Latest news with #AED25.7
Trade Arabia
24-04-2025
- Business
- Trade Arabia
Comoros inaugurates 6.3MW solar plant funded by ADFD
Abu Dhabi Fund for Development (ADFD) marked the inauguration of a 6.3-megawatt solar power plant in the Comoros, funded with AED25.7 million ($7 million). The project enhances the nation's energy infrastructure, helping meet growing energy demands and stimulate economic growth, while highlighting the Fund's commitment to environmental responsibility and sustainable advancement, reported WAM. Aligned with the UAE's global development strategy and the UN Sustainable Development Goals (SDGs), the initiative demonstrates a shared commitment to expanding clean energy access and building long-term resilience in partner nations. The solar plant will provide a reliable, renewable energy source for Moroni, the capital, and nearby regions, reducing dependence on fossil fuels, cutting carbon emissions, and improving the quality of life for residents. The inauguration ceremony was led by Azali Assoumani, President of the Union of the Comoros, in the presence of Jumaa Rashed Al Remeithi, Ambassador of the United Arab Emirates to the Union of the Comoros, alongside government representatives from both nations. Praised the partnership, Azali Assoumani, President of the Union of the Comoros, said: 'The UAE has a remarkable record in driving renewable energy advancements and climate action. ADFD's role in supporting sustainable energy projects is commendable, reinforcing global sustainability principles and leveraging innovative technologies to expand access to clean energy.' He highlighted the project's transformative impact adding: 'Our collaboration with ADFD has been instrumental in achieving our development goals and our shared commitment to protecting our planet. This solar plant represents more than just an energy project; it is a milestone in our transitional journey to clean energy, strengthening economic stability and generating new job opportunities.' For his part, Al Remeithi said: 'This significant project reflects the close ties between the UAE and the Union of the Comoros, demonstrating the UAE's unwavering commitment to promote sustainable development and enhance strategic partnerships across vital sectors, particularly renewable energy. The initiative is regarded as a prominent step toward achieving environmental stability, which highlights the UAE's dedication to supporting clean energy projects, showcasing the country's keenness to strengthen global efforts to address climate change.' Mohamed Saif Al Suwaidi, Director General of ADFD, said: 'This solar plant marks a milestone in advancing economic and social development in the Comoros. By investing in renewable energy, we contribute to long-term sustainability and environmental responsibility. We remain committed to working closely with our partners to ensure this project delivers lasting benefits for present and future generations.' He emphasised ADFD's focus on clean energy as a driver of stability, adding that the support for the energy sector is a priority for ADFD, given its critical role in reducing reliance on fossil fuels and lowering carbon emissions. 'Our investment in clean energy projects reflects our commitment to drive economic stability and a sustainable future,' he remarked. The solar plant will integrate with the Comoros' national grid via medium-voltage lines, ensuring stable electricity access for the region. This project underscores the Fund's longstanding partnership with the Comoros, which has included AED 439.4 million ($ 119.6 million) in concessional loans and grants since 1979 to fund critical sectors such as energy, health, education, and transport. By advancing clean energy infrastructure, the initiative directly supports SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), while fulfilling ADFD's mandate to drive sustainable development globally.
Mid East Info
22-04-2025
- Business
- Mid East Info
Comoros inaugurates 6.3MW solar plant funded by ADFD to enhance renewable energy access - Middle East Business News and Information
Abu Dhabi Fund for Development (ADFD) marked the inauguration of a 6.3-megawatt solar power plant in the Comoros, funded with a AED25.7 million (US$7 million). The project enhances the nation's energy infrastructure, helping meet growing energy demands and stimulate economic growth, while highlighting the Fund's commitment to environmental responsibility and sustainable advancement. Aligned with the UAE's global development strategy and the UN Sustainable Development Goals (SDGs), the initiative demonstrates a shared commitment to expanding clean energy access and building long-term resilience in partner nations. The solar plant will provide a reliable, renewable energy source for Moroni, the capital, and nearby regions, reducing dependence on fossil fuels, cutting carbon emissions, and improving the quality of life for residents. The inauguration ceremony was led by His Excellency Azali Assoumani, President of the Union of the Comoros, in the presence of His Excellency Jumaa Rashed Al Remeithi, Ambassador of the United Arab Emirates to the Union of the Comoros, alongside government representatives from both nations. Praised the partnership, H.E. Azali Assoumani, President of the Union of the Comoros, said: 'The UAE has a remarkable record in driving renewable energy advancements and climate action. ADFD's role in supporting sustainable energy projects is commendable, reinforcing global sustainability principles and leveraging innovative technologies to expand access to clean energy.' He highlighted the project's transformative impact adding: 'Our collaboration with ADFD has been instrumental in achieving our development goals and our shared commitment to protecting our planet. This solar plant represents more than just an energy project; it is a milestone in our transitional journey to clean energy, strengthening economic stability and generating new job opportunities.' For his part, H.E. Al Remeithi said: 'This significant project reflects the close ties between the UAE and the Union of the Comoros, demonstrating the UAE's unwavering commitment to promote sustainable development and enhance strategic partnerships across vital sectors, particularly renewable energy. The initiative is regarded as a prominent step toward achieving environmental stability, which highlights the UAE's dedication to supporting clean energy projects, showcasing the country's keenness to strengthen global efforts to address climate change.' His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, said: 'This solar plant marks a milestone in advancing economic and social development in the Comoros. By investing in renewable energy, we contribute to long-term sustainability and environmental responsibility. We remain committed to working closely with our partners to ensure this project delivers lasting benefits for present and future generations.' He emphasized ADFD's focus on clean energy as a driver of stability, adding that the support for the energy sector is a priority for ADFD, given its critical role in reducing reliance on fossil fuels and lowering carbon emissions. 'Our investment in clean energy projects reflects our commitment to drive economic stability and a sustainable future,' he remarked. The solar plant will integrate with the Comoros' national grid via medium-voltage lines, ensuring stable electricity access for the region. This project underscores the Fund's longstanding partnership with the Comoros, which has included AED 439.4 million (US$ 119.6 million) in concessional loans and grants since 1979 to fund critical sectors such as energy, health, education, and transport. By advancing clean energy infrastructure, the initiative directly supports SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), while fulfilling ADFD's mandate to drive sustainable development globally. Abu Dhabi Fund for Development (ADFD) marked the inauguration of a 6.3-megawatt solar power plant in the Comoros, funded with a AED25.7 million (US$7 million). The project enhances the nation's energy infrastructure, helping meet growing energy demands and stimulate economic growth, while highlighting the Fund's commitment to environmental responsibility and sustainable advancement. Aligned with the UAE's global development strategy and the UN Sustainable Development Goals (SDGs), the initiative demonstrates a shared commitment to expanding clean energy access and building long-term resilience in partner nations. The solar plant will provide a reliable, renewable energy source for Moroni, the capital, and nearby regions, reducing dependence on fossil fuels, cutting carbon emissions, and improving the quality of life for residents. The inauguration ceremony was led by His Excellency Azali Assoumani, President of the Union of the Comoros, in the presence of His Excellency Jumaa Rashed Al Remeithi, Ambassador of the United Arab Emirates to the Union of the Comoros, alongside