Latest news with #AED600
Gulf Today
22-07-2025
- Business
- Gulf Today
UAE Central Bank imposes financial sanction of Dhs600,000 on a branch of a foreign bank
The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED600,000 on a branch of a foreign bank operating in the UAE, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system. WAM
Mid East Info
05-06-2025
- Business
- Mid East Info
NMDC LTS concludes acquisition of 70% equity stake in Emdad - Middle East Business News and Information
The strategic acquisition has enabled NMDC to broaden its diverse portfolio and expand into oilfield services in the UAE Successful deal reflects favorable market outlook for the energy sector in the MENA region Abu Dhabi, UAE:June 2025 – NMDC Group announced that NMDC LTS, a wholly owned subsidiary of the Group, completed the acquisition of a 70% stake of the share capital and voting rights in Emdad, an integrated service provider specializing in the oil and gas, utilities, and industrial sectors. The transaction was financed through debt and equity. This strategic acquisition enables NMDC Group to expand into the OPEX segment of recurring revenues in the oilfield services, further diversifying its portfolio and strengthening its competitive advantage. In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad's offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services. Emdad reported revenues in excess of AED600 million in 2024 and its equity stood at AED217 million. Eng. Yasser Zaghloul, CEO of NMDC Group, commented: 'We are happy to complete this landmark acquisition which marks the beginning of an exciting new chapter for both organizations. Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC's scale and commitment to innovation, we now have a powerful platform to unlock long-term value. With diversification at its core, this integration enhances our ability to deliver broader service offerings, create greater value, and drive sustainable growth for our clients, partners, and stakeholders across the dynamic energy landscape.' Mohammed Juma Al Bawardi, CEO of Emdad, commented: 'This milestone transaction underscores the sophistication and attractiveness of the UAE's energy sector as well as the trust that NMDC has in Emdad's position as a leading service provider in the market. We are confident that through this compelling partnership, where we are now plugged into the wider NMDC platform, we will be able to chart an exciting new journey of growth. Ultimately, this collaboration will unlock deeper value for our customers and help us to achieve our shared goals for sustainable success.' The update is another further step in NMDC's strategy to drive value creation, strengthen its regional presence, and support revenue growth. It marks a leap in NMDC Group's broader expansion and diversification goals, paving the way for future innovation and leadership in the energy sector. Advisory roles: NMDC Group: A&O Shearman (Legal counsel) and PricewaterhouseCoopers (Financial advisor) Emdad Shareholders: Clyde & Co (Legal counsel) and KPMG Lower Gulf (Financial advisor)
Fibre2Fashion
29-04-2025
- Business
- Fibre2Fashion
UAE's Borouge unveils major expansion to boost polyolefin output
Borouge Plc, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, has announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITDA. The company has awarded two major contracts aimed at boosting the nameplate capacity of its second ethane cracker (EU2) and the fourth and fifth polyethylene units (PE4 and PE5). Linde Engineering has been awarded a contract for Front-End Engineering Design (FEED) services to upgrade Borouge's second ethane unit (EU2) with an additional capacity of 230,000 tonnes per annum (tpa). This strategic project is expected to increase the EU2 cracker's capacity by 15%, delivering significant financial gains upon completion in Q4 2028. Linde Engineering was selected for its expertise in design and execution, as well as its role as the licensor of the existing EU2 cracker. The ethane used as feedstock for the EU2 cracker is supplied by ADNOC Gas and ADNOC Refining, ensuring an integrated and reliable supply chain. Borouge has launched major expansion projects to boost ethylene and polyethylene production, expected to add $165â€'$200 million in annual EBITDA. Contracts were awarded to Linde and Target Engineering to increase capacity at EU2, PE4, and PE5 units. With Borouge 4 and a proposed global merger, total capacity will exceed 6.6 million tpa by 2028, driving growth and shareholder value. Borouge has also awarded Target Engineering Construction Company an engineering, procurement, and construction (EPC) contract for the expansion and refurbishment of its PE4 and PE5 production units, following a competitive bidding process. This enhancement will increase their nameplate capacity from 540,000 to 700,000 tpa each. Leveraging Borealis Borstar Polyethylene technology, the project is scheduled to be ready for start-up in Q1 2027. Hazeem Sultan Al Suwaidi, CEO of Borouge , said: 'By increasing production at our EU2, PE4 and PE5 units, as well as delivering the Borouge 4 mega project, we are strategically positioned for accelerated growth. 