Riyadh-headquartered The Arab Energy Fund (TAEF), formerly known as APICORP, has successfully led a consortium to acquire a 100 per cent stake in Metito Utilities, a global leader in sustainable water management solutions.

This acquisition underscores TAEF’s strategic commitment to advancing energy security, and sustainability and addressing water scarcity challenges across emerging markets.

The acquisition, which also includes growth capital for Metito, was completed in partnership with Zamil Group Investment Company and the Ghandour family.

This landmark deal enhances TAEF’s leadership in energy infrastructure and sustainable water solutions, particularly in the Middle East, Africa, and Asia.

Metito Utilities, a pioneer in the water sector since 1958, specialises in the investment, development, operation, and maintenance of water and wastewater concessions, with a track record spanning over 35 successful projects globally.

Metito’s expertise includes first-of-their-kind public-private partnerships (PPPs) in countries such as Saudi Arabia, the UAE, Uzbekistan, Egypt, Rwanda, Serbia, and Qatar, among others.

The company’s continued focus on sustainability has positioned it as a key player in addressing the global water crisis.

Strategic milestone for TAEF

Khalid Ali Al-Ruwaigh, CEO of TAEF, described the acquisition as a pivotal moment in the fund’s mission to support sustainable infrastructure and energy value chains. “Water and energy are deeply interconnected,” he said. “This collaboration with Zamil Group Investment Company, the Ghandour family, and Metito’s team enables us to strengthen regional leadership in addressing water scarcity while delivering long-term value.”

TAEF’s acquisition further accelerates its push to address infrastructure challenges in water and wastewater management and expands its role as a leading impact investor in the region.

Abdullrahman K Al Zamil, president of Zamil Group Investment Company, emphasised the alignment between the acquisition and the group’s broader vision for business excellence with a meaningful impact. “Water security is fundamental to the future of our region,” he said. “This partnership with Metito Utilities reinforces our commitment to sustainable development and delivering proven water solutions to the communities and industries that need them most.”

Sustainable growth

Rami Ghandour, CEO of Metito Utilities, reflected on the significance of the new partnership, which he believes marks the beginning of a new era for the company. “Our legacy of delivering innovative water solutions continues,” he said. “With the support of our new partners, we are poised to expand our impact and further drive water efficiency across emerging markets.”

The acquisition represents a significant step forward for Metito Utilities, ensuring continued growth and innovation in water management, while further enhancing its capacity to provide tailored, sustainable solutions to address global water insecurity.

The acquisition aligns with TAEF’s broader strategy to drive sustainable infrastructure development and measurable impact in the MENA region. The fund’s continued focus on energy and energy-adjacent sectors highlights its role as a preeminent impact investor, advancing both economic prosperity and environmental stewardship.

Under its new ownership, Metito Utilities is well-positioned to build on its legacy, pioneering new water solutions that promise to improve water access and efficiency across emerging markets worldwide.

The UAE is set to experience a shift in weather conditions, with rainfall, a drop in temperatures, and increased humidity forecast for Thursday and Friday.

According to the National Centre of Meteorology (NCM), parts of Abu Dhabi, Al Ain, and other northern, eastern, and coastal areas can expect light to moderate rain, along with the formation of convective clouds.

Already, light rain was reported over parts of Abu Dhabi on Wednesday evening, including areas north of Razeen. Authorities have urged motorists to drive cautiously owing to slippery roads and to adhere to adjusted speed limits in rainy conditions.

Cooler weather and possible fog

The temperature is set to decline gradually across the country. The lowest temperature recorded early this morning was 6.1°C in Raknah, Al Ain, at 3:15am, while the highest reached 27°C at Ras Al Khaimah International Airport at 3pm.

Humidity is expected to rise overnight and into Friday morning, increasing the likelihood of mist or fog formation in some coastal and internal areas. The NCM has advised residents to be prepared for reduced visibility, especially during the early morning hours.

Winds and sea conditions

Northwesterly winds will persist, ranging between 10 to 25 km/h, with gusts reaching up to 40 km/h in exposed areas. These conditions may lead to dust and reduced visibility in some regions.

Mariners have been advised to exercise caution as sea conditions will be moderate to rough in the Arabian Gulf by night, while the Oman Sea will remain slight to moderate.

Kuwait’s Warba Bank has agreed to acquire Alghanim Trading’s 32.75 per cent stake in Gulf Bank in a deal valued at $1.62bn (KWD498.2m).

“The transfer of the shares will be completed upon obtaining the necessary approval from the regulatory authorities,” the Kuwait lender said in a bourse filing.

Warba Bank expects the financial impact of the deal to be reflected in its quarterly financial results upon the completion of the deal.

Last July, Gulf Bank, Kuwait’s fifth-largest bank overall, and Boubyan Bank, the country’s second-largest Islamic bank, said that they were exploring a potential merger to create a single Islamic bank with $53bn in assets as part of a plan to fuel growth and expansion.

