Latest news with #AbuDhabiDevelopmentalHoldingCompany
Gulf News
30-04-2025
- Business
- Gulf News
Wizz Air Abu Dhabi rolls out limited-time 15% fare cut on select routes
Abu Dhabi: Wizz Air Abu Dhabi has announced a 15% discount on select flights to and from the UAE capital, applicable for bookings made for travel between 1 May and 30 June 2025. The budget airline, a joint venture between Abu Dhabi Developmental Holding Company (ADQ) and Hungary-based Wizz Air, said the promotion is aimed at encouraging summer travel and will be available through its official website and mobile app. The discounted routes include several regional and European destinations, though the airline has not disclosed a full list of eligible flights. Travellers are required to book within the offer window to benefit from the reduced fares. The promotion comes as the airline continues to expand its network out of Abu Dhabi and aims to attract cost-conscious travellers during the peak summer season.
Arabian Business
31-03-2025
- Business
- Arabian Business
Abu Dhabi's ADQ to partner ECP in $25bn investment in the US energy infrastructure
ADQ (formerly Abu Dhabi Developmental Holding Company), the Abu Dhabi-based sovereign investment company, will partner with the New Jersey-headquartered Energy Capital Partners (ECP) to build power generation and energy infrastructure with capital investments of more than $25 billion across 25GW worth of projects. ADQ and ECP have entered into an agreement to establish a 50-50 partnership for this. The partnership combines ADQ's expertise in infrastructure investments with ECP's premier energy investment platform in electrification, power, and renewable generation. It aims to service the growing power needs of data centres, hyperscale cloud companies, and other energy-intensive industries. ADQ-ECP collaboration Captive power plants in close proximity to data centres are often a prerequisite for these high-growth industries, as an uninterrupted power supply is critical to their functioning. The mandate includes greenfield development, new build and expansion opportunity projects that will establish the partnership as a leader in power generation for a growing American economy. The partnership's primary geographic focus of the projects will be the USA, but a portion of the capital may also be allocated towards opportunities in selected other international markets. The combined initial capital contribution from the partners is expected to be $5 billion. Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, commented: 'The acceleration of AI and its societal adoption presents attractive opportunities to serve the power and infrastructure needs of data centres and hyperscalers. Meeting these power needs presents evolving challenges for governments worldwide in ensuring secure, stable, and commercially competitive electricity supply. 'As an active investor with a sharp focus on critical infrastructure and proven capability in building long-term partnerships, we are in a prime position to help address these shifting structural dynamics. 'Our partnership with ECP allows us to invest meaningfully in generation and related infrastructure assets that support accelerating demand for power, promoting the progress of these industries and helping to future-proof economies.' Supporting data centres' growth According to a recent report by the International Energy Agency (IEA), the world's electricity consumption is forecast to rise at its fastest pace in recent years. This surge is in part driven by the growing needs of data centres and industrial electrification. Recent research forecasts that global power demand from data centres will increase by 50 per cent by 2027 and by as much as 165 per cent by the end of the decade, driven by the expansion of AI and high-density data centers. The US Department of Energy estimates that data centre load growth has tripled over the past decade and is projected to double or triple by 2028. Doug Kimmelman, ECP's Founder and Executive Chairman, added: 'AI will be a major driver of US economic and job growth over the coming decade, but not unless ample new electricity supplies are developed. 'We are honoured to build an investing partnership with ADQ to provide the electricity resources demanded by the rapidly growing AI data centre sector where the build out of new power generation resources or 'additionality' in the US will require significant, patient capital with a long-term horizon. 'Given the tightening supply/demand dynamics in US power markets, new generation capacity will be needed and our focus in this partnership will therefore primarily be on new-build natural gas-fired power generation assets in scale to meet the needs of hyperscalers on a timely basis.' ADQ manages over 25 portfolio companies across more than 130 countries, operating across key sectors such as energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics. Infrastructure investments have been at the core of ADQ's mandate since it received its first asset transfers from the Government of Abu Dhabi, which included major power and water companies. The company's total assets amounted to $225 billion as of 30 June 2024. ECP, founded in 2005, has established itself as a leading equity and credit investor in energy transition infrastructure. Its portfolio includes investments in power, renewables, storage, sustainability, and decarbonisation infrastructure. ECP has owned, controlled, and operated over 83GW of power generation across all major US power markets.
