Adnoc Logistics and Services has signed contracts totalling $4.4 billion to build 23 supertankers designed for transporting ethane, ammonia and liquefied natural gas so far this year as it seeks to expand its global footprint.
Through its joint venture AW Shipping, the maritime logistics unit of Abu Dhabi hydrocarbons major Adnoc has awarded $1.9 billion in contracts to China’s Jiangnan Shipyard for the construction of nine large ethane carriers and four large ammonia carriers, Adnoc L&S chief executive Capt Abdulkareem Al Masabi told state news agency Wam on Thursday.
The company also signed contracts valued at $2.5 billion with South Korean shipyards Samsung Heavy Industries and Hanwha Ocean to build up to 10 LNG carriers, boosting its capacity to meet the global demand for low-carbon energy.
“The investment aims to support the energy transition and open new markets for the company, while advancing its efforts to reduce carbon emissions in industrial operations,” Wam quoted Mr Al Masabi as saying.
The company’s sustainability initiatives align with Adnoc’s target of net zero by 2045, the UAE’s net zero by 2050 strategy and the International Maritime Organisation’s 2050 net-zero target.
Adnoc L&S currently delivers energy products to more than 100 customers in about 50 countries through its three business units – integrated logistics, shipping and marine services. It has the largest diversified fleet in the region, with more than 800 owned, operated and chartered vessels.
The company listed on the Abu Dhabi bourse in June last year after parent company Adnoc raised about Dh2.83 billion ($770 million) from the sale of a 19 per cent stake in the subsidiary.
In July, Adnoc L&S awarded Samsung Heavy Industries and Hanwha Ocean up to Dh9.2 billion in shipbuilding contracts to build LNG carriers. It also said in June it was acquiring global shipping pool operator Navig8 TopCo Holdings to strengthen its fleet and expand into other markets.
The company is also "committed to supporting the local economy through the In-Country Value [ICV] enhancement programme, with its contribution rate reaching 86 per cent in 2023", Mr Al Masabi said.
The UAE Ministry of Industry and Advanced Technology’s ICV programme, which seeks to support domestic industrial growth, redirected more than Dh48 billion to the country’s economy in the first half of 2024. The programme aims to redirect half of government spending on procurements and tender contracts into the national economy by 2031.
In a separate announcement on Thursday, Adnoc said it had awarded Dh720 million in contracts to 11 companies to boost local manufacturing, in line with the ICV programme. Additionally, Adnoc partners unveiled eight new manufacturing facilities, bringing the total ICV-enabled sites to 33 since the programme's inception.
Launched in 2018, Adnoc’s ICV programme has reinvested Dh187 billion into the UAE’s economy and created 14,000 private-sector jobs for Emiratis, with plans to drive Dh178 billion more into the economy and create an additional 13,500 jobs by 2028.
“Through our ICV programme, we are boosting the UAE’s manufacturing capacity, enhancing self-sufficiency and reinforcing our role as a catalyst for the nation’s growth and diversification," said Yaser Saeed Almazrouei, Adnoc’s executive director for people, commercial and corporate support.
Adnoc also urged local and international companies to partner with it and explore long-term manufacturing opportunities.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