government representatives from both nations. Praised the partnership, H.E. Azali Assoumani, President of the Union of the Comoros, said: 'The UAE has a remarkable record in driving renewable energy advancements and climate action. ADFD's role in supporting sustainable energy projects is commendable, reinforcing global sustainability principles and leveraging innovative technologies to expand access to clean energy.' He highlighted the project's transformative impact adding: 'Our collaboration with ADFD has been instrumental in achieving our development goals and our shared commitment to protecting our planet. This solar plant represents more than just an energy project; it is a milestone in our transitional journey to clean energy, strengthening economic stability and generating new job opportunities.' For his part, H.E. Al Remeithi said: 'This significant project reflects the close ties between the UAE and the Union of the Comoros, demonstrating the UAE's unwavering commitment to promote sustainable development and enhance strategic partnerships across vital sectors, particularly renewable energy. The initiative is regarded as a prominent step toward achieving environmental stability, which highlights the UAE's dedication to supporting clean energy projects, showcasing the country's keenness to strengthen global efforts to address climate change.' His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, said: 'This solar plant marks a milestone in advancing economic and social development in the Comoros. By investing in renewable energy, we contribute to long-term sustainability and environmental responsibility. We remain committed to working closely with our partners to ensure this project delivers lasting benefits for present and future generations.' He emphasized ADFD's focus on clean energy as a driver of stability, adding that the support for the energy sector is a priority for ADFD, given its critical role in reducing reliance on fossil fuels and lowering carbon emissions. 'Our investment in clean energy projects reflects our commitment to drive economic stability and a sustainable future,' he remarked. The solar plant will integrate with the Comoros' national grid via medium-voltage lines, ensuring stable electricity access for the region. This project underscores the Fund's longstanding partnership with the Comoros, which has included AED 439.4 million (US$ 119.6 million) in concessional loans and grants since 1979 to fund critical sectors such as energy, health, education, and transport. By advancing clean energy infrastructure, the initiative directly supports SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), while fulfilling ADFD's mandate to drive sustainable development globally. About Abu Dhabi Fund for Development (ADFD) Abu Dhabi Fund for Development (ADFD) is an autonomous UAE institution, committed to advancing sustainable development worldwide in alignment with the national vision. Established in 1971 by the Abu Dhabi government, the Fund provides concessional loans and grants to developing countries for strategic projects, while also making long-term investments and direct contributions. Additionally, ADFD actively supports the UAE's national economy by financing private sector investments and promoting Emirati exports through the Abu Dhabi Exports Office (ADEX). Over half a century, the Fund has supported 107 developing countries, with its projects and investments totaling around AED 216 billion. These efforts have contributed to the global advancement towards the United Nations' Sustainable Development Goals (SDGs). AbuDhabiFund AbuDhabi_Fund AbuDhabiFund Abu Dhabi Fund for Development (ADFD) is an autonomous UAE institution, committed to advancing sustainable development worldwide in alignment with the national vision. Established in 1971 by the Abu Dhabi government, the Fund provides concessional loans and grants to developing countries for strategic projects, while also making long-term investments and direct contributions. Additionally, ADFD actively supports the UAE's national economy by financing private sector investments and promoting Emirati exports through the Abu Dhabi Exports Office (ADEX). Over half a century, the Fund has supported 107 developing countries, with its projects and investments totaling around AED 216 billion. These efforts have contributed to the global advancement towards the United Nations' Sustainable Development Goals (SDGs). AbuDhabiFund AbuDhabi_Fund AbuDhabiFund
Zawya
22-04-2025
- Business
- Zawya
Comoros inaugurates 6.3MW solar plant funded by ADFD to enhance renewable energy access
