Latest news with #Dh360
Al Etihad
3 days ago
- Business
- Al Etihad
Abu Dhabi's data centre industry power investments to exceed Dh37 bn: TAQA CEO
29 May 2025 23:57 ABU DHABI (WAM)Abu Dhabi National Energy Company (TAQA) is poised to significantly bolster Abu Dhabi's burgeoning data and artificial intelligence hub, with its CEO and Managing Director announcing that total investments to support the power needs of the data centre industry in the emirate will exceed Dh37 announcement aligns with TAQA's broader strategy to provide clean, certified, and reliable energy for critical to WAM on the sidelines of the World Utilities Congress 2025, Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director (GCEO & MD) highlighted the company's robust growth and strategic a market capitalisation estimated at approximately Dh360 billion, TAQA stands among the top five companies in Europe, Africa, and the Middle East for electricity generation, transmission, and water desalination, operating across 25 the past four years, TAQA has impressively doubled its electricity production capacity to 56 gigawatts, surpassing the total electricity consumption of the United Kingdom. Recent strategic moves include the acquisition of an 875-megawatt gas-powered electricity station in Uzbekistan, in partnership with Mubadala, supporting Uzbekistan's energy transition and opening new Central Asian TAQA's acquisition of "Transmission Investment," a leading UK-based energy and utility investment enhancing its clean energy portfolio, TAQA is currently constructing a 1-gigawatt gas turbine power station. In collaboration with Masdar, where TAQA holds a major stake, the company is also developing 5 gigawatts of solar energy backed by 19 gigawatt-hours of battery storage. This integrated solar and battery system, designed to deliver a continuous supply of 1 gigawatt for 24 hours, will be the largest project of its kind aims to invest Dh75 billion by 2030 to triple its electricity generation capacity to 150 gigawatts, he said. As part of this growth strategy, the company also plans to develop water desalination plants with a combined capacity of 1.3 billion gallons per day, with two-thirds utilising highly efficient reverse osmosis technology.
Gulf News
28-04-2025
- Business
- Gulf News
Dubai gold price drops - again - ahead of April 30's 'Akshaya Trithiya'
Dubai: The Dubai gold rate is dropping – and it couldn't be happening in a better week for shoppers out there. A gram of 22K is at Dh367 (and Dh396.25 for 24K) and showing signs that there could be more price dips in the next 24-48 hours. These are the lowest levels in the last 7 days, and there remains a good chance that the Dubai gold price could end up around Dh360. Will these be enough to turbo-charge a clear spike on April 30 and the Indian gold buying festival of 'Akshaya Trithiya'? Based on trends, gold retailers say that UAE resident-shoppers are back in the game. 'There have been early bookings to ensure price lock-ins ahead of the actual April 30 purchase,' said a jeweler. 'That's been clear during the last weekend, and there is hope of the price lowering further.' How has Dubai gold price fared? It's only in comparison over the last 7 days that the current Dubai gold rate is more buyer-friendly. The lowest since March 30 has been Dh331.5 for 22K (Dh356.25 for 24K) on April 7. 'But a lot has changed in April itself, first with the US announcement of tariffs, then the dollar weakening after some of President Trump's remarks, and other factors,' said a commodities analyst. (In between Dubai gold rate had even soared to Dh388 for 22K and over Dh400 for the 24K kind.) 'So, today's current price of Dh367 is still a good level for an investment.' Lower making charges – and gold coins Shoppers are checking out all the promotions that are there, whether it's retailers slashing making charges and offering gold coins on a minimum purchase. "Retailers are rushing out with up to 50% cuts in making charges, or even removing it altogether on some gold coin purchases," said a jeweller. "If shoppers are assured that they are getting more dirham savings on making charges, then the actual price of a buy looks even more reasonable." Bullion trades In the global metals market, bullion is trading is at $3,280 an ounce, well down on the $3,318 it closed at on Friday last. Another $30-$50 an ounce drop puts the ball in shoppers' favour- they haven't had a favourable run for weeks now.
