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Adnoc and World Bank join forces to curb global gas flaring by 2030

Adnoc and World Bank join forces to curb global gas flaring by 2030

The National01-05-2025

Adnoc is teaming up with the World Bank's Global Flaring and Methane Reduction (GFMR) team to drive down waste that could otherwise be converted into energy. The World Bank estimates that billions of cubic metres of gas are being released into the air annually due to flaring. This is the process of burning gas during oil production. The associated natural gas, composed mainly of methane, is often treated as waste and burnt or vented directly into the atmosphere. Putting a stop to flaring has environmental and economic benefits, said Zubin Bamji, the World Bank's GFMR manager. GFMR estimates global upstream gas flaring increased to 148 billion cubic metres (bcm) in 2023, up from 139 bcm in 2022. "It's about energy security and, at a time when many countries are looking for extra energy supplies, here we see one of the resources being wasted to the tune of billions of cubic metres every year," said Mr Bamji. "We estimate the amount of energy wasted through flaring alone could power the entire Sub-Saharan African continent." Ibrahim Al Zu'bi, Adnoc's chief sustainability officer, echoed this view, highlighting that it has been following a zero routine flaring policy for years and is now sharing its expertise with other national oil companies. "We don't just fund this work, we're helping identify technical solutions, mentor emerging producers and support project design so countries can access these grants," he said. A total of $250 million has been earmarked by the development bank, $100 million of which came from the UAE, to support those countries with the least capacity and resources to address these harmful emissions. The partnership is focused on providing grant funding, technical assistance, policy and regulatory reform advisory services, institutional strengthening, and mobilising financing to support action by governments and the industry. GFMR is active in at least dozen countries, which account for about a quarter of the oil and gas sector's methane emissions. In the Middle East, GFMR is helping Iraq, Egypt and Yemen identify opportunities and develop action plans to reduce emissions from oil and gas operations. As host of this year's GFMR steering committee meeting, Adnoc, in collaboration with the Ministry of Foreign Affairs, welcomed government representatives and oil companies from around the world to Abu Dhabi this week. "Adnoc is not only a founding member of the GFMR Partnership, we're also its largest donor," Mr Al Zu'bi told The National. The GFMR Partnership, launched at Cop28 and managed by the World Bank, offers technical assistance and financial support to countries and operators that commit to long-term methane reduction. The two-day steering committee meeting brought together representatives from countries such as Norway, Azerbaijan and Uzbekistan, as well as industry giants such as Shell, BP, Total Energies and Equinor. Sixteen projects from across the globe were reviewed, with particular focus on methane measurement, sensor deployment and regulatory alignment. "What impressed me was the diversity of progress," Mr Al Zu'bi said. "Some countries were just beginning the conversation on methane, others were already deploying sensors and tools. This diversity justifies the need for a collaborative platform like this." The UAE's role, he added, extends beyond funding. Adnoc sits on the GFMR's technical advisory group, helping assess project viability and providing support beyond finance, including in data, expertise and capacity building. The next phase of the partnership will involve expanding the number of countries involved, ensuring long-term financial sustainability of the fund and sharing success stories – particularly from smaller or newer producers. "This isn't about one company or one country," said Mr Al Zu'bi. "It's about building a global community committed to smart, sustainable energy practices." With 2030 fast approaching, the World Bank and Adnoc agree that the urgency is real but so is the opportunity.

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ADNOC Gas takes final investment decision and awards $5bln in contracts for first phase of its Rich Gas Development project
ADNOC Gas takes final investment decision and awards $5bln in contracts for first phase of its Rich Gas Development project

Zawya

timean hour ago

  • Zawya

ADNOC Gas takes final investment decision and awards $5bln in contracts for first phase of its Rich Gas Development project

Final investment decision (FID) is the first of three for the project, which is the largest capital investment in company history Engineering, Procurement and Construction Management (EPCM) contracts cover expansion and major efficiency improvements of four sites – Asab, Buhasa, Habshan and Das Island Abu Dhabi, UAE – ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') (ADX symbol: ADNOCGAS / ISIN: AEE01195A234), a world-class integrated gas processing and sales company, announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. EPCM contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth. About ADNOC Gas ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: 'ADNOCGAS' / ISIN: 'AEE01195A234'), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE's sales gas needs and supplies end-customers in over twenty countries. For investor inquiries, please contact: Richard Griffith Vice President, Investor Relations ir@ For media inquiries, please contact: Colin Joyce Vice President, Corporate Communications

