Latest news with #AED15
Zawya
17-04-2025
- Business
- Zawya
TAQA acquires leading UK electricity transmission development, services company
Abu Dhabi National Energy Company (TAQA) announced today that it has acquired 100 percent of Transmission Investment (TI), a leading UK-based energy and utility investment platform. TI is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK grid. The strategic acquisition strengthens TAQA's position in the offshore electricity transmission sector, reinforcing its commitment to supporting the energy transition and growing in the UK and beyond. The transaction will provide TAQA with a well-established team of more than 40 full-time employees at TI with cross-sector end-to-end technical and development capabilities. TI becomes part of TAQA Transmission, whose new brand was recently launched, and which is the TAQA Group subsidiary responsible for the development and operation of TAQA's high voltage power and bulk water transmission infrastructure. The acquisition of TI establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets, leveraging TAQA's leading position. Since its founding in 2009, TI has emerged as one of the UK's largest players in the offshore electricity transmission sector, with approximately AED15 billion (GBP £3 billion) of assets under management in relation to its existing portfolio of 11 OFTO assets. Through its consortium in partnership with Amber Infrastructure and International Public Partnerships (INPP), TI has established a strong track record of bidding for, winning and operating the OFTO assets in the UK, with an approximately 40 percent success rate on OFTO bids. Last week, Ofgem appointed TI's consortium with Amber and INPP as its preferred bidder for Moray West OFTO. TI is also one of the UK's developers of interconnector projects, including the FAB Link Project and the LirIC Project (both the projects have been granted a cap and floor regime by Ofgem), connecting Great Britain with France and Northern Ireland through new HVDC sub-sea electricity interconnectors with an aggregate capacity of approximately 2GW. Dr. Afif Saif Al Yafei, CEO of TAQA Transmission, said, "Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around US$717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5 °C scenario. "That is why we are pleased to announce TAQA Transmission's first international acquisition, strengthening our growing portfolio and reinforcing TAQA's role as a global leader in low-carbon power and water solutions. This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK's 2050 Net Zero programme and our wider sustainability ambitions." Dr. Chris Veal, Founder and Managing Director of Transmission Investment, said, "TAQA's experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition. The UK's targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. "TI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment."
Arabian Business
17-04-2025
- Business
- Arabian Business
TAQA acquires TI, UK's leading energy and utility investment platform
Abu Dhabi National Energy Company (TAQA) gained 100 per cent control over Transmission Investment (TI), a leading UK-based energy and utility investment platform. This follows the go-ahead given by the Chancellor of the Duchy of Lancaster, under section 26 of the UK's National Security and Investment Act 2021, on 13 March this year. Financial details of the deal were not disclosed. TI is one of the largest players operating offshore transmission (OFTO) assets, connecting offshore wind farms to the UK grid. Founded in 2009, TI has approximately AED15 billion ($4.1 billion) of assets under management in its existing portfolio of 11 OFTO assets. Through its consortium in partnership with Amber Infrastructure and International Public Partnerships (INPP), TI has established a strong track record of bidding for, winning and operating the OFTO assets in the UK, with an approximately 40 per cent success rate on OFTO bids. Just last week, Ofgem appointed TI's consortium as its preferred bidder for Moray West OFTO. TAQA eyes global growth The acquisition strengthens the company's position in the offshore electricity transmission sector, reinforcing its commitment to supporting the energy transition and growing in the UK and beyond. The transaction will provide TAQA with a well-established team at TI with cross-sector end-to-end technical and development capabilities. TI will become part of TAQA Transmission, a TAQA Group subsidiary responsible for the development and operation of the company's high-voltage power and bulk water transmission infrastructure. The move establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets. Dr Afif Saif Al Yafei, CEO of TAQA Transmission, commented: 'Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario. 'That is why we are pleased to announce TAQA Transmission's first international acquisition, strengthening our growing portfolio and reinforcing TAQA's role as a global leader in low-carbon power and water solutions. This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy.' Dr Chris Veal, Founder and Managing Director of Transmission Investment, added: 'We are pleased that TAQA has acquired Transmission Investment. TAQA's experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition. 'The UK's targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. TI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.' Dr Veal will continue to lead TI following the acquisition. TAQA Transmission is already expanding its international footprint across the GCC, UK and North Africa by investing in some of the world's most innovative transmission projects. Earlier this year, TAQA Transmission and ADNOC completed laying 1,000 kilometres of cables as part of their $3.8 billion project to power and significantly decarbonise ADNOC's offshore production operations.
