ADNOC delivers first-ever bulk shipment of CCS-enabled certified low-carbon ammonia to Japan


ABU DHABI: ADNOC has delivered the world’s first certified bulk commercial shipment of low-carbon ammonia enabled by carbon capture and storage (CCS) to Mitsui and Co., Ltd. (Mitsui) for use in clean-power generation in Japan. The low-carbon certification process, from production to delivery, has been conducted by TÜV SÜD, an internationally renowned certification agency.

The landmark shipment produced by Fertiglobe was enabled by ADNOC’s US$23 billion (AED84 billion) allocation towards decarbonisation, low-carbon solutions and climate technologies and underscores its efforts to support its customers to decarbonise its operations, particularly in hard-to-abate sectors. It builds on previous demonstration cargos delivered by ADNOC to customers in Asia and Germany as the company accelerates the development of global low-carbon hydrogen and ammonia value chains.

The cargo, sourced from Fertil, Fertiglobe’s 100-percent-owned facility located in the Ruwais Industrial City, Abu Dhabi, will see the carbon dioxide
(CO2) captured and permanently stored in the world’s first fully sequestered CO2 injection well in a carbonate saline aquifer.

Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said, ‘The delivery of the world’s first certified bulk commercial shipment of CCS-enabled low-carbon ammonia to Mitsui in Japan is a testament to ADNOC’s commitment to accelerating the development of lower-carbon fuels to support a just, orderly and equitable energy transition. The UAE and Japan enjoy a longstanding strategic energy relationship, and we are building on this partnership to enable a lower-carbon future. Hydrogen and its carrier fuels such as ammonia, will play a critical role in decarbonising hard-to-abate industrial sectors, and we will continue to work with our customers to advance these solutions and help them reduce their emissions.’

The International Energy Agency (IEA) estimates that hydrogen will account for around 10 percent of global energy consumption for the worl
d to reach net zero by 2050. ADNOC is an early mover in the production of hydrogen and it aims to capture 5 percent of the global low-carbon hydrogen market by 2030 in support of the UAE’s National Hydrogen Strategy. Low-carbon ammonia is the most promising at-scale hydrogen carrier and potential clean fuel for a wide range of applications, including transportation, power generation and industrial, including steel, cement, and fertiliser production.

Junji Fukuoka, Managing Officer of Mitsui, said, ‘We have worked together with ADNOC, METI and stakeholders in Japan to deliver this first bulk commercial shipment of CCS-based low-carbon ammonia. Mitsui has continued to enhance our relationship with ADNOC since we first began our participation in ADNOC LNG in 1973, and recently we have joined TA’ZIZ low-carbon ammonia project. Energy solutions remain a strategic focus for Mitsui, thus, we are excited to commence this large-scale clean hydrogen and ammonia value chain with ADNOC in light of global climate action.

In addition, the Ministry of Economy, Trade and Industry (METI) commented on the importance of Japan and UAE bilateral cooperation and congratulated the shipment from ADNOC to Mitsui.

This year, ADNOC has embarked on the design of a facility in Abu Dhabi that will produce up to 360,000 tonnes of low-carbon hydrogen per year by capturing up to 3 million tonnes of CO2, the equivalent of taking over 650,000 internal combustion vehicles off the road. In addition, ADNOC, together with its partners, TA’ZIZ, Fertiglobe, G.S. Energy Corporation and Mitsui are developing a 1 million tonnes per year (mtpa) low-carbon ammonia facility at the TA’ZIZ Industrial Chemicals Zone.

Source: Emirates News Agency

Dubai Investments reports net profit of AED119.96 million in Q1 2024


DUBAI: Dubai Investments, listed on the Dubai Financial Market, announced a net profit attributable to shareholders after tax of AED119.96 million for the first quarter of 2024, compared to AED314.44 million in the corresponding period last year.

Excluding the one-off gain on the fair valuation of investment properties in 2023, the Group’s profit for the same period in 2024 has surged by 90%.

