Day: March 19, 2024

ABU DHABI: The Department of Energy – Abu Dhabi’s 2023 report has highlighted the outstanding performance of the emirate’s power grid, according to SAIFI and SAIDI reliability indices, with specific reference to the supply of electricity to industrial zones and companies operating within them.

In this context, the success of existing industries and the enablement of future industries require a sustainable system of infrastructure services and innovative technologies to facilitate the operations of industrial companies and their workflow without interruption or delay. This includes energy services, which form a fundamental pillar in consolidating the industrial sector in the emirate.

Abu Dhabi has proven its readiness to respond to all these requirements and ensure the security of energy distribution. Its energy network is classified as one of the best globally and meets all the future needs of the emirate and industrial entities, which are moving steadily towards a bright future.

In a report, the Abu Dhabi
Department of Energy (DoE) revealed its latest data on the sector’s performance, which confirms an exceptional level of stability and the robust nature of the energy network in the emirate. The report highlighted industrial areas that witnessed continuous operating periods. Thanks to this stability in the energy network, Abu Dhabi has occupied a high position that has made it an ideal destination to attract all future industries that are looking for a solid foundation on which to build one success after another without any obstacles or operational challenges.

The System Average Interruption Duration Index (SAIDI) and System Average Interruption Frequency Index (SAIFI) are electricity distribution performance indices that measure the average length of power interruptions and the average frequency of interruptions experienced by a customer in the span of a year. The data and performance presented in the report by the DoE paint a picture of exceptional reliability and continuity of supply in the emirate.

Abu D
habi’s energy grid, operated by The Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) and regulated by the DoE, holds a prestigious position among the world’s most dependable networks, per the 2022 CEER (Council of European Energy Regulators) and internal benchmarks. This ranking underscores the consistent, high-quality power supply enjoyed by the emirate’s residents and industries.

As the UAE is strengthening its position as a global hub for trade, tourism and especially advanced manufacturing and renewable energy, the secure access to everyday utilities plays a critical role in achieving the country’s strategic objectives. Benchmarking this latest data, Abu Dhabi shows that it is fully prepared to meet all these requirements to an advanced level of excellence and efficiency.

Turning towards the emirate’s industrial areas, the average length of power outages experienced by a customer in Khalifa A and B Industrial Areas is, on average, just over 10 minutes annually. Customers loca
ted in the Industrial City of Abu Dhabi (ICAD) are now even better off, experiencing less than 4 minutes of outages on average per year. Regarding frequency, a customer in Khalifa B would, on average, experience one interruption every 10 years on average. In contrast, those in ICAD and Khalifa A would, on average, experience one every 20 years.

Ahmed Mohamed Al Rumaithi, Undersecretary of the Department of Energy (DoE), confirmed that the sector enjoys high efficiency and full capacity to meet the needs of various sectors with water and electricity services.

He added that the department is cooperating with companies working in the sector to develop and implement integrated plans and policies for electricity, with the aim of achieving the optimal use of available energy sources, diversifying sources of electricity production, and utilising clean and renewable energy sources, rationalising energy and improving its efficiency to achieve sustainable development and preserve the environment.

Ahmed Mohamed Al Ru
maithi said: ‘The strong performance of the electricity grid in Abu Dhabi puts it on a par with the top 10 European countries, especially with the continuous improvement in performance on an annual basis. We have identified areas of excellence and resilience in terms of the performance of the electricity distribution network in industrial areas, and we are committed to intensifying our efforts and continuing the achievements we have made so far.

‘We are confident in keeping pace with the increasing demand, which will achieve the satisfaction of all industrial companies and establishments and all beneficiaries of our services in the emirate by providing stable electricity supplies at a distinguished level that meets their needs and future aspirations. In addition to supporting the economic sector, especially the industrial sector, that attracts several investments with all the distinguished infrastructure, remarkable systems, and business sustainability in the emirate.’

