{"id":94602,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/technomak-energy-expands-operations-in-sharjahs-hamriyah-free-zone\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"technomak-energy-expands-operations-in-sharjahs-hamriyah-free-zone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/07\/technomak-energy-expands-operations-in-sharjahs-hamriyah-free-zone\/","title":{"rendered":"Technomak Energy expands operations in Sharjah's Hamriyah Free Zone"},"content":{"rendered":"<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding: 0px; margin: 0px; line-height: 1.15;\"><b>Technomak<\/b><strong>&nbsp;to build a new manufacturing facility in Hamriyah Free Zone:<\/strong> Engineering firm Technomak&nbsp;signed an MoU with Sharjah's Hamriyah Free Zone to add a new steel structure production facility there, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/ar\/%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%8A%D8%A9\/%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA\/18-o61r2r6j\" style=\"\" rel=\"noopener\">statement<\/a>. The move is expected to raise the company\u2019s total investments in the zone to AED 661 mn from AED 440.7 mn and ramp up production from its facilities in the zone to 28k tons per year from 16k tons.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emarat Aloula Industries awarded its largest contract ever: <\/strong>Abu Dhabi-based fabrication company <a target=\"_blank\" href=\"https:\/\/www.emarataloula.com\/eai\" style=\"\" rel=\"noopener\">Emarat Aloula Industries<\/a> was awarded a AED 260 mn contract, its largest to date, by Italy\u2019s engineering group <a target=\"_blank\" href=\"https:\/\/www.groupmaire.com\/en\/\" style=\"\" rel=\"noopener\">Maire Tecnimont<\/a> to supply 1.4 mn inch-dia pipes for Adnoc\u2019s Hail and Ghasha gas development project, according to a <a target=\"_blank\" href=\"https:\/\/www.emarataloula.com\/post\/emarat-al-oula-industries-secures-landmark-contract\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Adnoc awarded Maire a <a target=\"_blank\" href=\"https:\/\/www.groupmaire.com\/en\/newsroom\/press-releases\/detail\/maire-awarded-usd-87-billion-contract-by-adnoc-for-the-onshore-portion-of-the-hail-and-ghasha-development-project-in-abu-dhabi-the-largest-award-ever-for-the-group\/\" style=\"\" rel=\"noopener\">USD 8.7 bn<\/a> contract in October 2023 to install gas processing and sulfur recovery units for the Hail and Gasha project, in addition to utilities and pipelines. The offshore project aims to capture 1.5 mn tonnes of carbon per year \u2014 which will be transported onshore and stored underground \u2014 and produce low-carbon hydrogen.<\/p>\n<p class=\"tag-border-left\">BUSINESS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE gets its first digital escrow platform: <\/strong><a target=\"_blank\" href=\"https:\/\/trust-in.webflow.io\/\" style=\"\" rel=\"noopener\">Trustin<\/a>, the first digital escrow platform in the UAE and Middle East, officially launched after obtaining financial service permission from the Abu Dhabi Global Market Financial Services Regulatory Authority, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/trustin-launches-middle-easts-first-regulated-digital-escrow-platform-after-securing-key-adgm-fsp-licence-lbhz1uy1\" style=\"\" rel=\"noopener\">press release<\/a>. The platform \u2014 hosted on Amazon Web Service \u2014 aims to bypass deferred payments, post-dated cheques, and non-payment issues affecting businesses and consumers using traditional escrow services. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform is integrated with an undisclosed bank in the UAE<\/strong> regulated by the CBUAE to safeguard client money in a separate account, the company\u2019s co-founder, Parvez Akram Siddiqui, said.<\/p>\n<p class=\"tag-border-left\">FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nuvama Private<\/strong><strong> lands in Dubai: <\/strong>Nuvama Private, the private banking arm of India\u2019s <a target=\"_blank\" href=\"https:\/\/www.nuvamawealth.com\/\" style=\"\" rel=\"noopener\">Nuvama Wealth Management<\/a>, launched a regional office in Dubai International Financial Center to serve the Middle East region, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4jdoj2-nuvama-private-launches-operations-new-difc-based\" style=\"\" rel=\"noopener\">Wam<\/a> reported. The office seeks to cater to Indian expats who want to invest back in their home country, Head of Nuvama Private Alok Saigal told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-06\/pag-backed-nuvama-targets-indian-wealth-in-dubai-singapore\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The firm\u2019s Dubai branch comprises three bankers, with plans to hire three more by year-end. Its international clients group head Vivek Sharma (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/vivek-sharma-5b053110\/?originalSubdomain=sg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) will lead the Dubai team from Singapore. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nuvama Private expected to facilitate access to Indian markets:<\/strong> Nuvama Private \u2014 which received a category III C license from the Central Bank of the UAE \u2014 is one of few Indian private banks permitted to offer investment products as ultra-wealthy clients who wanted to invest in India\u2019s public and private markets have, traditionally, relied on local banks and external asset managers, according to Wam.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nuvama is doubling down on offshore business:<\/strong> The company \u2014 which has USD 22 bn in assets under management \u2014 aims to generate as much as 25% of its revenue from offshore business within 3-5 years, Saigal said. <\/p>\n<p class=\"tag-border-left\">INVESTMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Ahli to establish first outlet mall in Bahrain:<\/strong> Dubai Outlet Mall operator Al Ahli Holding Group will develop Bahrain\u2019s Mall of Dilmunia as the first outlet mall in Bahrain, under a new partnership, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/mall-of-dilmunia-partners-with-dubai-outlet-mall-to-launch-bahrains-first-outlet-mall-sfoh6c1c\" style=\"\" rel=\"noopener\">press release<\/a>. <\/p>\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ruya customers can use Lulu Exchange\u2019s network to deposit money into their <\/strong><strong>accounts: <\/strong>Customers of Islamic, digital-only bank <a target=\"_blank\" href=\"https:\/\/ruyabank.ae\/\" style=\"\" rel=\"noopener\">Ruya<\/a> can now deposit money into their accounts instantly and without charge at any of <a target=\"_blank\" href=\"https:\/\/luluexchange.com\/\" style=\"\" rel=\"noopener\">Lulu Exchange<\/a> \u2019s 140 branches under a partnership inked by the two parties, according to a statement picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/ar\/%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%8A%D8%A9\/%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA\/140-swrhe9fx\" style=\"\" rel=\"noopener\">Zawya<\/a>.<\/p>\n<p class=\"tag-border-left\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai to get hop-on, hop-off buses in September: <\/strong>Dubai\u2019s Roads and Transport Authority plans to launch a hop-on, hop-off bus service next month, allowing tourists to explore the city\u2019s top attractions and landmarks, according to a <a target=\"_blank\" href=\"https:\/\/www.rta.ae\/wps\/portal\/rta\/ae\/home\/news-and-media\/all-news\/NewsDetails\/launching-the-touristic-bus-initiative-to-promote-dubai-touristic-attractions?lang=en\" style=\"\" rel=\"noopener\">statement<\/a> from the authority. The service will operate daily from 10am to 10pm, beginning at Dubai Mall, with designated stops at Dubai Frame, Heritage Village, Museum of the Future, Gold Souk, Dubai Mall, La Mer Beach, Jumeirah Mosque, and City Walk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Emarat Aloula awarded an AED 260 mn Adnoc contract<\/p>\n","protected":false},"author":1,"featured_media":94603,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[57,47,159,143,1393,1728,387],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adnoc","tag-also-on-our-radar","tag-banking","tag-energy","tag-finance","tag-nuvama","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"88955c75-bc1b-44c5-8c17-e8f4a26fd0bb","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/509.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Technomak Energy is expanding its operations in Sharjah's Hamriyah Free Zone with a new 500k sqft factory","related_issue":[94582],"teaser":"Plus: Emarat Aloula awarded an AED 260 mn Adnoc contract","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.7dd3250b-170d-4ad4-a93e-3a60d70fa883.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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