UAE In-Focus – ADNOC Distribution finalizes 50% acquisition of Egypt’s Total Energy Marketing
RIYADH: Fuel and convenience retailer ADNOC Distribution has finalized the acquisition of a 50 percent stake in Egypt’s Total Energy Marketing.
The collaboration includes a downstream portfolio of 240 fuel retail stations, over 100 convenience stores, over 250 car wash, lubricants, bulk and aviation fuel operations.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “The completion of this transaction is a significant milestone in ADNOC Distribution’s international growth journey, demonstrating our ability to expand into attractive international markets and aligning with our smart growth strategy. reaffirms commitment to
“Egypt is the most populous country in the Arab world with great economic potential, and we look forward to bringing our offering to this dynamic market,” he added.
Salama’s net profit to reach $12.33m in 2022
UAE-based insurance provider Salama projects a net profit of 45.27 million dirhams ($12.33 million) in 2022, driven by increased gross written contribution and prudential underwriting controls, in addition to continued investment in strategic partnerships.
Salma’s gross written contribution is set to reach AED 1.12 billion in 2022, representing an increase in GWC of 2.8 percent.
Jassim AlSeddiqi, Chairman of SALAMA, said, “As a leader in the UAE takaful industry for more than 43 years, we remain optimistic that SALAMA is well-positioned for continued and sustainable growth.”
DU records net profit of $330m during 2022
Emirates Integrated Telecommunications Company, also known as du, has reached a net profit of 1.22 billion dirhams ($330 million) in 2022.
The gain came in the form of higher earnings before interest, taxes, depreciation, and amortization and lower net finance costs offset by increases in depreciation and royalty charges.
The company’s full-year revenue rose 9.2 percent to 12.75 billion dirhams – driven by continued demand for broadband services and 5G handsets, and a steady recovery in 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 purchase electricity from Dubai Waste Management Center
Dubai Municipality and the Dubai Electricity and Water Authority signed an agreement to buy electricity from the Dubai Waste Management Centre, the world’s largest waste-to-energy centre.
The 35-year power purchase agreement plans to develop the Government of Dubai’s directives in the field of clean and sustainable energy, serve sustainability and the circular economy, and improve cooperation and collaboration.
The contract was signed by Mohammed Al Tayer, CEO of DEWA, and Daoud Al Hajri, Director-General of Dubai Municipality, during the 2023 World Government Summit in Dubai.
Al Tayer said: “The agreement is part of our efforts to promote the green economy and achieve the goals of the Dubai Clean Energy Strategy 2050, which aims to provide 25 per cent of Dubai’s energy by 2030 and 100 per cent by 2050 from clean sources. To do. ”
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, and Abdullah Al Basti, Secretary-General of the Dubai Executive Council, were also in attendance.