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ADNOC Awards $975 Mln Contract to Develop Offshore Field in UAE

The project involves dredging, land reclamation, and marine construction for artificial island G at the Lower Zakum field offshore. (Asharq Al-Awsat)
The project involves dredging, land reclamation, and marine construction for artificial island G at the Lower Zakum field offshore. (Asharq Al-Awsat)
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ADNOC Awards $975 Mln Contract to Develop Offshore Field in UAE

The project involves dredging, land reclamation, and marine construction for artificial island G at the Lower Zakum field offshore. (Asharq Al-Awsat)
The project involves dredging, land reclamation, and marine construction for artificial island G at the Lower Zakum field offshore. (Asharq Al-Awsat)

UAE’s ADNOC Offshore has awarded a 3.588 billion dirhams ($975 million) artificial island construction contract to ADNOC Logistics & Services (ADNOC L&S).

The project involves dredging, land reclamation, and marine construction for artificial island G at the Lower Zakum field offshore.

ADNOC L&S is primed to execute major offshore engineering, procurement, and construction contracts. “The EPC market is expected to experience substantial growth in the region in the coming years,” the company said.

The company offers a range of services to its customers while facilitating the growth of ADNOC Group’s upstream and downstream operations.

This is the maritime logistics company’s first major contract after being listed on the Abu Dhabi Securities Exchange last week.

“This contract award for the construction of the artificial island exemplifies our strategy to tap into new growth areas, showcasing the expanding range of services we offer to our customers and the trust that ADNOC Offshore has placed in us as their partner of choice,” Abdulkareem Al-Masabi, CEO of ADNOC L&S said.

The contract is part of Lower Zakum’s long-term development plan that seeks to unlock greater value while helping to meet the increasing global energy demand safely and sustainably.

ADNOC Offshore has extensive experience in deploying the artificial island concept for project delivery, resulting in significant cost savings and environmental benefits compared to conventional approaches that require more offshore installations and infrastructure.

The company has a fleet of 245 vessels and manages around 540 ships annually, in addition to its 1.5 million-square-meter integrated logistics base in Abu Dhabi.

ADNOC L&S expects growth of average annual earnings before interest, taxes, depreciation, and amortization. This growth will be driven by new contract awards, further expansion of the Integrated Logistics Services Platform, and optimized re-use of jack-up barges.

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Business

China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
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China Announces 1-year Suspension of Expanded Rare Earth Export Controls

A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
A glass jar containing the rare earth metal Terbium (L) is pictured inside the storage room of Tradium, a company specialised in trading rare earths, in Frankfurt am Main, western Germany, on November 4, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)

China suspended an array of export control measures it imposed on October 9, including expanded curbs on some rare earths materials and equipment, as well as lithium battery materials and super-hard materials, the Commerce Ministry said in a statement on Friday.

The suspensions were effective immediately and would apply through November 10, 2026, the ministry said.

The announcement confirmed and formalized an agreement reached after US President Donald Trump and Chinese President Xi Jinping hammered out a trade truce last month.

The White House and China's Commerce Ministry had both said such an announcement was forthcoming.

Business

FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela
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FAO: World Food Prices Fall for 2nd Consecutive Month in October

People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela
People wait in line outside Adams County Emergency Food Bank for their completed grocery cart, weeks into the continuing US government shutdown, in Commerce City, Colorado, US October 31, 2025. REUTERS/Mark Makela

World food commodity prices fell for a second consecutive month in October, driven largely by ample global supplies, the United Nations' Food and Agriculture Organization (FAO) said on Friday.

The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 126.4 points in October, down from a revised 128.5 in September.

The index was down slightly compared to its October 2024 level and stood 21.1% below its March 2022 peak.

In a separate report, FAO forecast 2025 world cereal production at a record 2.990 billion metric tons, after projecting 2.971 billion tons last month.

The latest outlook was up 4.4% from 2024 output.

Business

Turkish Cenbank Stands by Next Year’s 16% Inflation Target 

Commuters arrive at the Kabatas ferry terminal next to the Bosphorus strait, in Istanbul, Türkiye, Tuesday, Nov. 4, 2025. (AP)
Commuters arrive at the Kabatas ferry terminal next to the Bosphorus strait, in Istanbul, Türkiye, Tuesday, Nov. 4, 2025. (AP)
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Turkish Cenbank Stands by Next Year’s 16% Inflation Target 

Commuters arrive at the Kabatas ferry terminal next to the Bosphorus strait, in Istanbul, Türkiye, Tuesday, Nov. 4, 2025. (AP)
Commuters arrive at the Kabatas ferry terminal next to the Bosphorus strait, in Istanbul, Türkiye, Tuesday, Nov. 4, 2025. (AP)

Türkiye's central bank kept its interim target of 16% for end-2026 inflation on Friday, and Governor Fatih Karahan said it was ready to tighten policy if inflation diverges significantly from targets.

The bank also left unchanged its 13-19% forecast range for the end of next year, at a presentation of its quarterly inflation report in Istanbul.

For the end of this year, Karahan said the bank also kept its interim target steady at 24%, albeit in a forecast range of 31-33%, up from 25-29%. The end-2027 interim target for inflation remained at 9%.

Karahan said inflation was above the forecast range in the past two months, with food inflation the main driver. An improvement in inflation expectations will be supported by a decisive policy stance, he added.

The lira was slightly weaker on the day at 42.2045 against the dollar as the governor continued speaking at the briefing.

At its previous inflation report briefing in August, the bank revealed that it was separating the targets from its inflation forecast ranges in a new strategy aimed at boosting transparency and confidence.

Previously, the bank presented the target as the midpoint of the forecast range. Separating the goal and the range could give markets a clearer indication of where policy might be heading.

Turkish inflation eased to 32.87% annually and 2.55% monthly in October, both below expectations. Price pressure in the previous two months were above expectations, prompting the central bank to slow its interest rate-cutting cycle.

It slowed easing with a 100 basis-point cut in its policy rate to 39.5% at its latest policy-setting meeting on October 23, flagging renewed inflation risks pointing to a slowdown in the disinflation process.