Latest news with #Dh36
Al Etihad
15-05-2025
- Business
- Al Etihad
TAQA Group reports revenue of Dh14.2 billion for Q1 2025
15 May 2025 15:23 ABU DHABI (WAM)Abu Dhabi National Energy Company (TAQA) has reported its earnings for the three-month period ending March 31, 2025. TAQA delivered a 3.8 percent year-on-year revenue growth, reaching Dh14.2 billion, primarily driven by higher pass-through items in Transmission and Distribution (T&D).While TAQA reported topline growth, EBITDA declined by 6.7 percent to Dh5.3 billion and net income fell by 1.5 percent to Dh2.1 its leading stake in Masdar, TAQA made significant strides in expanding its global renewable portfolio in Q1. Masdar's Saeta Yield platform acquired the 243 MW Valle Solar project in in Spain, Masdar reached an agreement to acquire a 49.99 percent stake in four of Endesa S.A.'s solar assets, totalling 446 MW, pending regulatory Masdar is developing the world's first giga-scale 'round-the-clock' renewable project in Abu Dhabi, combining 5.2 GW of solar capacity with 19 GWh of battery storage to deliver 1 GW of continuous clean April, TAQA and Emirates Water and Electricity Company (EWEC) announced the signing of a major power purchase agreement for the 1 GW Al Dhafra Thermal plant alongside major investments in new grid projects are being developed in parallel to Masdar's 'round-the-clock' initiative and all of them together will play a key role in providing the power needed to advance the UAE's AI Strategy for Al Dhafra Thermal plant will provide efficient, flexible and easily dispatchable capacity and will be fully owned and operated by Transmission will integrate the additional gas and renewables capacity into the grid with state-of-the-art transmission infrastructure that will deliver the energy and stability required for high-performance computing and other advanced digital infrastructure. Combined, these projects will require investment of around Dh36 billion in the coming years.
Al Etihad
06-05-2025
- Business
- Al Etihad
Dubai Premier Padel P1 aims for crowd record with venue shift
7 May 2025 00:55 DUBAI (ALETIHAD)Following the resounding success of the inaugural Dubai Premier Padel P1 tournament last year, the organisers are hoping to take the tournament to a bigger audience while trying to set an attendance record for the sport in the UAE with a change of year's tournament moves from the Dubai Duty Free Tennis Stadium, with a capacity of 5,000 people, to Hamdan Sports Complex with triple that capacity. Last year, the attendance total amounted to 24,000. The elite padel championship this year will be held from November 9-16, tickets for which went on sale on over 24 hectares, the Hamdan Sports Complex is the largest indoor sports facility in the Middle East. The Centre Court will take up half the event space, designed to fit more than 7,000 spectators, a record-setting capacity. There will be three secondary courts also in the operation, along with two practice courts at one of the biggest multi-purpose stadiums in the climate-controlled facility is sure to prove a popular choice among the growing number of padel lovers in the region. With every Centre Court ticket, the access to other competition courts will be free of charge. The first phase of ticketing for the second edition launched on with early bird prices starting from Dh36 for the general admission tournament is conducted by Gallop Global along with Dubai Sports Council and the UAE Padel Association (UAEPA). The Championship's prize purse has also increased marginally across the men's and women's categories, rising from €470,000 (Dh1.96m) to €474,500 (Dh1.98m), underscoring the marquee event's status on the Middle East sporting 240-player field is expected to include all elite competitors from around the globe, including current world No1 men's pairing – and 2024 winners – Arturo Coello and Agustin Tapia, as well as female top ranked players Ari Sanchez and Paula a statement, Sheikh Saeed bin Maktoum bin Juma Al Maktoum, the UAEPA President, reflected on the inaugural event last year as "a historic milestone for the sport, which has rapidly grown in popularity in the UAE. We eagerly anticipate the second edition... and from the UAEPA we are proud to support the biggest tournament in our country." Saeed Hareb, Secretary General of the Dubai Sports Council, added: "The return of Dubai Premier Padel P1 on the Middle East sporting calendar underscores the growing prominence of the sport in the region, and indeed worldwide. We look forward to welcoming even more spectators at this year's tournament in what is guaranteed to generate a special atmosphere inside the state-of-the-art Hamdan Sports Complex."
