fbpx
Read Watch
Energy

AD Ports forms joint venture with Kazakhstan’s state energy company

by WAYA Staff - Dec 28, 2022
AD Ports forms joint venture with Kazakhstan’s state energy company

Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, has signed a shareholder agreement with Kazmortransflot (KMTF), a unit of Kazakhstan’s state energy company KazMunayGas to set up a joint venture.

According to the agreement, AD Ports Group will have a 51% stake in the new entity while KMTF will own 49%.

The new company is expected to offer a range of services, including offshore support and crude oil transport vessels in the Caspian and Black seas, AD Ports Group said in a filing to the Abu Dhabi Securities Exchange.

AD Ports Group, which also signed a vessel-pooling agreement with KMTF, said the companies would aim to jointly transport eight million to 10 million tonnes of crude oil annually in the medium-term.

Read more: Dubai Aerospace Enterprise secures $800M financing

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Recommended stories

Saudi’s Manafa secures $28 million in a Series A round

The company was founded in 2018
by WAYA Staff - Dec 28, 2022
Saudi’s Manafa secures $28 million in a Series A round

Saudi Arabia-based debt and Investment company, Manafa announced the closing of its Series A round of SAR 106 million ($28 million) led by STV and Wa’ed Ventures, the venture capital arm of Saudi Aramco. The company was founded in 2018...

Read More

Dubai Aerospace Enterprise secures $800M financing

DAE serves over 170 airline customers in over 65 countries
by WAYA Staff - Dec 27, 2022
Dubai Aerospace Enterprise secures $800M financing

UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has signed new senior unsecured term financing deals for a total of $800 million, with a weighted average maturity of 5.5 years.  “The signing of these financing facilities underscores DAE’s commitment to maintaining...

Read More

SALIC acquires 35.4% stake in Singapore’s Olam for $1.24B

SALIC is a wholly-owned subsidiary of Saudi Arabia's sovereign wealth fund
by WAYA Staff - Dec 27, 2022
SALIC acquires 35.4% stake in Singapore’s Olam for $1.24B

Saudi Agricultural and Livestock Investment Co (SALIC) has successfully acquired a minority stake of 35.4% in Singapore-based commodity trader Olam Group through its wholly owned subsidiary, Olam Holdings Pte. Ltd. for SAR 4.65 billion ($ 1.24 billion). SALIC is a...

Read More

Saudi’s AtarCloud raises $1.3M in a Seed Round

The Startup was founded in 2021 by Haseeb Mohammad and co-built with BIM Ventures
by WAYA Staff - Dec 26, 2022
Saudi’s AtarCloud raises $1.3M in a Seed Round

Riyadh-based AtarCloud, raised $1.3 million in a seed investment round with the participation of BIM Ventures along with angel and institutional investors from within the Investors’ Mine Group.  Founded in 2021 by Haseeb Mohammad and co-built with BIM Ventures, AtarCloud...

Read More

Saudi Arabia allocates $267m to its Intellectual Property Strategy

The strategy has been agreed to be distributed over a five-year period  
by WAYA Staff - Dec 26, 2022
Saudi Arabia allocates $267m to its Intellectual Property Strategy

Saudi Arabia has allocated a budget of SAR1 billion ($267M) for its recently launched National Intellectual Property Strategy to support inventors in the Kingdom and diversify its economy.    The budget of the NIPS, which was launched last week by Crown...

Read More

Saudi Arabia and Japan sign agreements to boost energy cooperation

The agreements mainly focus on the circular carbon economy
by WAYA Staff - Dec 26, 2022
Saudi Arabia and Japan sign agreements to boost energy cooperation

Saudi Arabia and Japan have signed new agreements on energy cooperation, extending the partnership of two strong economies as they continue to focus on the sector. The agreements mainly focus on the areas of the circular carbon economy and carbon...

Read More

Bayzat raises $25 million in a Series C round

Bayzat serves 127,000+ employees in more than 1,500 companies in the GCC
by WAYA Staff - Dec 25, 2022
Bayzat raises $25 million in a Series C round

The region’s leading employee benefits platform ,Bayzat, has closed a Series C funding round, raising $25 million. The funding round was led by DisruptAD, ADQ’s venture platform, alongside Ischyros New York, a global hedge fund.  To date, Bayzat has raised...

Read More