The Finance World Magazine| Edition: September 2023

ADNOC Gas Inks Multi-Million Dollar LNG Supply Agreement with Japex
ADNOC Gas of the UAE has
entered into a five-year LNG
supply agreement with Japan
Petroleum Exploration Company
(Japex), with a value ranging from
$450M (AED 1.65B) to $550M (AED
2B). This deal, fostering the UAE-Japan
relationship, comes in the wake of Japanese
Prime Minister Fumio Kishida’s
July visit to the UAE and other GCC
nations, emphasizing energy security.
Notably, Japan holds a significant position
as a vital energy partner for the
UAE. ADNOC Gas CEO Ahmed Alebri
highlighted the strengthening ties and
global LNG presence facilitated by this
agreement, further supported by AD-
NOC’s ambitious low-carbon LNG growth
project in Al Ruwais Industrial City.
Emirates and Air Canada
Expand Montreal
Codeshare Partnership
Emirates has expanded its
codeshare collaboration
with Air Canada, enabling
passengers to seamlessly
connect from 11 Canadian cities
through Montreal and join Emirates’
global network. The partnership offers
a convenient single-ticket option for
travellers connecting between these
cities and international destinations.
The 11 Canadian cities encompass
Halifax, Edmonton, Ottawa, and Calgary,
among others. Emirates initiated
services to Montreal with seven weekly
flights on its Boeing 777 aircraft,
while its daily A380 flights connect
Dubai and Toronto. Additionally, the
extended network includes interline
access to 69 more points from the
gateway, strengthening the reach of
this partnership.
Luxe Developers to Decide Contractor for $408M
RAK Luxury Project in Q3
Dubai’s Luxe Developers is
gearing up to select the primary
contractor for their impressive
1.5B UAE dirhams ($408.39M)
residential endeavour, The Oceano,
located on Al Marjan Island in Ras Al
Khaimah. In the upcoming third quarter,
Managing Director and Co-owner Siddharta
Banerji informed Zawya Projects
Emirates Development Bank
(EDB), the government-owned
financial institution with a focus
on key sectors in the UAE, has
entered into a preliminary agreement to
introduce supply-chain financing and
working capital solutions for small and
medium-sized enterprises (SMEs) in
the country. The collaboration involves
Trade Capital Partners (TCP), a technology
platform based in Abu Dhabi
of their intentions. Enabling works have
already commenced at the site, with the
towering 18-story structure projected for
completion by the third quarter of 2026.
While concentrating on enhancing its
presence in the UAE market, Chairman
and co-owner Shubam Aggarwal revealed
the firm’s exploration of opportunities in
Saudi Arabia.
EDB Inks Deal to Introduce Supply-Chain Financing
for UAE SMEs
that specializes in providing working
capital finance solutions to SMEs. This
initiative aligns with EDB’s mission to
bolster startups by leveraging its network
of government and corporate partners.
Facilitated by Abu Dhabi’s tech hub,
Hub71, the partnership aims to establish
a working group to explore innovative
approaches to supply-chain financing,
enhancing working capital optimization
for both buyers and suppliers.
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