Latest Threads

Emirates Central Cooling Systems Corporation PJSC (Empower) has awarded a contract to design its second district cooling plant in Jumeirah Village, Dubai. Construction is set to begin in the first quarter of 2025. This project is part of Empower's larger initiative to establish six next-generation plants in Jumeirah Village, covering Jumeirah Village Circle (560 hectares) and Jumeirah Village Triangle (242 hectares), with a total cooling capacity of 256,000 tons. The new plant will have a production capacity of approximately 37,000 refrigeration tons (RT) and will use advanced cooling technologies to optimize energy efficiency and reduce water consumption. It will serve a variety of properties, including residential buildings, commercial complexes, and hotels. Jumeirah Village is a popular area in New Dubai, known for its green spaces and amenities. Empower's CEO, Ahmad Bin Shafar, stated that the new plant aligns with the company's strategic plans to meet the growing demand for sustainable district cooling services. The design aims to adhere to high global standards and integrate seamlessly with Dubai's urban identity, supporting the UAE's green economy initiatives and the 'Smart Dubai' initiative. Empower continues to expand its services across Dubai to cater to various major projects.

The letter, dated August 26, 2024, from The National Investor PrJSC, addresses the Disclosures & Compliance Section of the Abu Dhabi Securities Exchange and the Securities and Commodities Authority. It announces a delay in the company's approved capital decrease and the return of the reduced capital amount, initially scheduled for August 26, 2024. The delay is due to the need for approval from the Ministry of Economy. The company is actively working to obtain this approval and assures that the delay is temporary. The company commits to maintaining transparency and will provide updates as new information becomes available. The letter is signed by Rami Hurieh, Managing Director.

e& enterprise, a subsidiary of Emirates Telecommunications Group Company (e&), has completed the acquisition of GlassHouse Bilgi Sistemleri Ticaret Anonim Şirketi, a Türkiye-based company specializing in data backup, business continuity, managed cloud, and SAP infrastructure services. The deal, valued at $60 million on a cash-free, debt-free basis, was previously announced on June 25, 2024. GlassHouse, with over 150 employees and offices in Türkiye, Qatar, and South Africa, serves 2,000 enterprises across various sectors. The acquisition aims to enhance e& enterprise's service portfolio and expand its geographical footprint. The transaction will be financed through debt and will be consolidated into e&’s financials starting September 1, 2024, with minimal impact on overall figures.

The nomination period for the board membership to fill a vacant position at the Abu Dhabi Securities Exchange has closed as of the end of the working day on Wednesday, August 28, 2024. No candidates applied for the position. This information is communicated by Saeed Ahmed Ghareib Alseridi, the General Manager, with a copy sent to the Securities and Commodities Authority.

Invictus Investment Company Plc (ADX: INVICTUS), a prominent agro-food enterprise in the Middle East and Africa, announced an agreement to acquire a leading flour milling company in Southern Africa, pending regulatory approvals. This acquisition is part of Invictus Investment's strategy to expand its geographic presence and trading capabilities in key African markets. CEO Amir Daoud Abdellatif stated that the acquisition supports the company's long-term strategy to grow its agro-food business in high-potential African markets, develop strategic partnerships, and enhance operational capabilities. This marks Invictus Investment's second major transaction in Africa in 2024, following the purchase of a 60% stake in Graderco, Morocco's leading grains trading company. The company continues to explore further acquisitions, joint ventures, and investments in strategic African markets. Invictus Investment, established in March 2022 and based in Dubai, focuses on agro-food commodities through its main subsidiary, Invictus Trading FZE.