Latest Threads on News from companies

Alpha Dhabi Holding PJSC (ADH) has completed the sale of a 49% stake in its subsidiary, Alpha Dhabi Construction Holding (ADCH), to ADQ, an Abu Dhabi-based investment company. ADH retains a 51% share in ADCH, maintaining its involvement in the construction sector through this strategic partnership. ADCH, led by ADH subsidiary Trojan Construction, is known for its role in national development projects in the UAE, including the Zayed National Museum and the Guggenheim Museum, as well as large-scale residential projects. The partnership aims to enhance ADCH’s industry leadership and support Abu Dhabi’s growth through combined expertise. Hamad Al Ameri, CEO & MD of ADH, expressed enthusiasm for the collaboration, highlighting its potential to advance national development and improve project execution. The agreement comes amid significant investments in Abu Dhabi’s construction sector to boost housing, employment, and economic diversification. Alpha Dhabi Holding, established in 2013, is a prominent UAE investment company with over 250 businesses across various industries, employing more than 95,000 people.

ADNOC Drilling Company announced the formation of the Turnwell joint venture with SLB and Patterson-UTI, aimed at accelerating a $1.7 billion unconventional oil and gas well program. The venture will expedite the delivery of 144 wells, with potential for additional wells in a second phase. Turnwell will leverage Enersol’s technology to enhance cost efficiency and safety. ADNOC Drilling will hold a 55% stake in Turnwell, SLB 30%, and Patterson-UTI 15%. The acceleration of the well program is expected to positively impact ADNOC Drilling's 2025 earnings and long-term growth.

Ooredoo Q.P.S.C. has announced that its wholly-owned subsidiary, Ooredoo International Finance Limited (OIFL), will make interest payments to its Global Medium Term Note (GMTN) holders. The payments will be made on 8 October 2024 and 21 October 2024, in accordance with the Terms and Conditions of the Notes and the Final Terms. Specifically, U.S. $1,000,000,000 @ 2.625% Guaranteed Notes due 8 April 2031 will have an interest payment of U.S. $13,125,000.00 on 8 October 2024, and U.S. $750,000,000 @ 5.00% Guaranteed Notes due 19 October 2025 will have an interest payment of U.S. $18,750,000.00 on 21 October 2024.

The Board of Directors of Fujairah Cement Industries (PJSC) held a meeting on Monday, September 30, 2024, from 11:00 AM to 1:00 PM. Nine board members were present, achieving an 82% quorum. The meeting included discussions on the company's current situation with their financial advisor, Ernst & Young, and updates on regular operational matters. The meeting was documented by Saeed Ahmed Ghareib Alseridi.