Export Opportunities: Using Dubai as a Global Trade Hub
Export Opportunities: Using Dubai as a Global Trade Hub

Hi Dubai

time4 hours ago

  • Hi Dubai

Export Opportunities: Using Dubai as a Global Trade Hub

Dubai sparkles as a global trade powerhouse, a city where ambition meets opportunity in a dazzling convergence of East and West. Its skyline, a blend of futuristic towers and cultural heritage, mirrors its role as a bridge between continents, economies and markets. For Dubai residents, this is a springboard for businesses to reach the world. With its strategic location, cutting-edge infrastructure and relentless drive to diversify, Dubai has cemented its reputation as a global trade hub, making it an ideal base for exporters looking to tap into international markets. The urgency to export has never been greater. Post-COVID recovery has accelerated global demand for diverse goods and services, from halal foods to tech solutions. As economies rebound, businesses in Dubai are uniquely positioned to meet this demand. The city's proximity to high-growth regions like Asia, Africa and Europe, combined with its business-friendly policies, creates a launchpad for entrepreneurs and companies eager to go global. Whether you're a startup in Dubai Silicon Oasis or a family-run business in Deira, the opportunities to export are vast and accessible. Dive into why Dubai stands out as a trade hub, which sectors hold the most promise and how local businesses can seize these opportunities to thrive on the world stage. Why Dubai is a Strategic Export Launchpad Dubai's geographic position is a game-changer. Nestled between Europe, Asia and Africa, it serves as a gateway to over 3 billion consumers within a seven-hour flight radius. Markets in the Middle East, South Asia and East Africa are practically neighbors, while Europe is easily accessible. This proximity reduces shipping times and costs, making Dubai an efficient base for reaching diverse markets. The city's infrastructure is world-class. Jebel Ali Port, one of the largest in the world, handles massive cargo volumes with seamless efficiency. Dubai International Airport, a global aviation hub, connects to over 240 destinations, ensuring swift air freight for time-sensitive goods. Logistics facilities like Dubai South's Logistics District streamline supply chains, offering end-to-end solutions. These assets make exporting from Dubai not just feasible but highly competitive. Then there's the business environment. Dubai's free zones, such as Jebel Ali Free Zone (JAFZA) and Dubai Airport Freezone (DAFZA), offer 100% foreign ownership, zero customs duties and streamlined processes. Low taxes and minimal bureaucracy further sweeten the deal. The World Bank's Doing Business 2020 report ranked the UAE among the top 20 globally for ease of doing business, a testament to Dubai's commitment to fostering trade. For local entrepreneurs, this means fewer hurdles and faster routes to global markets. Key Sectors with Strong Export Potential Dubai's export potential spans multiple industries, each leveraging the city's strengths to meet global demand. Here are five sectors ripe for opportunity: Food & Beverage The global demand for halal products is booming, projected to reach $3.2 trillion by 2028. Dubai, a leader in halal certification, is perfectly positioned to export halal meat, dairy and packaged foods. Specialty foods like dates, saffron and organic products also find eager markets in Europe and Asia. Fashion & Lifestyle Modest fashion is a $300 billion market, and Dubai's designers are capitalizing on it. Brands like Huda Beauty export globally, blending cultural authenticity with modern appeal. Lifestyle products, from artisanal home decor to sustainable fashion, also resonate with eco-conscious consumers in Europe and North America. Tech & Digital Services Dubai's tech ecosystem is thriving, with startups in fintech, AI and e-commerce gaining traction. Companies like Careem started here and scaled globally. Digital services, including app development and cloud solutions, are in high demand in markets like India and Southeast Asia. Construction Materials & Machinery The global construction boom, especially in Africa and South Asia, drives demand for Dubai's high-quality materials like steel, cement and heavy machinery. Local firms benefit from proximity to