
Video: Palestinian restaurateur continues business on street
Total funding: Self funded
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Opening day UAE Premiership fixtures, Friday, September 22: Dubai Sports City Eagles v Dubai Exiles
Dubai Hurricanes v Abu Dhabi Saracens
Jebel Ali Dragons v Abu Dhabi Harlequins
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Updated: October 18, 2024, 6:02 PM
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TAQA reports AED 3.7bln net income for H1 2025
TAQA advances global expansion with acquisitions in the UK and Uzbekistan, and new power and water infrastructure partnerships in Morocco TAQA Board approves Q2 interim dividend of 0.75 fils per share Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (' TAQA ' or the ' Group '), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, today announced its financial results for the six-month period ended 30 June 2025. TAQA delivered a 4.5% year-on-year increase in revenue for the first half of 2025, reaching AED 28.4 billion. This growth was led by higher pass-through costs in the Transmission & Distribution (T&D) segment. While revenue growth remained solid, profitability in the first half of the year was impacted by an expected decline in Oil & Gas production following the cessation of production from four UK assets and weaker oil prices, as well as higher financing costs and non-recurring items. As a result, EBITDA declined 11% year-on-year to AED 10.2 billion and net income fell 19.7% to AED 3.7 billion. Nonetheless, underlying profitability in TAQA's core utilities businesses remained strong. Despite these pressures, TAQA remained focused on delivery and long-term value. In the first half of 2025, the Group continued to execute its international strategy with key milestones achieved across new and existing markets: In Morocco, TAQA signed agreements with national and private sector partners to accelerate the development of integrated power and water infrastructure. This includes efficient gas-fired and renewable power generation, water desalination, and power and water transmission infrastructure. Combined, these initiatives represent a potential investment of approximately AED 52 billion (approximately MAD 130 billion) in Morocco. In Central Asia, the Group completed the joint acquisition, alongside Mubadala, of the 875 MW Talimarjan power complex in Uzbekistan, a strategic entry point into one of the region's fastest-growing energy markets. In the UK, TAQA Transmission is progressing the integration of the recently acquired Transmission Investment ('TI'), establishing a strategic foothold in offshore transmission (OFTO) and contributing to the expansion of grid infrastructure critical for the energy transition. TI manages approximately AED 15 billion (GBP £3 billion) in assets across its portfolio of 11 OFTO projects. In the Netherlands, TAQA completed the transfer of its P18-A gas platform and associated assets to Porthos, supporting the development of Europe's first major carbon capture and storage facility. In Greece, Masdar expanded its presence by completing the 100% acquisition and delisting of TERNA ENERGY, a leader in the country's renewable energy market. Masdar also issued a USD 1 billion green bond to fund new greenfield renewable energy projects under its Green Finance Framework, reinforcing its commitment to achieving 100 GW of global renewable capacity by 2030. Together, these developments reflect TAQA's ambition to deliver efficient, sustainable infrastructure at scale while unlocking new growth opportunities across geographies. Further progress was made in the UAE, where TAQA, in partnership with EWEC, signed a Power Purchase Agreement (PPA) to reconfigure the Shuweihat 1 (S1) plant from a cogeneration facility into a flexible, reserve power plant. The conversion is designed to support the greater integration of renewables into Abu Dhabi's grid by enhancing grid stability during periods of peak power demand. This follows the previously announced agreement for the 1 GW Al Dhafra Thermal power generation project, which will provide additional dispatchable capacity to meet growing electricity demand from artificial intelligence and digital infrastructure in the UAE. His Excellency Mohamed Hassan Alsuwaidi, Chairman of TAQA, said: 'TAQA continues to deliver across its core businesses and new growth markets, reflecting the strength of its long-term strategy. In the first half of the year, the Group advanced its position as a critical enabler of infrastructure development, both within the UAE and internationally. Alongside sustained investment in domestic power and water infrastructure, our growing international presence, including our plans to increase our footprint in Morocco, reinforces TAQA's commitment to providing reliable, efficient power and water supply at scale. As the business evolves, our focus remains on disciplined execution and creating lasting value for shareholders, while supporting the broader energy transition and economic diversification goals of the UAE and the markets we operate in.' Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, said: 'TAQA's performance in the first half of 2025 reflects the strength of our integrated utility model and ability to consistently deliver value in dynamic market conditions. Despite headwinds, we continued to make tangible progress on priority projects across generation, water and transmission, increasing system flexibility and expanding our global portfolio. These are important steps that reinforce TAQA's position as a reliable partner for large-scale power and water solutions, regionally and globally.' The Group reduced its gross debt position to AED 61.7 billion, enabled by scheduled repayments and the maturity of a corporate bond. At the same time, TAQA accelerated investment in future capacity, with AED 5.2 billion in capital expenditure directed toward flexible generation, transmission upgrades and strategic desalination projects. Looking ahead, TAQA remains focused on advancing its strategic priorities, expanding low-carbon power and water solutions, strengthening grid infrastructure, and enabling energy transition across its markets. The Group continues to support national decarbonisation goals while delivering reliable returns to shareholders through disciplined execution and long-term investment.