Abu Dhabi – Abu Dhabi Fund for Development (ADFD) marked the inauguration of a 6.3-megawatt solar power plant in the Comoros, funded with a AED25.7 million (US$7 million). The project enhances the nation's energy infrastructure, helping meet growing energy demands and stimulate economic growth, while highlighting the Fund's commitment to environmental responsibility and sustainable advancement. Aligned with the UAE's global development strategy and the UN Sustainable Development Goals (SDGs), the initiative demonstrates a shared commitment to expanding clean energy access and building long-term resilience in partner nations. The solar plant will provide a reliable, renewable energy source for Moroni, the capital, and nearby regions, reducing dependence on fossil fuels, cutting carbon emissions, and improving the quality of life for residents. The inauguration ceremony was led by His Excellency Azali Assoumani, President of the Union of the Comoros, in the presence of His Excellency Jumaa Rashed Al Remeithi, Ambassador of the United Arab Emirates to the Union of the Comoros, alongside government representatives from both nations. Praised the partnership, H.E. Azali Assoumani, President of the Union of the Comoros, said: 'The UAE has a remarkable record in driving renewable energy advancements and climate action. ADFD's role in supporting sustainable energy projects is commendable, reinforcing global sustainability principles and leveraging innovative technologies to expand access to clean energy.' He highlighted the project's transformative impact adding: 'Our collaboration with ADFD has been instrumental in achieving our development goals and our shared commitment to protecting our planet. This solar plant represents more than just an energy project; it is a milestone in our transitional journey to clean energy, strengthening economic stability and generating new job opportunities.' For his part, H.E. Al Remeithi said: 'This significant project reflects the close ties between the UAE and the Union of the Comoros, demonstrating the UAE's unwavering commitment to promote sustainable development and enhance strategic partnerships across vital sectors, particularly renewable energy. The initiative is regarded as a prominent step toward achieving environmental stability, which highlights the UAE's dedication to supporting clean energy projects, showcasing the country's keenness to strengthen global efforts to address climate change.' His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, said: 'This solar plant marks a milestone in advancing economic and social development in the Comoros. By investing in renewable energy, we contribute to long-term sustainability and environmental responsibility. We remain committed to working closely with our partners to ensure this project delivers lasting benefits for present and future generations.' He emphasized ADFD's focus on clean energy as a driver of stability, adding that the support for the energy sector is a priority for ADFD, given its critical role in reducing reliance on fossil fuels and lowering carbon emissions. 'Our investment in clean energy projects reflects our commitment to drive economic stability and a sustainable future,' he remarked. The solar plant will integrate with the Comoros' national grid via medium-voltage lines, ensuring stable electricity access for the region. This project underscores the Fund's longstanding partnership with the Comoros, which has included AED 439.4 million (US$ 119.6 million) in concessional loans and grants since 1979 to fund critical sectors such as energy, health, education, and transport. By advancing clean energy infrastructure, the initiative directly supports SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), while fulfilling ADFD's mandate to drive sustainable development globally. About Abu Dhabi Fund for Development (ADFD) Abu Dhabi Fund for Development (ADFD) is an autonomous UAE institution, committed to advancing sustainable development worldwide in alignment with the national vision. Established in 1971 by the Abu Dhabi government, the Fund provides concessional loans and grants to developing countries for strategic projects, while also making long-term investments and direct contributions. Additionally, ADFD actively supports the UAE's national economy by financing private sector investments and promoting Emirati exports through the Abu Dhabi Exports Office (ADEX). Over half a century, the Fund has supported 107 developing countries, with its projects and investments totaling around AED 216 billion. These efforts have contributed to the global advancement towards the United Nations' Sustainable Development Goals (SDGs). AbuDhabiFund AbuDhabi_Fund AbuDhabiFund
Trade Arabia
25-02-2025
- Business
- Trade Arabia
IHC achieves record growth, revenues soar 54.2% to $25bn
