The Cooperative signs agreement with Continental Investments LMD LLC to open its first branch in a residential complex in Dubai
Dubai, UAE:
Union Coop has signed a Memorandum of Understanding (MoU) with Continental Investments LMD LLC to establish its first branch in the Rukan residential community, located in Wadi Al Safa within Dubai Land, behind Arabian Ranches. This agreement aligns with Union Coop’s expansion plans and strategies, aiming to introduce new projects that delight shareholders and shoppers while meeting the needs of all community segments in Dubai.
The agreement was signed by Mr. Mohamed Al Hashemi, CEO of Union Coop, and Mr. Hamad Al Abbar, Managing Partner of LMD, at Union Coop’s headquarters in Al Warqa City Mall, in the presence of several dignitaries from both sides.
The objective of the agreement is to enhance collaboration between the two parties to create the first Union Coop branch in a residential complex, spanning approx. 21,000 sq. ft. This branch will provide retail stores and a variety of food and non-food items at competitive prices to the residents of the Rukan community, along with offering numerous purchasing options at discounted rates.
Acquisition expands TAQA’s portfolio, further strengthening its capabilities to deliver high-quality water treatment solutions
Integration of SWS Holding adds significant asset value and further enhances TAQA’s predictable cashflow profile and earnings
04 September 2024, Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utilities in Europe, Middle East and Africa, today announced the completion of its agreement to acquire Sustainable Water Solutions Holding Company (“SWS Holding”). TAQA has finalised the acquisition of all outstanding shares of SWS Holding for AED 1.7 billion.
SWS Holding owns Abu Dhabi Sustainable Water Solutions Company (“ADSWS”), which was established in 2005, and is the sole entity responsible for wastewater collection and treatment as well as production of recycled water in the Emirate of Abu Dhabi. ADSWS delivers sustainable water solutions by focusing on resource recovery and water circularity and is regulated by the Department of Energy, operating under the same regulatory framework as other key sectors in TAQA’s portfolio, such as our transmission and distribution businesses (power and water) in Abu Dhabi. ADSWS has a growing network of approximately 13,000 km of sewer pipelines and a water treatment capacity of approximately 1.3 million cubic metres per day from 43 plants, with a regulated asset value of approximately AED 17.5 billion.
SWS Holding expands TAQA’s capabilities in managing water and is highly complementary to its existing portfolio. The transaction will add significant value to the company’s asset base and further enhances TAQA’s highly predictable and secure cashflow profile as well as its long-term earnings.
Building on its strengths in the UAE, SWS Holding aims to expand internationally as part of its long-term growth strategy, delivering sustainable water solutions to new markets. Recently, SWS Holding, alongside Marubeni Corporation and Suez, signed a joint development agreement with Uzbekistan’s Ministry of Investment, Industry and Trade and Uzsuvtaminot JSC to develop a wastewater treatment plant in Tashkent, which will be capable of producing 1.5 million cubic metres of treated water per day.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said: “By bringing the treated water business into TAQA, alongside our other water activities of production and transmission & distribution, we will be able to optimise the way we produce, use and reuse water. As a company we can now offer an even broader range of utility solutions while we continue to grow here in the UAE and internationally. Adding SWS Holding to our portfolio strongly aligns with our net zero strategy, helping to ensure water security in the UAE while minimising related greenhouse gas emissions through effective wastewater treatment and reuse.”
Eng. Ahmed Al Shamsi, SWS Holding’s Chief Executive Officer and Managing Director added: “Being part of TAQA strengthens our position to ensure responsible water use and reuse, support the circular economy and promote smart growth here in the UAE and abroad. As stewards of sustainable water management, we are a reliable low-carbon water champion and look forward to bringing even more integrated and innovative solutions powered by cutting-edge technology and operational excellence to lead water transformation to our customers.”
Investment is likely to push the Artificial Intelligence market value to a whopping US$200 billion (Dh730 billion) by next year as most companies are using AI to boost productivity of businesses, factories and industries
Date: Dubai, UAE; September 3, 2024
News Highlights:
Increased investment in Artificial Intelligence is expected to deliver additional Dh335 billion value to the UAE economy by 2031;
The sum of assets and acquisitions from minority stakes, private investments, and public offerings totalled US$934.2 billion from 2013 to 2022.
Recent investment peaked in 2021 at US$276.1 billion with the emergence of ChatGPT.
In 2023, the global Artificial Intelligence market garnered US$142.3 billion;
Increased investment is likely to push the Artificial Intelligence market value to US$200 billion globally;
The new solution, provided by Noatum Logistics, inaugurated with new rail shuttle service connecting Khalifa Port and Fujairah Terminals
Abu Dhabi, UAE – 03 September 2024: Noatum Logistics, an AD Ports Group company and a leading logistics provider serving the globe across all major markets and trade lanes, announced today the launch of its new rail logistics solution for the Middle East region. The new offering, which complements Noatum Logistics’ integrated regional portfolio of freight forwarding products leveraging land, sea, and air transport, was inaugurated with the launch of its first rail shuttle service between Khalifa Port and Fujairah Terminals.
The Paris flagship store signals a new era for Bacha Coffee as it continues its global growth, following strong success across Asia and the Middle East.
Dubai, UAE, 3 September 2024 — Bacha Coffee, the iconic Moroccan coffee brand established in Marrakech in 1910, is set to open its flagship store on the legendary Champs-Élysées in Paris by Q4 2024. This highly anticipated launch marks a pivotal moment in the brand’s global expansion, as it makes a bold stride into the European market, where it already ships to 17 countries.
Following its international debut in Singapore in late 2019 out of its home in Marrakech, Bacha Coffee has rapidly extended its presence across Asia, establishing key locations in Hong Kong, Malaysia, Indonesia, Taiwan, and South Korea. The brand has also made significant inroads into the Gulf Cooperation Council (GCC) region, with stores in Dubai, Abu Dhabi, Doha, and Kuwait City. With 24 locations across 12 cities worldwide and a global team of over 2,000 employees, Bacha Coffee continues to grow its prestigious legacy.
UAE News 24/7 