RIYADH: Fuel and convenience retailer ADNOC Distribution has finalized the acquisition of a 50 percent stake in Egypt’s TotalEnergies Marketing.
This collaboration comprises of a downstream portfolio of 240 fuel retail stations, over 100 convenience stores, more than 250 car washes, lubricants, wholesale, and aviation fuel operations.
“Closing this transaction marks a significant milestone in ADNOC Distribution’s international growth journey, demonstrating our ability to expand in attractive international markets, and reaffirming commitment to our Smart Growth Strategy,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.
“Egypt is the Arab world’s most populous country with great economic potential, and we look forward to bringing our offering to this dynamic market,” he added.
Salama net profit hits $12.33m in 2022
UAE-based insurance provider Salama achieved a net profit of 45.27 million dirhams ($12.33 million) in 2022, thanks to growth in gross written contributions and prudent underwriting controls, in addition to continuing investment in strategic partnerships.
Salama’s gross written contributions reached 1.12 billion dirhams in 2022, showing a growth in GWC of 2.8 percent.
“As a leader in the UAE Takaful industry for over 43 years, we remain optimistic that Salama is well positioned for consistent and sustainable growth,” said Jassim Alseddiqi, Salama’s chairman.
du records $330m net profit during 2022
Emirates Integrated Telecommunications Co., also referred to du, reached a net profit of 1.22 billion dirhams ($330 million) in 2022.
The profit came as higher earnings before interest, taxes, depreciation, and amortization and lower net finance costs were offset by a rise in depreciation and royalty charges.
The company’s full-year revenues increased by 9.2 percent to reach 12.75 billion dirhams – driven by sustained demand for broadband services and 5G handsets, and a steady recovery of mobile services.
Malek Sultan Al Malek, chairman of the company, said: “Our results confirm the success of our strategy and the efficiency of our operating model. I am optimistic that the management team will continue to deliver on our objectives.”
Dubai Municipality, DEWA sign agreement to buy electricity from Dubai Waste Management Centre
Dubai Municipality and the Dubai Electricity and Water Authority signed an agreement to buy electricity from Dubai Waste Management Centre, the biggest waste-to-energy center in the world.
The 35-year Power Purchase Agreement plans to develop the Dubai government’s directions in the field of clean and sustainable energy, serve sustainability and the circular economy, and improve cooperation and collaboration.
The contract was signed by the CEO of DEWA Mohammed Al Tayer, and the Director-General of Dubai Municipality Dawoud Al Hajri during Dubai’s 2023 World Government Summit.
Al Tayer said: “This agreement is part of our efforts to promote a green economy and achieve the goals of the Dubai Clean Energy Strategy 2050, which aims to provide 25 percent of Dubai's energy from clean sources by 2030, and 100 percent by 2050.”
Also present were Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Council of Energy, and Abdullah Al Basti, secretary-general of Dubai Executive Council.
