Mubadala Capital commences operations as wholly-owned asset management subsidiary of Mubadala Investment Company

ABU DHABI, Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor managing a global portfolio of assets valued at US $243 billion, today announced the formal commencement of operations of Mubadala Capital as a wholly owned asset management subsidiary within Mubadala’s Disruptive Investments portfolio.

Established in 2011, Mubadala Capital has grown significantly in scale over the past decade, and today manages over US $15 billion of assets, including over US $9 billion in third-party capital vehicles on behalf of over 50 institutional investors.

Mubadala Capital, which is headquartered in Abu Dhabi and has offices in New York, London, San Francisco, and Rio de Janeiro, comprises four integrated businesses – private equity, public equities, venture capital, and a Brazil focused business.

While Mubadala Capital is now operating as an asset, it remains fully owned by Mubadala, enabling it to leverage the scale and network of its sovereign parent, while enhancing its focus on delivering long-term value for its investors and partners.

Hani Barhoush, CEO of Mubadala’s Disruptive Investments platform, and CEO and Managing Director of Mubadala Capital, said: “Mubadala Capital has a proven track record of sourcing proprietary investment opportunities and generating attractive risk-adjusted returns, while building trusted long-term partnerships with leading institutional investors. By operating as a wholly owned asset, we will be able to accelerate the growth of Mubadala Capital and more rigorously pursue our highly focused investment strategies, while continuing to invest both through our own balance sheet and on behalf of our external investors.”

Mubadala Capital currently manages three private equity funds, two early-stage venture funds, a long-biased public equities fund and two Brazil special opportunities funds, with its combined holdings encompassing a global portfolio of assets across a wide range of sectors and geographies.

Source: Emirates News Agency

ADIPEC 2021 charts the path to unlocking decarbonised future for offshore & marine industry

ABU DHABI, The global maritime community convened at the ADIPEC 2021 Offshore and Marine Conference today to explore the critical enablers of decarbonising the industry and ensuring it is on track with the International Maritime Organization (IMO) targets and the UN Sustainable Development Goals.

Held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and hosted by the Abu Dhabi National Oil Company (ADNOC), the ADIPEC 2021 Offshore and Marine Conference brings together industry leaders and decision-makers from the global offshore and marine supply chain to meet in-person and identify the strategies and solutions for driving decarbonisation and digitalisation within the offshore and marine sector.

2021 marks a decade of action since the IMO adopted the first set of mandatory energy efficiency measures for ships, fundamentally changing the baseline for the performance of the incoming global fleet in terms of emission reduction.

The IMO’s 2018 Initial Strategy on the reduction of greenhouse gas (GHG) emissions from shipping set key ambitions to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40 percent by 2030, and 70 percent by 2050, compared to 2008. Total annual GHG emissions from international shipping should be reduced by at least 50 percent by 2050 compared to 2008.

The Conference aims to ensure the industry is ready to unlock a decarbonised future, attract the large-scale investments needed to fuel transformative change, enable business growth, capture market opportunities, and embrace the pivotal role of technology and digitalisation in enabling offshore and marine industry growth.

Captain Abdulkareem Al Masabi, CEO, ADNOC Logistics and Services, said, “The global maritime industry is vital for sustaining international relations and trade, and the IMO has given us clear targets to achieve the decarbonising of our operations. Short-term solutions are having an interesting impact and providing us with significant results. As we move towards meeting the IMO’s requirements, these strategic insights will accelerate the industry’s ambitious long-term goals.

“The transition to decarbonisation is a game-changer for the industry, but one that is complex and multi-faceted, requiring thought leadership and cross-ocean collaboration to meet the common objective of decarbonising the shipping industry.”

Other notable speakers at the Offshore and Marine Conference include Martin Helweg, CEO, P&O Maritime Logistic; Yasser Nassr Zaghloul, Group CEO, National Marine Dredging Company (NMDC); and Guy Platten, Secretary General, International Chamber of Shipping (ICS).

