Kuwait to Inaugurate New Gas Pipeline End of 2019

Kuwait to Inaugurate New Gas Pipeline End of 2019
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Kuwait to Inaugurate New Gas Pipeline End of 2019

Kuwait to Inaugurate New Gas Pipeline End of 2019

The fifth gas pipeline will be operational end of the current year, expected Kuwait National Petroleum Company (KNPC) CEO Waleed al-Bader.

It is expected to contribute in boosting overall gas production to 3.1 billion cubic feet on a daily basis.

In his speech during the 27th Annual Conference of the Gas Processing Association-GCC Chapter on Tuesday, Bader stated that the production capacity of the fifth gas pipeline will reach 805 million cubic feet of gas daily.

In 2015, KNPC operated the fourth gas pipeline that employs the most advanced technology with an output capacity of 805 million cubic feet of gas daily, he added.

According to the 2040 strategy, KNPC’s vision stands for becoming a global pioneering firm via presenting a standing out operational performance, creating an added value to Kuwaiti hydrocarbon resources, and meeting the demand of the local and internal market.

The company seeks to develop and invest in the compound of producing gas to meet the increasing demand on Kuwaiti gas – this might require constructing and ensuring establishments and additional equipment to produce gas in the future.



Abu Dhabi's MAIR Group to list in Abu Dhabi next month

Abu Dhabi's MAIR Group to list in Abu Dhabi next month
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Abu Dhabi's MAIR Group to list in Abu Dhabi next month

Abu Dhabi's MAIR Group to list in Abu Dhabi next month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.