{"id":108867,"date":"2025-10-28T00:00:00","date_gmt":"2025-10-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-xrg-eyes-investment-in-argentinian-lng-project-masdar-breaks-ground-on-24-hour-solar-and-battery-energy-facility\/"},"modified":"2025-10-28T00:00:00","modified_gmt":"2025-10-28T00:00:00","slug":"this-morning-xrg-eyes-investment-in-argentinian-lng-project-masdar-breaks-ground-on-24-hour-solar-and-battery-energy-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/28\/this-morning-xrg-eyes-investment-in-argentinian-lng-project-masdar-breaks-ground-on-24-hour-solar-and-battery-energy-facility\/","title":{"rendered":"THIS MORNING: XRG eyes investment in Argentinian LNG project + Masdar breaks ground on 24-hour solar and battery energy facility"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s busy, but not quite as busy as we\u2019re used to, as hundreds have flocked to Riyadh for FII. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big story of the day is 2026\u2019s new record budget<\/strong>, which saw a 29.2% hike in expenditure and revenues. We break down the components of the budget and what else went down at the cabinet meeting in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also a busy day for energy news<\/strong>, with Fujairah\u2019s massive F3 gas turbine kicking off operations, and Masdar breaking ground on its AED 22 bn 24-hour solar and battery energy facility in Abu Dhabi. Meanwhile, <strong>Mubadala<\/strong> poured more funds into AI firm Crusoe, and into a new AED 55 mn venture capital fund. <strong>PLUS:<\/strong> Abu Dhabi Commercial Bank and United Arab Bank are the latest to put out 3Q earnings. Let\u2019s dive in. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Temperatures continue to cool down<\/strong>, with Dubai seeing a high of 34\u00b0C today and a low of 26\u00b0C, while Abu Dhabi will see a high of 33\u00b0C and a low of 26\u00b0C. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- Adnoc\u2019s international investment arm XRG is mulling an investment in a liquefied <\/strong><strong>natural gas project under development by Argentinian energy firm YPF<\/strong>, as it looks to deepen its portfolio in the US, Latin America, and Asia, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-27\/abu-dhabi-s-xrg-is-in-talks-to-invest-in-argentina-lng-project?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources it says are in the know. The project will eventually produce 28 mn tons of LNG annually, with the likes of Shell and Eni working with YPF on the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talks are still preliminary<\/strong>, and come as the firm deepens its push in LNG both locally and abroad. It previously <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e568c37f-50d7-4390-a862-52ffd4567fd0\/xrg-finalizes-acquisition-of-stake-in%253cmark%253e-rio-grande%253c%2Fmark%253e%25e2%2580%2599s-lng-facility\" style=\"\" rel=\"noopener\">acquired a stake in NextDecade\u2019s Rio Grande LNG project<\/a> in South Texas as it prepares to export mns of tons of LNG from its Ruwais facility in Abu Dhabi. A few potential acquisitions have fallen through though, with the firm dropping a planned <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ec58b4b0-1f18-4a6a-8fae-d25a983370c9\/xrg-led-consortium-walks-away-from-usd-18.7-bn-play-for%253cmark%253e-santos%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">USD 18.7 bn takeover of Australian gas producer Santos<\/a>. It was also working on another bid for a South American firm, with an eye to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem, but later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/223d8612-05a3-496f-b43a-109cf01893c8\/adnoc-drops-braskem-bid-%2B-dp-world-completes-savan-logistics-acquisition\" style=\"\" rel=\"noopener\">withdrew its offer<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2-<\/strong> <strong>State-owned renewables giant Masdar has broken ground on its AED 22 bn<\/strong><strong> 24-hour solar and battery energy facility<\/strong>, combining 5.2 GW of solar capacity and 19 GWh of battery storage, according to a <a target=\"_blank\" href=\"https:\/\/masdar.ae\/en\/news\/newsroom\/worlds-1st-gigascale-round-the-clock-renewable-energy-project-worth-aed22bn\" style=\"\" rel=\"noopener\">statement<\/a>. The plant, which tackles renewable energy\u2019s intermittency challenge by delivering a consistent power supply, will come online by 2027, providing 1 GW of uninterrupted clean power.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/efee1459-f282-4ca5-b17f-f607fefe821e\" style=\"\" rel=\"noopener\">facility<\/a>, which is being set up alongside Emirates Water and Electricity Co, will span 90 sq km in the Abu Dhabi desert and will power over 500k homes once online. It will also help cut 5.7 mn tons of CO2 emissions a year and provide 10k new jobs.