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Adnoc Drilling lands a $733 million contract for three island rigs
Augustus Media FZ LLC
July 04, 2024
Marhaba folks! 🌞In today's edition, we discuss Adnoc Drilling's $733M contract for three island rigs, Saudi Arabia's record $60M Esports World Cup prize fund, and UAE online shopping soaring to $5.5B by mid-2024 aided by loyalty programs. Yalla, let’s go 🏃🏻♀️
🧰 Adnoc Drilling lands a $733 million contract for three island rigs
Adnoc Drilling
What is it about:
Adnoc Drilling secures a $733 million contract to operate and drill three new island rigs at Zakum field.
Rigs constructed by Hong Kong-based Honghua Group (HH), operational by 2026.
Why does it matter:
Expand Adnoc Drilling’s fleet to 148 rigs, enhancing capacity for offshore operations.
Supports Adnoc’s goal to increase crude oil production capacity, currently at 4.85 million barrels per day.
Collaboration with AIQ aims to integrate AI technology for improved operational efficiency and data utilization.
What is next:
Construction and deployment of new rigs by HH.
Integration of AI technologies through collaboration with AIQ.
Continued investment in the drilling fleet, totaling over $2.2 billion since 2021, to sustain operational excellence and global competitiveness.
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📈 Markets
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🎮 Saudi Arabia's Esports World Cup offers a record $60 million prize fund
Esports World Cup
What is it about:
Saudi Arabia is hosting the Esports World Cup with a record-breaking $60 million prize pool.
The event, chaired by Prince Faisal bin Bandar bin Sultan of the Saudi Esports Federation, spans from July 3 to August 25, 2024.
Why does it matter:
It has garnered significant global attention within the gaming and esports community.
The tournament promises to have a substantial impact on the industry, bringing together professionals, fans, and publishers.
What is next:
The Esports World Cup aims to create exciting opportunities and advance the esports industry.
Held at Riyadh City Boulevard, the event positions Riyadh as a leading destination for esports enthusiasts.
Featuring 22 championships across popular games, it boasts the largest total prize pool in esports history.
Visitors can enjoy a diverse range of events, activities, and interactive shows blending sports, entertainment, education, culture, and creativity.
Quote of the day
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson
🛒 Loyalty programs boost UAE online shopping to $5.5 billion by mid-2024
Online Shopping
What is it about:
Loyalty programs have significantly boosted online shopping in the UAE, reaching $5.5 billion by mid-2024.
Around 75% of UAE shoppers actively participate in loyalty programs offered by online marketplaces and companies.
Why does it matter:
These programs play a critical role in influencing purchasing decisions, with high-value members contributing 30% of the total online retail revenues.
Key incentives driving participation include discounts (55%), free delivery (52%), cash back (42%), and early access to sales (35%).
What is next:
The adoption of online loyalty programs has doubled within a year, now reaching 40% of UAE shoppers.
This trend underscores the importance of loyalty programs in shaping consumer behavior and supporting the digital economy's growth in the region.