ADES says subsidiary's rig capsizes in Egypt, confirms fatalities
The rig capsized as it was being towed to a new location, ADES said in a statement to Tadawul. At the time, 30 individuals were on board, including 18 employees of the company.
ADES said 23 people were rescued and three remain missing. Intensive search operations by the relevant authorities are ongoing.
ADES confirmed four fatalities, including three company employees and one contractor working for a third party.
The company noted it is committed to supporting the families of those affected and is working closely with local authorities and emergency services.
'The safety and well-being of all personnel remaining the highest priority,' the statement noted, adding that a full and thorough investigation into the incident will be conducted.
The rig and all personnel involved are fully covered under the group's insurance program, the statement added.
At this stage, ADES does not expect the incident to have a material impact on its financial position or on its previously disclosed financial outlook for 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
5 hours ago
- Arab News
US sanctions force vessels with Russian oil to divert from India, sources say
NEW DELHI/MOSCOW: At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new US sanctions, trade sources said, and LSEG trade flows showed. The US Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting Russian oil. US President Donald Trump has urged countries to halt purchases of oil from Moscow, threatening 100 percent tariffs unless Russia agrees to a significant peace deal with Ukraine. Three ships — the Aframaxes Tagor and Guanyin and the Suezmax Tassos — were scheduled to deliver Russian oil to Indian ports this month, trade sources said. All three vessels are under US sanctions. Tagor was bound for Chennai on India's east coast, while Guanyin and Tassos were headed to ports in western India, according to trade sources and Russian ports data. Tighter Western sanctions aimed at cutting Russia's oil revenue, seen as funding its war against Ukraine, have been increasingly hitting Russian oil supplies for India, which buys more than a third of its oil needs from Russia. Tagor is now heading to Dalian in China, while Tassos is diverting to Port Said in Egypt, the data shows. Guanyin remains on course to Sikka, a port used by Reliance Industries and Bharat Petroleum Corp. Ltd.. Indian Oil Corp, which was to receive the Tagor shipment, and BPCL did not respond to Reuters' emailed requests for comment. Zulu Shipping, linked to Panama-flagged Tassos and Tagor, and Guanyin-owner Silver Tetra Marine could not be reached for comments. Both companies are under US sanctions. A Reliance spokesperson said that 'neither of these two vessels, Guanyin and Tassos, is coming to us.' Reliance has previously purchased oil in Guanyin. Separately, two other vessels, Achilles and Elyte, loaded with Russian oil, are preparing to discharge Russian Urals for Reliance, according to LSEG data. Both these vessels are sanctioned by Britain and the European Union. India has condemned the EU sanctions.
Arab News
10 hours ago
- Arab News
WPP Media's MENA CEO on multinational group's AI-centric approach
Multinational advertising network WPP's media-investment business GroupM at the end of May announced its rebranding to WPP Media, signaling a new era for the network and its clients. WPP Media manages more than $60 billion in annual media investment and works with more than 75 percent of the world's leading advertisers in more than 80 markets, the company said. Arab News spoke with Amer El Hajj, Middle East and North Africa CEO of WPP Media, to understand how the rebrand is being implemented and what its implications are for the group and its clients, particularly in the MENA region. The rebrand represents 'a fundamental shift from GroupM to WPP Media, reflecting our evolution into a fully integrated, AI-powered media company,' he said. Along with a new visual identity, the key change 'is deeper integration across our agencies through WPP Open, enabling seamless collaboration between media, data, production, and creative teams to deliver personalized solutions at scale,' he added. GroupM comprised three agencies: Mindshare, Wavemaker, and Essence Mediacom. These agencies will now serve as 'homes for dedicated client teams' representing a shift from 'separate agency P&Ls (profit and loss statements) … to integrated client service teams that share technology, data, and operational functions while maintaining brand names and identities for client relationships,' El Hajj explained. Commenting on the timing of the rebrand, he said: 'GroupM was built for an era when media scale mattered most. 'Today's reality is different — we're in the AI era where media is everywhere and in everything.' Clients, too, demand integrated capabilities covering media, production, and technology, and so, the rebrand aims to reflect this new landscape, 'emphasizing our AI-driven approach' and integration with WPP's 'creative and technology ecosystem.' Organizations in many industries are adopting AI at an accelerating pace and the advertising and media industry is no exception. One report found that in the US alone, 91 percent of advertising agencies are either currently using (61 percent) generative AI or exploring use cases (30 percent) for the technology. For WPP Media, being 'AI-driven' means embedding AI throughout its operations, El Hajj said. These include tasks such as analyzing vast data sets for deeper consumer understanding, automating media buying for greater efficiency, personalizing creative content in large volumes, and predicting campaign performance, he said. The role of AI in planning, buying and optimizing media campaigns enables 'real-time bidding, audience prediction, and creative personalization at unprecedented scale,' he said. Moreover, generative AI helps write advertising copy and even create multiple content variations, in addition to generating insights from complex data. AI is undoubtedly a powerful tool, but ultimately, it remains just that: a tool. 