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Mubadala’s KELIX bio acquires Julphar’s DiabTec

DiabTec operates a state-of-the-art facility equipped with 20,000-litre drug substance reactors and a separate cartridge fill-finish facility for drug products

Gulf Business
Gulf Business

20 January, 2025

Mubadala’s KELIX bio acquires Julphar’s DiabTec
Image: Supplied

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KELIX Bio, a subsidiary of Mubadala Investment Company, has completed its acquisition of DiabTec, a biomanufacturing facility previously owned by Julphar, one of the UAE’s largest pharmaceutical companies.

The acquisition is strategically aligned with Mubadala’s focus on supporting global healthcare challenges, particularly in the treatment of diabetes, through the production of microbial-based therapies such as insulin analogues and GLP-1 products.

DiabTec operates a cutting-edge facility that includes 20,000-litre drug substance reactors and a dedicated cartridge fill-finish unit for drug products.

Built to meet both EU and US FDA standards, it is the only facility of its kind in the Gulf Cooperation Council (GCC).

Dr Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform, underscored the strategic importance of the acquisition, stating: “The acquisition of DiabTec by KELIX Bio is a significant milestone for Mubadala, further strengthening our nation’s position in the global life sciences ecosystem. This strategic investment reflects our commitment to responsible investing, addressing critical global healthcare challenges like the growing need for insulin analogues. Moreover, it strengthens Mubadala’s portfolio of biologicals, establishes our role in biomanufacturing across the MENA region, and advances the UAE’s life sciences sector through local manufacturing.”

kelix bio acquires diabtec Image WAM

The acquisition also addresses the growing global demand for insulin and related treatments

The acquisition also addresses the growing global demand for insulin and related treatments. Ismail Ali Abdulla, executive director of UAE Clusters at Mubadala’s UAE Investments Platform, added: “Mubadala recognises the critical importance of ensuring reliable access to therapeutic solutions like insulin analogues, particularly in light of growing global demand and supply challenges. The acquisition of DiabTec is a direct response to this need. This move not only strengthens Mubadala’s and the UAE’s life sciences sector but also underscores our commitment to improving global health outcomes by contributing to a more secure and sustainable insulin analogue supply chain.”

This deal is part of Mubadala’s broader strategy to enhance the UAE’s pharmaceutical capabilities and contribute to the nation’s economic diversification. The acquisition also builds on Mubadala’s recent purchase of assets from GlobalOne Healthcare Holding, which is expected to further boost the UAE’s biopharmaceutical manufacturing capabilities.

Sheikh Saqer Bin Humaid Al Qasimi, chairman of Julphar’s Board, commented on the transaction: “The sale of this facility is a further step in Julphar’s strategy to divest non-core assets. Julphar supports Mubadala’s initiative to strengthen the pharmaceutical sector in the UAE and to build broader API manufacturing capabilities in the country.”

DiabTec acquisition highlights Mubadala’s focus on the life sciences sector

Hocine Sidi Said, CEO of KELIX Bio, emphasised the broader implications of the acquisition, stating: “The acquisition of DiabTec highlights Mubadala’s commitment to our growth and to back our ambition to support the growth of the UAE life sciences sector. With the rising number of diabetes patients globally, access to insulin analogues remains a challenge in many regions. To address this challenge, KELIX Bio aims to improve access to critical treatments, ensuring that those in need can receive the care they require.”

With this acquisition, Mubadala continues to cement its position as a global leader in the biopharmaceutical industry, reinforcing the UAE’s role at the forefront of life sciences innovation and biomanufacturing.

Read: UAE’s Julphar divests Zahrat Al Rawdah Pharmacies

Photos: Emirates passenger teams get uniform ‘makeover’

The airline’s team has come out with a brand new uniform

Nida Sohail
Nida Sohail

18 January, 2025

Photos: Emirates passenger teams get uniform ‘makeover’
Image credit: Emirates Website

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The Premium & VIP Passenger Services team at Emirates has a new look.

The team, responsible for the transfer of premium individuals through the Dubai International Airport (DXB), has showcased an all-together new and fabulously chic ensemble, as part of their new work regalia.

What does their ‘NEW MODISH’ uniform look like

The new uniform has been designed by the in-house Emirates standard team and comprises of:

For the ladies

  • A-line skirt suit for ladies
  • Another stylish pantsuit for ladies

For the gentleman

  • A tailored 3-piece suit for the men

Colour of the uniform

The ward sand color of the voguish uniform symbolises the desert dunes of the UAE, with red collars and matching cuffs for ladies.

The skirt is accentuated by a stylish red pleat for the ambassadors to walk comfortably, with a red leather belt at the waist, adding a polished touch to the entire look.

The wonderful look is topped with the iconic Emirates hat and the gold pin showcasing the Emirates logo and the exquisite chiffon scarf, representative of the Emirati culture.

The look in its entirety is put together by the red leather shoes as well as the handbag.

The dapper male ambassadors of the Premium & VIP Passenger Services team would also be seen flaunting tailor-made jackets, pants, and waistcoats all accented with red pocket squares and muted ties.

