Latest news with #HamadAlHammadi
Gulf Business
26-02-2025
- Business
- Gulf Business
ADQ, Plenary Group launch infrastructure development, investment platform
Image: Christopher Pike/ Getty Images Abu Dhabi-based global sovereign investor ADQ and Australia's Plenary Group, an independent investor, developer, and manager of public-private infrastructure projects, have announced the launch of Plenary Middle East, a co-development and investment platform aimed at driving public and social infrastructure projects across the Middle East and Central Asia. The establishment of Plenary Middle East builds on ADQ's acquisition of a 49 percent stake in Plenary Group in April 2024. The co-development platform will focus on public-private partnership (PPP) models to deliver sustainable infrastructure solutions with lasting socioeconomic benefits in key sectors such as education, transportation, and healthcare. By utilising PPPs, the platform aims to bridge the infrastructure financing gap, which the Global Infrastructure Outlook estimates will reach $15tn by 2040. Plenary Group has already demonstrated success in the UAE, having led the development of the nation's first schools under a PPP framework. In collaboration with the Abu Dhabi Department of Education and Knowledge, Plenary Group delivered three state-of-the-art schools, providing world-class education infrastructure for over 5,000 students. Hamad Al Hammadi, deputy group CEO at ADQ, emphasised the strategic alignment of the initiative: 'The establishment of Plenary Middle East aligns with ADQ's focus on building world-class foundational systems and infrastructure essential to the functioning of economies and societies. 'Together with Plenary, a global leader with a proven track record in successfully delivering infrastructure projects, we aim to capitalize on the potential of public-private partnership opportunities in our key target markets. By leveraging our mutual expertise, we are well-positioned to drive sustainable growth and create lasting value.' Paul Oppenheim, chairman of Plenary Group, expressed enthusiasm about the collaboration, noting: 'We are excited about the opportunities this partnership will bring, positioning us to participate in significant upcoming projects in new and existing markets, accelerating our growth. In particular, the Middle East co-development and investment platform will supercharge our expansion into new markets and unlock valuable opportunities for both companies.' Plenary Middle East to boost UAE-Australia ties The joint platform further strengthens the ties between the UAE and Australia, following This was the first major inbound investment from the UAE into an Australian company since the signing of the Australia-UAE comprehensive economic partnership agreement. Plenary Middle East will be integrated into ADQ's newly established infrastructure and critical minerals cluster. The platform is expected to drive sustainable growth and create long-term value.
Zawya
25-02-2025
- Business
- Zawya
ADQ and Plenary Group establish infrastructure co-development and investment platform
RELATED TOPICS UAE RELATED COMPANIES Plenary Group Abu Dhabi Dev. Deputy Group The co-development and investment platform will focus on public and social infrastructure opportunities in target regions across the Middle East and Central Asia The collaboration will enable high-impact projects with lasting socioeconomic benefits, particularly in sectors such as education, transportation, and healthcare Plenary Middle East will be integrated into ADQ's recently established Infrastructure & Critical Minerals cluster Abu Dhabi, UAE: ADQ, an active global sovereign investor focused on critical infrastructure and supply chains, and Plenary Group, a leading independent investor, developer, and manager of public-private infrastructure projects headquartered in Australia, have announced the establishment of Plenary Middle East, a co-development and investment platform focused on public and social infrastructure opportunities in high-growth regions across the Middle East and Central Asia. As part of the agreement, Plenary Middle East will leverage public-private partnership (PPP) models to drive sustainable development and economic growth in target geographies. By combining the strengths of both sectors, PPPs foster private sector involvement in public infrastructure and value-added services, enabling high-impact projects with lasting socioeconomic benefits, particularly in sectors such as education, transportation, and healthcare. PPPs have the potential to bridge the infrastructure financing gap, which is estimated to require USD 15 trillion by 2040, according to the Global Infrastructure Outlook. Plenary Group has already achieved early success in the United Arab Emirates, having led the development of the country's first schools under a PPP framework. In collaboration with the Abu Dhabi Department of Education and Knowledge, Plenary Group recently delivered three state-of-the-art schools, providing world-class education infrastructure for more than 5,000 students. Hamad Al Hammadi, Deputy Group Chief Executive Officer at ADQ, said: 'The establishment of Plenary Middle East aligns with ADQ's focus on building world-class foundational systems and infrastructure essential to the functioning of economies and societies. Together with Plenary, a global leader with a proven track record in successfully delivering infrastructure projects, we aim to capitalize on the potential of public-private partnership opportunities in our key target markets. By leveraging our mutual expertise, we are well-positioned to drive sustainable growth and create lasting value.' Paul Oppenheim, Chairman of Plenary Group, said: 'We are excited about the opportunities this partnership will bring, positioning us to participate in significant upcoming projects in new and existing markets, accelerating our growth. In particular, the Middle East co-development and investment platform will supercharge our expansion into new markets and unlock valuable opportunities for both companies.' This co-development and investment platform builds on ADQ's acquisition of a 49 percent stake in Plenary Group in April 2024, marking the first major inbound investment from the United Arab Emirates into an Australian company since the signing of the Australia-UAE Comprehensive Economic Partnership Agreement, further strengthening bilateral ties between the two nations. By enabling high-impact projects with lasting socioeconomic benefits, Plenary Middle East will contribute to ADQ's mission to generate long-term value and financial returns for Abu Dhabi. The co-development and investment platform will be integrated into ADQ's recently established Infrastructure & Critical Minerals cluster. As the co-development and investment platform grows its portfolio in the coming years, it is well-positioned to leverage ADQ's global reach and stature, combined with Plenary Group's unparalleled sector expertise and transactional excellence.