these markets and Dubai's logistics prowess, ensuring timely delivery. Perfumes, Cosmetics, and Luxury Goods Dubai's reputation for luxury makes it a natural hub for exporting perfumes and cosmetics. Brands like Oudh Al Anfar tap into the $500 billion global beauty market, with strong demand in Asia and the Middle East. Luxury goods, from watches to jewelry, also thrive, fueled by Dubai's brand as a global luxury capital. Export Channels Available from Dubai Image Source: Bayut Dubai offers multiple pathways for businesses to export, each tailored to different needs. Free Zones Free zones like JAFZA, DAFZA, Dubai Multi Commodities Centre (DMCC) and Dubai South are export powerhouses. JAFZA alone hosts over 8,000 companies, offering tax exemptions and full repatriation of profits. DAFZA specializes in high-value goods like electronics, while DMCC focuses on commodities like gold and diamonds. These zones simplify logistics and compliance, making them ideal for exporters. Mainland Companies and Global Distributors Mainland companies in Dubai can partner with global distributors to reach markets like Europe and North America. These partnerships provide access to established networks, reducing the need for businesses to build their own from scratch. E-commerce and Digital Platforms E-commerce is a game-changer for exporters. Platforms like Noon, and Tradeling connect Dubai businesses to millions of online shoppers. Tradeling, a B2B marketplace, links exporters with buyers in the MENA region, while Amazon's Global Selling program opens doors to Western markets. These platforms are especially valuable for SMEs looking to test international waters. Government Support & Trade Initiatives Dubai's government is a powerful ally for exporters. The Dubai Chamber of Commerce offers market intelligence, trade missions and networking events to connect businesses with global buyers. Its 'Dubai Global' initiative promotes local companies in key markets like China, India and Africa, organizing trade fairs and B2B meetings. Etihad Credit Insurance (ECI), the UAE's export credit agency, provides financing and insurance to mitigate risks like non-payment. In 2024, ECI supported over AED 2 billion in exports, boosting SME confidence. The UAE's Comprehensive Economic Partnership Agreements (CEPAs) with countries like India and Indonesia lower tariffs and ease market access, benefiting Dubai exporters. For instance, the UAE-India CEPA has slashed duties on 80% of product lines, spurring trade in textiles and electronics. Exporting involves navigating a web of regulations, but Dubai's systems make it manageable. Key requirements include: Documentation and Compliance Exporters need Certificates of Origin, commercial invoices and packing lists. HS codes, which classify products for customs, are critical for smooth clearance. Dubai Customs offers online portals like Dubai Trade to streamline documentation, reducing processing times to hours. Customs and Duties Target markets have varying customs rules. For example, the EU requires detailed product certifications, while GCC countries offer duty-free access under the Gulf Cooperation Council agreement. Understanding these nuances ensures cost-effective exporting. Trade Agreements UAE's trade agreements, like CEPAs, provide tariff benefits. Exporters should study these agreements to maximize savings. The Dubai Chamber's trade advisory services can guide businesses through compliance, ensuring they leverage every advantage. Common Challenges and How to Overcome Them Exporting isn't without hurdles, but solutions exist. Market Research and Product-Market Fit Misjudging demand can sink an export venture. Businesses should use Dubai Chamber's market reports or platforms like Euromonitor to study consumer trends. Testing products in smaller markets before scaling helps validate demand. Logistics and Distribution Shipping delays or high costs can erode profits. Partnering with reliable logistics providers like DP World or using Dubai South's integrated solutions ensures efficiency. Consolidating shipments can also cut costs. Payment Risks and Currency Issues Non-payment or currency fluctuations can hurt. ECI's insurance covers payment risks, while hedging tools from banks like Emirates NBD stabilize currency exposure. Clear contracts with buyers also minimize disputes. 