{"id":109134,"date":"2025-11-05T00:00:00","date_gmt":"2025-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-xrg-to-join-lng-project-in-argentina-dewa-invites-bids-for-seventh-phase-of-mohammed-bin-rashid-solar-park\/"},"modified":"2025-11-05T00:00:00","modified_gmt":"2025-11-05T00:00:00","slug":"this-morning-xrg-to-join-lng-project-in-argentina-dewa-invites-bids-for-seventh-phase-of-mohammed-bin-rashid-solar-park","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/05\/this-morning-xrg-to-join-lng-project-in-argentina-dewa-invites-bids-for-seventh-phase-of-mohammed-bin-rashid-solar-park\/","title":{"rendered":"THIS MORNING: XRG to join LNG project in Argentina + Dewa invites bids for seventh phase of Mohammed bin Rashid Solar Park"},"content":{"rendered":"

Good morning, friends. <\/strong>The energy theme of the week continues, with several big stories this morning for the LNG sector \u2014 from XRG\u2019s involvement in an LNG project in Argentina, to two new terminal hubs for LNG and LPG at Khalifa Port. <\/p>\n

We also have a deluge of 3Q real estate reports out, pointing to strong demand across Dubai, Abu Dhabi, and Ras Al Khaimah. <\/strong>We have more on the residential sector across the three emirates, and the (still tight) office markets in Dubai and the capital, in the news well, below.<\/p>\n

WEATHER- Expect a mostly cloudy day today in Dubai<\/strong>, with temperatures peaking at 34\u00b0C, before cooling to an overnight low of 27\u00b0C, according to our favorite weather app. Over in Abu Dhabi, conditions are slightly dusty, with a chance of light rainfall and temperatures peaking at 24\u00b0C, with a low of 23\u00b0C. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>XRG to join LNG project<\/strong> in Argentina: <\/strong>Adnoc\u2019s international investments arm XRG signed a non-binding agreement to explore joining Argentina\u2019s YPF and Italy\u2019s Eni on a liquefied natural gas project in Argentina, according to a statement<\/a>. The project is set to export gas from the Vaca Muerta formation, the world's second-largest unconventional natural gas reserve, through a pipeline, and will involve the installation of liquefaction units. One source pegged the total financing needed for the project at USD 12.5 bn, according to Reuters<\/a>. <\/p>\n

The initial phase of the project is expected to deliver 12 mn tonnes per annum (mtpa) of LNG production capacity through two 6 mtpa FLNG vessels<\/strong>, the statement said. The companies are expected to sign a technical agreement within a month, the source told Reuters.<\/p>\n

REMEMBER-<\/strong> Bloomberg reported<\/a> that XRG might get involved in the project last week. <\/p>\n

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<\/a> #2- Dewa is inviting bids for seventh phase of Mohammed bin Rashid Al Maktoum <\/strong>Solar Park: <\/strong>Dubai Electricity and Water Authority (Dewa) has invited qualified companies and consortiums to submit proposals for the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, according to a statement<\/a>. The new phase will deliver 2 GW of solar capacity alongside a 1.4 GW battery storage system with six-hour capacity.<\/p>\n

The company received 49 expressions of interest for the seventh phase<\/strong> and proposal documents were issued to qualified bidders last month, state news agency Wam<\/a> reports. No timeline was disclosed for the proposals.<\/p>\n

Where it stands:<\/strong> The solar park\u2019s current production capacity is 3.86 GW, with an additional 800 MW under construction from the sixth phase. Dewa plans to expand the park\u2019s production capacity to 7.26 GW by 2030 and cut 8 mn tonnes of carbon dioxide annually.<\/p>\n

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<\/a> #3- <\/strong>Plans<\/strong> to expand Abu Dhabi\u2019s Zayed International Airport are in the works <\/strong>\u2014 with construction set to start in two years, Abu Dhabi Airports\u2019 Managing Director Elena Sorlini told The National<\/a>, without disclosing an official investment ticket for the project. The state-owned airport operator is working on a detailed master plan to have the expansion ready by 2032, Sorlini said. The expansion aims to increase the capacity of the airport\u2019s Terminal A to accommodate 65 mn passengers per year, up from 45 mn currently. <\/p>\n

What we know:<\/strong> The operator plans to roll out<\/a> biometric data-based solutions next year to reduce queuing time and streamline the experience for transit passengers \u2014 which make up 60% of the airport\u2019s total traffic. AI-based solutions will also be deployed to improve operational efficiency across the airport, including decision-making, prediction, and scheduling.<\/p>\n

BACKGROUND-<\/strong> Operations kicked off at Terminal A back in 2023<\/a>. The 742k sqm terminal expands the airport\u2019s cargo and passenger capacity, with the ability to operate 79 aircrafts at the same time and 45 mn passengers a year. The costs for the development of the terminal were pegged at USD 3 bn.<\/p>\n