Total income for the period was AED791.88 million, compared to AED1.01 billion for the same period last year, and total assets remained stable at AED21.46 billion.

Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said that these results demonstrate the upward trajectory and long-term growth drivers within the real estate market, which support Dubai Investments’ strategic initiatives that focus on investing in growth opportunities.

The Group anticipates that the positive momentum will continue throughout 2024, driven by robust growth in the real estate sector.

Source: Emirates News Agency

VAT, Excise Tax revenues hit AED173.6 billion till 2023: MoF Under-Secretary


ABU DHABI: Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), announced that total revenues collected from Value-Added Tax (VAT) and Excise Tax at both the federal and local levels have reached AED173.6 billion since implementation until the end of the fiscal year 2023.

Al Khouri further elaborated that VAT revenues at the state level reached AED159.57 billion since implementation, while the federal government collected approximately AED47.87 billion during the same period.

Excise Tax collections at the state level totalled AED14.07 billion since implementation, with the federal government having collected approximately AED5.2 billion during the reference period.

Al Khouri also noted that the estimated total expenditures of the federal general budget for fiscal year 2024 are AED64 billion, with expected revenues of AED65.7 billion. This results in an anticipated surplus of approximately AED1.7 billion.

The federal budget cycle for the years 2024-2026 is projected to be around AED192
billion.

Source: Emirates News Agency

China to continue expanding high-standard opening up: Vice President


BEIJING: China will continue expanding high-standard opening up and sharing development opportunities with the rest of the world, China Central Television reported, citing Vice President Han Zheng on Monday.

During his address at the inaugural ceremony of the 2024 Global Trade and Investment Promotion Summit in Beijing, Zheng emphasised that amidst the strains of global economic recovery, opportunities for development are juxtaposed with risks and challenges.

He underscored the imperative of steadfastly promoting trade and investment liberalisation and facilitation, while earnestly preserving the resilience and stability of global industrial and supply chains. Zheng highlighted that only through these concerted efforts can nations strengthen the bonds of cooperation and expand the realm of mutual benefit.

He called for seizing opportunities brought about by a new scientific and technological revolution, sharing with a more open and creative mindset and more measures, and jointly opening up new areas, creat
ing new models, and fostering new growth drivers.

The Vice President underscored the need to practice true multilateralism, uphold the multilateral trading regime with the World Trade Organisation at its core, promote the development of an open global economy, and boost a universally beneficial and inclusive economic globalisation.

Noting that the Chinese economy, as the world’s second-largest, has contributed around 30 per cent to global growth for many years, Zheng said a more open China with steady economic expansion will inject a strong impetus into the world economy.

The Global Trade and Investment Promotion Summit is sponsored by the China Council for the Promotion of International Trade and has taken place for three consecutive years. This year’s summit brought together over 750 heads of international organisations and economic institutions, foreign business associations and global trade promotion agencies, as well as representatives of Chinese and overseas firms.

Source: Emirates News Agency

EDGE signs agreement with PT Pindad for ammunition production line


ABU DHABI: EDGE, one of the world’s leading advanced technology and defence groups, today signed a US$27 million (AED99 million) agreement to supply an ammunition production line to PT Pindad, an Indonesian state-owned enterprise and one of Asia’s leading defence manufacturers.

The agreement is for the production of 5.56x45mm and 7.62x51mm calibre ammunition. It was signed in the presence of the Indonesian president-elect and Minister of Defence Lt. General (Ret.) Prabowo Subianto, during an official visit to the UAE this week.

Aligned with the Indonesian Ministry of Defence’s objective to increase local job creation and sovereign manufacturing capabilities, the ammunition facility is scheduled to commence production in 2026.

The visit and agreement are part of an ongoing effort between both countries to increase bilateral trade to $10 billion by 2030 under the Comprehensive Economic Partnership Agreement.

Source: Emirates News Agency