JIMCO Technology Fund joins a $1.8bn funding round for fusion energy 

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Updated 02 December 2021
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JIMCO Technology Fund joins a $1.8bn funding round for fusion energy 

The Saudi-based Jameel Investment Management Co. has participated in a $1.8billion funding round for a US fusion energy company, it has been announced.

JIMCO has invested an undeclared amount in Commonwealth Fusion Systems, a company founded in 2018 that is building the world’s first net-energy-giant fusion system.

“The world is ready to make big investments in commercial fusion as a key part of the global energy transition,” the chief executive officer of CFS, Bob Mumgaard, said.

The High-Temperature Superconducting magnet technology will be used in SPARC, a fusion device that is currently being constructed in Massachusetts and expected to demonstrate net energy from fusion by 2025. 

This comes amid the parties’ steps towards a more sustainable future to mitigate climate change.


DP World announces new leadership appointments

Updated 58 min 28 sec ago
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DP World announces new leadership appointments

DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.

Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.

Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.

Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.

DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.