'It's not about replacing human creativity but amplifying it,' El Hajj said. 'AI enhances rather than threatens human talent' by handling monotonous tasks that free up people for strategic thinking, relationship building, and creative problem-solving, he added. The core tenet of the rebrand — widespread AI adoption — is made possible by WPP Open, the network's AI-enabled marketing operating system that connects all capabilities through one platform. The platform features real-time data and is available to employees of all agencies. This means that data about the performance of adverts can be used to optimize creative production of those ads in real time. Similarly, media targeting decisions by one agency can be made instantly based on creative insights from another agency within the company. 'This integration eliminates traditional silos, accelerates campaign development, and ensures all client touchpoints are coordinated and data-driven rather than operating independently,' El Hajj said. The move comes at a time when clients in the MENA region are 'increasingly sophisticated in AI adoption, particularly in the UAE and Saudi Arabia, where Vision 2030 and digital transformation initiatives drive innovation.' Contrary to what some believe, El Hajj said, 'many regional clients are actually ahead of some global counterparts in embracing AI for customer experience and operational efficiency.' In Saudi Arabia specifically, he said, the rebrand 'positions us perfectly to capitalize on the Kingdom's unprecedented AI investment landscape,' building on Saudi's $100 billion AI initiative announced late last year. When it comes to dealing with clients in the region, the group has a 'globally powered, locally rooted' approach, as regional clients 'want AI capabilities but implemented with deep understanding of local markets, languages, and cultural nuances,' he said. The restructure is expected to affect 40 percent to 45 percent of GroupM's workforce, which does not necessarily imply layoffs, but rather changes to team structures, according to media reports. El Hajj said that the company is 'heavily investing' in upskilling talent for 'AI-powered marketing' while recruiting specialists in areas like data science and integrated commerce. The company has developed internal training programs targeting different organizational levels. It also provides AI literacy sessions and hands-on training with WPP Open tools for all employees. In the MENA region, WPP Media is creating region-specific modules that address 'local market dynamics and cultural considerations' for employees at all seniority levels, he said. El Hajj added: 'The focus is on evolution, not revolution,' and the future belongs to those 'who can leverage AI tools while bringing uniquely human skills like cultural intelligence and strategic creativity.'
Arab News
2 days ago
- Arab News
Ukraine, Egypt agree steps to boost grain and sunflower oil trade
Talks focused on strengthening food supply chains and expanding Ukraine's agricultural footprint in the Egyptian marketUkraine exported $776.5 million worth of goods to Egypt in the first half of 2025CAIRO: Egypt and Ukraine have agreed to take specific steps to boost trade in key farm commodities including grain and sunflower oil as Kyiv seeks to deepen ties with its largest trading partner in the Middle East and North Africa, the Ukrainian embassy embassy statement on Wednesday did not elaborate on the steps or provide a announcement came shortly after a meeting in Cairo between Ukrainian Ambassador Mykola Nahornyi and senior officials from the state grain buyer, the Future of Egypt for Sustainable focused on strengthening food supply chains and expanding Ukraine's agricultural footprint in the Egyptian market, the embassy statement exported $776.5 million worth of goods to Egypt in the first half of 2025, primarily wheat, whose exports to Egypt reached 1.31 million metric tons. Corn exports to Egypt were at 1.06 million tons and soybeans were 360,000 tons, according to the bilateral trade during the period reached $947.9 million, it is often the world's largest wheat importer, relying on foreign supplies for both its subsidised bread program and private milling. Ukraine and Russia have both traditionally been the main source for Egypt's grain in the first half of this year, Egypt's wheat imports fell by more than 27 percent year-on-year to around 5.2 million metric tons, with the government's share of those imports plunging more than 57 percent to 1.5 million embassy said the new measures aim to improve logistics and ensure more efficient, timely and transparent deliveries to Ukrainian Embassy and Future of Egypt both did not immediately respond to a Reuters request for comment.