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#4- <\/strong>Th<\/strong>e UAE\u2019s aviation regulator plans to certify air taxis by 3Q 2026<\/strong>, General Civil Aviation Authority Director General Saif Al Suwaidi told The National<\/a>. The certification will be locked in by the expected timeframe if \u201call safety requirements are applied,\u201d Al Suwaidi added. <\/p>\n

This means air taxis won\u2019t be going live before end-2026. <\/strong>Skyports was set to roll out<\/a> its first fleet of flying taxis in Dubai on 31 March 2026, while Joby Aviation is on track<\/a> to launch its first vertiport at Dubai International Airport by 1Q 2026 ahead of commercial launch. Over in Abu Dhabi, Archer is set to bring its Midnight eVTOL aircraft<\/a> to high-traffic areas in the Emirates, with an initial plan targeting as early as this year.<\/p>\n

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#5-<\/strong> NMD<\/strong>C Energy is bidding on more than AED 61 bn worth of projects<\/strong>, some already submitted and others still under study, with some 25% tied to Saudi Aramco, CEO Ahmed Al Dhaheri told Asharq Business (watch,runtime: 5:31<\/a>). NMDC Energy \u2014 a subsidiary of the National Marine Dredging Company (NMDC) \u2014 has extended its long-term contract with Aramco for another three years as it looks to reinforce its position in Saudi offshore work and push into onshore projects. The company also plans to establish production operations for a foreign partner in Ras Al Khair, he added. <\/p>\n

REMEMBER-<\/strong> The EPC unit has been busy, revealing plans in November last year to scale up<\/a> its operations in the UAE, Saudi Arabia, India, and Taiwan, and entering new markets in Europe, North and West Africa, and Southeast Asia. In January, NMDC Energy inaugurated<\/a> an AED 200 mn fabrication yard in Saudi Arabia\u2019s Ras Al Khair Special Economic Zone.<\/p>\n

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#6- <\/strong>Multipl<\/strong>y shareholders will vote on the group\u2019s planned share-swap acquisitions of <\/strong>Ghitha Holding and 2PointZero Holding on Monday, 10 November<\/strong>, after the meeting was brought forward from its originally scheduled date of 12 November<\/a>, according to a shareholder circular (pdf)<\/a>.<\/p>\n

Following completion<\/strong>, shareholders of 2PointZero will own 62.5% of Multiply, while IHC Food and IHC Companies Management (IHC CM) will jointly hold 5.1%. The transactions will consolidate the three International Holding Company (IHC) subsidiaries under Multiply, which will in turn own 100% of 2PointZero and 83.9% of Ghitha.<\/p>\n

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#7- UAE consortium goes to India\u2019s Supreme Court over redevelopment <\/strong>dispute:<\/strong> Dubai-based consortium SecLink Technologies<\/a> has brought a case involving the restarting of a tender for the Dharavi redevelopment project before India\u2019s Supreme Court, Khaleej Times<\/a> reports.<\/p>\n

IN CONTEXT- <\/strong>The redevelopment of Dharavi, a 2.4 sq km informal settlement in Mumbai, was estimated to generate more than AED 125 bn in long-term commercial value. SecLink said it had secured USD 4 bn-equivalent in bank guarantees for the project and has shouldered some AED 3.8 bn in costs due to the exposure.<\/p>\n

What happened? <\/strong>SecLink Technologies \u2014 named the highest bidder in 2019 for the multi-year redevelopment of Dharavi, one of the world\u2019s largest informal settlements \u2014 argued that the state of Maharashtra cancelled the original tender after it was informally selected, and later issued a 2022 tender with revised criteria that prevented SecLink from reapplying. A special purpose vehicle led by Indian conglomerate Adani Group then secured the second tender.<\/p>\n

The response: <\/strong>The state argued the original tender had to be cancelled as it didn\u2019t include the adjoining railway. SecLink maintains that the original tender already accounted for it. <\/p>\n

Where we\u2019re at: <\/strong>The Supreme Court noted that the new terms may have been structured to disable or oust SecLink, ordered all original files from 2018 onward to be examined, and said it will monitor all payments relevant to the project pending a final examination. The next hearing is set for 13 November. <\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Dubai\u2019s <\/strong>Chamber of Commerce saw 53.8k new companies join its ranks in 9M 2025<\/strong>, a 4% increase y-o-y, according to Dubai Media Office<\/a>. It also helped 90 Emirati firms expand internationally during the period. The results follow on from a strong 1H for the chamber, during which 35.5k new firms joined<\/a>.<\/p>\n

Exports and re-exports were up 16% y-o-y to AED 260 bn <\/strong>during 9M, with the chamber issuing 627.9k certificates of origin \u2014 up 9% y-o-y.<\/p>\n

