INVESTMENT-

Abu Dhabi crown prince approves 2024 development budget: Abu Dhabi crown prince and chairman of Abu Dhabi Executive Council Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has given his approval to the 2024 Abu Dhabi development projects budget, according to a statement from the Abu Dhabi Media Office (ADMO). The budget will see over AED 65 bn (USD 17.7 bn) allocated for 142 new projects in the capital. The crown prince greenlit the budget during the council’s recent meeting.

New cultural projects to promote Emirati heritage: Abu Dhabi will implement new initiatives to foster the Emirati cultural heritage and develop “a sustainable cultural heritage ecosystem in the emirate” in accordance with Sheikh Khaled’s directives. Building on this year’s cultural events, the initiatives will include exhibitions, festivals, and heritage programs that showcase Emirati national achievements and identity.

SECURITY-

Rabdan Academy launched the Sustainable Security and Defense Professional Development program, catering to senior leaders in security and defense across the GCC, according to an Abu Dhabi Media Office statement. The program, which kicks off next month in Abu Dhabi, aims to enhance GCC countries’ national strategic security and defense priorities, covering areas such as critical national security, peacebuilding, and the economy. It will offer various professional development courses, covering leadership, counterterrorism, emergency management, business continuity, military advisory, policing, and community management.

AVIATION-

Etihad Airways and Maldivian inked an agreement to fly to 16 holiday destinations in the Maldives, branching out beyond the main island of Malé, Wam reports. The agreement will allow travelers to explore the Indian Ocean Islands with perks of both airlines’ services and networks, conveniently bundled into a single ticket.

REAL ESTATE-

Sankari Properties to develop a USD 1 bn luxury project in Dubai: Dubai-based real estate developer Sankari Properties plans to develop a USD 1 bn ultra-luxury housing project, the developer said. The project will comprise twin residential towers to be built in the Marasi Marina area, which is owned by the real estate developer OMNIYAT. Set for completion by 4Q 2027, the project will boast 57 units, with prices starting at USD 10 mn, The National reports.

ENERGY-

TAQA inks MoU to join 900 km Greece-Cyprus HVDC interconnection project: ADX-listed TAQA signed an MoU yesterday to become “one of the shareholders” in a project that will see Cyprus develop and export clean energy alongside Greece and the European Union, according to a press release. The project will see the construction of a 900km high-voltage direct current (HVDC) electricity interconnection between Greece and Cyprus, estimated to cost EUR 1.9 bn (AED 7.5 bn). TAQA, which has completed two previous HVDC projects in Romania and UK-Morocco, is looking to take on a more permanent shareholder spot next to Greece’s transmission system operator, Independent Power Transmission Operation of Greece (IPTO).

COP drive: The interconnection project was agreed on the sidelines of COP28 to enhance Eastern Mediterranean access to clean energy and address the need to triple global renewable energy capacities by 2030. The project is already in an advanced stage, with the European Union approving a EUR 657 mn grant from the Connecting Europe Facility and contracts for HVDC cables and converter stations having been awarded to Nexans and Siemens AG.

WASTE MANAGEMENT-

Aldar Properties + Tadweer + Polygreen form a JV to launch Ecoloop: The initiative aims to move waste from Aldar’s properties away from landfills employing a circular model — the first-of-its-kind in the region — to transform it into resources, according to a press release. Ecoloop will collect waste from Aldar, sort it at four newly established transfer stations, and recycle it into valuable resources at Circular Park in Abu Dhabi. Ecoloop targets an annual reduction of 32.5k tonnes of CO2 emissions. The move aligns with Tadweer’s goal to divert 80% of Abu Dhabi’s waste from landfills by 2030 and Aldar’s Net Zero Plan for a carbon-neutral business by 2050.

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