With increased pressure on reducing greenhouse gas emissions, the Conference also highlighted the debate around marine fuel choice, quality and operational challenges as critical to developing an industry chart for the future.

Commenting, Christopher Hudson, President of dmg events, the organisers of ADIPEC, said, “Shipping carries 80 percent of the world’s traded goods. The industry recognises that now is a critical time to identify and debate the merits of the best short-, mid-and long-term choice of shipping fuels and to assess whether the industry has the necessary infrastructure to allow these fuels to be the shipping fuels of the future.”

Source: Emirates News Agency

Ministry of Industry and Advanced Technology signs MoU on hydrogen technology with Russian Ministry of Industry and Trade on hydrogen technology

ABU DHABI, The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a memorandum of understanding (MoU) with the Ministry of Industry and Trade of the Russian Federation to bolster industrial collaboration in hydrogen fuel technology. In line with their common objective to develop sustainable and reduced or emission-free energy sources, as well as achieve a carbon neutral industrial sector while ensuring its continued growth, the collaboration will explore ways of supporting the production, storage and transportation of hydrogen fuel.

The MoU was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Denis Manturov, Russian Minister of Industry and Trade, on the sidelines of the 37th edition of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2021).

Through its participation in ADIPEC 2021, themed ‘Make it in the Emirates’, MoIAT aims to highlight the competitive advantages of the UAE’s industrial sector and introduce international delegations to the investment opportunities it offers. Furthermore, MoIAT will showcase the ability of local industrial companies to forge partnerships that contribute to a healthy exchange of knowledge and expertise, and also reach international markets.

Dr. Sultan Al Jaber said: “The MoU aligns with the strategic vision of our leadership – to build new and reinforce existing international collaborations in support of sustainable development. Working with the Ministry of Industry and Trade in Russia on hydrogen fuel complements our nations’ longstanding relationship and reflects new directives to find clean and sustainable energy sources, especially as the global economy begins to recover from the repercussions of COVID-19.”

added: “This collaboration reinforces the strong partnership that exists between the UAE and the Russian Federation, especially the bilateral investments focused on priority sectors such as industry, information technology, infrastructure, petrochemicals, and energy, all of which are cornerstones to hydrogen fuel. Recognizing the world’s need for low-emission energy sources, hydrogen will create a substantial shift in the future of energy and industry.”

Al Jaber said: “The UAE offers several strategic advantages in hydrogen fuel, including gas resources and clean electricity from renewable sources such as solar and wind. In combination with the UAE’s storage and transportation capabilities, these advantages enhance the nation’s competitiveness in hydrogen fuel technology. This offers a key opportunity to advance our capabilities across the sector’s value chain, as well as strengthen the UAE’s position in the quality infrastructure through its collaboration with the Russian counterpart to set the international standards.”

The UAE has made significant developments in its hydrogen production, reaching approximately 300,000 tons annually through ADNOC’s downstream facilities. Furthermore, Mubadala, ADNOC, and ADQ established the Abu Dhabi Hydrogen Alliance to develop a roadmap to accelerate the UAE’s adoption and use of hydrogen in major sectors. Another pioneering initiative is the Green Hydrogen project at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, a first-of-its-kind project in the MENA region developed in collaboration with DEWA, Expo 2020 Dubai and Siemens Energy.

Denis Manturov said: “Mutual striving to strengthen trade and economic relations makes it possible to develop joint industrial projects, including in hydrogen energy. A significant potential for cooperation between Russia and the UAE can be revealed in multi-vector cooperation in the design and production of equipment for liquefaction, storage and transportation of hydrogen, as well as in the development of international and harmonisation of national standards in this area. This approach is also reflected in the Memorandum signed today. Taking into account the global importance of searching for low-carbon, but energy-intensive and universal technological solutions, we have also presented to our colleagues from the United Arab Emirates the Atlas of Russian projects on low-carbon and carbon-free hydrogen and ammonia, which already has 41 projects throughout Russia”.