Work profile for the Emirates Premium & VIP Passenger Services team

The prime focus of the team involves

  • Pickups
  • Drop-off’s
  • Airport check-ins
  • Connections and arrival formalities, all for the VIP passengers passing through the Dubai International Airport. This is to ensure a safe and smooth passage of the passengers through the airport, within the significant time constraints.

(With inputs from Emirates media centre)

AD Ports Group, KazMorTransFlot to expand Caspian Sea operations

The partnership includes expanding the tanker fleet for crude oil transportation, further strengthening Kazakhstan’s energy sector and deepening the collaboration between AD Ports Group and KMTF

Gulf Business
Gulf Business

17 January, 2025

AD Ports Group, KazMorTransFlot to expand Caspian Sea operations
Image: Supplied

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Noatum Maritime, the maritime and shipping arm of AD Ports Group, has signed a heads of terms agreement with Kazakhstan National Shipping Company – KazMorTransFlot (KMTF), a subsidiary of KazMunayGas, the Kazakh National Oil Company, to expand operations in the Caspian Sea region.

The collaboration aims to bolster Kazakhstan’s shipping and logistics capabilities by focusing on the construction of two new container vessels.

Each vessel, designed specifically for the Caspian Sea, will feature a capacity exceeding 500 TEUs.

These vessels, which will be larger than existing vessels in the region, are expected to enhance operational efficiency with advanced cargo handling systems and improve scheduling and turnaround times.

Noatum Maritime-KazMorTransFlot agreement highlights

The agreement also outlines plans to develop a new trans-Caspian Sea intermodal system. This initiative will involve high-capacity ferries and the development of the corresponding terminal infrastructure, drastically reducing transit times for Kazakh exporters and other stakeholders along the Middle Corridor.

In addition, the partnership includes expanding the tanker fleet for crude oil transportation, further strengthening Kazakhstan’s energy sector and deepening the collaboration between AD Ports Group and KMTF.

Captain Ammar Al Shaiba, CEO of the Maritime & Shipping Cluster at AD Ports Group, highlighted the strategic importance of the partnership, saying, “We remain deeply committed towards our vision of facilitating international trade by enhancing and expanding our collaboration with our valued partners in Kazakhstan. Together we have achieved much success in the Caspian region, underscoring the strength of our partnership. This agreement not only solidifies our bond but also paves the way for new opportunities and shared growth.”

Aidar Orzanhov, director general of KazMorTransFlot, echoed these sentiments, stating, “We are proud to strengthen our collaboration with AD Ports Group, a trusted partner that shares our vision for advancing trade and logistics in the Caspian Sea region. Together we are creating new opportunities that will benefit not only our organisations but also the wider economy.”

The agreement builds on the foundation of the joint venture formed in 2022, Caspian Integrated Maritime Solutions (CIMS), which has played a key role in providing integrated offshore solutions and shipping services in the Caspian Sea region.

This latest step signals a continued commitment by both parties to enhance maritime connectivity and trade within the Caspian Sea, further aligning Kazakhstan’s growing energy and logistics sectors with global supply chains.

Etihad Rail debuts carbon emission avoidance, reduction certificates

The company’s operations are projected to reduce CO2 emissions from the UAE’s road transport sector by 21 per cent annually by 2050

Gulf Business
Gulf Business

17 January, 2025

Etihad Rail debuts carbon emission avoidance, reduction certificates
Image credit: Etihad Rail/ Supplied

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UAE’s Etihad Rail has debuted the region’s first-ever “CO2 Emission Avoidance and Reduction Certificates,” an innovative initiative that highlights the environmental benefits of rail transport for its customers.

The certificates – powered by EcoTransIT, a globally recognised tool for assessing the environmental impact of transport – quantify and validate the carbon savings businesses achieve by choosing rail over alternative transport modes, directly contributing to the UAE’s decarbonisation goals.

The developer and operator of the UAE’s railway network said the certificates calculate CO2 Equivalents (CO2e) by factoring in direct emissions from diesel and indirect emissions from biofuels.

The process includes Well-to-Wheel (WTW) analysis, which covers the full lifecycle of fuel use – from extraction to combustion – ensuring an accurate measurement of the environmental impact of each tonne-km transported.

“The initiative empowers businesses to take active roles in reducing their carbon footprint while leveraging the unparalleled efficiency and reliability of rail transport. By aligning with the UAE’s Net Zero by 2050 Strategy and the UAE Climate Change law, we are driving transformative change in the logistics sector, building a more sustainable future for the UAE and the region,” said Omar Alsebeyi, executive director of Commercial & Performance of Etihad Rail.

Etihad Rail plans to transport 60 million tonnes of cargo annually by 2030, contributing to the UAE’s economic diversification, enhancing supply chain resilience, and contributing to its climate targets.

The firm’s operations are projected to reduce CO2 emissions from the UAE’s road transport sector by 21 per cent annually by 2050, taking up to 300 trucks off the roads for every train journey.

Last September, Etihad Rail Freight, a unit of Etihad Rail, signed a haulage services deal with Trojan General Contracting to provide seamless, end-to-end transportation and logistics solutions.