Khaleej Times
03-04-2025
- Business
- Khaleej Times
Taqa and EWEC sign power purchase agreement for 1GW of new advanced generation capacity
Abu Dhabi National Energy Company PJSC (Taqa), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, together with Emirates Water and Electricity Company (EWEC), a leading company in the integrated planning, purchasing, supply and system despatch services of water and electricity across the UAE, on Thursday announced the development and implementation of new energy infrastructure projects to directly advance the UAE National Strategy for Artificial Intelligence 2031, and UAE Net Zero by 2050 initiative. The collaboration includes Taqa signing a 24-year power purchase agreement (PPA) with EWEC to build, own, and operate the 1-gigawatt (GW) Al Dhafra open-cycle gas turbine (OCGT) project in the UAE. With 100 per cent ownership, Taqa is leading the OCGT project and will undertake the operation and maintenance (O&M) of the plant. In addition, Taqa Transmission, part of Taqa Group, will develop advanced power grid infrastructure to integrate the additional generation capacity to new sources of energy demand, enabling access to reliable power with a low carbon footprint. The projects will support the recently announced EWEC and Masdar world-first project that will enable renewable energy to be dispatched 24/7, reaffirming the UAE's position as a global pioneer in renewable energy deployment and low-carbon infrastructure. Delivering up to 1GW of baseload power every day generated from renewable energy, it will be the largest combined solar and battery energy storage system (BESS) in the world. The collaboration between EWEC, Taqa, and Masdar, will drive investment of around Dh36 billion in energy supply infrastructure in Abu Dhabi with around 75 per cent of that to be invested in renewable and conventional power generation. The remaining 25 per cent will be invested in grid infrastructure, which will be added to the regulated asset base and will receive the regulated return. Jasim Thabet, Group CEO and Managing Director of Taqa and Vice Chairman of Masdar said: 'Providing reliable low-carbon power plays an important role in enabling the global energy transition. Through our expertise in power generation and transmission, and as the largest shareholder in Masdar, Taqa plays a central role in advancing clean energy solutions in the UAE, and we remain committed to ensuring reliable, low-carbon power at all times. As a champion of low-carbon power and water, we are proud to be a part of these world-class projects alongside our partner EWEC.' Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said: 'EWEC is pleased to partner with Taqa on transformative initiatives that will not only power the UAE's AI ambitions but also accelerate the nation's energy transition. By creating a future-ready energy framework that integrates next-generation renewable energy technologies and advanced transmission solutions, this collaboration is setting a new global benchmark for sustainable energy systems that balances sustainability with operational excellence. As the UAE transitions into an AI-powered future, we are creating the foundation for a future where advanced technologies can flourish, while meeting the country's forward-thinking environmental and economic goals.' EWEC has achieved a transformative milestone in Abu Dhabi's energy sector, now supplying more than 55 per cent of the emirate's power demand through renewable and clean energy sources. Additionally, more than 92 per cent of water production will be supplied through state-of-the-art reverse osmosis technology, reducing water production emissions from 16 kilogrammes per cubic meter (kg/m³) in 2021 to 1 kg/m³ by 2031. These advancements reinforce Abu Dhabi's position as a global leader in sustainable utility operations.
