ADNOC Gas awards $5bn in contracts for phase 1 of Rich Gas Development Project
Image: ADNOC
The contracts cover the expansion of processing units to boost throughput and operational efficiency across four key ADNOC Gas facilities: Asab, Buhasa, and Habshan (onshore), and the Das Island liquefaction facility (offshore).
Engineering, Procurement, and Construction Management (EPCM) contracts for Phase 1 have been awarded in three tranches. UK-based Wood was awarded a $2.8bn contract for the Habshan facility.
Two consortia —Petrofac and Kent — secured the remaining contracts: $1.2bn for the Das Island facility and $1.1bn for Asab and Buhasa.
RGD project is key to ADNOC Gas' strategy
The RGD project is central to the
The company plans to take additional FIDs on two more RGD phases at Habshan and Ruwais to further increase production capacity.
'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,' said Fatema Al Nuaimi, CEO of ADNOC Gas. 'The FID and contract awards mark a significant milestone in ADNOC Gas' strategy to deliver +40 per cent EBITDA growth between 2023 and 2029.'
Phase 1 will focus on debottlenecking and optimising existing assets while unlocking new gas streams.
The project also reinforces ADNOC Gas' long-term growth strategy and commitment to In-Country Value (ICV), with plans to create hundreds of new technical roles by 2029.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
27 minutes ago
- Arabian Business
EasyLease to partner BigBear.ai and Vigilix for applied AI solutions
Abu Dhabi's EasyLease has teamed up with US-based and Vigilix Technology Investment to accelerate the research, development, and deployment of innovative AI-enabled solutions across mobility, logistics and various key sectors throughout the UAE and the region. The collaboration marks EasyLease's first partnership with a US AI firm and reflects its ambition to expand its global footprint. An IHC subsidiary, EasyLease is the UAE's leading provider of integrated mobility solutions. Virginia-based is a global provider of mission-ready AI to various sectors, including smart infrastructure, drone technologies, border security, defence, travel, trade, and technology enterprises. UAE's Vigilix is a specialist in technology investments and advisory services and will provide business development strategies. Partner companies will bring together their respective strengths in operations, artificial intelligence, and strategic advisory to co-develop and deploy advanced technologies for the mobility sector, smart infrastructure and other high-growth industries. Ahmad Al Sadah, CEO of EasyLease, commented: 'Our partnership with and Vigilix reflects a shared commitment to advancing AI-driven solutions that support digital transformation across multiple sectors. This collaboration combines global expertise with local insight to deliver practical, scalable solutions that address real-world challenges. 'For EasyLease, this is also a step forward in integrating intelligent systems into our operations, as we continue to evolve into a more technology-enabled, AI-driven enterprise.' will spearhead the localisation and customisation of its AI technologies, EasyLease will leverage its operational leadership and market reach to support these efforts, and Vigilix will provide regional insight and strategic enablement to ensure successful market impact. Kevin McAleenan, CEO of added: 'This partnership is a milestone for and a powerful endorsement of our technology and values. Together with EasyLease and Vigilix, we are committed to advancing the UAE's AI capabilities, delivering mission-critical systems that enhance safety, mobility, and operational effectiveness across the region.'
Khaleej Times
34 minutes ago
- Khaleej Times
A comfortable retirement doesn't just happen to you
It may sound like a long way off for some, but retirement is something we all need to think about, especially if you are planning on doing it early. While living in the UAE has multiple benefits, it is still developing its pension provisions and retirement offerings for residents. Mike Coady, CEO of Skybound Wealth and long-time UAE-based adviser to global expats, puts it bluntly: 'There's no automatic pension scheme for most expatriates. No safety net. No monthly cheque arriving once you've clocked out of your career. That means your financial future depends entirely on you, and how early and wisely you start planning. If you want security later, you need to build it today.' While new government-backed schemes and changes to retirement planning have been announced in recent years, there is still a strong need for residents to put in place their own retirement savings plan. Most private companies offer an End of Service Gratuity (EOSG), a lump sum payout based on years worked and last basic salary. But this isn't considered enough money to comfortably retire on. So what can you do? Start saving, and start now One of the biggest mistakes is delaying the start of retirement planning. 'Many people view it as a distant goal and assume they can think about it later,' said Raji Kaippallil, the founder of financewithRaji. 