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Author Archives: enterpriseam admin
Posted inEARNINGS WATCH
Acwa Power reports 78% y-o-y growth in net income in 1Q 2023
A good 1Q for Acwa Power: Saudi Arabia's renewable energy utility Acwa Power reported a 78% y-o-y rise in net income in 1Q 2023 to SAR 270 mn, a disclosure to Tadawulshowed. Its revenues were up 16% y-o-y during the quarter to SAR 1.3 bn, it added. A reason or two: The growth came mainly […]
Posted inEARNINGS WATCH
Marafiq 1Q 2023’s net income down on back of higher financing costs
Not the best quarter for Marafiq: The Saudi Public Investment Fund-backed Marafiqsaw its net income fall 25.3% y-o-y in 1Q 2023 to SAR 106.7 mn on the back of higher financing costs, according to a disclosure to Tadawul. Revenues were up by a marginal c.1% y-o-y during the first three months of the year to […]
Posted inCLIMATE IN THE NEWS
Ferrari still plans to be carbon neutral despite continued use of internal combustion engines + Swiss researchers have made a breakthrough in waste management
Ferrari says its continued manufacturing of internal combustion engines using e-fuels won’t clash with its plans to become carbon neutral by 2030, Reuters quotes CEO Benedetto Vigna as saying. “The two (targets) are very much compatible,” Vigna said during a conference. He had previously hailed a decision by the EU to exempt cars running on […]
Posted inALSO ON OUR RADAR
Honeywell reveals new tech for SAF production and Toyota is shopping for green hydrogen projects in the region
New tech for SAF on the way: Honeywell International unveiled a new technology to manufacture lower-carbon aviation fuel from green hydrogen and CO2 captured from the aviation industry, according to a statement. The new technology will combine green hydrogen and carbon dioxide captured from industrial smokestacks to produce lower-carbon methanol, which can be turned into […]
Posted inON YOUR WAY OUT
The future of food: China is paving the way for gene-edited food
China has deemed a gene-edited soybean safe to consume marking the first time the country has approved the new technology in a crop, Reuters reported. The high oleic soybean — developed by private company Shandong Shunfeng Biotechnology — has been given a five-year safety certificate from the country’s Agriculture and Rural Affairs Ministry in late […]
Posted inCALENDAR
MAY 2023 8-10 May (Monday-Wednesday): Global Green Future Fuel, Dubai, UAE. 8-10 May (Monday-Wednesday): Annual Investment Meeting, Abu Dhabi, UAE. 8-10 May (Monday-Wednesday): World Utilities Congress, Abu Dhabi, UAE. 9-11 May (Tuesday): World Hydrogen 2023 Summit & Exhibition, Rotterdam, Netherlands. 9-10 May (Tuesday-Wednesday): The Solar Show MENA, Cairo, Egypt. 9-11 May (Tuesday-Thursday): The Airport Show, […]
Posted inWHAT WE’RE TRACKING TODAY
TODAY: UAE’s Mensha Ventures inks agreement worth USD 1 bn with Chinese investors
Good morning, friends. The news cycle shows no signs of slowing down as we head into the weekend, and we have a packed issue for you with updates from around the region. But first… We’re only five days away from meeting with some of you at the Enterprise Exports and FDI Forum, taking place at […]
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UAE’s Mensha Ventures signs USD 1 bn green energy agreement with Chinese investors
UAE’s Mensha Ventures, Chinese partners agree to invest USD 1 bn in green energy infrastructure: UAE-based VC outfit Mensha Ventures has signed a non-binding agreement with a group of Chinese strategic partners to jointly invest USD 1 bn in green energy infrastructure in the region, Wam reports. The agreement — signed with firms including the […]