China’s clean power firm Sungrow to supply energy storage system for NEOM

China’s clean power firm Sungrow to supply energy storage system for NEOM
China’s clean power firm Sungrow to supply energy storage system for NEOM

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Jeddah - Yasmine El Tohamy - RIYADH: In a first-of-its-kind listing in , the Bank of China’s Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent as BOC’s previous such listing was issued by its Abu Dhabi branch in 2015.  

Highlighting Nasdaq Dubai’s significant role in strengthening links between capital markets in Dubai and China, Li Xuhang, consul-general of the People’s Republic of China, rang the market opening bell to celebrate the listing of $300 million bonds on Nasdaq Dubai.  

“A” rated by Fitch Ratings, the bonds are part of the bank’s $40 billion bond issuance program as it wants to use the proceeds for general corporate purposes.  

The new listing increased the value of Chinese institutions’ bonds currently listed on Nasdaq Dubai to $ 7.5 billion through 13 issuances. 

The new issuance was listed on Nasdaq Dubai on Dec. 6, 2022, raising the total value of debt instruments listed on the region’s international financial exchange to $111.6 billion, underpinning Dubai’s leading position as a global capital markets hub. 

Abu Dhabi's Khalifa Port expansion 

Abu Dhabi's Khalifa Port expansion, which was inaugurated by UAE President Sheikh Al-Nahyan, is expected to increase handling capacity, with a total investment of 4 billion dirhams ($1 billion).  

With the implementation of the project which includes the expansion of Khalifa Port’s South Quay, Khalifa Port Logistics, and Abu Dhabi Terminals, the port complex has grown from 2.43 sq. km to 8.63 sq. km. This has also resulted in its quay being extended from 2.3 km to 12.5 km.  

Khalifa Port now provides 21 berths, “positioning it among the global elite of deep-water ports, with an estimated value of 20.4 billion dirhams,” AD Ports Group, which owns Khalifa Port, said in a statement.   

The expansion project is set to make a major contribution to AD Port Group’s goal of increasing the handling capacity at Khalifa Port to 15 million 20-foot equivalent units per year by 2030, and the general cargo handling capacity to 25 million tons.  

ADNOC Drilling accelerates business growth   

As part of its fleet expansion and growth strategy, ADNOC Drilling signed an agreement to acquire an additional two premium high-specification offshore jack-up drilling units at a combined cost of $200 million.  

ADNOC said the acquisition is a key enabler of its accelerated oil production capacity target of 5 million barrels per day by 2027.  

The company has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.  

This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.  

With the addition of the latest two high-specification rigs, the company will operate one of the largest offshore jack-up fleets in the world, with plans for further growth.  

FTA launches strategy to explore future of tax sector  

In line with international best practices, the UAE Federal Tax Authority has launched its strategy to explore the future of the tax sector and strive for world-leading tax procedures. 

The strategy is built on a thorough assessment and follows comprehensive plans developed to map out the future of the UAE tax system, according to a press release.  

The FTA stated that launching the strategy formed part of its activities to mark World Future Day 2022. 

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