'But the earlier you start saving and investing, the less you need to set aside each month - and the easier it becomes to reach your target, thanks to the power of compounding.' Her example hammers home the power of starting early. If you begin investing just Dh1,500 per month at age 25, assuming an 8% annual return, your investment pot could grow to around Dh2 million by age 55. However, if you wait until age 35 to start, you'd need to invest about Dh4,000 per month to reach the same Dh2 million by 55. Waiting even longer until age 45 means you'd have to save roughly Dh12,000 per month to hit that target. How much should you be saving? The figures above were just an example. Mike Coady says use the following as minimum amounts, based on an investment growth rate of 7% a year. At age 30: Save 15–20% of your income monthly. Age 40: Save 25–35% of income, Age 50+: You may need to save 40%+ or plan to retire later. It can be tricky trying to predict how much you will need each month to live on once you retire. Living costs, healthcare and other expenses are increasing all the time. But let's say you want AED 20,000 a month in retirement income, starting at 60. You'll need to build a pot of AED 4 to 5 million. And that means AED 10,000 a month in savings over the next 20 years (at 7% growth rate). If you have a 30-year savings time frame, then you need to save AED 6,000 a month to hit that target. Financial planner Michele Carby suggested another interesting idea. 'If you have moved from a taxable jurisdiction, the bare minimum you should be putting aside is the % that you were previously used to paying in tax as this goes directly towards looking after you in the future. As a rule of thumb at least 20% of your monthly salary should be considered as an effective starting point.' Where to save There is no one-size-fits-all answer on where to save for retirement. Expats are often advised to use international platforms, and hold their assets in tax-efficient, flexible investment accounts. Given the longer time frame, investing in equities is appropriate, and there are many equity funds to choose from, such as low-cost Exchange Traded Funds (ETFs). And make sure you diversify globally across geographies, asset classes, and currencies. Many expats already have a pension plan in place before they moved to the UAE and may continue contributing to it, especially if they plan to retire back home. However, seven out of 10 residents want to retire in the UAE, according to a survey by YouGov commissioned by Zurich International Life. 'A key advantage is that the UAE doesn't impose income tax, so if you remain a UAE resident during retirement, your pension withdrawals wouldn't be taxed locally,' added Kaippallil. Mistakes Saving for retirement early makes so much sense, but the number who are doing it is worryingly low. Why? Carby, managing partner at Holborn Assets, said: 'Most commonly, expats will fall into bad spending habits given how attractive Dubai's entertainment lifestyle is. Before you realise it you are spending over Dh200 a weekend on a brunch. Even if half of this went into your retirement bucket that would make a significant impact. Unfortunately, not a lot of people consider this.' Coady says a big mistake among people is confusing the end-of-service payout with a retirement plan, when in reality it is rarely more than a few months' salary. 'Another mistake I see often is the 'expat illusion' - thinking the high salary means you're building wealth. The truth? Many high earners leave the region with little to show for it, while disciplined savers with modest salaries leave as millionaires.' Make sure you are the latter.
Zawya
an hour ago
- Zawya
Harish Fabiani acquires Richman House Business Centre and AED 115mln office space in The Opus, Business Bay
Dubai, UAE - Spanish-Indian entrepreneur Harish Fabiani has made a strategic entry into the business centre operations sector with the acquisition of Richman House Business Centre and 20,000 sq ft of prime commercial space in The Opus by Zaha Hadid, Business Bay. The total transaction is valued at over AED 115 million. This acquisition marks the official launch of Fabiani's flexible workspace platform under the Richman House brand, signaling his commitment to scaling operations in Dubai's most prestigious commercial real estate segment. About Richman House: Dubai's Premium Business Address Richman House Business Centre currently operates 60 fully-equipped offices, with the majority of spaces already leased to leading businesses and high-profile professionals. The business centre is housed inside The Opus, widely regarded as Dubai's most iconic and premium commercial building, designed by the legendary Zaha Hadid. The Opus address has become a hallmark of credibility, prestige, and business confidence. It is highly sought after by high-net-worth individuals, international companies, and elite family offices who value not just the architecture but the strategic positioning and exclusivity it offers. "When a company has an Opus address, it instantly commands respect and confidence in the market," said Fabiani. Financial Milestones & Strategic Outlook AED 100 Million - Current Annual Rental Income Already Secured AED 150+ Million - Expected Annual Rental Income Within Months (Post-Pipeline Closures) AED 115 Million - Investment in The Opus (20,000 sq ft) AED 2 Billion+ - Target Valuation for Upcoming REIT IPO (Planned in 18-24 Months) Expansion Strategy: Building Dubai's Next Generation of Premium Workspaces Following the success at The Opus, the Richman House platform is set for rapid expansion. Thuraya Telecommunications Tower in Barsha Heights is undergoing extensive upgrades to transform into a next-generation premium office tower. The upgrades include super luxury lobby areas, redesigned lift lobbies, extensive tenant lounges, collaborative zones, meeting spaces, a fully-equipped Gym & Spa with Sauna, Massage, Ice Bath, upgraded podiums, and full facade renovation. The tower will offer office spaces from 500 sq ft to full-floor 9,000 sq ft for top corporates. Additional Fabiani-owned commercial assets across Dubai are being evaluated for similar upgrades and offerings. About Harish Fabiani A seasoned Spanish-Indian businessman and investor, Harish Fabiani holds diversified interests in real estate, technology, and capital markets. With a global footprint across the UAE, Europe, and India, Fabiani focuses on strategic growth, long-term capital appreciation, and institutional-grade real estate plays.
