Abu Dhabi's clean energy company Masdar has achieved financial close on the 500-megawatt Zarafshan wind project, Uzbekistan’s first utility-scale wind farm, the company said.
The announcement was made in the Uzbek capital Tashkent on Friday. The project is expected to begin commercial operation by the end of 2024 and will provide enough electricity to power 500,000 homes, while displacing 1.1 million tonnes of carbon dioxide per year.
Anchor lenders for the Zarafshan project include the European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank and Japan International Co-operation Agency.
Alongside the anchor lenders, the Dutch Entrepreneurial Development Bank is acting as B lender, while Etihad Credit Insurance, Natixis and First Abu Dhabi Bank, are providing credit-insured lending for the project.
“Uzbekistan is aiming to derive 25 per cent of its energy from renewable sources by 2026, and we are grateful to Masdar and financial institutions who are contributing to this goal through solar, wind, and other renewable energy projects,” said Shukhrat Vafaev, Deputy Minister of Investment and Foreign Trade.
Uzbekistan has become a hotspot for renewable energy investment from key Middle East players. The country aims to deploy 5 gigawatts of solar and 3 gigawatts of wind power capacity by 2030.
The Zarafshan project’s financial closing comes only a few weeks after Mohammed Al Gergawi, Minister of Cabinet Affairs, led a UAE delegation to Tashkent to sign an extension to the partnership with Uzbekistan, including other areas of strategic partnership such as finance, education, economic development, government leadership, food security and agriculture, and ports and customs.
“Uzbekistan is a key strategic investment destination for Masdar, and we look forward to continuing to develop and grow our strong portfolio of projects in the nation,” said Mohamed Al Ramahi, chief executive of Masdar.
Masdar entered into bilateral agreements with the government of Uzbekistan in 2020 to develop, build and operate the Zarafshan wind farm, the largest renewables project in Central Asia.
The project is expected to attract foreign direct investment of more than $600 million, and is part of Uzbekistan’s effort to meet 25 per cent of its electricity needs from renewable sources by the end of the decade.
The Zarafshan wind farm is Masdar’s second utility-scale project in Uzbekistan, after the 100MW Nur Navoi Solar Project — Uzbekistan’s first successfully financed independent power producer (IPP) solar project — started operations last year.
Masdar signed the power purchase agreement and investment agreement for the Zarafshan wind farm with the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and JSC National Electric Grid of Uzbekistan in June 2020.
Masdar also signed agreements last year to develop additional photovoltaic power projects in Uzbekistan with a combined capacity of 890MW. The projects will be located in the Samarkand, Jizzakh and Sherabad regions of Uzbekistan.
Masdar is one of the fastest-growing renewable energy companies in the world, with the expectation of reaching well over 50GW total capacity by 2030 — and more than 100GW in the following years.
In December last year, the UAE announced that Abu Dhabi energy entities Taqa, Abu Dhabi National Oil Company and Mubadala were to join forces as shareholders in Masdar, creating a global clean energy powerhouse that will be a major force in renewables and green hydrogen.
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
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Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Getting%20there
%3Cp%3EGiven%20its%20remote%20location%2C%20getting%20to%20Borneo%20can%20feel%20daunting%20even%20for%20the%20most%20seasoned%20traveller.%20But%20you%20can%20fly%20directly%20from%20Kuala%20Lumpur%20to%20Sandakan%20and%20Sepilok%20is%20only%20half%20an%20hour%20away%20by%20taxi.%20Sandakan%20has%20plenty%20of%20accommodation%20options%2C%20while%20Sepilok%20has%20a%20few%20nature%20lodges%20close%20to%20the%20main%20attractions.%3C%2Fp%3E%0A
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Quick%20facts
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UAE currency: the story behind the money in your pockets
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