Rashed Abdulkarim Al Blooshi, Undersec
retary of the Abu Dhabi Department of Economic Development (ADDED), said: ‘This remarkable achievement of reliability of Abu Dhabi’s electricity supply and distribution is a testament to the emirate’s ongoing efforts to meet the ever-expanding demand of various stakeholders as part of the overall strategy to strengthen its position as the preferred destination for talents, businesses and investments. We are pleased that the industrial sector enjoys an outstanding performance in the reliability of electricity supply and distribution as we are forging ahead with efforts to deliver the objectives of the Abu Dhabi Industrial Strategy (ADIS) to strengthen the emirate’s position as the region’s most competitive industrial hub.’

‘As the catalyst for economic growth and diversification, ADDED supports DoE’s initiatives as they upgrade our economy’s attributes, and we work together towards building a brighter future, placing human development, sustainability and growth at the heart of our plans.’

Source: Emirates N
ews Agency

BERLIN: A new report released by the International Renewable Energy Agency (IRENA) confirms that achieving the global target set at COP28 to triple renewable power capacity by 2030 relies heavily on establishing conducive conditions for such growth. Tripling renewable power capacity by 2030 is technically feasible and economically viable, but its delivery requires determination, policy support and investment at scale.

The report titled ‘Tracking COP28 outcomes: Tripling renewable power capacity by 2030’ highlights that 2023 has set a new record in renewable deployment, adding 473 gigawatts (GW) to the global energy mix.

However, the brief by the IRENA concludes that tripling renewable power capacity depends on overcoming systemic and structural barriers to the energy transition.

Evolving policies, geopolitical shifts and declining costs have all played a role in propelling the rapid expansion of renewable energy in markets worldwide. Yet, to triple renewable power capacity, concerted efforts are required t
o enhance infrastructure, policies and workforce capabilities, underpinned by increased financing and closer international cooperation, as outlined in IRENA’s World Energy Transitions Outlook brief presented at the Berlin Energy Transitions Dialogue today.

An average of almost 1,100 GW of renewables capacity must be installed annually by 2030 – more than double the record set in 2023. Annual investments in renewable power generation must surge from US$570 billion in 2023 to $1550 billion on average between 2024 and 2030.

Francesco La Camera, Director-General of IRENA, said, ‘In the wake of the historic UAE Consensus on tripling renewables at COP28, these capacity additions – despite setting a new record – clearly indicate that achieving the target is far from guaranteed. As the custodian agency, IRENA monitors related progress across key indicators every year. Our data confirms that progress continues to fall short, and the energy transition remains off track. We urgently need a systemic shift away from fos
sil fuels to course-correct and keep the tripling goal within reach.”

The report says that achieving the tripling target is far from assured as an additional 7.2 terawatts (TW) of renewable power would need to be deployed to reach the required 11 TW by 2030. However, current projections indicate the target will remain out of reach without urgent policy intervention. G20 nations, for example, must grow their renewable capacity from under 3 TW in 2022 to 9.4 TW by 2030, accounting for over 80% of the global total.

The report adds that accelerated investments in infrastructure and system operations (e.g. power grids, storage), revised policies and regulations (e.g. power market design and streamlined permitting), measures to fortify supply chains and cultivate requisite skills, and substantial increases in investments-including public funds facilitated through international collaboration-are imperative.

Despite considerable renewable potential, developing countries have received disproportionately low levels
of investment. The report noted that although energy transition-related investments have reached a record high, exceeding $2 trillion in 2023, emerging markets and developing economies accounted for just over half of global investments. One hundred and twenty developing nations attracted only 15% of global renewable investment, with Sub-Saharan Africa receiving less than 1.5%, despite being home to the highest share of energy-deprived populations.

