More Business in brief
Saudi Arabia announces closing of solar projects worth $3.2 billion
Acwa Power, the Water and Electricity Holding Company and Saudi Aramco Power Company financially closed three solar projects in the kingdom, which have a total investment value of $3.2bn billion and a combined capacity of 5.5 gigawatts.
Taqa and Jera announce financial closing of Saudi steam and power plant project
Abu Dhabi National Energy Company, better known as Taqa, and Japanese utility firm Jera have concluded the financing of a 475-megawatt industrial steam and electricity plant in Jubail, Saudi Arabia.
Abu Dhabi villa and apartment prices rise in the second quarter
Villa prices increased by 7.3 per cent on an annual basis while apartments rose by 1.4 per cent, ValuStrat report says.
Aramco to become majority shareholder in Saudi Arabia's Petro Rabigh refining company
Riyadh-listed company to acquire additional shares from Sumitomo Chemical for $702 million.
Adnoc signs long-term LNG agreement with Osaka Gas for Ruwais project
Abu Dhabi company will supply 0.8 million metric tonnes of natural gas a year to the Japanese utility company as part of the deal.
DP World welcomes US court decision to enforce $200m award against Djibouti government
Local authorities forcibly seized Doraleh Container Terminal in 2018 after DP World was awarded concession to run the terminal.
Adnoc boosts offshore production capacity using digital technologies
The Abu Dhabi energy company on Tuesday said that its offshore Satah Al Razboot field achieved a 25% increase in production capacity with the use of advanced digital technologies.
Al Ansari Financial Services agrees to buy Bahrain’s BFC Group for $200 million
The transaction, which is expected to close by the first quarter of 2025, will help the UAE-based money exchange and transfer company expand its geographic footprint.
Badr Al Olama named director general of Abu Dhabi Investment Office
The appointment was made through a resolution issued by the Abu Dhabi Executive Council.
UAE Central Bank revokes licence of Galaxy Insurance Brokers
The banking watchdog made the move after an investigation found a weak compliance framework and failure to comply with regulatory obligations.