Solar panels at Saudi Arabia's King Abdulaziz City of Sciences and Technology. Energia aims to support Saudi's Vision 2030 plan on renewable energy. Reuters
Solar panels at Saudi Arabia's King Abdulaziz City of Sciences and Technology. Energia aims to support Saudi's Vision 2030 plan on renewable energy. Reuters
Solar panels at Saudi Arabia's King Abdulaziz City of Sciences and Technology. Energia aims to support Saudi's Vision 2030 plan on renewable energy. Reuters
Solar panels at Saudi Arabia's King Abdulaziz City of Sciences and Technology. Energia aims to support Saudi's Vision 2030 plan on renewable energy. Reuters

Abu Dhabi's Ruya invests $20m in Saudi power company Energia


Alkesh Sharma
  • English
  • Arabic

Abu Dhabi-based Ruya Partners, an emerging markets private credit firm, has invested 75 million Saudi riyals ($20m) in Saudi Arabia-based temporary power solutions provider Energia.

The capital will enable Energia to acquire new assets, refinance its near-term maturities and focus on its growth initiatives, including sustainable and green energy solutions, the entities said in a joint statement on Monday.

“We believe the TPS sector is critical for the economy and is well-positioned to benefit from a robust cyclical growth driven by increased economic activity in infrastructure, construction, oil and gas, events and tourism,” Rashid Siddiqi, founding partner at Ruya, said.

Within the TPS sector, Energia has done “a remarkable job of building a strong reputation and securing a leading market position … we are very excited to partner with them”, Mr Siddiqi said.

Power demand in Saudi Arabia, the biggest regional consumer of electricity, is growing rapidly as the kingdom transforms its economy under its Vision 2030 plan.

Total electricity demand in the kingdom is expected to reach 365.4 terawatt-hours (TWh) by 2030, from 299.2 TWh in 2018, according to a report by Riyadh-based King Abdullah Petroleum Studies and Research Centre.

Headquartered in Jubail, Energia provides rental power, cooling, compressors, tower lights and welding solutions.

Some of its recent projects include the Saudi Electric Company National Grid Support project, Saudi Aramco Hugrs Gas Refinery Critical Power project, Riyadh Metro project and Dammam Airport Emergency Power.

“We are keen to continue gaining market share on the back of our strong reputation for dependability, speed and execution,” Shahid Hassan, Energia’s founder and chief executive, said.

“As we set our sights on the next 10 years, we are delighted to partner with Ruya. This partnership will enable us to accelerate our growth plans and engage on new initiatives such as sustainable and green energy solutions that we plan to launch imminently," Mr Hassan said.

Saudi Arabia is focusing heavily on renewable energy under Vision 2030. In December, the kingdom announced plans to invest more than $100 billion in renewable energy projects.

Energia will play an “active role in supporting Saudi Vision 2030 on renewable energy as we embark on a journey to provide green energy solutions in solar hybrid, hydrogen fuel cells and natural gas", Energia's general manager Mohin Shaikh said.

Ruya, which focuses on mid-market companies, was established in 2020 with an anchor investment from Abu Dhabi Catalyst Partners, a joint venture between Mubadala and Alpha Wave Global.

It is regulated by Abu Dhabi Global Market’s Financial Services Regulatory Authority and is licensed to manage collective investment funds.

SPECS

Engine: Two-litre four-cylinder turbo
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Torque: 350Nm
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UAE currency: the story behind the money in your pockets
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

UK-EU trade at a glance

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Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

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Cutting red tape on import and export of food

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Arsenal 1-0 Huddersfield Town
Burnley 1-0 Brighton
Manchester United 4-1 Fulham
West Ham 3-2 Crystal Palace

Saturday fixtures:
Chelsea v Manchester City, 9.30pm (UAE)
Leicester City v Tottenham Hotspur, 11.45pm (UAE)

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Rating: 4/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Company%20profile
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Dunbar
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Hogarth

Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
  21. John Whittingdale
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Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

Most sought after workplace benefits in the UAE
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  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
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Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Most wanted allegations
  • Benjamin Macann, 32: involvement in cocaine smuggling gang.
  • Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
  • Callum Halpin, 27: over the 2018 murder of a rival drug dealer. 
  • Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
  • Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
  • John James Jones, 31: allegedly stabbed two people causing serious injuries.
  • Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
  • Dean Garforth, 29: part of a crime gang that sold drugs and guns.
  • Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain. 
  • Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
  • James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
  • Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack. 
UAE currency: the story behind the money in your pockets
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

SPAIN SQUAD

Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)

Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)

Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)

Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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Updated: July 26, 2022, 3:30 AM`