| | OCTOBER 20238IN FOCUSSAUDI BUSINESS DELEGATION VISITS VIETNAM TO DEEPEN ECONOMIC TIES SANJEEV MANTRI, THE NEW MANAGAGING DIRECTOR & CEO OF ICICI LOMBARDAbu Dhabi National Oil Co. and Abu Dhabi National Energy Co., better known as TAQA, announced a $2.2 billion initiative to provide sustainable water supply to ADNOC's onshore activities. The project, announced in May, will include a centralized saltwater treatment plant for ADNOC activities at the Bab and Bu Hasa fields in Abu Dhabi, as part of the oil company's attempts to decarbonize its operations. As per ADNOC and TAQA, the project will be funded by a group of nine local and international banks using a combination of commercial and Islamic finance capabilities. First Abu Dhabi Bank, Gulf International Bank, Natixis, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank, and Warba Bank will fund the project. A consortium comprising Orascom Construction and Metito will construct a seawater treatment facility and transportation and distribution network. ADNOC and TAQA each own a 25.5 percent stake in the project, resulting in a combined 51 percent majority, while the consortium will own the remainder under a build, own, operate and transfer model,as per reuters.Alpha Dhabi announced on that it intends to purchase a majority position in Metito Holdings, a UAE-based developer of water and wastewater projects. Alpha Dhabi proposes to buy out Metito's selling shareholders, Mitsubishi Corp., Mitsubishi Heavy Industries, and Gulf Capital, subject to regulatory approvals. Alpha Dhabi did not specify the magnitude of its investment in Metito, which has approximately 20 offices and 4,500 people worldwide. Alpha Dhabi also did not disclose the transaction's value or how it would be funded. Sanjeev Mantri has been appointed as the new MD and CEO of ICICI Lombard General Insurance Company, succeeding Bhargav Dasgupta, who has been recruited as Vice President of Asian Development Bank. The Board of Directors of ICICI Lombard has approved the appointment of Sanjeev Mantri, currently Executive Director of the Company, as Managing Director & CEO of the Company, effective December 1, 2023 or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), whichever is later, for a period of five (5) consecutive years or his date of retirement, whichever is later.Sanjeev Mantri, in a career spanning over 28 years, began his career with Bennett Coleman and Co., followed by key leadership positions at BNP Paribas. Sanjeev Mantri has been with the ICICI Group for over 20 years beginning his career with ICICI Bank in 2003, where he led many businesses including Bank's Small & Medium Enterprises Group and the Rural and Inclusive Banking Group, as per livemint. The board of directors authorized the nomination of Sanjeev Mantri, the company's current executive director, as Managing Director (MD) & CEO, effective December 1, 2023, or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI), it stated.The appointment would be for five years or until his retirement date, whichever comes first, subject to IRDAI and company members' agreement, it said.
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