Adnoc Logistics and Services has signed contracts totalling $4.4 billion to build 23 supertankers designed for transporting ethane, ammonia and liquefied natural gas so far this year as it seeks to expand its global footprint.
Through its joint venture AW Shipping, the maritime logistics unit of Abu Dhabi hydrocarbons major Adnoc has awarded $1.9 billion in contracts to China’s Jiangnan Shipyard for the construction of nine large ethane carriers and four large ammonia carriers, Adnoc L&S chief executive Capt Abdulkareem Al Masabi told state news agency Wam on Thursday.
The company also signed contracts valued at $2.5 billion with South Korean shipyards Samsung Heavy Industries and Hanwha Ocean to build up to 10 LNG carriers, boosting its capacity to meet the global demand for low-carbon energy.
“The investment aims to support the energy transition and open new markets for the company, while advancing its efforts to reduce carbon emissions in industrial operations,” Wam quoted Mr Al Masabi as saying.
The company’s sustainability initiatives align with Adnoc’s target of net zero by 2045, the UAE’s net zero by 2050 strategy and the International Maritime Organisation’s 2050 net-zero target.
Adnoc L&S currently delivers energy products to more than 100 customers in about 50 countries through its three business units – integrated logistics, shipping and marine services. It has the largest diversified fleet in the region, with more than 800 owned, operated and chartered vessels.
The company listed on the Abu Dhabi bourse in June last year after parent company Adnoc raised about Dh2.83 billion ($770 million) from the sale of a 19 per cent stake in the subsidiary.
In July, Adnoc L&S awarded Samsung Heavy Industries and Hanwha Ocean up to Dh9.2 billion in shipbuilding contracts to build LNG carriers. It also said in June it was acquiring global shipping pool operator Navig8 TopCo Holdings to strengthen its fleet and expand into other markets.
The company is also "committed to supporting the local economy through the In-Country Value [ICV] enhancement programme, with its contribution rate reaching 86 per cent in 2023", Mr Al Masabi said.
The UAE Ministry of Industry and Advanced Technology’s ICV programme, which seeks to support domestic industrial growth, redirected more than Dh48 billion to the country’s economy in the first half of 2024. The programme aims to redirect half of government spending on procurements and tender contracts into the national economy by 2031.
In a separate announcement on Thursday, Adnoc said it had awarded Dh720 million in contracts to 11 companies to boost local manufacturing, in line with the ICV programme. Additionally, Adnoc partners unveiled eight new manufacturing facilities, bringing the total ICV-enabled sites to 33 since the programme's inception.
Launched in 2018, Adnoc’s ICV programme has reinvested Dh187 billion into the UAE’s economy and created 14,000 private-sector jobs for Emiratis, with plans to drive Dh178 billion more into the economy and create an additional 13,500 jobs by 2028.
“Through our ICV programme, we are boosting the UAE’s manufacturing capacity, enhancing self-sufficiency and reinforcing our role as a catalyst for the nation’s growth and diversification," said Yaser Saeed Almazrouei, Adnoc’s executive director for people, commercial and corporate support.
Adnoc also urged local and international companies to partner with it and explore long-term manufacturing opportunities.
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Mohammed bin Zayed Majlis
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August 20
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Electric scooters: some rules to remember
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