Energy Adnoc Gas to spend $1.34bn expanding UAE pipeline By Pramod Kumar July 3, 2023, 6:38 AM Adnoc Gas The new pipeline will extend the current network from 3,200 km to over 3,500 km Abu Dhabi-listed Adnoc Gas has awarded contracts worth $1.34 billion to expand its natural gas pipeline network in the UAE’s northern emirates. The new pipeline will extend the current pipeline network from 3,200 km to over 3,500 km, enabling the transportation of higher volumes of natural gas to customers in the northern part of the Gulf state. Adnoc completes Shah gas field expansion Adnoc L&S bags $975m EPC contract for ‘artificial island’ Adnoc awards $700m contract to UK’s Petrofac The contract was awarded to Petrofac Emirates and a consortium consisting of the National Petroleum Construction Company and CAT International. Ahmed Mohamed Alebri, CEO of Adnoc Gas, said the expanded pipeline will lead to gas self-sufficiency for the UAE. As part of Adnoc’s in-country value (ICV) program, over 70 percent of the contracts’ value is expected to flow back into the UAE economy.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
