DUBAI: Abu Dhabi developers Eshraq Properties and Reem Investments on Wednesday said they were in advanced stages of merger talks to create the second-largest listed developer in the emirate.
The deal would involve Reem Investments’ subscription to a new share issuance from Eshraq, which in turn will acquire Reem Investments’ entire business and all of its assets, the two property firms said in a joint statement.
The transaction remains subject to a number of conditions, including the final agreement of specific deal terms including the pricing, as well as obtaining the required regulatory approvals, Eshraq also said in a disclosure to the Abu Dhabi stock exchange.
“The potential transaction is expected to be beneficial to the shareholders of both companies resulting in synergies derived from integrating their operational and financial resources and as well as combining their management experience and expertise,” the boards of the two companies said in the statement.
Eshraq is being advised by Shuaa Capital and Reem Investments by First Abu Dhabi Bank in the merger talks. They did not disclose when the deal would be finalized.
Eshraq Properties early this month its first profit at Dh636,000 in the second-quarter, compared with a Dh101.4-million loss in the same period of last year. The company also had asset base of Dh1.462 billion during the period ended June.
Unlisted Reem Investments meanwhile had assets worth Dh5.3 billion at the end of last year and a net profit of Dh216 million, an increase of 2 percent over 2015, according to financial figures posted in its website.
Abu Dhabi developers Eshraq Properties and Reem Investments in advanced merger talks
Abu Dhabi developers Eshraq Properties and Reem Investments in advanced merger talks
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