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These connect you directly with buyers and distributors. In 2024, Gulfood alone generated over AED 5 billion in deals for exhibitors. Participate in industry events like , or . These connect you directly with buyers and distributors. In 2024, Gulfood alone generated over AED 5 billion in deals for exhibitors. Leverage B2B Platforms Use portals like Tradeling, Alibaba and Global Sources to connect with international wholesalers. A detailed, professional profile builds credibility and attracts serious buyers. Use portals like Tradeling, Alibaba and Global Sources to connect with international wholesalers. A detailed, professional profile builds credibility and attracts serious buyers. Understand Export Documentation Ensure you're familiar with key documents like the Certificate of Origin, commercial invoice, packing list, and bill of lading. Mistakes here can delay shipments or block entry. Ensure you're familiar with key documents like the Certificate of Origin, commercial invoice, packing list, and bill of lading. Mistakes here can delay shipments or block entry. Use Export Credit Insurance Protect your business against non-payment or political risks in overseas markets through providers like Etihad Credit Insurance (ECI) . Protect your business against non-payment or political risks in overseas markets through providers like . Take Advantage of Government Programs Explore support from initiatives like the Dubai Global program or Dubai Chamber International Offices, which provide matchmaking and international market guidance. Explore support from initiatives like the Dubai Global program or Dubai Chamber International Offices, which provide matchmaking and international market guidance. Get Localized Packaging & Certifications Research and meet destination country requirements, whether it's language, Halal certification, or eco-packaging, to avoid customs issues. Research and meet destination country requirements, whether it's language, Halal certification, or eco-packaging, to avoid customs issues. Build a Logistics Strategy Early Work with a reliable freight forwarder or logistics partner in Dubai (like DP World or Aramex) to streamline shipping, warehousing and cross-border compliance. Work with a reliable freight forwarder or logistics partner in Dubai (like DP World or Aramex) to streamline shipping, warehousing and cross-border compliance. Stay Informed About Trade Agreements Take advantage of UAE's CEPA agreements (with India, Indonesia, Turkey, etc.) for reduced tariffs and easier market entry. The world is shifting, and Dubai is perfectly poised to lead the way. As global demand surges and new markets open up, now is the time for Dubai's entrepreneurs, creatives, and innovators to step confidently onto the world stage. With its unmatched connectivity, business-friendly climate, and growing network of trade partnerships, Dubai doesn't just support exports—it accelerates them. Whether you're shipping saffron to Scandinavia or software to Singapore, your gateway is right here. So take that first step. The infrastructure is in place, the support is strong, and the opportunity is real. From the heart of the UAE to every corner of the globe, your export journey can start today—and it can start in Dubai. Also Read: Import and Export Business in Dubai: Set-Up Guide Looking to set up an import-export business in Dubai? Here are the benefits and hurdles of setting up a successful import-export business. Can Foreigners Really Own 100% of a Business in the UAE? Here's the Truth Explore the evolution of foreign ownership restrictions in the UAE, from their historical roots to the groundbreaking 2020 reforms and the sectors that still require local ownership. A Step-by-Step Guide to Setting Up Businesses in UAE Mainland The Ministry of Economy provides clear guidance on the steps involved in establishing a business in the UAE mainland. Read more on how to set up a business in UAE mainland. Unlocking golden opportunities: Top Sectors to Invest in Dubai Want to get the best bet on your money? Here are the top sectors to invest in Dubai. Is it possible to set up a company or invest in the UAE without physical presence in the country? Reader wants to know if it is possible to explore investment opportunities or run a business without being a resident.

