Displaying items by tag: UAE

Oman: Tarek Talaat has moved from Egypt-based Misr Cement Group to Raysut Cement, where he takes over the role of CEO. He was previously managing director and CEO of Misr Cement Group. Before that, he held leadership positions across Europe, Egypt and the Middle East at Holcim, Arabian Cement Company and Ras Al Khaimah White Cement. Raysut Cement called Talaat the ‘standout’ choice for the CEO position, due to his vision, strategic mindset and proven turn-around experience. Tarek holds a bachelor’s degree in civil engineering from Cairo University and studied financial management at INSEAD University in France. He has a Master of Business Administration (MBA) degree from the Swiss Business School, Zurich, in Switzerland.

Raysut Cement said “With Mr Tarek at the helm, we are confident that Raysut Cement will continue to thrive and reach new heights. His leadership will be instrumental in guiding the company through the ever-evolving landscape of the cement industry.”

Reuters has reported that Talaat’s resignation as managing director of Misr Cement Group will take effect on 12 October 2023.

UAE: Lafarge Emirates Cement, part of Holcim, has awarded a contract to Mitsubishi Heavy Industries Group subsidiary Turboden to supply and install a 10MW waste heat recovery (WHR) system at its Fujairah cement plant. The system relies on ENGIE Solutions' organic Rankine cycle technology. The supplier says that the installation will reduce the 3.2Mt/yr cement plant's energy-related CO₂ emissions by 29,000t/yr (28%).

Turboden CEO Paolo Bertuzzi said "We are proud that Holcim Group, already our customer for three other WHR plants, has again chosen Turboden for this first project in the UAE. At COP 28, this year in the UAE, we will have the opportunity to present this energy-saving and CO₂-reducing project to raise awareness in energy intensive industries."

UAE: Holcim subsidiary Lafarge Emirates Cement (LEC) has begun construction of a 10MW waste heat recovery (WHR) plant at its 3.2Mt/yr Fujairah cement plant. Supplier Engie Solutions says that it expects to commission the installation later in 2023. Trade Arabia News has reported that the equipment is based on a closed-loop organic Rankine cycle and will eliminate 29,000t/yr of CO₂ - 28% of the Fujairah cement plant's energy-related CO₂ emissions.

LEC general manager Olivier Milhaud said "Engie’s energy-as-a-service model means guaranteed energy savings and higher reliability and resilience, with no capital outlay and no need for additional staff." He continued "We are fully committed to the UAE’s sustainability goals, including the 2050 Net Zero vision."

UAE: RAK White Cement has appointed Himanshu Kapania as its chair. Mohammed Abdullatif Khalifa Al Shehhi has also been appointed as vice-chair. The new appointments were made following a board meeting in early April 2023.

West Africa: Germany-based InterCem has successfully despatched its second InterHop hopper to West Africa. The hopper will handle clinker and raw materials for an unnamed customer there. The supplier says that the equipment offers an unloading rate of 14,400t/hr. It produced it in the UAE.

UK: Carbon Re and A³&Co have signed a strategic partnership agreement to sell cement producers products to optimise production processes to reduce operational costs and carbon emissions. Carbon Re says that its Delta Zero industrial decarbonisation software product can cut fuel use by up to 10% and CO₂ emissions by up to 20% and has been piloted in cement plants in three continents. The product uses a machine learning approach to model a cement plant’s production environment and optimise processes for low CO₂ output and fuel use with no capital expenditure. A³&Co is a strategic and technical consulting company that is focused on the cement sector.

Sherif Elsayed-Ali, the chief executive officer and co-founder of Carbon Re, said "Our technology is already having a huge impact on some of the world's most energy-intensive industries. This strategic partnership with A³&Co will enable even more cement producers to benefit from the operational savings offered by AI as they tackle the challenge of cutting carbon emissions and rising fuel prices."

UAE: RAK White Cement recorded consolidated sales of US$67.4m in 2022, up by 3.3% year-on-year from US$65.3m in 2021. The producer recorded a 36% year-on-year profit drop to US$5.74m from US$8.95m.

During the third quarter of the year, RAK White Cement secured the approval of its board of directors to delist its shares from the Boursa Kuwait stock exchange.

Oman: Aditya Birla Group subsidiary UltraTech Cement signed an agreement with Seven Seas Company to acquire a 70% majority stake in Duqm Cement on 30 January 2023. ET Now News has reported that UltraTech Cement’s UAE-based subsidiary Cement Middle East Investments concluded the deal in the form of a share sale and purchase agreement. the parties expect to complete the transaction in late April 2023.

India: Investment research firm Hindenburg Research has accused Adani Group of conducting a 'stock manipulation and accounting fraud scheme' over a period of ‘decades.’ The US-based firm alleged that listed companies belonging to Adani Group are indirectly part-owned by shell entities and funds connected to the Adani family’s private offshore trusts and companies. The listed companies have purportedly paid money into the offshore trusts and companies, which in turn funded the shell entities and funds investing and trading in Adani Group stocks. Hindenburg Research said that four Adani Group listed companies are ‘near the delisting threshold’ under Indian law requiring a minimum 25% non-promoter holding in listed companies.

Bloomberg has reported that Hindenburg Research said that its two-year investigation into Adani Group uncovered a ‘vast labyrinth of offshore shells’ managed by Adani Group chair Gautam Adani’s brother Vinod Adani. It identified 38 such shell entities based in Mauritius, and other entities based in Cyprus, Singapore, the UAE and the Caribbean. It reported that ‘many’ Vinod Adani-controlled entities show ‘no obvious signs of operations.’ Nonetheless, they have collectively ‘moved billions of dollars.’ Hindenburg Research has uncovered evidence of what it called ‘efforts that seem designed to mask the shell entities, including recurrent listings of ‘nonsensical services’ on their websites. Many of these allegedly have no named employees, and were formed on the same days as others. The Securities and Exchange Board of India (SEBI) confirmed that the offshore funds in question are subject to an on-going investigation.

In a statement, Adani Group’s chief financial officer (CFO) Jugeshinder Singh said that Hindenburg Research had not made “any attempt to contact us or verify the factual matrix.” Singh described the allegations “stale, baseless and discredited.”

Hindenburg Research has taken a short position on Adani Group, meaning that it may make money should the price of shares in Adani Group drop.

Separately, Adani Group acquired a 63% stake in Ambuja Cements and a 57% stake in ACC from Switzerland-based Holcim through an offshore special purpose vehicle (SPV) in September 2022.

Hindenburg Research's report on Adani Group, entitled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ can be found here.

Pakistan/UAE: China-based renewables supplier LONGi Green Energy Technology has awarded Bestway Cement its Carbon Neutralisation Pioneer award at a ceremony in Dubai, UAE. The award acknowledges progress in industrial sustainability during the past year. Bestway Cement is the first Pakistani recipient of the prize.

Bestway Cement operates 62MW-worth of solar power capacity at installations at its Chakwal, Farooqia, Hattar and Kallar Kahar cement plants. Managing director Irfan Sheikh said that this setup enables it to minimise CO₂ emissions and the company's reliance on the national grid. Bestway Cement was also the first Pakistani cement producer to install waste heat recovery (WHR) plants across all of its integrated cement plants.