The MoU between the ministries will present promising opportunities to develop the hydrogen sector through international knowledge and technology exchange. It also strengthens trade and economic relations between the UAE and the Russian Federation and complements the MoU for science, technology, and civil industries signed in 2017.

Under the MoU, both parties agree to collaborate in the manufacture of equipment, especially that used in the production, liquefaction and use of raw hydrogen and fuel mixtures that use hydrogen as a main element. In addition, the cosigning parties will develop international standards for hydrogen and align relevant specialized industry standards.

Furthermore, the MoU encourages bilateral investments in hydrogen energy, the seeking of each other’s counsel, and the establishment of a private-sector network across both countries that will promote joint developments and the exchange of data and analysis.

Source: Emirates News Agency

Deals worth AED22 billion signed by UAE Armed Forces during first four days of Dubai Airshow

DUBAI, On the fourth day of the Dubai Airshow 2021, the Ministry of Defence announced the conclusion of seven deals worth AED1,742,429,000.00 with local and international companies.

This brings the total deals concluded during the first four days to 23 deals, with a total value of AED22, 523,874,000.00. The deals of the first day amounted to AED5,239,207,000.00, the deals of the second day amounted to AED11,284,837,000.00, and the deals of the third day AED4,257,401,000.00.

This was announced in the presence of Major General Staff Pilot Ishaq Saleh Al Balushi, Executive Director of the Military Organizing Committee of the Dubai Airshow 2021 and Lt. Col. Pilot Sarah Hamad Al-Hajari, official spokesman for the Dubai International Airshow 2021.

The first deal was contracted with the American company, Alliant Techsystems Operations LLC, to purchase supplements of ammunitions for the Air Force and Air Defence Command at a value of AED175,863,000.00. The second deal was contracted with the Pakistani Global Industrial &Defence Solutions Gids to purchase various ammunitions for the joint air command at a value of AED143,981,000.00.

A third deal was also concluded with local Advanced Military Maintenance Repair & Overhaul Center (AMMROC) to provide consultancy and technical support and repair services, including spare parts, for three years, for an amount of AED120,845,000.00, while a fourth deal was concluded also with the French company Dassault Aviation to provide maintenance services and technical support for the air force and air defense systems at a value of AED149,123,000.00.

The fifth deal was signed with the local company International Technical Systems Trading to purchase devices and equipment for the aircraft of the Air Force and Air Defence Command, with a value of AED677,315,000.00, while the sixth deal was signed with the local company Abu Dhabi Airports to provide ground handling services and logistic support for the bases of the Air Force Command, at a value of AED108,000,000.00.

The seventh and last deal was signed with the US company, Alliant Techsystems Operations LLC, to purchase ammunition supplements for the Air Force and Air Defence Command at a value of AED367, 300,000.00.

Following the announcement of the deals concluded between the Ministry and the defence companies specialized in aerospace, Al Balushi said that this year edition of Dubai Airshow has been distinguished from previous editions.

He wished all strategic partners and the companies that contracted with the UAE Ministry of Defence success in the implementation of their contracts on the ground. He also wished all companies that participated in the airshow to attain success and win investment deals in the country.

Lt-Colonel Pilot Sarah Al-Hajari pointed out that the deals concluded in the 2019 edition of Dubai Airshow were worth a total value of 18 billion dirhams, while those of the 2021 edition exceeded this value

Source: Emirates News Agency

Emirates Islamic rings market-opening bell to celebrate listing of US$ 500 million Sukuk on Nasdaq Dubai

DUBAI, Salah Mohammed Amin, CEO of Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today rang the market-opening bell to celebrate the listing of a US$ 500 million Sukuk issued by Emirates Islamic on Nasdaq Dubai, in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

The 5 years’ benchmark issuance rated A+ by Fitch Ratings was priced at 2.082% and was 2.4 times oversubscribed, which underlines investors’ confidence in Emirates Islamic’s prospects.