Nigeria's economic turnaround: Reforms fuel growth and investor confidence
Nigeria's economic turnaround: Reforms fuel growth and investor confidence

Zawya

timea day ago

  • Zawya

Nigeria's economic turnaround: Reforms fuel growth and investor confidence

Two years after Nigeria's economic reforms have gained traction with macroeconomic stability returning, foreign capital flowing in, and the economy on a steady trajectory to full recovery, the nation has achieved progress many thought was impossible, and more can be accomplished if the momentum is maintained, writes JOSEPH INOKOTONG. TWO years into President Bola Ahmed Tinubu's administration, Nigeria's economy, long mired in oil dependency, structural distortions, and governance challenges, is showing signs of a turnaround. Despite ongoing hardship for many Nigerians, experts and multilateral institutions agreed that macroeconomic fundamentals are stabilizing, reforms are gaining traction, and investor confidence is rising. Turning the tide with reforms Tinubu's tenure began with a bold move, the removal of the long-standing fuel subsidy, which had drained public finances. He also put an end to the Central Bank of Nigeria's (CBN) unsustainable financing of fiscal deficits, reined in monetary excesses, and unified the exchange rate. These reforms, though painful, have begun to yield results. Nigeria's economy is projected by the World Bank to grow by 3.7 per cent in 2024—its strongest performance since 2014 (excluding the post-COVID rebound). Crude oil production has risen from a low of 1 million barrels per day (bpd) to 1.5 million bpd, and the naira, though volatile, has stabilized as the gap between official and black-market rates narrowed significantly. Foreign portfolio investments surged to $3.48 billion in the first half of 2024, compared to $756.1 million in the same period of 2023. Analysts attribute this uptick to the CBN's enhanced policy transparency, reduced forex market intervention, and successful clearing of a $7 billion FX backlog. Positive global ratings and Eurobond market re-entry Fitch Ratings upgraded Nigeria's outlook to 'Positive,' citing improved fiscal discipline, a reduction in fuel subsidies, and higher oil output. Moody's followed suit, lifting Nigeria's sovereign credit rating from 'Caa1' to 'B3,' based on stronger external and fiscal positions. These upgrades reflect growing optimism that recent policy changes are sustainable. This renewed credibility allowed Nigeria to return to the international Eurobond market in late 2024, raising $2.2 billion despite subscription offers exceeding $9 billion. It marked Nigeria's re-emergence after a two-year hiatus and signals strong global investor appetite. Managing exchange rate volatility A cornerstone of Nigeria's stabilization plan has been unifying its multiple exchange rates. By adopting a market-driven naira valuation, speculative arbitrage has drastically reduced. According to Ifeanyi Ubah of Commercio Partners, though the naira depreciated from ₦1,475/$ in January 2025 to ₦1,598/$ by May, the fluctuation has been more orderly and transparent, signaling increased market confidence. The country's external reserves, despite early 2025 drawdowns, began to rebound by late April, reaching $38.9 billion by mid-May—enough to cover 7.6 months of imports. This underscores the CBN's strategic efforts to rebuild buffers amid external shocks. Oil price decline: A looming risk While oil production has improved, declining global prices pose new challenges. OPEC+ countries recently agreed to ramp up production, pushing Brent crude closer to $60 per barrel. Some projections suggest a potential drop below $50 per barrel by year-end—a troubling scenario for an economy still reliant on oil. At current prices and 1.5 mbpd output, Nigeria's fiscal revenue could fall 10% below its breakeven level. Yet, the CBN is responding proactively by enhancing non-oil exports, supporting backward integration to reduce import dependency, and simplifying diaspora remittance processes. The apex bank is also encouraging sectors like agriculture, manufacturing, and creative industries to adopt export-led strategies. Nigeria's creative economy alone has the potential to generate $25 billion annually, offering a critical FX diversification pathway. Capital market surge and Sukuk success Investor confidence is also evident in the capital markets. In 2024, Nigerian listed firms declared ₦1.1 trillion in dividends, with ₦1 trillion already paid. The Securities and Exchange Commission (SEC) reported ₦3.68 trillion in new issues for the year, ₦3.62 trillion in equities, and ₦59.82 billion in fixed income. The Debt Management Office's Series VII Sovereign Sukuk, aimed at financing infrastructure, was another highlight. It attracted ₦2.205 trillion in subscriptions, 735% over the ₦300 billion offer. These funds will be used to build roads and bridges across all six geopolitical zones and the FCT, aligning with Tinubu's infrastructure-focused Renewed Hope Agenda. Meanwhile, mergers, acquisitions, and corporate restructurings continued at a rapid pace. In 2024, the SEC approved 11 M&A deals worth ₦320.36 billion. Major transactions included N Seven's ₦103.7 billion acquisition of a controlling stake in Guinness Nigeria Plc. Inflation slows, fiscal metrics improve Inflation, though still elevated, is beginning to ease. The National Bureau of Statistics (NBS) reported a drop in headline inflation to 23.71% in April 2025 from 24.23% in March. Food inflation also declined slightly on a month-on-month basis. The Central Bank's tighter monetary stance is credited with reducing inflationary expectations. The fiscal position is also improving. The World Bank's latest Nigeria Development Update notes that the consolidated fiscal deficit fell from 5.4% of GDP in 2023 to 3.0% in 2024. Federation revenue surged from ₦16.8 trillion to ₦31.9 trillion, equivalent to 11.5% of GDP. Moody's expects Nigeria's debt-to-GDP ratio to stabilize at around 50%, with interest payments consuming about 35% of revenue—a manageable, albeit high, burden. Forward outlook: Stability with inclusive growth Although the reforms have yet to alleviate hardship for many citizens, analysts agree that they are laying the foundation for long-term recovery. The World Bank warns that maintaining momentum is crucial and calls for deeper reforms to generate jobs, reduce poverty, and ensure inclusive growth. 'Nigeria has made impressive strides to restore macroeconomic stability,' said Taimur Samad, Acting World Bank Country Director for Nigeria. 'The challenge now is to shift public resources away from unsustainable patterns and towards investing in human capital, infrastructure, and social protection.' Nigeria's economy is far from fully recovered, but the signs are encouraging. With macroeconomic stability returning, foreign capital flowing in, and global institutions offering cautious optimism, the Tinubu administration has achieved progress many thought unlikely. If reforms are deepened and sustained, Nigeria may well be on a path to lasting growth and prosperity.

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