Latest from Trade Arabia
Trade Arabia
6 days ago
- Business
- Trade Arabia
L&T lands key Middle East grid infrastructure contracts
Indian engineering and construction conglomerate Larsen & Toubro (L&T) has announced that its Power Transmission & Distribution (PT&D) business vertical has secured new grid infrastructure orders in the Middle East as well in the Indian market. In the Middle East, the PT&D business has clinched orders for executing a set of 220kV and 132kV gas insulated substations on a turnkey basis, said L&T in a statement. These orders come from leading transmission asset owners and operators in the respective countries, it stated. In India, L&T has won an order to build 765kV and 400kV transmission line jobs pertaining to the integration of a Renewable Energy Zone in the southern state of Andhra Pradesh. These new orders mark a key milestone for PT&D in its pursuit of delivering future-ready grid infrastructure to help realise the energy transition and sustainable energy goals of its valued customers, it added.-TradeArabia News Service
Trade Arabia
11-06-2025
- Business
- Trade Arabia
EDGE, FAB sign strategic deal to build resilient financial ecosystem
EDGE Group, one of the world's leading advanced technology and defence groups, has entered a strategic partnership with First Abu Dhabi Bank (FAB). The agreement covers two major financial initiatives: the implementation of FAB's advanced Supply Chain Finance (SCF) solution and the deployment of its AI-powered Treasury Management System (TMS). EDGE said its deployment of FAB's AI-powered TMS represents the largest to date. The solution delivers real-time cash visibility, advanced forecasting capabilities, and integrated risk management tools, enabling EDGE to automate treasury operations and optimise liquidity across the Group. The platform provides protection for interest rate risk and FX risk, while improving financial agility, investment planning, and funding, it stated. EDGE Managing Director and CEO Hamad Al Marar said: "Our partnership with FAB is a strategic enabler of our global industrial ambitions. It reinforces the financial architecture required to operate at scale, with speed and resilience. In an increasingly competitive and complex environment, this alignment ensures we remain agile, well-capitalised, and positioned for sustained international growth." Group Head of Wholesale Banking Martin Tricaud said: "FAB's partnership with EDGE marks a step forward in building a more resilient supplier ecosystem. We recognise that effective cashflow and supply chain finance are fundamental to sustainable business models. By combining our global expertise with innovative financial solutions, we are enhancing financial agility and enabling long-term value creation." "Through FAB's digital SCF solution, EDGE provides local and international suppliers access to early, low-cost financing, which enhances supplier trust, improves commercial terms, and ensures continuity across critical operations," he added. Group Chief Financial Officer Rodrigo Torres said: "This partnership reflects EDGE's commitment to embedding financial sophistication and innovation at the core of our operations. By integrating FAB's advanced SCF and AI-powered TMS platforms, we are optimising liquidity and supplier performance while also reinforcing our ability to manage risk and scale with confidence." Torres, said to date, over AED1.6 billion in invoices have been processed, unlocking more than AED1.2 billion in off-balance sheet financing.
Trade Arabia
11-06-2025
- Business
- Trade Arabia
Emirates forges interline partnership deal with Bahamas
Dubai's national carrier Emirates has signed an agreement with Bahamasair, the flag carrier of The Bahamas, to establish an interline partnership benefitting customers travelling to The Bahamas. The partnership enables Emirates to expand its reach in the Caribbean, allowing customers to utilise the services of The Bahamas' national flag carrier from Florida to one of three destinations on the island country. Under the unilateral agreement, customers traveling on Emirates to Miami or Orlando will be able to connect to Bahamasair flights to Nassau, Freeport or San Salvador, with the added convenience of booking itineraries with both airlines on a single ticket. Additionally, Emirates' customers will enjoy generous baggage allowance when flying on Bahamasair to the three destinations. On the new interline partnership, Adnan Kazim, Deputy President and Chief Commercial Officer, said: "We are pleased to establish an interline partnership with Bahamasair to expand our reach to new and exciting destinations and offer travel options for our customers planning journeys to the Caribbean nation." "The interline partnership offers customers the convenience of connecting in Florida for travel onwards to points across the islands of The Bahamas, while enjoying competitive fare pricing, the convenience of booking the entire journey on a single ticket and a generous baggage policy," he stated. "This partnership also supports our agreement with The Bahamas' Ministry of Foreign Affairs to promote the Caribbean destination across our network," he added. As part of the MoU, both carriers will also explore opportunities to enhance their cargo interline cooperation and potential partnerships under their frequent flyer programmes. Bahamasair Managing Director Tracy Cooper said: "This partnership significantly elevates Bahamasair's global profile and opens access to invaluable expertise and new markets. By aligning with one of the world's most respected airlines, we strengthen our capabilities and lay the groundwork for sustained international growth." Florida gateways, Miami and Orlando, are amongst the 12 US destinations that the world's largest international airline currently flies.
