Latest news with #Fujairah
Zawya
3 days ago
- Business
- Zawya
GulfNav's Brooge acquisition to boost income, slash costs
Dubai-based shipping firm Gulf Navigation Holding (GulfNav) expects an increase in come and lower costs following its acquisition of Brooge Energy. GulfNav's CEO Ahmed Al-Kilani said the merger would lead to the establishment of an integrated logistics company specialising in the transportation and storage of fuel, petroleum products, and petrochemicals. Kilani told CNBC Arabia satellite news TV that the GulfNav, which is specialised in the transportation of petroleum and petrochemical products, has recently overcome difficult condition due to weak liquidity and operational challenges. He noted that the company is now in a stable stage and preparing for a new phase of growth, adding that the Company's Board had two options-- either proceed with gradual expansion by strengthening operations and increasing the marine fleet, which would require a long time, or move towards a faster path through acquisition or merger, which was achieved through this deal with Brooge Energy. He said GulfNav possesses significant assets, including storage tanks for crude oil, petroleum products, and petrochemicals in the Port of Fujairah, which is a global strategic location for storage. He pointed out that these tanks rely on advanced technologies that enable effective operational integration between the two companies. 'This step will open new horizons in global markets and contribute to increasing revenues and reducing expenses due to the integration of services and assets.' Kilani said there are promising opportunities for expanding the operations of both Gulf Navigation and Brooge Energy, expecting Brooge to expand outside the UAE, amidst global moves towards clean energy. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
4 days ago
- Business
- Zawya
Dubai's GulfNav, Brooge Energy sign $871mln acquisition deal
Dubai-based shipping firm Gulf Navigation Holding PJSC (GulfNav) has entered into an asset sale agreement with Brooge Energy Ltd. for a total consideration of 3.2 billion dirhams ($871) million. The deal is for the sale of the assets and subsidiaries of Brooge, including Brooge Petroleum and Gas Investment Company FZE, and Brooge Petroleum and Gas Investment Company Phase III FZE. GulfNav is a major operator in maritime transport and oil storage. The acquisition of Brooge, with its facilities for the storage of fuel oil, crude oil, and petroleum products, is expected to double GulfNav's storage infrastructure, particularly in Fujairah, a critical bunkering port in the UAE. The acquisition involves a settlement structure comprising cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). This includes: -Issuance of 358.8 million new shares to Brooge at AED 1.25 per share, subject to a one-year lock-up. -AED 2.336 billion in MCBs issued to Brooge, convertible at AED 1.25 per share. -AED 500 million in MCBs exclusively offered to GULFNAV's existing shareholders at AED 1.10 per share. -A cash component of AED 460 million Following the agreement, both parties will collaborate to meet all remaining conditions, including regulatory approvals, legal requirements, and corporate actions. GulfNav will increase its capital, issue new shares to Brooge Energy, and launch a capital raise via MCBs. The deal is expected to be finalised by Q3 2025. Nasdaq-listed Brooge has seen controversy in recent years. A restructuring executive from a management consultant working on the overhaul of the company was detained in the UAE last year, but was later released. (Writing by Brinda Darasha; editing by Seban Scaria)
Trade Arabia
4 days ago
- Business
- Trade Arabia
Power International opens Fujairah's first limestone production facility
Power International, a UAE-based mining company, has announced the opening of its new limestone production plant in the northern emirate of Fujairah with a 120,000 tonnes per year capacity. The first quicklime production plant in Fujairah, it employs cutting-edge technology to extract quicklime from limestone. Power International aims to double the capacity with the setting up of a second production line by 2026, thus bringing the total capacity to 240,000 tonnes annually. Speaking at the opening ceremony, HH Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, reiterated the emirate's significant role in supporting the national economy and its leading position as a global hub for mining industries and a magnet for international investment in the industrial and economic sectors. The event was attended by Sheikh Eng. Mohammed bin Hamad bin Saif Al Sharqi, Director-General of Fujairah Digital Government, and Sheikh Abdullah bin Hamad bin Saif Al Sharqi, President of the UAE Bodybuilding and Fitness Federation as well as Mohamed Saif Al Afkham, Chairman of Fujairah Natural Resources Corporation (FNRC) Board of Directors. Sheikh Mohammed highlighted the continuous support and follow-up of H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, for advanced and specialised industrial projects that contribute to sustainable and comprehensive development in the emirate and the wider UAE. He also emphasised that these projects reinforce Fujairah's position as a global destination for mining and industrial innovation. Nikunj Bathwal, Director-General of the Power International factory, said the project's success stems from the strategic vision and backing of the Fujairah government. "This facility is more than just industrial infrastructure; it was designed according to the highest international standards, with sustainability, safety, and operational excellence at its core," he stated. Al Afkham said the factory represents a strategic milestone, reflecting the entity's commitment to the efficient use of natural resources, in line with the directives of the Ruler of Fujairah and the follow-up of the Crown Prince. FNRC's future direction aims to enhance the industrial sector's role in sustainable development by supporting innovation and expanding both local and global market reach, he stated. This reinforces Fujairah's position as a leading industrial hub contributing to economic diversification and aligning with UAE Vision 2030 and 2071.
