Gulf Business

UAE aircraft leasing company Dubai Aerospace Enterprise (DAE) said on Wednesday that it has acquired 23 aircraft from multiple sellers in a deal valued at approximately $1.1bn. DAE said the portfolio consists of 91 per cent narrow-body aircraft and 86 per cent next-generation technology aircraft. It has a weighted average age of 3.4 years, a weighted average lease term remaining of 8.8 years and is on lease to 13 airlines in 9 countries. “We are delighted to add this young portfolio of aircraft assets with a long remaining lease term to our fleet, and as part of these transactions, we welcome six new airline customers to our globally diverse customer base,” said Firoz Tarapore, CEO of DAE. “Following the induction of these aircraft, our next generation fuel-efficient fleet composition is expected to improve by nominally four percentage points on a pro-forma basis.” Dubai Aerospace Enterprise | #Aviation | #Dubai | #AviationLeasing

The combined valuation of Salik’s two new toll gates is Dhs2.73bn, the Dubai road-toll operator said on Wednesday, with the Business Bay Gate valued at Dhs2.3bn and the Al Safa South Gate valued at Dhs469m. The gates, which are expected to be operational by the end of November 2024, will expand Salik’s toll gate network in Dubai from eight to ten. They are being installed at the Business Bay Crossing on Al Khail Road and in Al Safa South on Sheikh Zayed Road, between Al Meydan Street and Umm Al Sheif Street. Salik has the exclusive rights to construct, operate, and maintain the toll gates until the end of June 2071 under an agreement with Dubai’s Roads and Transport Authority (RTA). The authorities expect the new Business Bay gate to reduce traffic congestion by 12 per cent to 15 per cent, while the gate in Al Safa South is set to cut congestion by 15 per cent. Salik | Roads and Transport Authority | #Dubai | #Mobility

UAE’s ADNOC Group has deployed Neuron 5, an artificial intelligence (AI)-enabled process optimisation technology. The state-owned energy giant initially deployed the innovative solution at ADNOC Onshore’s Northeast Bab field and ADNOC Gas’s Taweelah gas compression plant. Neuron 5 autonomously monitors the performance of critical equipment, optimising processes and enabling preventative maintenance to reduce downtime, enhance efficiency, and eliminate the need for labor-intensive manual inspections. It leverages cutting-edge AI models and deep learning algorithms to anticipate maintenance requirements and track equipment performance. By analysing data from sensors on critical assets, such as pressure, temperature, and vibration, Neuron 5 can proactively identify potential issues and optimise operations. ADNOC plans to expand Neuron 5’s application to all the group’s facilities across thousands of critical pieces of production equipment, such as compressors, valves, and generators. ADNOC Group | #ADNOC | #AI | #Energy

flynas has unveiled an ambitious expansion plan to add eight new destinations and routes to its UAE network as part of its contribution to Saudi Arabia’s National Civil Aviation Strategy, an initiative that seeks to connect the kingdom with 250 international destinations by 2030. The budget carrier, which currently flies to Dubai International Airport from Riyadh, Jeddah, Dammam, and Madinah, will add three more UAE destinations, including Dubai’s Al Maktoum International Airport (DWC), Abu Dhabi’s Shaikh Zayed International Airport and Sharjah International Airport. flynas will operate flights from Riyadh’s King Khalid International Airport to DWC in Dubai and from Jeddah’s King Abdulaziz International Airport to Abu Dhabi and Sharjah on September 1. The low-cost carrier will launch flights connecting Madinah and Sharjah on the same day. Furthermore, flynas will also launch flights from Madinah’s Prince Mohammad bin Abdulaziz International Airport to Shaikh Zayed International Airport on September 2. flynas | Sharjah Airport | Dubai Airports | Abu Dhabi Airports | #flynas

French prosecutors have published details surrounding the arrest of Telegram founder Pavel Durov along with a list of charges levelled against him.

The International Monetary Fund (IMF) has softened several conditions of its $8bn financial support package to Egypt, including allowing Cairo more time to implement reforms, it said in a review. Egypt and the IMF agreed on a package in 2022. Still, the IMF postponed disbursements several times after Egypt failed to follow through on conditions, particularly a commitment to a flexible exchange rate. This new review marks a softening of some IMF benchmarks. The latest review, approved in late July but released only on Monday, was Egypt’s third and followed the expansion of the package size in March. The IMF undertakes reviews twice a year before disbursing funds. The IMF agreed to delay the publication of annual fiscal account audits by its Central Auditing Organisation until the end of November from the original March, pending an amendment to the law governing the organisation. International Monetary Fund | #Egypt | #IMF

Abu Dhabi state investor Mubadala and CBC Group have agreed to acquire Belgian biopharmaceutical firm UCB’s Chinese neurology and allergy business for $680m. The deal, which is expected to close in the fourth quarter of 2024, subject to regulatory approval, includes UCB’s neurology portfolio (Keppra, Vimpat, Neupro) and allergy medicines (Zyrtec, Xyzal). Mubadala said in a statement that the deal includes UCB’s Zhuhai manufacturing site. Brussels-listed firm said in a separate statement that there would be no impact on its forecast for 2024, and the deal was expected to close in the fourth quarter. “In the short term, UCB is exploring the launch of novel medicines in immunology, neurology, and rare diseases in China,” said Jean-Christophe Tellier, CEO of UCB. “We are convinced that Mubadala and CBC Group are the ideal partners to advance the medicine portfolio and continue to improve the lives of people living with neurology and allergy diseases in mainland China.” The transaction will allow UCB to focus on innovation and partnerships, ensuring that its strategic goals align with the evolving demands of the Chinese market, the pharmacetical firm said in a bourse filing. Mubadala | UCB | CBC Group | #healthcare

Qatar agreed on Monday to supply Kuwait with 3 million tonnes per annum (mtpa) of liquefied natural gas (LNG) for 15 years, the second such deal since 2020, as Kuwait imports the fuel to help meet rising demand for power generation. The chief executives of state-owned QatarEnergy and Kuwait Petroleum Corporation (KPC) signed the long-term sales and purchase agreement for LNG in Kuwait. Deliveries will start in January 2025, KPC CEO Sheikh Nawaf al-Sabah said. Kuwait, an OPEC member and a major oil producer, has been increasing its reliance on imported gas to meet power demand, especially in the summer when consumption by air conditioning systems rises sharply. KPC also aims to ramp up its own gas output as part of a strategy that targets higher oil production capacity. Last week, Kuwait faced a second round of scheduled power outages this summer due to a lapse in local gas supply, despite officials indicating there would be no more cuts after the first round in June. QatarEnergy | Kuwait Petroleum Corporation | #LNG | #Energy

The UAE says it is keeping a close watch on developments around the arrest of its citizen Pavel Durov, the founder of Telegram, in Paris.

Dubai’s Roads and Transport Authority (RTA) will launch four new metro link bus routes starting 30 August. #RTA #Dubai #buses #metro #dubaimetro