UAE’s ADNOC Logistics & Services (ADNOC L&S) has issued a $1.1-2.0bn (Dhs4.0-7.3bn) hybrid capital instrument to fund growth, including the acquisition of Navig8 and finance value-accretive investments.

“Approximately $1bn of the hybrid capital instrument will be utilised to fund the acquisition of Navig8. The remainder is available to fund announced or new value-accretive investments,” ADNOC L&S said in a bourse filing.

The Abu Dhabi-listed energy logistics firm said that the initial drawing against the facility will be $1.1bn, leaving $0.9bn capacity available to be drawn until December 31, 2026.

“The combination of existing cash, the new finance facility, and the cash flow from our contracted vessels ensures that we are adequately funded to capitalise on value-accretive growth opportunities in line with our strategy of building a leading energy maritime and logistics company,” said Abdulkareem Al Masabi, the CEO of ADNOC L&S.

The first drawdown against the facility bears an all-in pricing below SOFR (Secured Overnight Financing Rate) +150 basis points and is repayable at the company’s discretion.

Since its initial public offering in June 2023, ADNOC L&S has committed to investing more than $5 bn in energy-related maritime logistics. The company has set a target leverage of 2.0 – 2.5x net debt-to-EBITDA.

Societe Generale arranged and led the financing facility, with participation from Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA, and DBS Bank.

Meanwhile, ADNOC L&S has completed the acquisition of an 80 per cent stake in maritime logistics firm Navig8 TopCo Holdings in a deal valued at $1.04bn, with a contractual commitment to acquire the remaining 20 per cent in mid-2027.

The acquisitions will give ADNOC L&S access to Navig8’s fleet of 32 tankers and global footprint in 15 cities across five continents. The deal will also expand the energy logistics firm’s service portfolio by adding commercial pooling and bunkering services, internationalising commercial reach and technical management and extending ESG-focused industrial and digital solutions.

Read: ADNOC L&S awards $4.4bn contracts to build 23 supertankers

In a world where waste management is often seen as a costly necessity, Renie is flipping the script by turning waste into a revenue-generating asset. In an interview with Sander Van Waes, the visionary behind Renie, we explore how the company’s cutting-edge ‘Smart Bins’ and data-driven approach are reshaping the waste management landscape in the UAE.

By partnering with major players like Tetra Pak and manufacturing locally, Renie is not only driving sustainability but also making it financially viable for businesses. The company’s founder and CEO shares how its innovative solutions are helping organisations across the region embrace responsible waste practices, align with the UAE’s zero-waste vision and lead the way towards a circular economy.

Tell us more about Renie, its vision, and how it envisions shaping the future of waste management through innovation and sustainability.

Waste management is often seen as a cost centre for companies and governments worldwide. We aim to transform this perception by leveraging advanced data analytics and smart technology to turn waste into revenue. By monetising waste streams, we make sustainable practices not only more accessible but also financially attractive for businesses.

Incentivising organisations to adopt responsible waste management and recycling, fundamentally reshaping sustainability from being only a responsibility to a strategic, value-driven opportunity.

What inspired Renie to develop these Smart Bins, and how does the technology convert waste into a revenue-generating asset?

In my previous company, I observed that sustainability initiatives were often seen as cost centres for businesses, with only a tiny fraction of revenue allocated toward such efforts. This inspired me to challenge the status quo and redefine sustainability as a driver of income rather than an expense.

Renie’s Smart Bins were born from this vision. These do more than collect waste — they extract valuable data points processed through our monetisation platforms.

This technology converts waste-related data into revenue, ensuring that every step, from waste collection to its arrival at a recycling facility, contributes to a financial return. By rewarding companies for managing waste sustainably, we’re not just transforming waste management but also embedding sustainability into the business growth model.

Can you share specific examples of how this technology has impacted businesses?

Absolutely. Our technology has encouraged numerous organisations across sectors — hotels, residential complexes, and office buildings — to adopt waste segregation and recycling practices. With more than 2,000 Smart Bins deployed, businesses consistently embraced source-level segregation.

This shift has delivered measurable benefits, including increased recycling rates, reduced waste disposal costs, and a significant reduction in their environmental footprint.

How do Renie’s Smart Bins work in the Tetra Pak partnership, and what role do they play in making carton recycling accessible across the UAE?

Our partnership with Tetra Pak is a testament to how our technology facilitates large-scale recycling initiatives. Renie Smart Bins are now equipped to accept Tetra Pak cartons at all our collection sites, offering consumers an easy and efficient recycling process. By enabling the segregation of cartons at source, we ensure they are directed straight to recycling facilities.

This collaboration boosts the volume of recycled cartons and makes recycling more accessible for everyday consumers, directly supporting Tetra Pak’s efforts to enhance recycling rates in the UAE.

How do the real-time tracking and data analysis help drive sustainable waste management and influence consumer behaviour towards recycling?

Real-time tracking is integral to our approach. Our technology ensures that data monetisation only occurs once the waste reaches a recycling facility, fostering accountability and transparency. This guarantees measurable impact and builds trust among businesses.