The National
03-04-2025
- Business
- The National
Taqa and Ewec to develop 1GW gas turbine plant in Abu Dhabi to support tech push
Abu Dhabi National Energy Company, better known as Taqa, has signed a 24-year power purchase agreement with Emirates Water and Electricity Company, to build and operate a one-gigawatt open-cycle gas turbine project in Al Dhafra as part efforts to support the UAE's technology needs. Taqa will both own and manage the plant, including its operation and maintenance. The company's subsidiary, Taqa Transmission, will build the grid connections to distribute the generated power, the companies said on Thursday. Open-cycle gas turbines are typically employed for short-term power boosts, not constant operation, to meet peak electricity needs. The projects will support the UAE's $6 billion 'round the clock' renewable energy facility announced by Masdar in January, which will combine 5 gigawatts of solar capacity with 19 gigawatt hours of battery storage to produce 1 gigawatt of clean power. The partnership between Ewec, Taqa and Masdar will drive investment of about Dh36 billion ($9.8 billion) in Abu Dhabi's energy infrastructure, with about 75 per cent allocated to renewable and conventional power generation and the remaining 25 per cent to funding grid infrastructure, the companies said. 'Providing reliable low-carbon power plays an important role in enabling the global energy transition,' said Jasim Thabet, group chief executive and managing director of Taqa. Ewec currently supplies more than 55 per cent of Abu Dhabi's power through renewable and clean energy sources and plans to raise it to 60 per cent by 2035. Last year, Ewec said there was urgent need for an additional 5.1 gigawatts of gas capacity in the emirate to support the integration of renewable energy projects and provide flexibility during peak demand, state news agency Wam reported. This includes 2.6 gigawatts of flexible and cost-effective open-cycle gas turbine capacity, expected to be available by 2027, along with about 2.5 gigawatts of combined-cycle gas turbine capacity by 2028, the company said at the time. 'By creating a future-ready energy framework that integrates next-generation renewable energy technologies and advanced transmission solutions, this collaboration is setting a new global benchmark for sustainable energy systems,' said Ahmed Al Shamsi, chief executive of Ewec. Under the updated objectives of the UAE Energy Strategy 2050, the country will invest between Dh150 billion and Dh200 billion by 2030 to ensure energy demand is met while sustaining economic growth in the Emirates. Projects under the plan include the 1.8-gigawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the second phase of Dubai's waste-to-energy project, and two major photovoltaic projects – the 1.5-gigawatt Al Ajban plant and the 1.5-gigawatt Al Khazna – both in Abu Dhabi. Masdar alone aims to reach 100 gigawatts of renewable energy capacity by 2030, up from about 20 gigawatts at present.
The National
02-04-2025
- Business
- The National
Three ways to invest $10,000 in the second quarter of 2025
Global markets are in turmoil, with US President Donald Trump's trade tariffs rattling investors. The S&P 500 has dropped 5 per cent so far this year, as fears of job losses and recession grow. As ever, investors will respond to market volatility in different ways. Some embrace it, while others run for cover. If you're looking to invest $10,000 (Dh36,700) over the second quarter, here are three potential strategies. The first involves sitting out the turbulence in low-risk asset classes, the second explores a recovering rival to the US, while the third is for risk takers. As with any investment, always consider both the risks and rewards and aim to hold for the long term. Many investors will be tempted to seek safety in lower-risk assets like cash, bonds and gold, says Vijay Valecha, chief investment officer at Century Financial. 'Given the uncertainty, these are now a reasonable strategy.' Even safe assets have risks though. Inflation could erode cash savings, while bond markets are vulnerable to interest rate moves. Inflation remains a wild card, Mr Valecha says. 'If it stays high, the Federal Reserve may delay interest rate cuts, keeping bond yields high.' Paul Jackson, global head of asset allocation research at Invesco, calls cash 'the ultimate diversifier'. 'It has little volatility and limited correlation to other assets.' The European Central Bank, Bank of England and other central bankers have started cutting interest rates, but cash should continue to offer a solid return, Mr Jackson adds. 'I think the rate of easing will now slow, with rates staying higher for longer.' Tony Hallside, chief executive of Dubai-based brokers STP Partners, says both cash and short-duration government bonds offer solid yields. 