April 16: Developing Stories
HYDROGEN HOPEFUL
Abu Dhabi has convened energy leaders from around the globe today under unusually cloudy skies for the Green Hydrogen Summit, as the UAE capital aims to establish itself as a leader in the alternative fuel market. The conference also serves to highlight the world energy transition four months after the UAE hosted the UN climate meeting COP28. Swiss explorer and clean technology pioneer Bertrand Piccard opened the summit, nearly a decade after departing from Abu Dhabi on a round-the-world journey in a solar-powered aircraft. Piccard’s keynote this morning focused on his plans to co-pilot another flight around the globe, this time powered by hydrogen. Former U.K. Prime Minister Boris Johnson, sporting a lime green tie, spoke of his country’s growing relationship with the UAE to develop alternative energies. He highlighted the Dogger Bank South Project in the North Sea, one of the largest planned offshore wind farms in the world, which is partly owned by Abu Dhabi’s Masdar and set to power 3 million homes in the U.K. in its first phase in 2029.?
SHOPPING FOR SHARES
UAE supermarket chain Spinneys said today it will sell 25% of its shares in an IPO on the Dubai Financial Market. The company, which also operates in Oman and plans to enter the Saudi market, expects to start trading in May after a subscription period for investors that ends April 30. The announcement follows reports that Lulu Group International, one of the biggest retail operators in the Middle East, is planning a dual listing later this year on the Riyadh and Abu Dhabi exchanges. Rothschild & Co. Middle East is the independent financial adviser for Spinneys, while Emirates NBD Capital, Merrill Lynch and HSBC Bank Middle East are joint global co-ordinators and bookrunners.