By aligning financial incentives with sustainable practices, we encourage companies and consumers to embrace recycling, driving a cultural shift towards more responsible waste management.

Share more about the manufacturing process of Renie Bins in the UAE.

We are proud to manage the entire manufacturing process of Renie Bins at our in-house facility in Sharjah, UAE.

From designing the bin casings to assembling the advanced modules with our custom sensors and processors, every aspect is handled and produced under one roof. This approach allows us to maintain rigorous quality control, drive continuous innovation, and tailor solutions to specific needs.

We are working with several large groups in the country to launch Renie Smart Bins at their extensive sites.

By manufacturing in the UAE, we align with the country’s commitment to fostering local industries and achieving sustainable development as part of the UAE Vision.

This reduces the environmental impact associated with imports and supports the local economy.

What are the long-term goals for Renie in the UAE? How do you see your solutions aligning with the UAE’s vision and its commitment to a zero-waste future?

Our vision for Renie in the UAE is ambitious and impactful. We aim to make waste segregation at the source a standard practice across various sectors, from residential areas to commercial spaces.

By providing scalable, affordable solutions, we aspire to divert significant waste from landfills, supporting the UAE’s commitment to a zero-waste future.

Each Renie Bin deployed is a step towards creating a circular economy where waste is no longer seen as a liability but as a valuable resource.

By helping businesses and communities adopt more responsible waste practices, we contribute to the nation’s broader goal of creating a greener, more sustainable future.

Aircraft lessor Dubai Aerospace Enterprise (DAE) said on Tuesday that it had signed a definitive agreement to acquire Nordic Aviation Capital (NAC), an aircraft leasing company formed over 30 years ago, without disclosing the value of the transaction.

DAE said that the acquisition will be capitalised and funded by internal resources along with committed debt financing. It is projected to be completed in the first half of 2025, subject to regulatory and shareholder approvals.

“This transaction will allow us to provide more cost-effective solutions to a larger group of customers,” said Firoz Tarapore, CEO of DAE.

DAE Capital’s fleet will expand to approximately 750 aircraft – owned, managed, and committed – worth around $22bn upon deal closure. The aircraft will be leased to roughly 170 airlines in approximately 70 countries.

NAC’s fleet comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries as of September 2024.

Meanwhile, between October and December 2024, DAE settled claims with select insurance companies, receiving approximately $201m in cash proceeds. The claims related to aircraft previously leased to airlines in Russia.

To date, the aircraft leasing company has received $319m in cash proceeds, including a 2023 settlement for seven aircraft.

DEA acquired 33 aircraft from multiple sellers in a deal valued at approximately $1.6bn last August. The acquired aircraft portfolios have a weighted average age of 4.4 years, a weighted average remaining lease term of 8 years and are on lease to 17 airlines in 13 countries.

The company’s order book positions extend until Q2 2026. However, continued delivery uncertainty from Boeing is causing delays in near-term deliveries.

DEA’s nine-month profit before tax jumped by 57 per cent to $326.6m, while its revenue reached a record $1.02bn from $989.2m for the same period in 2023.

Founded in 1985, DEA serves more than 170 airline customers in over 65 countries. The group’s leasing division manages a fleet of about 425 Airbus, ATR, and Boeing aircraft with a value exceeding $18bn.

Read: UAE’s DAE, AXA clinch deal as battle over jets ‘lost’ in Russia kicks off

The Gulf Cooperation Council (GCC) is currently going through its most significant fiscal transformation since its formation.

For years, the region has attracted multinational corporations with a ‘zero taxation’ regime, leading to the perception by businesses and governments globally that companies are moving to the region with a view to profit shifting to minimise tax burdens.

Now, a global minimum corporate tax rate of 15 per cent, championed by the OECD and embraced by more than 140 countries, is seeking to dismantle this practice.

Under the proposed tax regime, which is being legislated in several countries including the GCC, large Multinational enterprises (MNEs) with global turnover over EUR 750m equivalent in two out of four previous years will operate under greater transparency. They now have to pay their fair share of taxes at a minimum rate of 15 per cent, regardless of which country they operate in or have legal presence. For example, a company headquartered in London, with operations spanning Dubai and Manama, can no longer exploit the low tax regime of UAE and Manama to reduce overall group tax liability.

The regional response

In response to these global standards, the UAE implemented a 9 per cent corporate tax rate starting June 2023 for businesses with profits over Dhs375,000. Crucially, these reforms are not scorched-earth taxation: the UAE offers a complete exemption for SMEs with turnover under Dhs3m, besides other exemptions and incentives such as free zone relief at zer per cent tax rate.

The introduction of these measures helps the UAE align with international tax standards while preserving its competitive advantage through strategic exemptions and maintaining its position as a global business hub, alongside established financial hubs such as Singapore (headline tax rate of 17per cent) and Hong Kong (headline tax rate of 16.5 per cent).

