Global sukuk issuance to settle at $185bn in 2022: Refinitiv report  

DUBAI: Masdar, one of the global leaders in renewable energy, announced the financial close of its 500MW Zarafshan wind farm project.

Earlier in 2020, the Abu Dhabi-based company signed a bilateral agreement with the Uzbek government to construct, operate, and maintain the Zarafshan wind farm, according to a statement. 

The project is expected to attract more than 2.2 billion dirhams ($600 million) in foreign direct investment, as part of Uzbekistan’s effort to meet 25 percent of its electricity needs by the end of the decade, the statement said.

The Dutch entrepreneurial development bank FMO has acted as the B lender for the Zarafshan project, while Etihad Credit Insurance, Natixis, and First Abu Dhabi Bank provided credit-insured lending.

Upon completion, the 500MW project will generate enough electricity to power 500,000 homes, while displacing 1.1 million tons of carbon dioxide per year.

  Masdar’s Zarafshan project is its second utility-scale project in Uzbekistan, following the Nur Navoi solar project, Uzbekistan’s first successfully financed independent power producer solar project.

Aldar scales up property with Spark acquisition

Abu Dhabi-based developer Aldar Properties announced the expansion of its property management platform by acquiring Spark Security Services, a leading UAE-based manned guarding security service provider, according to a statement. 

Aldar’s property and integrated facilities management platform has been strengthened further by the all-cash transaction of 125 million dirhams ($34 million), allowing it to offer its customers a broader array of services, including sales, leasing, property management, consultancy services, valuation advisory, and energy management.

Through these services, Aldar will be able to add significant value to its 23 billion dirham portfolio of prime properties across retail, residential, commercial, and logistics segments, as well as expand its list of notable third-party clients, it said.

Emirates Global Aluminum to hire more Emiratis

Emirates Global Aluminum, the UAE’s largest company outside of the oil and gas sector, has signed a strategic partnership agreement with the Human Resources Authority of Abu Dhabi to employ young UAE nationals in the industrial sector, according to Emirates News Agency, WAM. 

Through EGA’s long-running National Training Programmes, EGA will train 23 high school students who are registered in the HRA database and interested in developing skills related to technical occupations.

Successful trainees will receive permanent contracts at EGA’s industrial facilities after completing the one-year intensive training program, WAM added. 

Director General of the Human Resources Authority, Amal Nasser Al Jabri, said: “The signing of the agreement with EGA comes as part of our support for the industrial sector to help keep pace with the demands of future jobs.”

After completing the company’s admission test and personal interview as part of EGA’s National Training Programs, shortlisted UAE Nationals will be eligible to participate in a career counseling program. 

In the past year, EGA recruited more than 100 UAE nationals, 73 of whom participated in separate training courses, including the Abu Dhabi Human Resources Authority’s National Training Smelter program.

Equity Group signs $500m deal with Pure Health

Pure Health, one of the largest integrated healthcare platforms in the UAE, has entered into a definitive purchase agreement to purchase Ardent Health Services, a leading US healthcare provider based in Nashville, Tennessee, for 1.8 billion dirhams ($500 million).

All necessary US regulatory approvals must be obtained before the investment can close, according to a statement.

Purity Health will acquire a minority equity stake in Ardent from Equity Group Investments, a Chicago-based private investment firm that owns the majority of the company.

Ardent’s board will observe Pure Health’s investment, but Pure Health will not have a seat on the board. 

Ardent’s physical footprint will not expand with the investment, nor will it collaborate with Pure Health to deliver care, the statement said.