Etihad Rail will transport aggregates from Trojan’s quarries in Ras Al Khaimah and Fujairah to the Industrial City of Abu Dhabi and Dubai Industrial City. It will provide comprehensive logistics solutions, including first- and last-mile services, via its Al Ghail Dry Port rail terminal.

Earlier in September, Noatum Group, a subsidiary of AD Ports Group, launched its new rail logistics solution for the Middle East region.

The shuttle service, provided by Etihad Rail, aims to add significant capacity to the regional logistics network and offer customers the option of transporting large volumes of overland freight.

Read: Etihad Rail, Trojan General Contracting seal haulage services deal

Global diesel prices spike as US hits Russia with new sanctions

The US imposed its toughest sanctions on Russian producers and tankers yet on January 10

Reuters
Reuters

17 January, 2025

Global diesel prices spike as US hits Russia with new sanctions
Image credit: Iryna Melnyk/ Getty Images

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Global diesel prices and refining margins spiked following the latest round of US sanctions on Russia’s oil trade based on expectations that the measures would tighten supplies, according to analysts and LSEG data.

US imposes tough sanctions

The US imposed its toughest sanctions on Russian producers and tankers yet on January 10 to curb the world’s No. 2 oil exporter’s revenue for its war in Ukraine.

Many of the newly targeted vessels, part of a shadow fleet that seeks to circumvent Western restrictions, have been used to ship oil to India and China. Refiners in those countries have benefited from Russian imports that were banned in Europe following the Russia-Ukraine crisis.

Read: UAE petrol, diesel prices remain unchanged for January 2025

“Diesel [profit margins] are up following news on the sanctions, and we expect meaningful disruptions to Russian diesel exports,” said Energy Aspects analyst Natalia Losada. She added that at least 150,000 barrels per day (bpd) of Russian diesel exports from Gazprom Neft and Surgutneftegas refineries are at risk.

The premium of the first-month European diesel benchmark contract to that six months later LGOc1-LGOc7 spiked to $50.25 a metric tonne on Thursday, a 10-month high, LSEG data shows.

Read on: 2025 price hikes-Salik, parking, sewerage fees, insurance

State of the diesel market

The diesel market was already in backwardation, the term used for a market structure whereby nearby contracts trade at a premium to later delivery contracts. This usually denotes tight prompt supply.

Diesel refining margins LGOc1-LCOc1 stood at a five-and-a-half month high of $20 a barrel on Thursday.

Cold weather in the northern hemisphere was already supporting diesel markets.

Asian diesel refining margins GO10SGCKMc1 jumped 8 per cent on Monday to above $17 a barrel, the largest gain since September, before easing to about $16.50 a barrel on Thursday.

US diesel futures surged more than 5 per cent on January 10, their biggest daily gains since October, and hit a six-month high of $111 per barrel on Thursday.

Front-month diesel is commanding an over $10 premium over the sixth-month contract, the largest premium in almost a year.

Traders and refiners are factoring the higher crude costs into fuel prices and refining runs, two Singapore-based trade sources said, adding that lower Russian diesel flows are unlikely to have a big impact on Asian markets directly.

Even with higher diesel margins, Asia’s complex refining margins have weakened as crude prices have gained at a much faster pace than refined product prices, a third source said.

Gold rate: Will prices rise this week?

Gold has been supported by weakness in the dollar after inflation data this week sided with rate-cut expectations

Reuters
Reuters

17 January, 2025

Gold rate: Will prices rise this week?
Image credit: Raquel Maria Carbonell Pagola/Getty Images

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Gold held firm near a five-week high on Friday, January 17, and was set for a third straight week of gains, as US inflation data released earlier this week raised expectations that the Federal Reserve might cut interest rates further this year.

Spot gold XAU= was flat at $2,715.09 per ounce. Bullion has gained about 1 per cent so far this week.

US gold futures GCcv1 slipped 0.1 per cent to $2,746.90.

On Thursday, gold rose more than 1 per cent to hit its highest since December 12 after a slew of US economic data pressured Treasury yields further.

Read: Pakistan strikes gold – New reserves discovered

Dollar weakness spurs gold rate

Gold has been supported by weakness in the dollar after inflation data this week sided with rate-cut expectations, said Ajay Kedia, director at Kedia Commodities in Mumbai.

“We see support at $2,694 and a breach of the $2,720 level will take prices towards $2,770 on the higher side,” Kedia said.

Fed governor Christopher Waller said three or four rate cuts are still possible this year if US economic data weakens further.

Expectations for further Fed rate cuts grew after the release of December inflation data on Wednesday and Waller’s remarks on Thursday.

Investor expectations have shifted towards a view of two cuts with a good chance of the first one coming as early as May.

“Increased uncertainty due to the incoming administration and its potential actions are influencing gold as an instrument to trade short-term volatility,” said Michael Langford, chief investment officer at Scorpion Minerals.

With President-elect Donald Trump set to begin his second term next week, the focus remains on his policies that analysts expect would fuel inflation.

Non-yielding gold is often used as an inflation hedge.

Spot silver XAG= rose 0.1 per cent to $30.82 per ounce, climbing more than 1 per cent this week in what would be its third consecutive weekly gain.

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