#2- <\/strong>The <\/strong>UAE ac<\/strong>counted for 38.4% of glo<\/strong>bal Islamic syndicated financing issuances<\/strong> in <\/strong>9M 2025<\/strong>, according to a Fitch Ratings report<\/a>. The GCC continued to dominate \u2014 responsible for 67.5% of issuances and 78% of outstanding financing. <\/p>\n

Global outstanding Islamic syndicated financing rose 32.5% y-o-y to top USD 200 bn by end-September.<\/strong> The core markets \u2014 GCC, Indonesia, Malaysia, Turkey, and Pakistan \u2014 made up 90% of global Islamic syndicated financing. However, issuances were down 22% y-o-y at the end of 9M.<\/p>\n

Fitch expected issuance to remain broadly flat through late 2025 and into 2026<\/strong>, with issuers increasingly favouring sukuk and conventional bonds for diversification and regulatory reasons.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The world\u2019s biggest oil and gas forum, <\/strong>Adipec<\/a><\/strong>, is on its third day and runs until<\/strong> tomorrow <\/strong>at the Abu Dhabi National Exhibition Center. The energy mega-event brings together global oil and gas, hydrogen, clean tech, and industrial strategy players alongside ministers and climate negotiators, to discuss building a resilient energy sector and developing intelligent solutions. <\/p>\n

#2- <\/strong>Arabal International Aluminum Conference<\/a><\/strong> also runs u<\/strong>ntil tomorrow <\/strong>at the Dubai Exhibition Center. The event gathers regional producers, OEMs, and technology players to discuss industrial decarbonization, supply chain competitiveness, and global metal demand cycles.<\/p>\n

#3- <\/strong>Gulfood Manufacturing<\/a><\/strong> also wraps<\/strong> Thursday <\/strong>at Dubai World Trade Center. The F&B manufacturing event will bring processing, supply, logistics, packaging, and automation players together for exhibitions showcasing the latest developments in the sector.<\/p>\n

#4- <\/strong>Dubai Design Week<\/a><\/strong> is on its second day and runs through Saturday <\/strong>at Dubai Design District. Designers, studios, universities, brands, and collectors will meet for workshops, exhibitions, a marketplace, and talks, to showcase innovation, materiality, and future-forward design. <\/p>\n

#5- The UAE Government Annual Meetings are on their second day and run through<\/strong> tomorrow in Abu Dhabi.<\/strong> The series of meetings will bring together more than 500 senior officials and government leaders for three days of policy coordination, national briefings, and strategic priority alignment. On the agenda: the economy, investment, AI, healthcare, and traffic congestion.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

US Treasury Department's top sanctions official John Hurley arrives<\/strong> in the region on Friday<\/strong>, with a plan to visit Israel, the UAE, Turkey, and Lebanon, Reuters<\/a> reports, citing a statement they\u2019ve seen. The visit marks his first to the region since taking office, and will discuss pressure against Iran, with his UAE leg also focusing on combating money laundering and the financing of terrorism. <\/p>\n

#2- A UAE delegation is attending the China International Import Expo from today u<\/strong>ntil Monday, 10 November in Shanghai<\/strong>, according to the Abu Dhabi Media Office<\/a>. The delegation, led by Deputy Chairman of the Presidential Court for Development Theyab Al Nahyan, is attending on behalf of President Mohamed bin Zayed Al Nahyan. The six-day expo will focus on deepening bilateral investment ties and exploring cooperation in key sectors like advanced technology, clean energy, food security, and logistics. <\/p>\n

THE BIG STORY ABROAD-<\/p>\n

US midterm elections are taking over headlines this morning<\/strong>, with heated races across the country that will serve as a litmus test of whether President Trump\u2019s policies are appealing to voters. Democratic socialist Zohran Mamdani has been projected to become New York City\u2019s first Muslim mayor, beating Trump-supported Andrew Cuomo, while an anti-Trump campaign in Virginia managed to snatch a victory for its first female governor Abigail Spanberger. (Washington Post<\/a> | Reuters<\/a> | CNN<\/a> | Financial Times<\/a>)<\/p>\n

ALSO- Chipmaker AMD\u2019s sales <\/strong>beat analyst estimates<\/a><\/strong> in 3Q<\/strong>, logging a 36% increase to USD 9.25 bn. However, a revenue forecast of USD 9.6 bn for the fourth quarter alarmed investors who jumped in on the stock\u2019s rally, leading shares to fall over 3% in extended trading.<\/p>\n

AND- More tech layoffs? <\/strong>IBM said yesterday it will lay off \u201ca low single-digit percentage\u201d<\/a> of its global workforce in 4Q. Just cutting 1% of the workforce would see 2.7k jobs lost, according to IBM\u2019s headcount at the end of 2024. Layoffs have been getting more frequent lately, with Amazon cutting 14k jobs in October and Meta gutting its AI unit amid an increasing reliance on AI tools.<\/p>\n

ALSO WORTH NOTING THIS MORNING-<\/strong><\/p>\n