In contrast, fossil fuels received US$1.3 trillion in subsidies in 2022, equivalent to the annual investment required in renewable generation capacity to achieve a threefold increase by 2030. A key aspect of IRENA’s 1.5°C Scenario is that the increase in renewable energy use must be coupled with a corresponding decline in fossil fuel reliance. Both aspects are lagging. G20 members alone disbursed a record US$1.4 trillion in public funds to bolster fossil fuels in 2022, directly contradicting the commitment made at COP28 to transition away from fossil fuels.

IRENA
report added that greater international cooperation will be indispensable to ensure financial flows to the Global South and uphold the tripling pledge. Countries in Sub-Saharan Africa face some of the world’s highest finance costs, underscoring the need for enhanced international collaboration, including the involvement of multilateral development banks and an expanded role for public finance.

In conclusion, the report says that the strategic use of public finance is paramount to attract investment at scale and deliver an inclusive energy transition that yields socioeconomic benefits for all. This requires structural reforms, including within multilateral finance mechanisms, to effectively support the energy transition in developing countries.

Source: Emirates News Agency

ABU DHABI: The assets of Islamic banks operating in the UAE exceeded AED700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The statistics showed that the assets of Islamic banks reached AED703.1 billion at the end of last December, an annual increase of 11.5%, compared to about AED630.7 billion at the end of December 2022, an increase of AED72.4 billion during 12 months, while it increased on a monthly basis by 0.6% or AED4.2 billion, compared to about AED698.9 billion in November 2023.

The Central Bank’s statistics showed that bank credit at Islamic banks rose to AED428.9 billion at the end of last December, an annual increase of 7.82 percent, compared to about AED397.8 billion in December 2022.

Deposits in Islamic banks rose to AED495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to about AED440 billion in December 2022, an increase of AED55.5 billion during 12 months, while
it increased on a monthly basis by 0.9 percent against AED491.1 billion in last November.

According to the statistics, the total investments of Islamic banks reached AED132.7 billion at the end of last December, an annual increase of 27.1 percent or AED28.3 billion, compared to investments of about AED104.4 billion in December 2022, while it increased on a monthly basis by about 1 percent compared to about AED131.4 billion in last November.

Islamic banks’ investments were distributed as follows:

-AED100.4 billion in bonds held to maturity

-AED18.7 billion in financial instruments representing debt on others (bonds)

-AED2.6 billion in shares

-AED11 billion in other investments

As for traditional banks operating in the country, their total assets reached AED3.372 trillion at the end of last December, an annual increase of 11 percent compared to about AED3.037 trillion in December 2022, an increase of AED335.2 billion during 12 months.

According to the statistics, traditional banks account for about 82.7
percent of the total assets of the banking system in the country at the end of last December, which amounted to AED4.075 trillion, compared to the share of Islamic banks, which amounted to 17.3 percent.

Total bank credit for conventional banks reached AED1.563 trillion at the end of last December, an annual increase of 5.5 percent, compared to AED1.482 trillion in December 2022. Meanwhile, bank deposits in conventional banks increased to AED2.026 trillion at the end of last December, an annual growth of 13.7percent, compared to AED1.782 trillion in December 2022.

Total investments of conventional banks grew by 15.6 percent annually to AED488.8 billion at the end of last December, distributed as follows:

-AED246.2 billion in financial instruments representing debt on others (bonds)

-AED204.4 billion in bonds held to maturity

-AED13.2 billion in shares

-AED37.9 billion in other investments

Source: Emirates News Agency

ABU DHABI: Abu Dhabi Securities Exchange (ADX) is collaborating with Eureeca, a global investment platform matching individual and institutional investors with growth and pre-IPO companies, to bolster accessibility to ADX IPOs in a fully compliant manner, appealing to growing interest from regional and global retail investors and high net-worth individuals (HNWIs).

The collaboration between ADX and Eureeca capitalises on the Exchange’s robust e-IPO investor portal, highlighting its commitment to simplifying the IPO process. By utilising Eureeca’s efficient capabilities, ADX seeks to improve investors’ access to IPOs and enable a more efficient process for international investors. The partnership capitalises on Eureeca’s multi-regulated status and international investor base, giving regional and international retail and HNWIs the opportunity to participate in ADX IPOs, positioning ADX IPOs on the global map.

