The UAE’s energy transition is in motion and will accelerate further by adding additional partnerships between utility players and energy companies, said Jasim Husain Thabet, head of Abu Dhabi National Energy Company, also called Taqa.
Mr Thabet told a virtual seminar at International Energy Week in London that there would always be a need for oil and gas but the energy transition is “happening”, with the UAE an early trailblazer investing in sustainable solutions.
“We have not shied away from that,” he said, pointing to the UAE’s investment in nuclear energy as an example of these efforts.
“For me, the energy transition is happening, I believe it will accelerate further with partnerships — utility players, energy companies need to become much closer to industries and end users and that will help us accelerate,” he said.
Mr Thabet pointed to Taqa’s joint efforts with Abu Dhabi National Oil Company to decarbonise the oil major’s offshore operations as an example of the UAE's energy sector adapting to the transition.
“We’re building a high voltage DC [direct current] subsea cable that will provide uninterrupted, reliable, clean power to their offshore oil and gas facilities,” Mr Thabet said.
“So, we're adapting and the oil and gas companies are taking into consideration how they can be greener and more sustainable.”
The UAE's strategy to reduce carbon emissions by 2050 was unveiled in October last year, with Dh600 billion set to be invested in clean and renewable energy sources over the next three decades.
Samar Al Hameedi, vice president of sustainability at Adnoc, told the delegates that while the UAE sits at the heart of the hydrocarbon industry, it has made climate action pillar of national economic strategy as well as its domestic and foreign policy.
“The UAE’s action on climate spans decades,” she said.
“The country has introduced multiple national low carbon energy initiatives, making it a regional leader with many firsts.”
Ms Al Hameedi also stressed the need for partnerships across the energy sector in the Emirates to accelerate the decarbonisation drive.
“We have already established agreements with key partners in terms of how we can decarbonise our entire value chain as we grow and as we expand,” she said, and added that leveraging the capabilities across the UAE through the agreements it has with Taqa and Masdar “really expand the hydrogen potential” for Adnoc and the UAE.
Last year, Adnoc and Taqa, one of the largest listed integrated utility companies in the Europe, Middle East and Africa region, joined Mubadala Investment Company to become shareholders in Masdar in a move that will help increase the clean energy company's renewable power capacity to more than 50 gigawatts by 2030, with the aim of creating a “global champion in renewables and green hydrogen".
Meanwhile, under Taqa’s 2030 strategy unveiled in April last year, the company committed to investing Dh40bn in infrastructure development as it looks to add about 27 gigawatts of power capacity by 2030 and expand its renewables portfolio — something Mr Thabet said investors were reacting positively to.
Despite the more sustainable focus, Mr Thabet said the company’s two bond issues last year as well as its “strong balance sheet” were attracting investor interest.
“The investment community is reacting very strongly to the transition and the long-term business and we have an investment grade of A- from Fitch. So that stands,” Mr Thabet said.
“Alongside the strategy, it's also the operating and the business model that we have and the strong balance sheet and contracts in place.
“As a utility player, we have long-term power and water purchase agreements and healthy returns on our regulated assets in our transmission and distribution networks, which we have concessions in the UAE and Abu Dhabi, which really gets strong stable and predictable earnings.”
Taqa more than doubled its 2021 profit after revenue grew during the period on higher oil prices.
Net profit attributable to the equity holders for the full year rose to about Dh6bn, from Dh2.8bn the previous year, the company said this month in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Mr Thabet said investor interest in the sustainable shift is high, something evident through the high demand for its two bond launches last year.
The first bond raise of $1.5bn in May last year was “six times oversubscribed from local and international investors … reflecting their belief and our strategy, which is to be a champion of low carbon power and water,” Mr Thabet said.
Taqa also raised about $700 million together with Emirates Water and Electricity Company through its first green bond to diversify funding sources this year.
The company plans to use proceeds of the deal to refinance existing debt of Sweihan PV Power Company, the entity set up to build, own and operate Noor Abu Dhabi solar power project.
“It's the biggest plant in a single site under operation,” said Mr Thabet, “and that green bond was almost two times oversubscribed.”
Sarah Akbar, chief executive and chairwoman of Kuwait's Oilserv, said the UAE was leading the transition to renewable energy thanks to its 2050 road map.
“They are way ahead of the rest of the gang. Saudi [Arabia] is next and they have developed the road maps and they have specific projects that are in the working, for example, the hydrogen projects, carbon sequestering carbon dioxide emission control and so on.”
She said other countries are “just lagging behind”, with Kuwait working on its road map now.
The wider issue, she said, was the lack of regulation in place in the region to ensure the transition to net zero goes smoothly, with incentives needed to encourage more companies and consumers to make a shift in how they operate, including the adoption of electric vehicles.
She also called for more work to be done to “arrive at an economical scenario where decarbonising becomes economical and beneficial”.
“We need to do more research and development to make these processes really cost-efficient and smooth.”
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Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
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- Riders must be 14-years-old or over
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- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
UAE currency: the story behind the money in your pockets