Gulf Business
24-02-2025
- Business
- Gulf Business
Italy's Eni, UAE's ADQ to strengthen supply chains for critical minerals
Image: Eni/ For illustrative purposes ADQ has entered into a memorandum of understanding (MoU) with Eni, a Rome-based global energy technology company, to explore potential areas of cooperation aimed at strengthening supply chains for critical minerals essential to the global energy transition. The MoU focuses on identifying investment opportunities and synergies in regions such as Africa, North America, and Central Asia, where both companies plan to explore the entire critical minerals value chain, from mining and refining to processing and downstream applications. The partnership will also assess the feasibility of establishing refining and processing facilities in the UAE, Italy, and other strategic locations. The growing demand for critical minerals, including lithium, cobalt, nickel, and rare earth elements, is expected to increase sixfold by 2050, according to the International Energy Agency (IEA). This surge in demand is driven by the increasing adoption of clean energy technologies such as electric vehicles, wind turbines, solar panels, and energy storage systems, all of which heavily rely on these minerals. MoU to build on ADQ and Eni's areas of expertise Hamad Al Hammadi, deputy group CEO of ADQ, stated: 'As the world transitions to cleaner energy solutions, safeguarding a stable and resilient supply of critical minerals is essential for enabling the development and deployment of technologies that drive this fundamental change. Through our MoU with Eni, we aim to combine our expertise and capabilities to develop high-impact projects across the entire value chain that ensure the availability and affordability of these critical resources.' Al Hammadi continued: 'This partnership underscores our commitment to forging collaborations that deliver long-term, transformative value for both our portfolio companies and the broader economies they serve.' Claudio Descalzi, CEO of Eni, remarked: 'The agreement with ADQ is a testament to our shared commitment to a sustainable energy future. Through innovation and collaboration, we will develop initiatives essential to the energy transition. This strategic cooperation highlights our dedication to advancing technological progress and contributing to global energy security.' Eni, operating in 62 countries, is focused on ensuring energy security while leading the energy transition. The company aims to achieve carbon neutrality by 2050, focusing on decarbonising its processes and products. Eni is investing in the development of technologies that can accelerate the shift toward sustainable energy solutions. The MoU complements ADQ's existing investments in the sector, including its recent partnership with Orion Resource Partners. وقعت 'القابضة' (ADQ) مذكرة تفاهم مع إيني الإيطالية لاستكشاف فرص التعاون في مجال سلاسل التوريد الخاصة بالمعادن والموارد الأساسية اللازمة للتحول في قطاع الطاقة. ADQ and — ADQ (@Adq_Official) The joint venture, Orion Abu Dhabi, focuses on critical metals and materials required for sustainable economic growth and the global energy transition. The collaboration between ADQ and Read: Eni signs two other agreements with UAE companies Eni has signed a letter of intent with MGX, a leading investment fund focused on AI and Advanced Technology, and Abu Dhabi-based G42, to develop state-of-the-art data centres in Italy with a planned IT capacity of up to 1 GW. These facilities will be powered by blue power, a low-carbon energy source generated by natural gas power plants with CO2 emissions captured and stored. The first project will be developed in Ferrera Erbognone in two phases, with up to 500 MW of IT capacity. Additionally, Eni has partnered with Masdar and Taqa Transmission to establish long-term power off-take arrangements for renewable energy generated in Albania, with a capacity of up to 3 GW transmitted through a 1 GW subsea interconnection to Italy. This agreement follows a strategic partnership framework signed by Italy, Albania, and the UAE in January. Eni in the UAE Eni has been operating in the UAE since 2018, holding a 70 per cent stake in Abu Dhabi's offshore Blocks 2 and 3, and a 10 per cent share in the offshore Ghasha concession. The company also has stakes in the Lower Zakum (5 per cent) and Umm Shaif/Nasr (10 per cent) offshore concessions and owns 20 per cent of ADNOC Global Trading and ADNOC Refining, which operates the fourth-largest refining complex globally in Ruwais, with a capacity of over 900,000 barrels per day.