While the UAE has taken the lead by implementing its corporate tax law and announcing plans for additional global tax measures, other GCC nations are progressively adapting to global tax initiatives. Kuwait has matched the global standard with a 15 per cent tax rate on local and foreign businesses, Qatar maintains 10 per cent tax rate while planning global minimum tax reforms, and Bahrain’s new global minimum tax regulations take effect in 2025.

Saudi Arabia and Oman are likely to follow suit with similar measures since they have also signed up to the OECD BEPS global minimum tax measures, creating a regionally coordinated approach to taxation.

Since 2018, the GCC has implemented value-added tax (VAT) in phases. The UAE and Saudi Arabia were first movers, with Bahrain and Oman following suit. While there is no formal announcement, Qatar and Kuwait could soon implement VAT in the next two to three years. While most countries started with a 5 per cent rate, Bahrain and Saudi Arabia have since increased it to 10 per cent and 15 per cent respectively, demonstrating sovereignty over tax rates.

GCC nations: Future outlook

Research demonstrates that a well-implemented corporate and international tax system positively impacts economic growth through increased employment, stimulated business expansion, and attracting new investment. Furthermore, additional tax revenue enables governments to invest in infrastructure and services.

While Oman considers personal income tax for high earners, the GCC’s zero personal tax policy remains a crucial differentiator. This strategic decision maintains the region’s edge over competing financial hubs, where personal tax rates often exceed 20 per cent. Regional recruiters report sustained interest from global talent.

The UAE and other GCC nations are moving on from being passive recipients of global capital to becoming active, strategically minded economic players on the global stage.

After Saudi Arabia recently transitioned to electronic invoicing (e-invoicing), the UAE is following suit with mandated e-invoicing for B2B and B2G transactions by July 2026. This initiative represents a strategic move toward digitalising tax infrastructure and enhancing transparency.

The real-time generation, exchange, and storage of electronic invoices aims to minimise human error, reduce fraud risk, and improve overall system efficiency.

E-invoicing offers SMEs access to sophisticated invoicing practices to enhance operational efficiency and competitiveness.

For larger businesses, it presents an opportunity to modernise operations, reduce costs, and build stronger relationships with regulators.

The initiative reinforces the UAE’s position as a regional leader in economic innovation and digital transformation.

Short-term adjustments are inevitable as businesses will see immediate impacts on their bottom line. However, the long-term vision is clear: a more robust, diversified, and resilient economic environment that attracts quality investments and talent.

The introduction of digital tax administration, including e-invoicing, signals the region’s commitment to technological innovation. With the introduction of corporate tax and global minimum tax law, coupled with e-invoicing and increased digitalisation, this isn’t just about collecting taxes. It is about creating a transparent, efficient economic ecosystem that can compete on the global stage.

The writer is the senior managing director and head of Tax ME, FTI Consulting.

Jordan’s foreign direct investment (FDI) inflows reached $457.8m during Q3 2024, marking a 3.7 per cent increase compared to the same period in 2023, according to preliminary data from the balance of payment, according to Central Bank of Jordan (CBJ).

These inflows accounted for 3.2 per cent of the country’s GDP, maintaining a stable share and highlighting the continued appeal of Jordan’s economy to international investors, despite regional challenges.

For the first three quarters of 2024, total FDI inflows to Jordan amounted to $1.3 bn, or 3.3 per cent of GDP. While this represents a decline from $1.6 bn during the same period in 2023, the current figures remain higher than the cumulative FDI recorded in both 2021 and 2022, indicating sustained investor confidence in Jordan’s economic prospects.

According to the report by the Jordan News Agency (Petra), Arab countries contributed nearly half (49.1 per cent) of the total FDI inflows, with Gulf Cooperation Council (GCC) nations making up 31.7 per cent.

European Union countries accounted for 11.5 per cent of the total FDI, with the Netherlands leading the way at 4.9 per cent, followed by France at 3.5 per cent.

Non-Arab Asian countries contributed 7.2 per cent, with China (2.5 per cent) and India (2.1 per cent) being the largest investors in this category.

The remaining 32.2 per cent of FDI came from other regions.

Financial and insurance sector attracted the largest share of FDI into Jordan

In terms of sectoral distribution, the financial and insurance sector attracted the largest share of FDI, accounting for 15.7 per cent of total inflows.

Manufacturing industries followed with 7.7 per cent, while information and communication received 7.5 per cent.

The mining and quarrying sector attracted 7.3 per cent, and transportation and storage garnered 7.0 per cent. Wholesale and retail trade accounted for 6.1 per cent of FDI.

Real estate and land investments by non-Jordanian individuals also represented a significant portion, contributing 14.9 per cent to the total FDI inflows during the period.

The latest figures underscore Jordan‘s ongoing attractiveness as an investment destination, bolstered by its strategic position in the region, growing infrastructure, and efforts to diversify its economy.

Despite global uncertainties and regional instability, the country has managed to maintain steady FDI inflows, particularly from key regional and international partners.

Its government has been focused on enhancing the investment climate and improving economic resilience, making it an increasingly viable hub for international capital.