Abdulla Salem Al Nuaimi, Chief Executive Officer of ADX, said, “We are excited to announce our partne
rship with Eureeca, supporting our commitment to innovation and inclusivity in the financial sector. By leveraging Eureeca’s advanced technological capabilities, we believe this new initiative, will significantly transform IPO accessibility and provide a simpler investment journey for a diverse range of investors who are looking to be part of ADX’s growth.

Sam Quawasmi, CEO and Co-founder of Eureeca, said, ‘We are proud to be collaborating with ADX as the first exchange to launch this revolutionary product, which showcases ADX’s pioneering mindset and technological advancement. Being the first collaboration of its kind to enable international investors to subscribe to an IPO frictionlessly, whilst having the ability to sell at any given moment post the IPO’s listing on the exchange via the Eureeca platform, is truly a game-changer. This initiative underscores our aim of establishing the first global, democratised digital investment bank. We look forward to enhancing the offering on a multiple country basis i
n order for investors to build a well-diversified multi-asset class, multi-jurisdictional investment portfolio using our platform.’

The partnership aligns with ADX’s strategic vision to enhance global connectivity and increase investment opportunities for retail investors globally, furthering its status as a leading financial hub in the region. Eureeca, with its global footprint and multi-regulatory platform, is positioned to support this vision, promising to open new avenues for investors worldwide.

In 2023, ADX’s market capitalisation was up 17 percent to a total of AED3 trillion (US$817 billion), reinforcing its position as the largest capital market in the UAE and the second largest in the Middle East. The number of investors jumped by 59 percent year-on-year. In the same period, foreign ownership in ADX-listed companies was also up by 35 percent, reinforcing the attractiveness of ADX-listed companies and the wider Abu Dhabi economy.

Eureeca’s transition to a multi-regulated, global digital investment
platform has attracted a wide investor base from 72 countries, connecting a diverse range of companies with both institutional and individual investors. The platform’s aims to evolve into a multi-asset class digital investment bank, complete with a secondary market and other investment banking products, is set to cater to a broad spectrum of investors.

Source: Emirates News Agency

ABU DHABI: Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse, today announced that it has signed a definitive agreement to acquire a 50 percent stake in Terra-Gen Power Holdings II, LLC (Terra-Gen), one of the largest independent renewable energy power producers in the United States, from Energy Capital Partners (ECP).

ECP, a leading investor across energy transition, electrification and decarbonisation infrastructure assets, will fully exit its position in Terra-Gen in connection with the transaction. Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, will retain its existing 50 percent stake in the company. Igneo made its initial investment in Terra-Gen in December 2020.

Established in 2007, Terra-Gen is a leading independent provider of end-to-end renewable project development, financing and operating capabilities. Terra-Gen has a proven track record of developing, owning and operating assets across a large and diverse set of renewable technologie
s in the most attractive markets for renewables and storage in the US Terra-Gen currently operates approximately 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable power sites throughout the US, predominantly in California and Texas. This transaction will position Terra-Gen to continue building on the significant growth and transformation realised under ECP’s ownership and achieve accelerated long-term success as part of Masdar’s and Igneo’s portfolios.

Masdar’s 18-year history of funding, developing, owning and operating clean energy projects around the world will support Terra-Gen’s ambitions to grow its renewable capacity and portfolio in the US One of the world’s fastest-growing clean energy companies, UAE-based Masdar first invested in the US energy market in 2019. Its US portfolio of utility-scale wind, solar and storage assets has a generating capacity of more than 1.4 GW. The US market will play an important role as Masdar executes its plan to build a global renewa
ble energy portfolio of at least 100 GW capacity by 2030, and this proposed transaction represents another significant milestone towards that goal.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, ‘Our investment in Terra-Gen’s impressive energy portfolio expands our existing US footprint and reinforces Masdar’s long-term commitment across our US portfolio. This transaction unites one of the largest independent renewable energy producers in the US with Masdar – one of the fastest growing clean energy companies in the world. We look forward to working alongside Igneo as our valued partner to accelerate Terra-Gen’s growth and deliver world-class innovation at utility scale in support of the global energy transition.’

