عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident
TT
TT

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

UAE oil firm ADNOC has activated business continuity plans to ensure reliable, uninterrupted supply of products to local and international customers after an incident at its Mussafah fuel depot in Abu Dhabi, the firm said on Twitter.

It added that it would also work to ensure the safety of employees.

Earlier on Monday, ADNOC revealed that an incident occurred at Mussafah Fuel Depot, saying it resulted in the outbreak of a fire.

"ADNOC is deeply saddened to confirm that three colleagues have died," the company said in a Twitter statement.

The group also said six were injured and received immediate specialist medical care, noting that professional support teams were supporting the families of all those who have been impacted.

"We are working closely with the relevant authorities to determine the exact cause and a detailed investigation has commenced," it confirmed.

Most Viewed

 
 
Business

Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
TT
TT

Cityscape Global in Saudi Arabia to Introduce Over 100,000 Housing Units

Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)
Photo from the second edition of the Cityscape Global Exhibition in Riyadh (SPA)

The Cityscape Global exhibition, set to open on Monday in Riyadh, is expected to introduce more than 100,000 housing units, financing options with interest rates starting at 2.59%, and discounts of up to SAR 100,000 (around $26,600) on various projects. The event will also feature one of the largest real estate auctions in the Middle East, with an estimated value exceeding SAR 1 billion ($266.6 million).
This announcement was made by Abdullah Al-Hammad, CEO of the General Real Estate Authority, during the Cityscape Global introductory meeting held on Thursday in the Saudi capital.
Al-Hammad emphasized that Saudi Arabia’s hosting of this major real estate event reflects the economic momentum the Kingdom is experiencing under Vision 2030.
He explained that the exhibition will play a key role in showcasing investment opportunities by providing comprehensive insights into real estate market trends, noting that the Kingdom is witnessing unprecedented growth in real estate and economic projects.
The exhibition will primarily focus on the Kingdom’s mega-projects, with participation from over 400 exhibitors, 100 institutional investors, and more than 500 leaders from the global real estate sector.
He added that this major gathering will facilitate access to diverse investment opportunities within Saudi Arabia’s real estate market, thus boosting foreign investment, diversifying the national economy, and supporting sustainable development.
Al-Hammad highlighted that the previous Cityscape exhibition attracted over 160,000 visitors and secured investment projects and agreements valued at over SAR 110 billion ($29 billion), including $19 billion in foreign investments. This year, the second edition is expected to see a 50% increase in transactions, projects, and agreements.
Abdulrahman Altawil, the Deputy Minister for Residential Supply Stimulus and Real Estate Development, told Asharq Al-Awsat that this major real estate event will host leading global names from various areas of the real estate industry, including development, design, and operations.
“A large number of international real estate developers are expected to participate in the event, with over 10 developers already launching projects in Saudi Arabia. The aim is to attract even more developers in partnership with local counterparts”, Altawil said.
Altawil noted that Saudi Arabia’s real estate and investment environment is highly attractive, providing promising and accessible opportunities for investors. He mentioned that the ministry is working to create a diversified landscape focused on attracting global companies to invest in the Kingdom.
The exhibition will feature a selection of experts and CEOs and will include a Real Estate Investors Forum, hosting 150 investors from 22 countries. This event aims to strengthen collaboration on investment projects, establishing itself as a key center for opportunities and investment.