'That's something we haven't seen in over a decade. For capital preservation with upside optionality, the combination is hard to ignore.' Jacob Falkencrone, global head of investment strategy at Saxo Bank, also favours cash and short-term government bonds. 'They offer stability and liquidity, crucial in volatile periods, while today's attractive yields can sustain purchasing power.' Gold is the oldest safe haven of them all, and today's insecurity has driven the price to a record high of $3,133 an ounce, up almost 19 per cent this year alone. However, Mr Jackson warns it's now more expensive in real terms than at any point in the past 150 years. 'While further volatility in US policy or recession could push gold higher, an outbreak of peace could undermine it.' Verdict: There are strong arguments in favour of playing safe today, but beware of gold. Despite its reputation, the price has been highly volatile in the past and could be again. As ever in investing, diversification is the ultimate protection. While Wall Street falls, Europe is climbing. Investors should not overlook the quiet momentum building in European equities, says Mr Hallside at STP Partners. 'Germany's pivot towards industrial rearmament and broader EU fiscal initiatives suggest we are at the early stages of a multiyear recovery story,' he adds. Saxo Bank's Mr Falkencrone says Europe is at an inflection point. 'Mr Trump's withdrawal from traditional alliances has pushed the continent towards unprecedented self-reliance, particularly in defence and infrastructure.' Defence and aerospace stocks will directly benefit from surging European military expenditure, while the infrastructure and industrial sectors should capitalise on the region's extensive rebuilding and reshoring efforts, he says. 'Green energy and technology leaders will be winners from Europe's accelerating drive towards energy independence and digital sovereignty.' European stock valuations remain attractive relative to the US, but risks include 'fiscal implementation and potential political fragmentation within the EU', Mr Falkencrone says. He suggests defensive sectors such as health care and utilities may add stability for those targeting Europe. Mathieu Racheter, head of equity strategy research at Julius Baer, says Germany's decision to lift its debt brake could boost gross domestic product but it will only see the full impact next year. Instead, he favours Switzerland. 'Swiss large caps provide defensive stability, while mid-caps present an even more compelling opportunity given their pro-cyclical nature and the improving European growth outlook,' he adds. Swiss mid-caps have outperformed global equities historically, thanks to strong balance sheets and steady earnings growth. 'With 60 per cent of their revenue coming from continental Europe, they're well-placed to ride the wave of fiscal stimulus.' Verdict: Europe could rise while the US falls, but there are no guarantees. If Mr Trump changes track, Wall Street could come storming back. Not every investor fears the current volatility. Some brave souls may race to embrace it. And what better way to ride the tiger today than by investing in Elon Musk's electric car maker, Tesla? Tesla's stock is down around 30 per cent this year, hit by trade war risks, Mr Musk's political controversies, and rising electric vehicle competition. Mr Falkencrone at Saxo Bank says the dip may tempt bargain seekers but warns: 'A lower stock price doesn't automatically mean value.' He says Tesla's future relies on uncertain bets like autonomous driving and robotaxis. 'Tesla depends heavily on China, and worsening US-China relations could damage sales and profitability.' Traditional car makers and new Chinese competitors like BYD are rapidly gaining ground, rolling out fresh EV models at a faster pace, Mr Falkencrone adds. 'Any investment should be part of a carefully sized, long-term speculative position rather than a bet based solely on recent price declines.' Mr Valecha at Century Financial says Tesla has a huge opportunity, but not in electric cars. 'According to Elon Musk's vision, Tesla is more than just an automotive firm. It's an AI and robotics company, with visionary products such as autonomous vehicles and robotaxis.' This vision is shared by star fund manager Cathie Wood of ARK Invest, who predicts Tesla shares could rise 10-fold, driven by its robotaxi plans. Tesla aims to combine autonomous vehicles with a ride-sharing model, allowing owners to rent out their Teslas like an Airbnb for cars. 'If it works, it could be a major revenue driver,' says Mr Valecha. Tesla remains one of the most volatile stocks on the market. For investors willing to take the risk, the potential rewards could be enormous. Verdict: Tempted? Then buckle up. Tesla has always been a bumpy ride, but never more so than now.
