More awarded contracts for Palm Jebel Ali, Kuwait Petroleum International eyes further expansion in the UAE, and Adia deploys more capital

Palm Jebel Ali continues to make progress on construction

Another massive contract for Palm Jebel Ali villas: Dubai state developer Nakheel awarded AED 3.5 bn in contracts for villa construction in Palm Jebel Ali to Ginco General Contracting and United Engineering Construction, two contractors who are already working on around 550 villas in the area, according to a statement. The two developers were tapped, along with Indian contractor Shapoorji Pallonji Mideast, for USD 1.36 bn in contracts earlier in 2024, with construction set for completion by the end of this year.

The new contracts will see the pair work on 544 villas, with Ginco handling 354 and UNEC delivering 190 villas by 4Q 2028. Construction is scheduled to start this quarter.

Kuwait Petroleum’s jet fuel arm could work with Enoc to cover Sharjah airport

Kuwait Petroleum International wants to expand cooperation with Emirates National Oil Company (Enoc) to cover Sharjah International Airport through its subsidiary Q8 Aviation, Arab Times reports. The move builds on an existing foothold in Dubai, where Q8 Aviation already supplies fuel through its Enoc partnership.

Background: Q8 Aviation teamed up with Enoc for its entry into the UAE’s fuel sector, which saw challenges from already entrenched suppliers. The partnership opened the door for operations at Dubai International Airport with Royal Brunei Airlines and Al Maktoum International Airport with Air Baltic and Hainan Airlines, focusing on international flights.

Securing jet fuel is becoming a major concern for international airlines as of late, with global disruptions and high demand sending jet fuel prices up 103% in March, with consumers expected to feel the pain first.

Adia deploys more capital

Adia keeps leaning into data-center plumbing: A wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia) has joined a fresh capital raise for Singapore- and Thailand-based TeraHop, a supplier of high-speed optical transceivers used in data centers, Zawya reports. Terms were not disclosed, though TeraHop said proceeds will go toward expanding manufacturing, boosting operations, and continued R&D.

REMEMBER- Adia has been signalling business as usual through the volatility: The sovereign investor has also been ramping up exposure to private credit in Europe and Asia, suggesting Abu Dhabi’s biggest pools of capital are still deploying globally.