Zawya
an hour ago
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Stablecoins fuel liquidity, not yet money: Mike Dolan
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Key to the new legislation is a requirement that stablecoins - so far mostly used by crypto traders to move funds between tokens - are fully backed by liquid assets such as cash or short-term Treasury bills. Issuers are also required to disclose the composition of those reserves monthly. And with a market cap in excess of $250 billion that could explode to some $2 trillion within three years based on some estimates, stablecoins have the potential to pack a serious systemic punch. Perhaps ironically, the link to Treasuries actually offers one of the more positive takes on the stablecoin phenomenon. Some of its proponents argue that it will generate commensurate demand for U.S. Treasury bills as stablecoins expand and allow the U.S. government to more easily front-load its rising new debt issuance, shortening the maturity profile of its debt. In doing so, it could leave long-term debt yields relatively undisturbed even as U.S. deficits expand. That seems like a neat twist. As it stands, the amount of bills outstanding totals about $6 trillion, just over a fifth of outstanding Treasury debt and still below historic averages as a share of the overall market. All else equal, if both stablecoin demand and bill issuance were to expand by $1 trillion over the next three years, then the bill share of the Treasury market would only rise back to where it was about 20 years ago - an outcome that seems fairly unexceptional. There's a catch though. A large chunk of the cash going to stablecoins is merely redirected from elsewhere, such as bank deposits or money market funds already directly or indirectly underpinning Treasury debt. Stablecoins' effect on the Treasury market, therefore, may be far more limited than first thought. 'SHADOW BANKS' WITHOUT CREDIT Harder to parse is the degree to which mushrooming stablecoins might impact liquidity in the broader financial system. As analysts at Cross Border Capital point out, creating a token that can be spent instantly like a banknote but is backed by securities with average maturities of several months or more could, theoretically, have a significant impact on market liquidity. In effect, the stablecoin transforms a basket of Treasury bills and notes into an instantaneous asset with zero duration. Two big offsetting features apply, however. The lack of retail use for them means the impact on real-world liquidity or consumer prices may be limited and the fast-money liquidity boost is left within the financial world - most clearly in crypto markets themselves and wider asset prices at the margins. Dangerous bubbles can blow here of course, but at least participants are there at their own risk. The second point is that even though stablecoins might add liquidity, they, unlike banks, don't actually expand the money supply via lending and credit creation. And if the money flowing to them is merely coming from bank deposits anyway, then there's a risk that the expansion of stablecoins could actually reduce credit expansion at banks and weigh on the velocity of money in the economy at large. "The GENIUS Act is unlikely to unleash a 1970s-style credit boom, but it does signal a shift in who controls the supply of money from banks to a more explicit public-private hybrid system," the Cross Border report concluded. "Most action will be in financial markets, not in the high street." Ardent critics of stablecoins fear this risks turning into a government-sanctioned return to privately issued money that could be as prone to corruption, fraud, panics and instability as when it was last in vogue in the 19th century. And crucially, disintermediation of the regular banking system could in time undermine the Federal Reserve's ability to regulate liquidity and money in the wider economy. But as long as this phenomenon remains largely the preserve of the esoteric financial world, those thornier issues remain largely theoretical. The size and growth of this universe is less the concern than its integration with the real world. The opinions expressed here are those of the author, a columnist for Reuters -- Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn. Plus, sign up for my weekday newsletter, Morning Bid U.S. (By Mike Dolan; Editing by Jamie Freed)


Zawya
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