The Greenstone Weekly - Vol 57

Starz launches new real estate fund with Mubadala backing (Zawya)

• Starz Real Estate (Starz), a leading pan-European commercial real estate lending platform, announced the launch of its special situations fund, Starz Orion Capital Ltd (the Fund).
• The Fund’s anchor investor is Mubadala Investment Company (Mubadala), a prominent Abu Dhabi sovereign wealth fund. Starz anticipates an additional round of investment to expand the Fund's capitalisation by €300 million, reflecting their confidence in the Fund's ability to maximise a range of varied new opportunities.

Masdar and Emirates Steel Arkan team up to develop green hydrogen project in Abu Dhabi (The National)

• Abu Dhabi’s clean energy company Masdar?is teaming up with?Emirates Steel Arkan?to develop a green hydrogen project to decarbonise the hard-to-abate steel sector in the UAE.
• The pilot project, which is being hailed as the first of its kind in the Mena region, will be located at Emirates Steel’s production units in the Industrial City of Abu Dhabi and will help the company produce green steel, which is in high demand globally.
• The project, expected to be commissioned early next year, will demonstrate the use of green hydrogen, instead of natural gas, to extract iron from iron ore, a key step in steel making, the two companies said on Wednesday.

Zain Saudi unveils $193.6 million stake sale deal with PIF ? (Zawya)

• Mobile Telecommunication Company Saudi Arabia (Zain KSA) sold its stake in Golden Lattice Investment Company (GLIC), which amounts to 20% of the latter’s share capital.
• The Saudi Public Investment Fund (PIF) bought Zain KSA’s equity in GLIC at a value of SAR 726 million on 20 November 2023, according to a bourse statement.
• Zain KSA underlined that the asset book value amounts to SAR 605 million, adding that the transaction will result in net profits worth SAR 121 million.

Saudi development fund commits $90 million for infrastructure development in Caribbean states (Arab News)

• Two Caribbean states are set to receive a $90 million funding boost for the construction and rehabilitation of buildings and national infrastructure thanks to an agreement with the Saudi Fund for Development.?
• According to the fund, the agreement signed with Saint Vincent and the Grenadines involves providing $50 million to finance the expansion, construction and rehabilitation projects of several buildings and facilities affected by natural disasters.??