Dubai Eye
08-04-2025
- Business
- Dubai Eye
H.H. Sheikh Hamdan begins official visit to India
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, has landed in India for an official visit. Sheikh Hamdan and his accompanying delegation were welcomed by Indian minister Suresh Gopi upon touch down and accorded a ceremonial guard of honour. According to Dubai Media Office, Sheikh Hamdan will hold high-level discussions with Indian Prime Minister Narendra Modi and top government officials. It's aimed at strengthening bilateral cooperation across vital sectors. The visit underscores the UAE leadership's strategy of building strategic alliances with key international partners to foster growth, drive innovation and enhance collaboration in vital sectors. حمدان بن محمد يستعرض ثُلة من حرس الشرف الذين اصطفوا لتحية سموه لدى وصوله إلى العاصمة الهندية — Dubai Media Office (@DXBMediaOffice) April 8, 2025 Hamdan bin Mohammed arrives in New Delhi on official visit to India — Dubai Media Office (@DXBMediaOffice) April 8, 2025 Dubai and India have shared strong trade relations, touching $45.4 billion (AED 165 billion) in 2023, and non-oil trade volume at $54.2 billion (AED 199 billion) the same year. Over the past five years, Indian investments in Dubai has reached AED15 billion, while Dubai's investments in India touched AED17.2 billion. In 2024 alone, 16,623 new Indian companies joined the Dubai Chamber of Commerce bringing the total to over 70,000 Indian companies DP World has operated in India for over 20 years. In January 2024, it signed a $3 billion (AED 11 billion) agreement to expand operations in Gujarat. In the tourism sector, Dubai welcomed 3.14 million visitors from South Asia with India accounting for the largest share in 2024. Emirates Airline has served India since 1985. Currently, it operates 167 weekly flights, connecting Dubai to nine Indian cities.
TAG 91.1
08-04-2025
- Business
- TAG 91.1
H.H. Sheikh Hamdan begins official visit to India
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, has landed in India for an official visit. Sheikh Hamdan and his accompanying delegation were welcomed by Indian minister Suresh Gopi upon touch down and accorded a ceremonial guard of honour. According to Dubai Media Office, Sheikh Hamdan will hold high-level discussions with Indian Prime Minister Narendra Modi and top government officials. It's aimed at strengthening bilateral cooperation across vital sectors. The visit underscores the UAE leadership's strategy of building strategic alliances with key international partners to foster growth, drive innovation and enhance collaboration in vital sectors. حمدان بن محمد يستعرض ثُلة من حرس الشرف الذين اصطفوا لتحية سموه لدى وصوله إلى العاصمة الهندية — Dubai Media Office (@DXBMediaOffice) April 8, 2025 Hamdan bin Mohammed arrives in New Delhi on official visit to India — Dubai Media Office (@DXBMediaOffice) April 8, 2025 Dubai and India have shared strong trade relations, touching $45.4 billion (AED 165 billion) in 2023, and non-oil trade volume at $54.2 billion (AED 199 billion) the same year. Over the past five years, Indian investments in Dubai has reached AED15 billion, while Dubai's investments in India touched AED17.2 billion. In 2024 alone, 16,623 new Indian companies joined the Dubai Chamber of Commerce bringing the total to over 70,000 Indian companies DP World has operated in India for over 20 years. In January 2024, it signed a $3 billion (AED 11 billion) agreement to expand operations in Gujarat. In the tourism sector, Dubai welcomed 3.14 million visitors from South Asia with India accounting for the largest share in 2024. Emirates Airline has served India since 1985. Currently, it operates 167 weekly flights, connecting Dubai to nine Indian cities.
Arabian Business
26-03-2025
- Business
- Arabian Business
Ras Al Khaimah real estate ‘no longer an emerging player' as transactions up 25,000% since 2017
The real estate market in Ras Al Khaimah has witnessed unprecedented growth, with transaction volumes skyrocketing by nearly 25,000 per cent over the past seven years, according to the latest data from the Ras Al Khaimah Statistics Centre. The total value of real estate transactions in June 2024 reached AED2,535,067,291 ($2.535bn) an exponential leap from just AED10,113,300 ($2.8m) in June 2017. Similarly, mortgage values have soared, recording AED3,475,928,534 ($946.5m) in July 2024, compared to AED15,836,398 ($4.3m) in July 2017—an unprecedented increase of approximately 21,849 per cent. Ras Al Khaimah real estate This surge underscores the growing investor confidence and the emirate's rising prominence as a real estate powerhouse. Andrei Charapenak, CEO of Major Developers, said: 'Ras Al Khaimah is no longer an emerging player—it has cemented itself as a prime investment destination. 'The staggering increase in real estate transactions and mortgage values reflects the emirate's economic momentum, fuelled by visionary leadership, strategic infrastructure developments, and a strong appetite for premium residential and commercial spaces. 'We are seeing a paradigm shift in investor sentiment—luxury, sustainability, and lifestyle integration are driving purchasing decisions'. The surge in transactions comes at a time when Ras Al Khaimah is attracting heightened interest due to its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, hospitality and entertainment investments, and a strong push toward sustainable urban development.