Trade Arabia
5 days ago
- Business
- Trade Arabia
Port of Fujairah embarks on digital transformation with Endava
The Port of Fujairah has signed a strategic agreement with Endava to spearhead a comprehensive digital transformation initiative aimed at unifying and modernising the port's operational landscape. Spanning five years and structured in six progressive modules, this initiative will introduce cutting-edge digital solutions to optimise vessel call management, dry and liquid bulk operations, gate pass security and real-time analytics, ensuring world-class efficiency and transparency across all port operations. At the initiative's core is a new Port Community System branded 'MarHub,' signalling an inclusive, connected gateway for every stakeholder. Over the past four decades, the Port of Fujairah has established itself as a pivotal shipping and maritime services hub for the UAE and the wider region, offering a diverse range of services, including container operations, general and project cargo handling, and dry and liquid bulk logistics. With an annual throughput close to 120 million metric tons of cargo, 5,000 port calls and over 12,000 anchorage calls, technology plays a vital role in ensuring seamless operations. This latest digital transformation endeavour marks a significant step towards future-proofing the port's infrastructure and capabilities. Khalil Ebrahim, Deputy Managing Director at Port of Fujairah, said: 'Efficiency is the cornerstone of our operations – every moment saved translates directly to enhanced service quality and economic gains. With this transformation, we are not only optimising our processes but also reinforcing full transparency, which ensures security, trust and streamlined workflows. This initiative reflects our unwavering commitment to providing our business partners with world-class infrastructure and services, perfectly complementing our strategic geographic position. 'Seeking to match world-class standards, we've selected a partner with global expertise. Endava was especially impressive in its human-centric approach to technology, its suite of proven digital accelerators, and demonstrated ability to deliver truly transformative undertaking with agility, precision, and scale.' A global leader in designing and implementing large-scale digital transformation projects for both public and private sector entities, Endava will deliver MarHub as a state-of-the-art platform that will enhance data accessibility for all stakeholders, streamline workflows, and establish a strong foundation for automation and continuous process improvement. Critically, the system's API-first, cloud-native, modular architecture will facilitate constant innovation, enabling the port to introduce new eServices seamlessly, with Phase 1 scheduled to go live in Q4 2025. Aligning with the Port of Fujairah's sustainability objectives, MarHub will be hosted in UAE-based Microsoft Azure regions, ensuring full data residency and compliance. The deployment will leverage containerisation, automated resource scaling, and centralised logging to minimise infrastructure waste and support sustainable IT practices. From a security standpoint, the system is designed to meet ISO 27001 standards, incorporating end-to-end encryption and multi-level identity and access controls to ensure the highest levels of protection. David Boast, General Manager – UAE & KSA, Endava, said: 'We are honoured to be chosen as the Port of Fujairah's transformation partner and are excited to bring this ambitious vision to life. Large-scale digital transformations require careful execution to ensure operational continuity, and our expertise will enable a seamless transition, while continuously delivering powerful new features. I have no doubt that this project will serve as a benchmark for digital-led logistics in the region, setting new standards in efficiency and innovation.' –
Khaleej Times
7 days ago
- Science
- Khaleej Times
Look: Rare fish spotted in Fujairah in signs of UAE's marine ecosystem recovery
A rare fish species has been recently spotted off the coast of Fujairah by seasoned Emirati diver and marine photographer Saleh Mohammed Al Zahouri, in what is being seen as a positive sign for the region's recovering marine ecosystem. Al Zahouri, 49, who has been diving professionally since 1998, encountered the elusive fish during a routine dive a few days ago. Known locally as Al Hilali, or 'the crescent one,' and scientifically classified under the Sweetlips family, the fish is rarely seen in the waters of Fujairah. 'It caught me completely off guard,' Al Zahouri told Khaleej Times. 'Its colour was striking, but what surprised me was that it was swimming alone. Sweetlips are usually found in groups, so seeing a solitary one was highly unusual.' Al Zahouri, who has spent more than 24 years documenting marine life in Fujairah, immediately captured images of the fish using his underwater camera. He noted that the discovery was not just rare, but also deeply symbolic. 'I have never seen this species here before. Divers experience the sea differently from fishermen. We are part of the environment, and we see firsthand how it changes,' he said. 'The sea is healing' The sighting, according to Al Zahouri, may indicate a broader recovery of marine biodiversity in the area, which has endured environmental challenges such as red tide events and cyclones. 'Seeing this fish here tells me the sea is healing,' he said. 'Thanks to initiatives like coral reef farming, the marine habitat is becoming more balanced and welcoming to rare species.' Stay up to date with the latest news. Follow KT on WhatsApp Channels. Mahmoud Hassan Suleiman Al Ali, chairman of the Fujairah Fishermen's Association, confirmed that the sweetlips fish is indeed a rare sight in local waters. He added that it belongs to the same family as other locally known species like Aboud Sanqour and Al Mutawa, whose populations have declined in recent years. 'Some species are showing signs of recovery due to improved regulations and fishing restrictions,' said Al Ali. 'Documentation from divers like Saleh plays a vital role in helping us understand what is happening beneath the surface.' As environmental protection efforts continue along the UAE coastline, Al Zahouri remains dedicated to diving and sharing insights from the depths of the sea. 'This fish may be small,' he said, 'but to me, it represents what is possible when we truly care for our oceans.'