Gulf Insider
28-04-2025
- Business
- Gulf Insider
Dubai Gold Price Drops Ahead of April 30's Akshaya Trithiya
The Dubai gold rate is dropping – and it couldn't be happening in a better week for shoppers out there. A gram of 22K is at Dh367 (and Dh396.25 for 24K) and showing signs that there could be more price dips in the next 24-48 hours. These are the lowest levels in the last 7 days, and there remains a good chance that the Dubai gold price could end up around Dh360. Will these be enough to turbo-charge a clear spike on April 30 and the Indian gold buying festival of 'Akshaya Trithiya'? Based on trends, gold retailers say that UAE resident-shoppers are back in the game. 'There have been early bookings to ensure price lock-ins ahead of the actual April 30 purchase,' said a jeweler. 'That's been clear during the last weekend, and there is hope of the price lowering further.' It's only in comparison over the last 7 days that the current Dubai gold rate is more buyer-friendly. The lowest since March 30 has been Dh331.5 for 22K (Dh356.25 for 24K) on April 7. 'But a lot has changed in April itself, first with the US announcement of tariffs, then the dollar weakening after some of President Trump's remarks, and other factors,' said a commodities analyst. (In between Dubai gold rate had even soared to Dh388 for 22K and over Dh400 for the 24K kind.) 'So, today's current price of Dh367 is still a good level for an investment.' Shoppers are checking out all the promotions that are there, whether it's retailers slashing making charges and offering gold coins on a minimum purchase. 'Retailers are rushing out with up to 50% cuts in making charges, or even removing it altogether on some gold coin purchases,' said a jeweller. 'If shoppers are assured that they are getting more dirham savings on making charges, then the actual price of a buy looks even more reasonable.' In the global metals market, bullion is trading is at $3,280 an ounce, well down on the $3,318 it closed at on Friday last. Another $30-$50 an ounce drop puts the ball in shoppers' favour- they haven't had a favourable run for weeks now. Also read: Dubai Number Plate Fetches $2.27mn at Weekend Auction
Gulf News
24-04-2025
- Business
- Gulf News
Dubai gold price surprises shoppers with near Dh7 jump after 3 days of drops
Dubai: The Dubai gold rate has gained a near Dh7 a gram early today, which will come as a complete jolt to shoppers in the UAE who had been hoping for a third straight day of price softening. The local gold price for a gram of 22K is Dh374.75, while for the 24K version, it's back to over Dh400. (The 24K gram is now at Dh404.65.) Shoppers and gold sellers were hoping to see the Dubai gold rate drop further to around Dh360 for a 22K today as global markets returned to positive territory and there was less hard talk over US tariffs and removing the Federal Reserve Chairman. Between now and May 1 is a crucial period for gold shoppers given that the Indian festival of 'Akshaya Trithiya' falls on April 30. (This along with another Indian festive buying period on 'Dhanteras' and Diwali later in the year represent some of the highest volume sales phase for gold in the UAE, outside of promotions during Dubai Shopping Festival, Dubai Summer Surprises, etc.) Shoppers shouldn't lose heart, gold retailers say, saying there is still time for prices to soften. 'These days, the way gold is moving, anything can change in 24 hours,' said an FX analyst. 'Even within 24 hours.' Correction – but not a crash What shoppers should not be expecting to see is a downright 'crash' in gold prices. 'If in any of these days, gold closes below $3,280 an ounce, that's a crash,' said Anil Dhanak, Managing Director at Kanz Jewels. 'Until then, it's all more of a price correction.' Now, it's interesting that bullion prices did drop to around $3,260 an ounce levels for a brief while in these last few hours before powering up to trade at $3,336 now. That means more of a correction. Earlier this week, the 22K Dubai gold rate was at its highest point of Dh388 as gold prices pummeled its way through to $3,500 an ounce. (And looked good for some more climbs...) Then a lot happened in the US over the week to cool markets down, and gold prices dropped as well. Book or not? The other big question for gold buyers is whether it makes sense to book and lock in prices for Akshaya Trithiya or not. (Booking ensures that they benefit from any price drops between then and the day of booking. If prices shoot higher, then they can still buy at the pre-booked rate. The only condition is the buying must be done in 30 days or so.) "I would say any price around Dh360 a gram would have been good to book," said a shopper, who plans to pick up a couple of gold bars whatever the Dubai gold rate is on April 30. Meanwhile, new jewellery stores keep opening in the UAE, because at the end of the day, resident shoppers and visitors are not going to shed their preference for the yellow metal - or for diamonds. The Indian jewellery retailer Arakkal Gold and Diamonds opened its biggest showroom in Sharjah, at the Safari Mall. Not just that, brought out 500 kilos in new gold designs.
