Thursday, 21 December 2023

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Egypt’s Ora developing USD 10 bn project in Ghantoot + Adnoc signs 15-year LNG agreement with ENN LNG + Block trading on Alpha Dhabi

Sawiris-owned Ora Developers has partnered up with Q Holding for the project

REAL ESTATE-

More on new development from Egypt’s Ora: Ora Developers — owned by Egyptian b’naire Naguib Sawiris — has partnered with Abu Dhabi investment firm Q Holding for a USD 10 bn real estate project project in the Ghantoot area between Abu Dhabi and Dubai, Sawiris told Asharq Business. The 15 mn-sqm mega real estate project should be completed within the coming 10-15 years, he had previously said. The project is expected to make up to USD 15 bn in sales, he said.

ENERGY-

Adnoc signed a 15-year LNG agreement with Singapore’s ENN LNG, set to deliver a minimum mn 1 mmtpa of LNG by 2028, according to a press release. The majority of the LNG will be supplied from Adnoc’s Ruwais LNG plant, currently in the works in Al Ruwais Industrial City. The agreement is now awaiting the final investment decision on the project, and regulatory approvals, with final discussions on the sales contract also still ongoing.

Remember:Al Ruwais’ LNG plant is set to be the first LNG project in MENA powered by clean energy, making it one of the lowest carbon intensity LNG projects globally, according to Adnoc.

CAPITAL MARKETS-

Alpha Dubai sees AED 3.58 bn block transaction on ADX: Alpha Dubai Holding witnessed two substantial off-market transactions yesterday, with 139.1 mn shares changing hands for AED 3.58 bn at AED 25.89 per share, Wam reports. These transactions were executed off the books and therefore do not affect the conventional closing price, broader price index, or the highest and lowest prices.

The Dubai Financial Services Authority (DFSA) + the Hong Kong Monetary Authority (HKMA) have partnered up to explore ways to improve policies and regulations for climate finance in the Middle East and Asia, Wam reports. The partnership builds on the existing relationship between the Dubai International Financial Centre (DIFC) and HKMA and aims to promote cross-border collaboration for sustainable finance, supporting the net-zero transition. The DFSA and HKMA, plan to host a Joint Climate Finance Conference in Hong Kong in the fall of 2024.

Investcorp Capitalhas appointed emerging markets investment bank Arqaam Capital to serve as its advisor and market maker to facilitate and broker trading in Investcorp’s shares, according to an ADX disclosure. Under its role as Investcorp’s advisor, Arqaam will oversee the company’s earnings reporting and act as a liquidity provider.

ICYMI: Bahrain-based firm Investcorp successfully debuted on the ADX on 17 November, raising some AED 1.66 bn (USD 450 mn) with a market cap of AED 5.04 bn (USD 1.37 bn). The IPO was described as “lackluster” and “muted” by Bloomberg despite being at the top of the IPO price range and being upsized by 12%.

REGULATION-

The Abu Dhabi Chamber of Commerce launched arbitrateAD, an international arbitration center, according to a press release. ArbitrateAD will take over from the Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC) on 1 February 2024, keeping the latter’s governance structure and arbitration rules in place. Ongoing cases following ADCCAC rules will proceed with the existing team until resolved.

LOGISTICS-

China’s EHang Holdings lands in Abu Dhabi: Chinese aircraft company EHang inked an agreement with Wings Logistics Hub to join the Smart and Autonomous Vehicle Industries (SAVI) Cluster in Masdar City, according to a press release. The SAVI Cluster, led by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, oversees the development and application of intelligent and eco-friendly air mobility in the UAE.

The details: Wings Logistics Hub will purchase up to 100 of EHang’s smart and autonomous eVTOLs vehicle technologies for passenger transportation, aerial logistics, and firefighting use in the UAE. The first set of deliveries is expected to commence in 1Q 2024.

Transworld is setting up a 50k sqm logistics center in Jafza: Dubai-based shipping and logistics firm Transworld and DP World 's Jebel Ali Free Zone (Jafza) inked an agreement on Wednesday to build a 50k sqm dry and temperature-controlled distribution center in Jafza, according to a press release (pdf). Construction for the warehouse is slated to begin by 2024 and wrap up within one year, with Jafza responsible for the development.

This isn’t its first center in Jafza: Transworld inaugurated a cold chain distribution center in Jafza back in June. The new center is forecasted to nearly double the company’s capacity in the region.

EDUCATION-

Ajman University is now a nonprofit institution, following a decree on Wednesday changing its organizational status, reports Wam. The newly state-owned entity will have the capacity to exercise law going forward, in addition to financial and administrative independence exempt from national policies.