal store, Blu store, and select retailers starting August 11th. As Al-Hilal FC embarks on a new season with its distinct kits, both entities remain committed to continuous innovation and prosperity in their joint initiatives, highlighting their dedication to sport and football excellence.

Chery UAE Launches Exclusive Trade-In Campaign

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Sahfy Sahfy
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Chery UAE Launches Exclusive Trade-In Campaign
Chery UAE Launches Exclusive Trade-In Campaign

 Chery, in partnership with AW Rostamani the official distributor of Chery in UAE, is pleased to launch an exclusive trade-in campaign, inviting car owners to upgrade to newer, more advanced models with great ease and confidence. 

This campaign offers a seamless trade-in process, where customers can exchange their current vehicles for the latest Chery models under exceptional terms.

Up to AED 10,000 extra on trade-ins is applicable to any make or model. This generous initiative, aimed at making luxury more attainable, is scheduled to run for a limited one-week period, ending on August 15th.This campaign highlights Chery’s commitment to enhancing the automotive experience by simplifying the upgrade process, building customer trust, and making luxury vehicles more accessible through competitive trade-in values.

Straightforward and transparent trade-ins are supported by a team of experts who conduct detailed assessments and provide fair valuations. This approach empowers customers to make informed decisions, free from the usual hassles associated with selling their vehicles independently. Additionally, it allows them to enjoy the full spectrum of Chery’s advanced features, innovative technology, and stylish design, within the modern standards of luxury and convenience.

Situated on Sheikh Mohammed Bin Zayed Road in Sharjah and Sheikh Zayed Road in Dubai, Chery UAE’s premier flagship showrooms display every model from its cutting-edge lineup and contain fully-equipped servicing facilities for all maintenance needs.

For more information or to schedule a visit, contact 800 CHERY (800-24379) or visit www.cheryuae.com.

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