Khaleej Times
08-04-2025
- Business
- Khaleej Times
How UAE's economic diplomacy helps it maintain strong ties with global powers
Economic diplomacy is a central pillar of the UAE's global influence, a top diplomat has said. By employing its economic power, particularly in sectors such as trade and investment, the UAE ensures that its diplomatic efforts are not just aspirational but backed by tangible results. In an interview with Khaleej Times, Dr Mohammed Ibrahim Al Dhaheri, deputy director-general of the Anwar Gargash Diplomatic Academy (AGDA), highlighted how the UAE's diplomatic approach is both flexible and adaptable to changing global dynamics. He pointed to the country's response to the trade war between the United States and China as an example of its pragmatic diplomacy. 'The UAE maintains its core principles of dialogue, cooperation, and regional stability by remaining open to communication and collaboration with both global powers. The UAE's balanced approach to managing relationships with both the US and China has been a key factor in maintaining its diplomatic independence,' he said. As reported by Khaleej Times, analysts predict that the UAE's status as a global trade hub could position it to benefit from tariff tensions, 'particularly through increased transshipment, re-exports, and supply chain diversification'. According to Dr Al Dhaheri, the country successfully navigates complex global dynamics by avoiding ideological alignments, and focusing on practical solutions that benefit both its national interests and global stability. The country's agility enables it to maintain strong, cooperative relationships with a variety of global powers 'without being caught in the geopolitical tensions that often divide these nations'. Multilateralism plays a key role in the UAE's diplomatic model, he added. The country's active participation in multilateral and minilateral organisations and groupings has allowed it to play an 'influential role' on the global stage and to become a mediator in times of crises. 'The UAE's mediation efforts between Russia and Ukraine, for example, demonstrate its diplomatic prowess in facilitating dialogue and peace, with a total of 2,583 prisoners of war exchanged … Moreover, its focus on sustainable initiatives, such as hosting COP28, has solidified its role as a leader in addressing global challenges like climate change,' Dr Al Dhaheri said. Despite its size, the UAE has emerged as a major player in international affairs by leveraging its economic strength, multilateral relationships, and commitment to de-escalation and peace. The country's leadership in humanitarian aid further helps resolve conflicts. 'The UAE is considered one of the world's most generous donor countries. The latest figures show that the UAE … has contributed over $98 billion (Dh360 billion) in foreign assistance, benefiting over one billion people worldwide (since its founding).' The Dr Anwar Gargash influence The AGDA was renamed after Dr Anwar Gargash, Diplomatic Adviser to the UAE President, in 2021, in recognition of his contributions and dedicated efforts in serving the nation regionally and internationally and in appreciation for his role as a pioneer of diplomatic work. Dr Al Dhaheri highlighted how Gargash's strategic foresight has shaped not only the UAE's diplomatic trajectory but also influenced the broader Middle Eastern geopolitical landscape. 'Gargash's tenure as Minister of State for Foreign Affairs, from 2008 to 2021, laid the groundwork for the UAE's emergence as a key player in global diplomacy. His focus on multilateralism, conflict resolution, and dialogue became the cornerstone of the UAE's foreign policy, positioning the nation as an advocate for constructive international engagement and diplomacy-driven solutions.' The academy's 'core values' of engagement, collaboration, and peace-building are a direct reflection of Gargash's influence. Training the next generation of diplomats The AGDA recently announced the opening of admissions for its 2025-26 academic year for the Post-Graduate Diploma (PGD) in UAE Diplomacy and International Relations. Its PGD students are the primary group formally recognised as diplomats. 'By aligning its academic programmes with national priorities such as economic diversification, sustainability, and climate diplomacy, the AGDA ensures that its students are prepared to contribute to the UAE's diplomatic efforts in addressing global challenges,' said the diplomat. Having once been a student at the AGDA, Dr Al Dhaheri understands the journey shaping their careers. "I understand the challenges students may face, like balancing theory with practice, adapting to a fast-paced, evolving global landscape, and shaping their own path as future diplomats. 'Diplomacy requires resilience, adaptability, and empathy, and these are qualities that AGDA nurtures in every student.' The academy's partnership with the UAE Ministry of Foreign Affairs ensures that it addresses the country's evolving diplomatic needs. 'This unique partnership provides students with real-world insights and access to high-level diplomatic opportunities.' The academy's programmes and executive training curriculum includes a broad range of topics, ranging from global affairs and diplomatic leadership to specialised topics such as humanitarian action, political economy, and public speaking.