Philip Haddad, President and CEO of Masdar Americas, said, ‘We’ve been impressed by Terra-Gen’s record, scalable platform of operating assets and realisable project pipeline underpinning its growth trajectory. Upon closing, we look forward to actively partnering with Igneo and w
orking closely with Terra-Gen’s experienced management team to support Terra-Gen’s operations, facilitate its development of new capacity renewable energy projects and expand its presence in and beyond its key markets.’

Jim Pagano, CEO of Terra-Gen, said, ‘Terra-Gen is committed to developing responsible energy projects that benefit local communities and future generations. We have enjoyed a tremendous partnership with ECP, which allowed us to build a strong and resilient business positioned for long-term growth. As we look to build on our tangible pipeline of projects, we are excited to work with Masdar, a like-minded partner with a track record of commitment to decarbonisation and clean energy projects in the US and around the world.’

Terra-Gen was originally acquired by ECP in 2015, and under its ownership, Terra-Gen more than tripled its portfolio of operating renewable assets. Under Igneo and ECP, since 2020, Terra-Gen has added over 1 GW of generating capacity and 5 GWh of storage, expanded its pipeli
ne of wind, solar and battery storage projects and enjoyed sustained growth.

Schuyler Coppedge, Partner at ECP, said, ‘It has been a privilege to work with Terra-Gen and its talented team for almost a decade. They have created a strong company by seizing growth opportunities and successfully executing across market cycles. We are proud of Terra-Gen’s achievements during ECP’s ownership and are confident that the company will have another successful chapter with Masdar and Igneo.’

John DiMarco, Managing Director at Igneo, said, ‘Igneo is excited to partner with Masdar on Terra-Gen’s next phase of growth. Igneo, Masdar and Terra-Gen share a common long-term vision for the company, and Igneo remains steadfastly committed to the continued buildout of Terra-Gen as a premier independent North American renewable power company.’

The transaction is expected to close by the end of 2024, subject to regulatory and other customary approvals.

Source: Emirates News Agency

DUBAI: Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that record growth was achieved in the value of goods and commodities imported under ATA Carnets during 2023. A total of 5,492 ATA Carnets were issued and received for goods and commodities worth AED5 billion, representing a remarkable year-over-year growth of 47 percent in value.

This record value reflects strong growth within Dubai’s exhibitions, events, and conferences sector, to which ATA Carnets are closely linked, and underlines the city’s growing status and reputation as a leading global destination for business and events.

Data from this year indicates that 1,118 ATA Carnets were issued and received for goods with a value of AED695 million during January and February alone, highlighting continuing positive momentum within the events and exhibitions sector in the emirate.

ATA Carnets are an effective tool in the attraction and organisation of international events and play a vital
role by facilitating the duty-free and tax-free temporary importation of goods for up to one year. This contributes significantly to enhancing the smooth movement and transportation of goods and equipment for exhibitions, shows, and other events.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated that ATA Carnets enhance Dubai’s economic flexibility and boost the growth of various business sectors, especially in terms of simplifying customs procedures for the transport of goods and commodities to be used in exhibitions and shows. The ATA Carnet system has emerged as a key driver in positioning Dubai as a global hub for promotional exhibitions, events, and conferences.

Lootah added, ‘Dubai Chamber of Commerce is the guarantor for the implementation of the ATA Carnet system in the UAE, with impactful collaboration between the chamber and its partners in Dubai Customs, the Federal Customs Authority, and chambers of commerce across the UAE. We are committed to facilitating the movement of g
oods and commodities to enhance the competitiveness of the emirate and its business environment.’

Source: Emirates News Agency