Zawya
14-02-2025
- Business
- Zawya
PureHealth records 78% higher net profits in 2024
Abu Dhabi: PureHealth Holding recorded 78% year-on-year (YoY) higher net profits at AED 1.71 billion in 2024, compared to AED 964.95 million, according to the financial results. Basic and diluted earnings per share (EPS) increased to AED 0.15 last year from AED 0.10 in 2023. Revenues hiked by 58% to AED 25.84 billion as of 31 December 2024, driven by robust growth across its core segments, including Hospitals, Insurance and Procurement. Hamad Al Hammadi, Chairman of PureHealth, commented: "This year, we significantly expanded our global presence with key acquisitions, strengthened our operational capabilities, and advanced our mission to redefine healthcare excellence." Shaista Asif, Group CEO at PureHealth, said: 'With the acquisition of Circle Health Group in the UK, we extended our world-class care beyond borders, while the integration of Sheikh Shakhbout Medical City (SSMC) reinforced our expertise in complex, life-saving treatments.' 'As we enter 2025, we remain focused on expanding specialised services, leveraging AI to enhance operational efficiency and advance predictive and personalised care, while accelerating international growth,' Asif noted. During the first nine months (9M) of 2024, PureHealth achieved higher net profits at AED 1.43 billion.
Trade Arabia
12-02-2025
- Business
- Trade Arabia
Emsteel delivers $2.26bn in revenue for 2024
Emsteel, one of the largest publicly traded steel and building materials manufacturers in the region, has delivered total revenues of AED8.3 billion ($2.26 billion) for financial year 2024, approximately 6% lower than the AED8.9 billion reported for 2023. This decrease in revenue is due to various factors, including fluctuations in global steel prices, increased competition, and changing demand trends driven by economic uncertainties in key markets, the company said. Despite the challenging market environment Emsteel realised a solid profit before tax of AED432 million and a net profit after tax of AED392 million. The net profit was supported by the reversal of an impairment taken during Covid, with a net positive impact of AED189 million. Financial highlights for 2024: • During 2024, Emsteel maintained overall steel production volumes in line with the level attained during 2023. • Emsteel's profitability margins have been affected by an increase in low-priced Chinese steel exports, which have directly or indirectly impacted prices in several of the group's key markets, including the GCC and important export destinations like Europe and the US. * The group further strengthened its balance sheet, realising a positive net cash generation of AED401 million resulting in a balance sheet free of net debt. • In 2024, Emsteel recorded EBITDA of AED892 million, with a margin of 10.9%, compared to 14.2% in 2023. Emsteel's FY24 profitability was supported by a significant improvement of the group's EBITDA during the fourth quarter of the year, amounting to AED247 million, up 81% compared to the third quarter of 2024. One of the key factors was Emsteel's ability to leverage increased UAE construction activity, which supported rebar demand and allowed the group to maximise capacity utilisation, while at the same time improving price realisation in this core segment. • Revenue from the group's Emirates Steel division totalled AED7.6 billion during 2024, generating an EBITDA of AED680 million. Emirates Steel's performance was impacted by adverse global market conditions. • Revenue from the group's Emirates Cement division was AED0.8 billion in 2024, with an EBITDA of AED212 million. Within the Cement division the Pipes & Other segment is reported as assets held for sale as a divestment process is ongoing. Revenue for this segment amounted to AED156 million in 2024. • As of the end of 2024, the group continues to maintain a robust liquidity position, with AED823 million cash in hand compared to AED426 million as of 31 December 2023. Hamad Al Hammadi, Chairman, Emsteel, said: '2024 has been a year of transformation for Emsteel. With the evolution of our corporate identity and our key business divisions, our team has demonstrated exceptional adaptability and focus, enabling us to deliver innovative solutions and services, and to continue creating value for our stakeholders. These efforts reaffirm our vision to lead the industry toward a low-carbon future while strengthening our position as the UAE's largest publicly traded steel and building materials manufacturer.' Eng Saeed Ghumran Al Remeithi, Group Chief Executive Officer, Emsteel, said: 'In 2024, Emsteel demonstrated resilience in navigating a dynamic and challenging market environment. Despite these headwinds, we remain committed to innovation, sustainability and accelerating the adoption of low-carbon solutions. A key milestone is our pilot green hydrogen project with Masdar, a critical step in decarbonising this hard-to-abate sector. "Looking ahead, we embrace our role as pioneers in sustainable innovation, laying the foundation for a low-carbon iron hub, with strategic partnerships driving our vision of a more sustainable and resilient future for all. The UAE's expanding construction sector, with $772 billion in ongoing and upcoming projects, further strengthens our growth strategy. With 52% of projects in planning, design, or tender stages, the country's infrastructure boom will continue to drive demand for sustainable steel and building material solutions, positioning Emsteel as a key enabler of economic and developmental progress.' -