Salah Mohammed Amin, CEO of Emirates Islamic, said: “We are pleased with regional and international investors’ strong appetite towards our issuances as a clear indication of their deep confidence in the bank’s sound fundamentals, growth strategy and ability to reinforce and sustain growth. We would like to extend our sincere thanks to Nasdaq Dubai for its dynamic role in creating a world-class marketplace that cements our links with investors across the world.”

“This issuance will further support Emirates Islamic’s business expansion plans and growth agenda as we seek to continue to be an active contributor towards UAE’s economic growth. Emirates Islamic is committed to support UAE’s agenda in becoming a role model in addressing global challenges,” Salah Mohammed Amin added.

From his side, Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “As part of its active role to support leading issuers from the UAE and beyond, Nasdaq Dubai, the international financial exchange in the region, is delighted to welcome the new Sukuk issuance from Emirates Islamic. The successful issuance and listing of this Sukuk is testament on the confidence of fixed income investors in general and Sukuk investors in particular on the constructive regulatory framework of Nasdaq Dubai. We are committed to further expanding our services in line with the requirements of issuers and investors enabling issuers to raise necessary funds to implement growth strategies as well as to diversify investment opportunities.”

The Emirates Islamic’s Sukuk was listed on Nasdaq Dubai on 2 November 2021, bringing the bank’s current Sukuk value on the exchange to US$ one billion through two issuances. It also strengthens Dubai capital markets status amongst the leading Sukuk listing venues globally with a total value of US$ 80.5 billion.

Source: Emirates News Agency

Deals worth AED 20 billion have been signed by Armed Forces during three days

DUBAI, On the third day of the Dubai Airshow 2021, the Ministry of Defence announced the conclusion of 6 deals worth AED 4,257,401,000.00 with local and international companies.

This brings the total deals concluded during the first three days to 16 deals, with a total value of AED 20, 781,446,000.00. The deals of the first day amounted to AED 5,239,207,000.00, and the deals of the second day amounted to AED 11,284,837,000.00 This was announced in the presence of Major General Staff Pilot Ishaq Saleh Al Balushi, Executive Director of the Military Organising Committee of the Dubai Airshow 2021 and Lt. Col. Pilot Sarah Hamad Al-Hajari, official spokesman for the Dubai International Airshow 2021.

The first deal was contracted with the American company, LOCKHEED MARTIN GLOBAL INC, to provide technical support services and spare parts for the air force and air defense command systems, at a value of AED 624,410,000.00. The second deal was contracted with GLOBAL AEROSPACE LOGISTICS LLC to provide maintenance services for the joint air command at a value of 3,436,145,600.00.

A third deal was also concluded with the French company THALES to provide technical support and repair services for the communication system worth 28,210,000.00, while a fourth deal was concluded also with the French company THALES to provide maintenance services and technical support for the air force and air defense systems at a value of 42,834,000.00.

The fifth deal was signed with the Italian company AGUSTA WESTLAND AVIATION SERVICES to provide technical support services for VIP aircraft, with a value of 90,000,000.00, while the sixth and final deal was signed with the Swiss company RHEINMETALL AIR DEFENCE AG to provide technical support, repair and maintenance services to the Air Force and Air Defence Command, at a value of 35,802,000.00.

Al Balushi began the press conference for announcing the deals concluded between the Ministry of Defence and defence companies specialised in the field of aviation, by welcoming all media representatives and all attendees.

He pointed out that the exhibition in this year’s edition plays a pivotal role in achieving commonalities in the aviation, aerospace and defense sectors at the global level, as it is a platform that has brought together leaders and experts from around the world for new partnerships, and paves the way for the sector’s recovery and future growth.

He explained that the deals held in the past three days of the exhibition are different from each other because daily contracts are signed with multiple local and international countries for partners from outside the United Arab Emirates.

Lt-Colonel Pilot Sarah Al-Hajari pointed out that the deals concluded in the 2019 edition of Dubai Airshow were worth a total value of AED 18 billion, while those of the 2021 edition exceeded twenty billion dirhams on its third day only. It is expected that a variety of local and international deals will be concluded during the remaining days of the airshow.

Source: Emirates News Agency