'The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position. These projects demonstrate our commitment to innovation, operational excellence, and sustainable growth.' Since 2001, Borouge has increased its annual production capacity tenfold, reaching 5 million tpa and positioning itself among the top five polyolefin producers in the Middle East and Asia Pacific. Together with the Borouge 4 mega project, these expansion projects, once fully ramped up, will increase the company's annual total polyolefins production capacity to over 6.6 million tpa by 2028. These projects are driving significant value to the UAE's economy through ADNOC's In-Country Value (ICV) program, supporting economic and industrial growth. The Company's major shareholders, ADNOC and OMV have proposed the combination of Borouge and Borealis, along with the acquisition of Nova Chemicals, to create Borouge Group International. These transformational deals will create the world's fourth largest polyolefin company, a $60 billion global polyolefins leader with a substantial capacity of 13.6 million metric tonnes across 62 plants spanning North America, Europe and the Middle East – more than doubling Borouge's current capacity. Borouge Group International represents a new era of scale, growth, innovation and shareholder value. The new entity intends to offer an attractive estimated total dividend of $2.2 billion post-closing of the transaction, equivalent to a minimum of 16.2 fils per share dividend, annually from 2026 to 2030. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Al Etihad
28-04-2025
- Business
- Al Etihad
Borouge set to boost production capacity to over 6.6 million tonnes
28 Apr 2025 11:52 ABU DHABI (WAM) Borouge Plc today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million (AED600 million) and $200 million (AED730 million) in EBITDA. The company has awarded two major contracts aimed at boosting the nameplate capacity of its second ethane cracker (EU2), and the fourth and fifth polyethylene units (PE4 and PE5). Linde Engineering has been awarded a contract for Front-End Engineering Design (FEED) services to upgrade Borouge's second ethane unit (EU2) with an additional capacity of 230,000 tonnes per annum (tpa). This strategic project is expected to increase the EU2 cracker's capacity by 15 percent, delivering significant financial gains upon completion in Q4 2028. Linde Engineering was selected for its expertise in design and execution, and its role as the licensor of the existing EU2 cracker. The ethane used as feedstock for the EU2 cracker is supplied by ADNOC Gas and ADNOC Refining, ensuring an integrated and reliable supply has also awarded Target Engineering Construction Company an engineering, procurement, and construction (EPC) contract for the expansion and refurbishment of its PE4 and PE5 production units, following a competitive bidding process. This enhancement will increase their nameplate capacity from 540,000 to 700,000 tpa each. Leveraging Borealis Borstar® Polyethylene technology, the project is scheduled to be ready for start-up in Q1 2027. Hazeem Sultan Al Suwaidi, CEO of Borouge, said, 'By increasing production at our EU2, PE4 and PE5 units, as well as delivering the Borouge 4 mega project, we are strategically positioned for accelerated growth." "The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position. These projects demonstrate our commitment to innovation, operational excellence, and sustainable growth," he added. Since 2001, Borouge has increased its annual production capacity tenfold, reaching 5 million tpa and positioning itself among the top five polyolefin producers in the Middle East and Asia Pacific. Together with the Borouge 4 mega project, these expansion projects, once fully ramped up, will increase the company's annual total polyolefins production capacity to over 6.6 million tpa by 2028. These projects are driving significant value to the UAE's economy through ADNOC's In-Country Value (ICV) programme, supporting economic and industrial growth.
Trade Arabia
28-04-2025
- Business
- Trade Arabia
Borouge to boost production capacity to 6.6m tonnes
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITDA. The company has awarded two major contracts aimed at boosting the nameplate capacity of its second ethane cracker (EU2) and the fourth and fifth polyethylene units (PE4 and PE5). Linde Engineering has been awarded a contract for Front-End Engineering Design (FEED) services to upgrade Borouge's second ethane unit (EU2) with an additional capacity of 230,000 tonnes per annum (tpa), a Wam news agency report said. This strategic project is expected to increase the EU2 cracker's capacity by 15 percent, delivering significant financial gains upon completion in Q4 2028. Linde Engineering was selected for its expertise in design and execution, and its role as the licensor of the existing EU2 cracker. The ethane used as feedstock for the EU2 cracker is supplied by ADNOC Gas and ADNOC Refining, ensuring an integrated and reliable supply chain. Borouge has also awarded Target Engineering Construction Company an engineering, procurement, and construction (EPC) contract for the expansion and refurbishment of its PE4 and PE5 production units, following a competitive bidding process. This enhancement will increase their nameplate capacity from 540,000 to 700,000 tpa each. Leveraging Borealis Borstar Polyethylene technology, the project is scheduled to be ready for start-up in Q1 2027. Together with the Borouge 4 mega project, these expansion projects, once fully ramped up, will increase the company's annual total polyolefins production capacity to over 6.6 million tpa by 2028. These projects are driving significant value to the UAE's economy through Adnoc's In-Country Value (ICV) programme, supporting economic and industrial growth. Hazeem Sultan Al Suwaidi, CEO of Borouge, said: 'By increasing production at our EU2, PE4 and PE5 units, as well as delivering the Borouge 4 mega project, we are strategically positioned for accelerated growth. "The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position. These projects demonstrate our commitment to innovation, operational excellence, and sustainable growth.'