IHC, an Abu Dhabi-based global investment company focused on building dynamic value networks, has reported a revenue of AED92.7 billion ($25.24 billion) for 2024, a significant 54.2% increase compared to AED60.1 billion in 2023. Net profit after tax stood at AED25.7 billion ($7 billion), reflecting an anticipated adjustment as resources were channeled toward high-impact initiatives and subsidiary scaling, the company said. Operational profit also grew 49.1% from last year, highlighting IHC's exceptional financial performance. This financial growth was fueled by strong performances in Real Estate & Construction, Marine & Dredging, and Hospitality & Leisure, supported by strategic acquisitions, project expansions, and operational efficiencies. Financial Services and Technology also contributed, leveraging market trends and digital advancements. IHC maintained a disciplined approach, divesting from non-core assets and reinvesting in high-potential sectors to strengthen financial resilience, the group said. IHC's total assets reached AED401.8 billion, a 52% increase from December 2023, with notable results across core business verticals, strategic portfolio expansion, and disciplined asset management. Earnings per share (EPS) was recalibrated to AED7.2, aligning with the strategy to focus on ongoing value-accretive investments in 2024, which are expected to drive enhanced shareholder returns in the future. Total equity also climbed by 55.9% to AED244.4 billion, strengthening IHC's financial foundation and enhancing its global investment footprint, it said. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of IHC, commented: 'IHC's strong performance in 2024 underscores our commitment to active portfolio management, leveraging AI-driven efficiencies, and reinvesting in high-growth industries. By strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse, building dynamic value networks that transcend traditional sector boundaries to unlock greater opportunities.' Syed Basar Shueb, CEO of IHC, added: '2024 has been a transformational year for IHC, reflecting our relentless pursuit of excellence and strategic vision. Last year, we focused on enhancing our portfolio by prioritising high-value investments that generate strong cash flows and reinforce our financial resilience. Our ability to drive substantial growth across all verticals, backed by disciplined financial management and a forward-thinking approach, has cemented our position as a global leader. As we enter 2025, we remain focused on expanding our footprint, leveraging our strong balance sheet, and investing in high-yield businesses that align with our long-term growth strategy.' Looking ahead, IHC remains committed to leveraging its financial strength to drive further expansion, innovate across its verticals, and explore new investment frontiers globally. The company continues to position itself as a leader in economic diversification and long-term value creation for its shareholders, the company said. As part of this vision, IHC participated for the first time in the World Economic Forum in Davos in 2025, leading a delegation of its key subsidiaries to engage with global leaders. This platform allowed the company to spearhead conversations on transformative solutions, forge strategic partnerships, and reinforce its commitment to sustainable economic growth and investment innovation. IHC Group Highlights in 2024: • NMDC Energy's IPO Success: NMDC Energy, Abu Dhabi's leading EPC contractor, successfully debuted on the ADX, achieving an oversubscription of 31.3 times. • MENA's largest Share Buyback Program: IHC launched its AED5 billion Share Buyback Program, beginning with an initial tranche of AED1.8 billion, representing 36% of the total programme. • Successful integration of Aiden Insight: IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a Board Observer. • Mopani Copper Mines Acquisition: International Resources Holding acquired a 51% stake in Mopani Copper Mines, one of the largest copper and cobalt producers in Zambia. • Modon Holding's Real Estate Expansion: The combination of Modon Properties, ADNEC, La Zagaleta, MIZA Investments, and other assets created one of the UAE's largest real estate entities. • Enersol's strategic acquisition: Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, has agreed to acquire an additional 42.2% equity stake in Gordon Technologies, becoming the majority equity shareholder. • Grupo Nutresa Investment: IHC acquired a 14.83% stake in Grupo Nutresa, strengthening its presence in the Latin American food-processing industry. • Launch of 2PointZero: IHC launched 2PointZero, a transformative investment platform focused on emerging technologies and future-sustaining businesses. It brings together leading subsidiaries, including Chimera Investments, Lunate Capital, Beltone, Sagasse and International Resources Holding. • Multiply Group's Strategic Development: Multiply Group acquired Backlite Media, reinforcing IHC's position in digital out-of-home advertising. • Easylease's Move into the Logistics Sector: EasyLease acquired a 51% stake in Gallega Global Logistics, securing 3.5 million sq. ft. of mobility and logistics infrastructure in the UAE • Sawaeed's acquisition: Emirates Stallions Group (ESG) acquired Sawaeed Holding, establishing it as its flagship platform for manpower and accommodation services. - TradeArabia News Service
Zawya
25-02-2025
- Business
- Zawya
IHC achieves record growth, revenues soar 54.2% to $25bln