Zawya
26-02-2025
- Business
- Zawya
Renewables targets boost GCC power project investments: Fitch
Saudi Arabia's Vision 2030 and Green Finance Framework set out targets for private and foreign investment in green energy generation, aiming for renewables to comprise 50% of output by 2030 (about 130GW), with about 60% of new capacity coming from solar and 40% from wind, it stated. Saudi Arabia also aims to replace inefficient oil-fired power stations with combined cycle gas turbines that can operate at over 60% efficiency. Abu Dhabi also plans to build 18GW of solar photovoltaic capacity by 2035. Both Saudi Arabia and Abu Dhabi are currently using a model where 60% of power project ownership is through companies directly or indirectly held by the government – for example, via government-related entities like the Public Investment Fund and Abu Dhabi Developmental Holding Company – with the remaining 40% owned by international energy or construction companies, said Fitch in its report. Contract risks in these projects in Saudi Arabia are limited to operational and construction risk under Saudi power agreements. However, untested legal frameworks and limited step-in rights could pose constraints for financing single-asset risks, potentially reducing access to power project financing. Financing for these new generation projects is mostly corporate-type lending provided by consortia of banks, local and regional, but with an increasing number of foreign banks involved to help diversify funding, it stated. Reaching the targets to increase the contribution of renewables in electricity generation will require significant network infrastructure build-out. The GCC has established the Gulf Cooperation Council Interconnection Authority to regulate electricity transmission and distribution in the region, prevent power outages through a balancing mechanism, introduce power trading including renewables and help energy security. The company estimates that investments related to the expansion of the existing grid between 2023-2028 will reach $1.8 billion, said Fitch in its report. Furthermore, Saudi Electricity and other national electricity companies are investing in their grids to connect new generation capacity, as well as focusing on digitalisation and battery energy storage systems. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Gulf Business
13-02-2025
- Business
- Gulf Business
ADQ, International Finance Corporation to advance development projects
Image: Supplied Abu Dhabi Developmental Holding Company (ADQ) has inked a memorandum of understanding (MoU) with the International Finance Corporation ( IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. The MoU formalises a framework for collaboration that will leverage capital and expertise from both parties to fund impactful investments. The agreement will see ADQ and IFC explore co-investment opportunities in key sectors to drive sustainable economic growth. ADQ to leverage infrastructure development experience ADQ brings its proven track record in infrastructure development and supply chain resilience, while IFC offers its deep expertise in mobilizing commercial capital for sustainable investments. Together, the two organizations aim to identify and develop projects that bolster food security, promote agricultural innovation, and enhance healthcare infrastructure in emerging markets. The partnership will also explore investments in critical infrastructure such as energy security, sustainability, transport and logistics, and real estate and urban development, to improve economic resilience, quality of life, and connectivity in developing regions. These investments are expected to foster greater competitiveness in a rapidly evolving global landscape. Mohamed Hassan Alsuwaidi, MD and Group CEO of ADQ, expressed the significance of the collaboration, stating: 'Partnering with IFC reflects our shared commitment to creating lasting value and driving sustainable impact across emerging and developing markets. By combining our strengths and expertise with IFC, we aim to extend the broad expertise of our portfolio companies to new markets. Our vision is to drive joint transformative infrastructure projects that have the ability to enhance the lives of communities while generating lasting value for local economies.' Makhtar Diop, MD of IFC, highlighted the importance of sovereign wealth funds in driving sustainable growth. 'This partnership underscores the crucial role of sovereign wealth funds in fostering sustainable growth in emerging markets. It also reflects the UAE's leadership in driving South-South investments, enhancing economic cooperation, and creating opportunities globally. 'By combining IFC's global expertise with ADQ's strategic investments, we aim to mobilise private capital and accelerate transformative, long-term development across key sectors in emerging markets.' ADQ: Strong regional presence ADQ, established in 2018, manages a diverse portfolio spanning over 25 companies with operations across more than 130 countries. Its investments focus on vital sectors including energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences. ADQ has a strong track record in building strategic alliances with governments worldwide, particularly in countries such as Egypt, Türkiye, Greece, Oman, and Jordan. Meanwhile, IFC continues to support millions of people in emerging markets, providing access to electricity, improved sanitation, and greater food and nutrition security. Through strategic partnerships and innovative solutions, IFC's initiatives continue to drive lasting economic and social impact worldwide. Read:
