ADQ has entered into a memorandum of understanding (MoU) with Eni, a Rome-based global energy technology company, to explore potential areas of cooperation aimed at strengthening supply chains for critical minerals essential to the global energy transition.

The MoU focuses on identifying investment opportunities and synergies in regions such as Africa, North America, and Central Asia, where both companies plan to explore the entire critical minerals value chain, from mining and refining to processing and downstream applications.

The partnership will also assess the feasibility of establishing refining and processing facilities in the UAE, Italy, and other strategic locations.

The growing demand for critical minerals, including lithium, cobalt, nickel, and rare earth elements, is expected to increase sixfold by 2050, according to the International Energy Agency (IEA).

This surge in demand is driven by the increasing adoption of clean energy technologies such as electric vehicles, wind turbines, solar panels, and energy storage systems, all of which heavily rely on these minerals.

MoU to build on ADQ and Eni’s areas of expertise

Hamad Al Hammadi, deputy group CEO of ADQ, stated: “As the world transitions to cleaner energy solutions, safeguarding a stable and resilient supply of critical minerals is essential for enabling the development and deployment of technologies that drive this fundamental change. Through our MoU with Eni, we aim to combine our expertise and capabilities to develop high-impact projects across the entire value chain that ensure the availability and affordability of these critical resources.”

Al Hammadi continued: “This partnership underscores our commitment to forging collaborations that deliver long-term, transformative value for both our portfolio companies and the broader economies they serve.”

Claudio Descalzi, CEO of Eni, remarked: “The agreement with ADQ is a testament to our shared commitment to a sustainable energy future. Through innovation and collaboration, we will develop initiatives essential to the energy transition. This strategic cooperation highlights our dedication to advancing technological progress and contributing to global energy security.”

Eni, operating in 62 countries, is focused on ensuring energy security while leading the energy transition. The company aims to achieve carbon neutrality by 2050, focusing on decarbonising its processes and products. Eni is investing in the development of technologies that can accelerate the shift toward sustainable energy solutions.

The MoU complements ADQ’s existing investments in the sector, including its recent partnership with Orion Resource Partners.

The joint venture, Orion Abu Dhabi, focuses on critical metals and materials required for sustainable economic growth and the global energy transition.

The collaboration between ADQ and Eni aligns with both companies’ broader objectives to support the energy transition while strengthening the global supply chains for essential minerals.

Read: ENEC, newcleo to advance nuclear energy projects in Europe, MENA

Eni signs two other agreements with UAE companies

Eni has signed a letter of intent with MGX, a leading investment fund focused on AI and Advanced Technology, and Abu Dhabi-based G42, to develop state-of-the-art data centres in Italy with a planned IT capacity of up to 1 GW.

These facilities will be powered by blue power, a low-carbon energy source generated by natural gas power plants with CO2 emissions captured and stored. The first project will be developed in Ferrera Erbognone in two phases, with up to 500 MW of IT capacity.

Additionally, Eni has partnered with Masdar and Taqa Transmission to establish long-term power off-take arrangements for renewable energy generated in Albania, with a capacity of up to 3 GW transmitted through a 1 GW subsea interconnection to Italy.

This agreement follows a strategic partnership framework signed by Italy, Albania, and the UAE in January.

Eni in the UAE

Eni has been operating in the UAE since 2018, holding a 70 per cent stake in Abu Dhabi’s offshore Blocks 2 and 3, and a 10 per cent share in the offshore Ghasha concession.

The company also has stakes in the Lower Zakum (5 per cent) and Umm Shaif/Nasr (10 per cent) offshore concessions and owns 20 per cent of ADNOC Global Trading and ADNOC Refining, which operates the fourth-largest refining complex globally in Ruwais, with a capacity of over 900,000 barrels per day.

The Emirates Nuclear Energy Company (ENEC) and newcleo have signed a memorandum of strategic cooperation to explore the deployment of newcleo’s European lead-cooled fast reactor (LFR) technology for nuclear energy projects in Europe and the MENA region.