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- <\/strong><strong>M42 launches Saudi unit to expand precision health footprint: <\/strong>Mubadala-backed healthtech firm M42 has set up operations in Saudi Arabia through a new unit named M42 Saudi Arabia, according to a <a target=\"_blank\" href=\"https:\/\/m42.ae\/media-resources\/news\/m42-signals-expansion-into-saudi-arabia-with-the-launch-of-m42-saudi-arabia-deepening-its-long-standing-partnership\/\" style=\"\" rel=\"noopener\">press release<\/a>. M42 was already active in the Kingdom and has worked with its Health Ministry, operating more than 40 Diaverum clinics in 33 cities. The new unit will take over operations of the clinics, which specialize primarily in renal care.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The unit will later expand into multi-omics, digital health, and population health programs<\/strong> targeting metabolic and lifestyle diseases. M42 also said it will launch Saudi-led pilot programs and R&amp;D collaborations to support the Kingdom\u2019s Vision 2030\u2019s goal of building a precision, preventive, and predictive healthcare system.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#4- <\/strong><strong>The <\/strong><strong>UAE has earmarked USD 6 bn worth of investments for Africa\u2019s tourism sector<\/strong>, spanning infrastructure, hospitality, and aviation projects across 20 countries, Economy and Tourism Minister Abdulla bin Touq Al Marri told Asharq Business (<a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/videos\/104135\/%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AA%D8%B7%D9%84%D8%B9-%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-6-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D8%A8%D8%A3%D9%81%D8%B1%D9%8A%D9%82%D9%8A%D8%A7\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:25<\/a>). The investments will focus on aviation, logistics, digital transformation, and infrastructure to boost tourism growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global ranking: <\/strong>The UAE is the fourth largest foreign investor in Africa, after the US, China, and the EU, with cumulative investments exceeding USD 110 bn between 2019 and 2023, he added. It also is the top globally when it comes to greenfield investments in Africa, Al Marri said.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The US Federal Reserve is expected to cut interest rates for the second time after<\/strong><strong> its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e31e4bd-5364-4caf-9fa8-e2ed39ac7fa1\/fed-cuts-rates-for-the-first-time-this-year,-resuming-widely-anticipated-easing-cycle\" style=\"\" rel=\"noopener\">September cut<\/a><\/strong><strong> at its Federal Open Market Committee today.<\/strong> Softer US inflation figures that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bfb7e84-2125-4502-9021-aaafaa487d79\/cooling-us%253cmark%253e-inflation%253c%2Fmark%253e-makes-the-case-for-fed-rate-cuts\" style=\"\" rel=\"noopener\">came out last week<\/a> put the Fed on course to make another small 25 basis point cut, analysts say. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed\u2019s next heir will likely be named by the end of the year<\/strong>, after whittling down the shortlist of candidates to just five, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/27\/bessent-lists-five-finalists-for-fed-chair-job-and-trump-says-decision-coming-before-the-end-of-the-year.html\" style=\"\" rel=\"noopener\">CNBC<\/a> reports. The names potentially replacing current Fed chair Jerome Powell are: Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.futurehospitality.com\/world\" style=\"\" rel=\"noopener\">Future Hospitality Summit<\/a><\/strong><strong> (FHS) is running until Wednesday<\/strong> at Madinat Jumeirah in Dubai. The summit brings together global hospitality leaders, investors, and industry leaders to explore investments to scale their businesses across key sectors, from hospitality to sustainability, technology, startups, talent, education, and branded residences.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.apcsummit.org\/\" style=\"\" rel=\"noopener\">Asia Pacific Cities Summit<\/a><\/strong><strong> kicked off yesterday and is on until Wednesday<\/strong> at the Dubai Exhibition Center. The three-day summit gathers government leaders, urban planners, and industry experts from across the Asia-Pacific region to discuss sustainable city development, smart infrastructure, and cross-border collaboration. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>The <\/strong><strong>Abu Dhabi Infrastructure Summit (ADIS) Roadshow 2025 started yesterday in<\/strong><strong> Singapore<\/strong>, and is set to continue with legs in China and Ankara, before wrapping up in Istanbul in November, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bmez9ml-adpic-launches-adis-roadshows-2025-showcasing\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The roadshow will include conferences, B2B meetings, and site visits as it looks to drum up international interest in Abu Dhabi\u2019s USD 54 bn pipeline of infrastructure projects. It is backed by the Abu Dhabi Investment Office and the Department of Municipalities and Transport. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/dpc.org.ae\/en\/media-centre\/News\/Dubai-Press-Club-to-organise-10th-Emirati-Media-Forum-on-28-October\" style=\"\" rel=\"noopener\">Emirati Media Forum (EMF)<\/a><\/strong><strong> is happening today <\/strong>at the Museum of the Future, organized by the Dubai Press Club. The annual event will gather senior UAE media executives, editors, and content creators to discuss the sector\u2019s digital transformation and strategies to strengthen trust and counter misinformation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gifinsforum.com\/\" style=\"\" rel=\"noopener\">Annual Gulf Ins. Forum<\/a><\/strong><strong> is running until Wednesday <\/strong><strong>at the Millennium Plaza Downtown Hotel, Dubai.<\/strong> The event will gather insurers, brokers, and regulators from across the region to discuss reins. capacity, pricing, solvency, and risk management in GCC markets, with sessions focusing on resilience, catastrophe response, and financial strength.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- Federal National Council (FNC) speaker Saqr Ghobash is leading a delegation <\/strong><strong>to Azerbaijan today <\/strong>to attend the international parliamentary conference, marking the 30th anniversary of Azerbaijan\u2019s constitution, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bmedtut-saqr-ghobash-lead-federal-national-council\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The FNC delegation will hold bilateral talks aimed at deepening parliamentary cooperation between the UAE and Azerbaijan, covering legislative and constitutional affairs.<\/p>\n<p class=\"tag-border-left\"> HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ifswf.org\/under-patronage-khaled-bin-mohamed-bin-zayed-international-forum-sovereign-wealth-funds-ifswf\" style=\"\" rel=\"noopener\">International Forum of Sovereign Wealth Funds (IFSWF)<\/a><\/strong><strong> will run from <\/strong><strong>tomorrow to Friday<\/strong> at ADGM. Hosted by Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds, with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.futurehospitality.com\/world\/brf\" style=\"\" rel=\"noopener\">Branded Residences Forum<\/a><\/strong><strong> is taking place tomorrow <\/strong>at Madinat Jumeirah in Dubai, bringing together developers, hospitality groups, and investors to examine the growing demand for branded real estate and evolving partnerships between luxury hotel brands and property developers.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a mixed bag in the international business press this morning<\/strong>, though mostly quiet as we await the US Federal Reserve\u2019s interest rate decision tomorrow and Big Tech\u2019s earnings later this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One story getting attention is Amazon\u2019s plans to cut some 30k corporate jobs<\/strong>, its largest cut yet, slashing around 10% of its corporate workforce. The move comes as the firm looks to cut expenses and trim back its team after an overhiring wave during peak demand in the pandemic. Another reason could potentially be productivity gains from the use of AI which have removed the need for some corporate jobs, and a need for less bureaucracy. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/world-at-work\/amazon-targets-many-30000-corporate-job-cuts-sources-say-2025-10-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/amazon-to-layoff-tens-of-thousands-of-corporate-workers-056ebc4d?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/27\/amazon-to-announce-sweeping-corporate-job-cuts-starting-tuesday.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also from the world of Big Tech:<\/strong> Qualcomm will start producing semiconductor chips, entering a market that\u2019s already dominated by US chipmaker Nvidia, which also includes players like Advanced Micro Devices. It previously produced chips for wireless connectivity and mobile devices. Its shares jumped 11% on the news. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/27\/qualcomm-ai200-ai250-ai-chips-nvidia-amd.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/qualcomm-stock-surges-on-ai-chip-launch-cc7a4590\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2b6f779a-1e6f-4eb5-85a0-0c75fe450215\" style=\"\" rel=\"noopener\">Financial Times<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over in Russia, its second-largest oil producer Lukoil is selling its international assets<\/strong> following the sanctions introduced against it by the US last week. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/russias-lukoil-says-it-intends-sell-international-assets-due-western-sanctions-2025-10-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/774be10a-e53e-4f48-ac92-33ac99109e44\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-27\/russia-s-lukoil-intends-to-sell-foreign-assets-amid-sanctions\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.&nbsp;<a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" rel=\"noopener\">Tap or click here<\/a><span style=\"background-color: transparent;\"> to get your own copy of EnterpriseAM UAE.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>,<\/strong> and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industry?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: UAE earmarks USD 6 bn worth of investments for Africa\u2019s tourism 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