The Greenstone Weekly - Vol 93

Microsoft signs strategic agreement with ADNOC & Masdar to support low carbon initiatives in UAE (Data Center Dynamics)

• Abu Dhabi National Oil Company (ADNOC) and Masdar have signed a strategic collaboration agreement with Microsoft on various artificial intelligence (AI) and low carbon initiatives in the UAE and worldwide aimed at decarbonizing the AI and data center sectors.
• As part of the agreement, the companies will seek opportunities to power Microsoft’s data centers with renewable energy through Masdar's renewable energy portfolio.

Saudi Arabia’s Public Investment Fund to take a majority stake in MBC Group for about $2 billion (The National)

• Saudi Arabia’s Public Investment Fund (PIF) will acquire a 54% stake in regional broadcaster MBC Group for 7.47 billion Saudi riyals ($1.99 billion) as the kingdom’s sovereign wealth fund boosts domestic investments.
• Istedamah Holding Company, a major shareholder in MBC, has agreed to sell its stake in the media company to the PIF in a private transaction at 41.60 riyals per share, MBC said on Sunday in a filing to the Tadawul, where its shares are traded.

Oman: National Finance posts 19.81% increase in profit (Zawya)

• Driven by a robust growth strategy, National Finance, the Sultanate of Oman’s leading finance company, records an impressive financial performance for Q3 ending September 30, 2024. The company's performance reflects its proactive approach to strategy execution, prudent risk management, and adaptability to evolving economic conditions, underscoring its pivotal role in shaping the finance sector in the country.
• With a keen focus on resource optimisation and a disciplined approach to cost control, National Finance achieves a remarkable 19.81% increase in operating profit, reaching RO 13.48 million, up from RO 11.25 million in the same period last year.

UAE: Tubacex announces Mubadala as strategic partner in $200 million agreement (Zawya)

• Tubacex Group, a world leader in advanced industrial solutions for the energy and mobility sectors, today announced the closing of a strategic partnership with Mubadala Investment Company (Mubadala), an Abu Dhabi Sovereign Investor, in its Oil Country Tubular Goods (OCTG) business for U.S.$200 million.
• Mubadala’s strategic investment aligns with the UAE’s national program 'Make it in the Emirates', which invites investors and innovators to contribute to the country’s industry and advanced technology strategy.