Trade Arabia
11-06-2025
- Business
- Trade Arabia
Tanzania to host WTA, Indian Ocean Gala Ceremony 2025
The World Travel Awards (WTA) will be hosting its Africa & Indian Ocean Gala Ceremony 2025 in the African nation of Tanzania, with travel industry leaders from across the region attending the VIP reception at Johari Rotana Dar es Salaam on June 28. The ceremony marks the opening leg of WTA's Grand Tour 2025, which also includes regional events in Cancun (Mexico), Saint Lucia, Hong Kong, Sardinia (Italy), Dubai (UAE), and the Grand Final in Bahrain. From the legendary Serengeti safaris to the majestic heights of Mount Kilimanjaro and the paradise beaches of Zanzibar, Tanzania is a destination that belongs on every traveller's bucket list. Graham Cooke, Founder, World Travel Awards, said: "I am honoured that Tanzania is the Official Host Destination of our Africa & Indian Ocean Gala Ceremony 2025. The decision reflects why Tanzania is one of Africa's fastest-growing tourist nations and continues to set records for economic contribution and visitor spend." "I look forward to welcoming travel industry leaders from across Africa and the Indian Ocean to experience its many charms and incredible adventures," he stated. The Gala Ceremony promises to be the region's premier travel event of the year. The Official Host Venue, Johari Rotana Dar es Salaam, enjoys a prime location in the Central Business District, overlooking the Indian Ocean. Part of the landmark MNF Square development, the five-star hotel is close to the port, financial district, beaches and other key attractions in Tanzania's vibrant capital, sttated Cooke. Ephraim Mafuru, Director General, Tanzania Tourist Board, said: "We are delighted and proud to host the WTA Africa & Indian Ocean Gala Ceremony 2025 here in Tanzania." "This is a unique opportunity to showcase our country's breathtaking landscapes, vibrant cultures and world-class hospitality to key figures in the travel and tourism sector. Tanzania is more than a destination – it is an experience that leaves a lasting impression, and we look forward to sharing this with the world," he added.
Trade Arabia
11-06-2025
- Business
- Trade Arabia
ABB wins electrical, automation contract for Petrobras FPSO vessels
ABB has announced that it has been awarded a large order by Seatrium, a global provider of marine engineering solutions based in Singapore, for the supply of electrical equipment and automation solutions on a new generation of floating production storage and offloading (FPSO) vessels for operator Petrobras. The two vessels – P-84 and P-85 – will be deployed in the Atapu and Sépia fields, approximately 200 kilometers off the coast of Rio de Janeiro in Brazil. As per the deal, ABB will design and construct the topside and hullside electrical equipment, electrical substation automation and eHouses for both FPSOs. Petrobras will utilize the ABB's Ability System 800xA and IEC 61850 technologies for substation automation, which allow for seamless interoperability between Intelligent Electrical Devices and enhances operational efficiency and system reliability, said the company in a statement. In a first for Petrobras, the P-84 and P-85 vessels will also feature an all-electric concept, which focuses on efficient power generation and increased energy efficiency, by using electrically driven compressors and motors to produce 165 MW power generation capacity, it stated. The project also marks the first offshore application of ABB's three Is-limiter configuration which, due to the FPSOs' high-power capacity, is vital to ensuring short circuits are managed effectively. Is-limiters are fast-acting devices that prevent damage to electrical components and reduce mechanical and thermal stress by limiting the short-circuit current before it reaches its peak value. Constructed by ABB Singapore, the FPSO topside systems will be installed in an ABB eHouse - a prefabricated transportable substation designed to house medium voltage and low voltage switchgear, critical power equipment and automation cabinets. ABB's Sorocaba factory – located 85km west of São Paulo in Brazil – will manufacture the UniGear ZS1 switchboard, which is used to distribute electric power safely and reliably in demanding applications. "The offshore energy industry requires innovative solutions and technologies, at scale and at pace, to support an effective and secure energy market," said Per Erik Holsten, President of ABB's Energy Industries division. "With our ability to meet advanced technical requirements and high safety standards, along with our deep commitment to energy efficiency, we look forward to working with Seatrium on this large scale and complex project," he added. The Brazilian FPSO market continues to be a growth sector for offshore energy, with potential investment estimated at $21 billion in 2026-2027, set against a global FPSO market projected to reach a value of $46.2 billion by 2033. Construction of the P-84 and P-85 FPSOs has been ongoing since 2024, with delivery of ABB's eHouses expected by 2027.
