Asset manager Offset8 Capital invests in Indonesian carbon removal project + Mubadala eyes South Korea

INVESTMENTS-

#1-UAE’sOffset8 completes first investment in Sawa’s biochar carbon credit project in Indonesia: Abu Dhabi-based asset manager Offset8Capital — which specializes in nature-based carbon removal projects — has signed its first agreement to finance Singapore-based SawaEcoSolutions ’ biochar carbon credit generation project in Indonesia, according to a company statement. The biochar project is expected to generate about USD 50 mn in carbon credits over its 10-year lifecycle. Offset8 facilitated an early investment in the project and will continue to extend its expertise to the project.

Um, Enterprise, what’s biochar? Biochar — charcoal produced from burning agri and forestry waste — can improve soil health, while storing carbon and pushing down carbon emissions, rendering it viable for carbon offset sales.

#2- Adnoc named top national investor in low-carbon solutions: Adnoc ranked first on the list of national oil company investors in low-carbon solutions and was named fifth largest globally in 2023, according to Energy Intelligence ’s Low-Carbon Investment Tracker report (pdf), which reviews the low-carbon investments of 34 national and international oil companies made over the year. The report noted Adnoc’s growing investments in low-carbon projects in 2023, which amounted to over 50 projects with an estimated value of some USD 5.5 bn.

#3- Mubadala eyes South Korean market: Sovereign wealth fund Mubadala asset management subsidiary Mubadala Capital and South Korean financial group Woori Venture Partners are set to explore investments in “key markets around the world,” state news agency Wam reports, citing Mubadala Capital’s CEO and Managing Director Hani Barhoush.

ICYMI: Mubadala agreed earlier this week with Goldman Sachs to co-invest USD 1 bn in private credit in the Asia-Pacific region.

LOGISTICS-

Aldar expands logistics footprint in Dubai: Abu Dhabi-based real estate developer AldarProperties will develop logistics facilities in Dubai South under a new JV agreement, according to an ADX disclosure (pdf). The JV will also develop build-to-lease and build-to-suit facilities for tenants including third-party logistics (3PL), ecommerce, and retail, the disclosure notes.

The financing details: An exact investment ticket for the projects have not been disclosed, but funds for developing the project will be disbursed from a previously lined up AED 1 bn investment earmarked for Aldar’s logistics expansions Abu Dhabi and Dubai.

TELECOMS-

#1- e& and Dell Technologies have signed an MoU to advance 5G innovation through Dell’s Open Telecom Ecosystem Lab (OTEL), according to a press release. The MoU allows e& to use OTEL to enhance its mobile networks transformation to open technologies, the infrastructure that enables 5G networks.

#2- du taps Ericsson solution for better connectivity: Emirates Integrated Telecommunications Company (du) plans to use Swedish telecom company Ericsson ’s Private 5G Networks solution to boost connectivity across government and enterprise sectors, Ericsson said in a statement. The network will offer UAE-based enterprises access to advanced private 4G and 5G networks, keeping data secure on site.

Not du’s first time sourcing Ericsson: The telecom players inked agreements in October and December of 2023 to integrate Ericsson’s RAN technology and Connected Recycling platform solutions to reduce emissions across network operations in the UAE.

ICT-

du, AWS to provide cloud services in the UAE: Emirates Integrated Telecommunications Company (du) and Amazon Web Services have agreed to establish a Cloud Center of Excellence in the UAE, according to a press release. The center will allow du to provide cloud solutions to businesses and public sector organizations in the UAE.

STARTUPS-

Dubai Multi Commodities Center inked a partnership with Korea Institute of Startup and EntrepreneurshipDevelopment to boost cooperation between businesses in both countries, according to a press release. The agreement covers key initiatives and mentorship for startups, and involves exploring joint ventures and partnerships.

AVIATION-

Etihad Airways inked an MoU to offer Abu Dhabi Global Market businesses with price reductions, according to a statement.

TECH-

China’s AI smart service provider Terminus Group opened its global headquarters in Dubai, according to a company statement. Terminus plans to use the facility to develop smart services and Artificial Intelligence of Things solutions for manufacturing, transportation, and energy industries in the international market, focusing on the Middle East.

Background: Terminus launched its first MENA HQs in Dubai in September 2021, shortly after serving as Expo 2020 Dubai’s premier partner.

BUSINESS-

Dubai Chambers inaugurated a Polish Business Council to strengthen economic ties between the UAE and Poland,Polish ambassador Jakub Slawek told The National.

MEDIA-

#1- Wam explores cooperation in Rwanda: A delegation from state news agency Wam landed in Rwanda yesterday to meet with the Rwanda Broadcast Agency, Mount Kigali University, and the University of Rwanda to discuss media cooperation, knowledge transfer, and joint training, reports Wam. During its visit, the delegation inked news exchange agreements with multimedia groups and publications, including The New Times, IGIHE, the African News Agency, and radio station Royal FM.

#2- The Media Council greenlit the UAE media roadmap, which includes a regulatory framework and a policy strategy setting out policies, legislations, and initiatives that will regulate the media sector, Wam reports. The roadmap looks to grow the media sector’s contribution to the country’s GDP.

TRANSPORT-

Investopia renewed its partnership with Emirates Motor Company, the distributor for Mercedes-Benz in Abu Dhabi, by signing an MoU at the Investopia summit to increase cooperation in electric mobility technology and green transportation, Wam reports.

ADVERTISING-

Dubai awarded Saudi Arabia’s Al Arabia a SAR 534 mn (AED 523 mn) contract to install, operate, and maintain advertising 294 billboards in the emirate, the company said in a disclosure on Saudi Arabia’s Tadawul exchange. The contract grants the firm the rights to the billboards for 10 years and five months.