Adnoc Logistics & Services, the maritime logistics unit of Adnoc, could look at expanding its operations in the broader GCC region, according to the company’s chief financial officer.
In July last year, Adnoc L&S bought Zakher Marine International, an Abu Dhabi company that owns and operates offshore support vessels.
ZMI, which is operating as an independent entity under Adnoc L&S, is the world’s largest owner and operator of self-propelled jack-up barges, with operations in the UAE, Saudi Arabia, Qatar and China.
“We already have offices now in Qatar and Saudi Arabia as a result of the acquisition of Zakher Marine, so extending our reach using those offices and growing into those regions is definitely attractive,” Nicholas Gleeson told The National in an interview.
“Everything is a possibility.”
Shares of Adnoc L&S surged as much as 58 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Thursday.
The company had set its final offer price at Dh2.01 share, towards the higher end of its previously announced range of Dh1.99 to Dh2.01 a share, giving it a market capitalisation at the time of listing of about $4.05 billion.
The stock exchange listing came as Adnoc L&S is undertaking a global expansion programme, aimed at providing a broader service to its customers while supporting and enabling the growth of their upstream and downstream operations.
“We have a lot of business growth opportunities already in the pipeline and we're in the process of realising those, finding new opportunities [and] continuing that expansion,” said Mr Gleeson.
This includes extending the company’s reach across logistics, international shipping and preparing its fleet to transport additional volumes of crude oil and natural gas from Adnoc, he said.
In April, Adnoc L&S added five new-build very large gas carriers (VLGC) to its fleet to meet the growing global demand for gas.
The company currently has a fleet made up of more than 800 owned, operated, and chartered vessels.
“We need to increase our fleet to meet continuing growth in demand for the integrated logistics segment,” Mr Gleeson said.
In March, the company unveiled its global Integrated Logistics Services Platform (ILSP) and signed a $2.6 billion contract with Adnoc Offshore to provide logistics services.
The ILSP is among the largest turnkey offshore logistics offerings in the world that will enable Adnoc L&S to co-ordinate end-to-end management of logistics and maritime operations from its Mussafah base in Abu Dhabi.
Adnoc targets 5 million barrels per day of production capacity by 2027, Mr Gleeson said.
“The acceleration of production will be met by the acceleration in our plans to transport the production.”
The company reported a net profit of $144.9 million in the first quarter of 2023, up 79 per cent from the same period a year earlier.
Revenue for the period grew to $592.18 million from $312.96 million a year ago.
Adnoc L&S expects “mid to high” single-digit growth in its revenue over the next few years, with margins growing to the mid-30s from the current 30 per cent.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
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UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