The partnership aims to leverage ENEC’s successful experience in nuclear plant development, particularly the Barakah Nuclear Energy Plant, and combine it with newcleo’s innovative LFR technology, which is actively progressing through licensing in Europe.

This collaboration will focus on the potential co-investment and development of nuclear energy projects, with an emphasis on decarbonising hard-to-abate sectors such as data centres, off-grid applications, and hydrogen production in the MENA region.

The memorandum was signed in the presence of the UAE President Sheikh Mohamed bin Zayed Al Nahyan, and Italian Prime Minister Giorgia Meloni, underscoring the importance of the agreement to both parties.

The collaboration will also examine the management of the full life cycle of LFR reactors and the closure of the nuclear fuel cycle for European projects.

ENEC to leveraging its expertise in nuclear development

Mohamed Al Hammadi, MD and CEO of ENEC, commented: “This agreement strengthens our business through collaboration and shared expertise. Having successfully brought the Barakah Nuclear Energy Plant to full operations, this partnership with newcleo presents a unique opportunity to explore cutting-edge technologies that align with our ADVANCE Program for small modular reactors (SMRs) and advanced reactors.”

He added, “This marks a significant step in ENEC’s journey to become a global partner in transformation, contributing to a sustainable future through safe and reliable nuclear energy solutions.”

Stefano Buono, founder and CEO of newcleo, expressed pride in the collaboration: “We are excited to partner with ENEC, leveraging their experience in delivering large nuclear projects like Barakah. This cooperation combines ENEC’s operational expertise with our groundbreaking technology, creating significant value. It also emphasises the role of advanced modular reactors in decarbonising the world’s energy system.”

Focus on decarbonisation and knowledge transfer

The partnership will explore various avenues for advancing LFR projects and investigate how LFR reactor technology could be utilised to decarbonise sectors in the MENA region.

Both companies will also look for opportunities to transfer knowledge and collaborate on innovative capacity-building programs, including hands-on training using research reactors and operational facilities.

ENEC and newcleo aim to provide a model for cooperation between public and private nuclear energy companies, which could potentially extend beyond their respective markets in the future.

Dubai-based carrier flydubai has reported its record-breaking annual results in its 15-year history.

According to a Wam report, the results have been announced for its financial year ending December 31, 2024. The airline reported a pre-tax profit of Dhs2.5bn ($674m); a 16% growth compared to the previous financial year, with a total revenue of Dhs12.8bn ($3.5bn), marking an increase of 15% compared to Dhs11.2bn ($3bn) in 2023.

Read: Riyadh Air to start operations by end of 2025, says CEO

“flydubai continues to push boundaries and reach new milestones year-on-year. In its young but impactful journey, it has emerged as a key player in the aviation industry in Dubai and the region. Its business model is built on solid foundations and an unwavering commitment to supporting Dubai’s economic and tourism vision. Forging invaluable air links to underserved markets has supported Dubai’s thriving aviation hub, making Dubai one of the most accessible and connected cities in the world,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said, commenting on the announcement of the airline’s financial results.

Also read: Air Arabia reports record Dhs1.6bn pre-tax profit in 2024

“We have seen evidence of the positive impact flydubai has in the markets it operates in, stimulating free flows of trade and tourism and acting as a lifeline during challenging times,” Sheikh Ahmed added.

flydubai: the airline’s achievements in 2024

flydubai carried 15.4 million passengers in 2024, an increase of 11% compared to 2023. Overall capacity, measured in Available Seat Kilometres (ASKM), increased by 10%. Passenger Load Factor increased by 1.2 percentage points, and Passenger Yield improved by 1%.

What drove customer demand for the airline

The customer demand for preferring the airline was driven by increased demand for both business and leisure travel around its network.

flydubai’s Business Class offering continued to attract more customers, recording an 18% increase in uptake across its network, carrying almost half a million passengers in 2024.