Meanwhile, Kuwait Financial House (KFH Group) sold an 18.18 per cent stake in Sharjah Islamic Bank for $351m (Dhs1.3bn) to the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank.

KFH is also studying the potential withdrawal from the Malaysian market and the sale of its retail banking portfolio in the country, KFH Malaysia.

Furthermore, Burgan Bank secured approvals from the central banks of Kuwait and Bahrain in December to buy a 100 per cent equity stake in United Gulf Bank for $190m as part of the bank’s asset reallocation strategy. The acquisition is projected to close in Q1 2025.

Read: Kuwaiti lenders Boubyan Bank and Gulf Bank weigh merger

If you thought 2025 would finally bring the era of home nuclear power, think again.

Amid the world-renowned Consumer Electronics Show (CES) kicking off in Las Vegas this week, news of a supposed micro nuclear reactor designed to power homes for a decade, the so-called ‘Enron Egg’, has started grabbing attention online. And despite being a hoax, the internet fell for it (at least, some of it did).

A suspiciously sleek website for the long-defunct energy giant Enron emerged this week, unveiling what it claimed to be a revolutionary product.

“Nuclear you can trust,” boasted the marketing copy.

The Enron Egg, described in over-the-top detail, allegedly featured heat-resistant casing designed to withstand “extreme temperatures,” a “closed-loop cooling system,” and an integrated chip for “24/7 monitoring by Enron’s nuclear management facility.”

The parody extended to a CES-style product launch video, complete with a charismatic fake CEO, Connor Gaydos, pacing on stage in front of a massive screen displaying the oversized egg.

Gaydos, best known for co-founding the conspiracy-theory satire movement “Birds Aren’t Real,” claimed he had been “living with an Egg” for months and that his “little ones freakin’ love it.” The spectacle was met with online reactions ranging from admiration for the trolling effort to genuine confusion about whether the product was real.

In 2020, the Enron domain was purchased by Connor Gaydos and his company, The College Company, for $275.

A video on X had already notched up over 1 million views by Wednesday.

Some X users quickly got the joke. “This is great. I envision the world powered by Enron Eggs over easy!” quipped one commenter. Others weren’t so sure. “How do I order one?” asked another user.

The hoax was so carefully put together that it came with a press release, announcing Enron’s triumphant return as a nuclear energy leader. Clicking on the pre-order button for the Enron Egg simply leads to a newsletter signup, a subtle nudge that perhaps, just maybe, the product wasn’t real.

The real Enron, of course, collapsed in spectacular fashion two decades ago, leaving behind a legacy of financial misconduct, regulatory crackdowns, and a cultural shorthand for corporate fraud.

Enron, once a Wall Street darling and one of the largest energy companies in the world, collapsed in 2001 in one of the most infamous corporate scandals in history. The company used deceptive accounting practices, including off-the-books entities and mark-to-market accounting, to hide its massive debts and inflate profits.

When these fraudulent tactics were exposed, investor confidence plummeted, and Enron’s stock, once valued at over $90 per share, became worthless. The scandal led to the bankruptcy of the company, significant financial losses for shareholders and employees, and the dissolution of accounting firm Arthur Andersen. The fallout spurred major regulatory reforms, including the Sarbanes-Oxley Act, aimed at improving corporate financial transparency and accountability.

Renowned British comedian John Cleese is coming back to Dubai, much to the excitement of his legion of fans in the UAE.

Dubai Opera and Motivate Talent will be presenting ‘An Evening with John Cleese’ on Saturday, January 25 at 5.00 pm, featuring the veteran actor and comedian in his element. So, if you’re in the mood for a good laugh (and who isn’t these days) – this is the show for you.

Tickets are available in five categories starting from Dhs210 and are available on dubaiopera.com: It’s Dhs210 for silver tickets, Dhs290 for gold, Dhs360 for platinum, Dhs460 for diamond and VIP is Dhs570.

At 86 years of age, Cleese’s boundless energy and inimitable sense of humour are sure to leave you in splits and thoroughly entertained.

Taking the stage at Dubai Opera’s Performing Arts Centre, Cleese will treat the audience to a captivating evening of humorous anecdotes and sharp witticisms, offering a glimpse into his remarkable life and career.

Born in October 1939, Cleese made his first mark as a member of the legendary Monty Python Troupe in the 1960s and has gone on to write, produce, direct and star in some of the greatest comedic hits of the last 50 years, receiving an Oscar nomination for the best screenplay for A Fish Called Wanda.

From films like Monty Python and the Holy Grail and Life of Brian, as well as the classic TV show Faulty Towers, many of his iconic cinematic moments are part of everyday pop culture across all generations.

Cleese is a philanthropist who has supported numerous charities, including Amnesty International, Dream Foundation, and the Small Steps Project.

Read: Renowned authors Jay Shetty, Steven Bartlett set for Dubai debut at Mindvalley’s Future Human 2025