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The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 5.9% decrease in net income for 2Q 2023 to AED 235.6 mn, according to a financial statement (pdf) published last Thursday on the Dubai Financial Market. Empower's revenues increased 6.2% y-o-y in 2Q, bringing in AED 730.6 mn. It’s been a mixed 1H: Empower net […]
Author Archives: enterpriseam admin
Posted inEARNINGS WATCH
Saudi Arabia’s Marafiq reports a 39% y-o-y drop in net income for 2Q
Saudi Arabia’s Marafiq reports a 39% y-o-y drop in net income for 2Q: Saudi Public Investment Fund (PIF)-backed utility firm Marafiq recorded a 39.1% y-o-y fall in net income in 2Q 2023 to SAR 159.3 mn on the back of an uptick in the company’s financing costs and a decrease in operating revenues, it noted […]
Posted inAROUND THE WORLD
The US wants to help landlocked Mongolia export critical minerals
Officials from the US and Mongolia discussed “creative ways” to help the landlocked country export critical minerals, Reuters reported on Friday, citing a US State Department official. The official told reporters that both Mongolian PM L. Oyun-Erdene and US Secretary of State Antony Blinken explored ways to follow up on a MoU signed in June […]
Posted inALSO ON OUR RADAR
KSA extends a USD 77 mn green loan to Belize for 60 MW solar farm, UAE’s GL Holding and USM work on renewables, and Morocco and Jordan work on sustainable smart cities
KSA finances 60 MW solar project in Belize: The Saudi Fund for Development will extend a USD 77 mn green loan to the Belizean government to finance construction of a 60 MW solar farm in the Central American country, according to a statement released on Saturday. An expected timeline on project completion was not disclosed. […]
Posted inCLIMATE IN THE NEWS
The Mediterranean Sea is going to get hotter + The Andes is facing a record-breaking winter heat thanks to climate change and El Niño
The hottest is yet to come for the Med: The Mediterranean Sea — which hit its highest median temperature recording since 1982 last week at 28.7°C — is expected to record its hottest surface temperature yet later this month, Bloomberg writes, referencing data by Spain’s Institute of Marine Sciences. The World Meteorological Organization expects surface […]
Posted inON YOUR WAY OUT
A massive desert crop growing project is underway at Neom
Construction on a massive crop growing project to help form a horticulture hub on the outskirts of Neom is set to be completed in 2024, Neom Food CEO Juan Carlos Motamayor told Bloomberg. The two test facilities broke ground earlier this year after Dutch firm Van Der Hoeven was awarded last year a USD 120 […]
Posted inCALENDAR
AUGUST 2023 20-24 August (Sunday-Wednesday): World Water Week 2023, Stockholm, Sweden. 21-22 August (Monday-Tuesday): International Conference on Recycling and Waste Management, USA. 21-22 August (Monday-Tuesday): International Conference on Environmental Sustainability and Climate Change, USA. 29 August-1 September (Tuesday-Friday): Third meeting of the COP27 Transitional Committee, Dominican Republic. SEPTEMBER 2023 4-6 September (Monday-Wednesday): Sustainable Maritime Industry […]
Posted inWHAT WE’RE TRACKING TODAY
TODAY: PIF-backed Nesma & Partners fully acquires Dubai-based energy firm Kent
Good morning, friends. We’re sliding into the weekend on a very quiet note both regionally and internationally as the news cycle slows down. OUR TOP STORY TODAY- Saudi-based contractor Nesma & Partners is fully acquiring Dubai-based energy services provider Kent. Nesma has implemented industrial and infrastructure projects for both the Saudi government and firms including […]
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Posted inM&A WATCH
PIF-backed Nesma & Partners fully acquires Dubai-based energy firm Kent
Saudi-based contractor Nesma & Partners is fully acquiring Dubai-based energy services provider Kent, with the acquisition set to be complete by the end of 4Q 2023, according to a statement. No financial details on the transaction have been disclosed. In the works since last year: The two companies established NesmaKent JV in 2022 to enhance […]