“Our record-breaking financial performance, for the fourth consecutive year, demonstrates our continued ability to grow our business and navigate difficult economic and geopolitical challenges through forward planning, drawing on our strength to adapt and evolve to the changing market and customer needs. Our collaborative approach with our key stakeholders and agility remain key drivers to this success, as well as the collective effort of our people who have been instrumental to it,” Ghaith Al Ghaith, Chief Executive Officer at flydubai, commented on the annual results.

Connectivity for codeshare passengers

Almost 2.3 million codeshare passengers enjoyed the connectivity across the joint Emirates and flydubai network of 235 destinations in 101 countries.

Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has approved a new symbol for the Saudi riyal, marking a historic step in enhancing the national currency’s identity.

The move is expected to reinforce the kingdom’s economic presence both locally and globally.

Developed to the highest technical standards, the new riyal symbol is deeply inspired by Arabic calligraphy and reflects the kingdom’s rich cultural heritage

The Riyal symbol reflects modernity and tradition

The design prominently incorporates the name of the national currency, Riyal, signifying both the modernity and tradition of Saudi Arabia.

According to the Saudi Press Agency, the new symbol will be used in all financial and commercial transactions, both domestically and internationally.

This streamlined representation aims to simplify the way the Saudi riyal is referenced in various economic contexts, further promoting the kingdom’s global financial standing.

The introduction of the symbol is expected to play a significant role in Saudi Arabia’s continued economic diversification efforts as part of the Vision 2030 initiative.

The Saudi Central Bank has also published guidelines pertaining to the use of the symbol.

Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade Al Qudra Street. The Dhs798m development project is set to improve traffic flow and address the growing needs of Dubai’s urban development.

Extending from the intersection of Al Qudra Street with Sheikh Mohammed bin Zayed Road, the project will pass through Sheikh Zayed bin Hamdan Al Nahyan Street and reach Emirates Road.

It involves the development of several interchanges, 2,700 metres of bridge construction, and an 11.6-kilometre street expansion.

The project is expected to decrease travel time significantly, reducing the average journey from 9.4 minutes to just 2.8 minutes, benefiting an estimated 400,000 residents and visitors.

Al Qudra Street: A strategic corridor

Mattar Al Tayer, director general and chairman of RTA, emphasised the significance of Al Qudra Street Development Project, stating that it is part of RTA’s major efforts to enhance the East-West road network.

“This project will improve road capacity, optimise traffic flow at key intersections, alleviate congestion, and decrease travel times between vital areas,” Al Tayer said. He also noted that the project would improve safety standards while supporting the urban expansion and economic development in the surrounding areas.

Al Qudra Street Development Project will provide better connectivity to major residential and development areas such as Arabian Ranches, Dubai Motor City, Dubai Studio City, and others. Additionally, it will offer seamless access to Al Qudra City and the surrounding areas.

Intersection upgrades

A key aspect of the project is the upgrade of the intersection of Al Qudra Street with the road connecting Arabian Ranches and Dubai Studio City.

This upgrade will include the construction of a 600-metre bridge with four lanes in each direction. It will increase traffic capacity from 6,600 vehicles per hour to 19,200 vehicles per hour, cutting waiting times significantly from 113 seconds to 52 seconds.

Further enhancements will be made at the intersection of Al Qudra Street with Sheikh Zayed bin Hamdan Al Nahyan Street, which will include a 700-metre bridge featuring seven lanes in both directions.

This upgrade will boost capacity from 7,800 vehicles per hour to 19,400 vehicles per hour and reduce waiting times at the intersection from 393 seconds to 60 seconds.

Development areas

The project will also see the extension of Al Qudra Street from Emirates Road to the roundabout, serving developing communities like Town Square, Mira, and DAMAC Hills 2.

A new road will be constructed in the southern part of the developers’ area, stretching 4.8 kilometres to connect with Emirates Road, further improving access to these growing developments.

In the coming phase, the project will expand the number of lanes on both sides of Emirates Road, creating better connectivity and easing traffic flow in the expanding areas.