UAE - IHC, an Abu Dhabi-based global investment company focused on building dynamic value networks, has reported a revenue of AED92.7 billion ($25.24 billion) for 2024, a significant 54.2% increase compared to AED60.1 billion in 2023. Net profit after tax stood at AED25.7 billion ($7 billion), reflecting an anticipated adjustment as resources were channeled toward high-impact initiatives and subsidiary scaling, the company said. Operational profit also grew 49.1% from last year, highlighting IHC's exceptional financial performance. This financial growth was fueled by strong performances in Real Estate & Construction, Marine & Dredging, and Hospitality & Leisure, supported by strategic acquisitions, project expansions, and operational efficiencies. Financial Services and Technology also contributed, leveraging market trends and digital advancements. IHC maintained a disciplined approach, divesting from non-core assets and reinvesting in high-potential sectors to strengthen financial resilience, the group said. IHC's total assets reached AED401.8 billion, a 52% increase from December 2023, with notable results across core business verticals, strategic portfolio expansion, and disciplined asset management. Earnings per share (EPS) was recalibrated to AED7.2, aligning with the strategy to focus on ongoing value-accretive investments in 2024, which are expected to drive enhanced shareholder returns in the future. Total equity also climbed by 55.9% to AED244.4 billion, strengthening IHC's financial foundation and enhancing its global investment footprint, it said. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of IHC, commented: 'IHC's strong performance in 2024 underscores our commitment to active portfolio management, leveraging AI-driven efficiencies, and reinvesting in high-growth industries. By strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse, building dynamic value networks that transcend traditional sector boundaries to unlock greater opportunities.' Syed Basar Shueb, CEO of IHC, added: '2024 has been a transformational year for IHC, reflecting our relentless pursuit of excellence and strategic vision. Last year, we focused on enhancing our portfolio by prioritising high-value investments that generate strong cash flows and reinforce our financial resilience. Our ability to drive substantial growth across all verticals, backed by disciplined financial management and a forward-thinking approach, has cemented our position as a global leader. As we enter 2025, we remain focused on expanding our footprint, leveraging our strong balance sheet, and investing in high-yield businesses that align with our long-term growth strategy.' Looking ahead, IHC remains committed to leveraging its financial strength to drive further expansion, innovate across its verticals, and explore new investment frontiers globally. The company continues to position itself as a leader in economic diversification and long-term value creation for its shareholders, the company said. As part of this vision, IHC participated for the first time in the World Economic Forum in Davos in 2025, leading a delegation of its key subsidiaries to engage with global leaders. This platform allowed the company to spearhead conversations on transformative solutions, forge strategic partnerships, and reinforce its commitment to sustainable economic growth and investment innovation. IHC Group Highlights in 2024: • NMDC Energy's IPO Success: NMDC Energy, Abu Dhabi's leading EPC contractor, successfully debuted on the ADX, achieving an oversubscription of 31.3 times. • MENA's largest Share Buyback Program: IHC launched its AED5 billion Share Buyback Program, beginning with an initial tranche of AED1.8 billion, representing 36% of the total programme. • Successful integration of Aiden Insight: IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a Board Observer. • Mopani Copper Mines Acquisition: International Resources Holding acquired a 51% stake in Mopani Copper Mines, one of the largest copper and cobalt producers in Zambia. • Modon Holding's Real Estate Expansion: The combination of Modon Properties, ADNEC, La Zagaleta, MIZA Investments, and other assets created one of the UAE's largest real estate entities. • Enersol's strategic acquisition: Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, has agreed to acquire an additional 42.2% equity stake in Gordon Technologies, becoming the majority equity shareholder. • Grupo Nutresa Investment: IHC acquired a 14.83% stake in Grupo Nutresa, strengthening its presence in the Latin American food-processing industry. • Launch of 2PointZero: IHC launched 2PointZero, a transformative investment platform focused on emerging technologies and future-sustaining businesses. It brings together leading subsidiaries, including Chimera Investments, Lunate Capital, Beltone, Sagasse and International Resources Holding. • Multiply Group's Strategic Development: Multiply Group acquired Backlite Media, reinforcing IHC's position in digital out-of-home advertising. • Easylease's Move into the Logistics Sector: EasyLease acquired a 51% stake in Gallega Global Logistics, securing 3.5 million sq. ft. of mobility and logistics infrastructure in the UAE • Sawaeed's acquisition: Emirates Stallions Group (ESG) acquired Sawaeed Holding, establishing it as its flagship platform for manpower and accommodation services. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
