Abu Dhabi National Energy Company, known as Taqa, Abu Dhabi National Oil Company and Mubadala Investment Company have entered into binding agreements that will see Taqa and Adnoc acquire stakes in Masdar from Mubadala.
Under the binding agreements, Taqa will acquire a 43 per cent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 per cent interest and Adnoc owning the remaining 24 per cent interest, the companies said in a statement on Tuesday. The transaction puts a value for the new Masdar joint ventures at about Dh7 billion ($1.9bn) on a 100 per cent equity basis.
Adnoc will hold a 43 per cent controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33 per cent interest and Taqa will hold a 24 per cent share.
The partnership, announced last year by President Sheikh Mohamed, aims to create one of the largest renewable energy companies in the world and a pioneer in green hydrogen under the Masdar brand.
As part of the deal, Taqa will contribute its rights to a minimum 40 per cent share in future Abu Dhabi renewable projects and green hydrogen projects.
Masdar, which currently operates in more than 30 countries with a total investment of about $20bn, aims to be a clean energy powerhouse. Last year, it increased its global clean energy portfolio capacity by 40 per cent. This year, it has signed agreements to explore and develop renewable energy and green hydrogen projects with a combined capacity of more than 10 gigawatts.
"At the completion of this transaction Taqa will exceed its 2030 targets of having more than 30 per cent of its generation capacity from renewable energy and will accelerate our future growth plans as the demand for renewable power and green hydrogen projects significantly increase," said Jasim Husain Thabet, Taqa's group chief executive and managing director
"Working closely with Mubadala and Adnoc we will transform the energy landscape through Masdar, grounded in collaboration and great ambition to drive forward the UAE’s ‘Net-Zero by 2050 Strategic Initiative’.”
The UAE, Opec's third-largest oil producer, plans to invest Dh600bn ($163bn) by 2050 in renewable and clean energy capacity and achieve net-zero emissions in the next three decades. The UAE will also host the 28th UN global climate talks in 2023.
"Signing of the binding agreements for this landmark transaction marks another important milestone in Adnoc’s ongoing journey to future proof its operations and grow its new energies business," said Khaled Salmeen, Adnoc's executive director of the downstream industry, marketing and trading directorate.
"Consolidating our combined efforts to create a new national champion for renewable energy and green hydrogen."
Hydrogen – which can be produced from both renewable energy and natural gas – is on track to become a more important fuel as economies and industries transition to a low-carbon world to mitigate climate change and global warming. It comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas, while green is derived from renewable sources.
The UAE aims to export hydrogen as demand for clean fuel increases globally amid the energy transition pivot, with a goal of capturing 25 per cent of the global hydrogen market share.
"This milestone is a clear testament of Mubadala’s commitment to realising the UAE’s long-term sustainability ambitions," said Musabbeh Al Kaabi, chief executive of UAE Investments of Mubadala.
"We established Masdar 16 years ago with the foresight to diversify the UAE’s energy mix and advance the global energy transition. Today’s signing ... further cements Mubadala’s responsible investing strategy and is one step closer to delivering on the UAE’s sustainability aspirations."
The deal is still subject to the completion of necessary requirements, including obtaining relevant third party and regulatory approvals, expected to take a number of months.
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
Racecard
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2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
The National selections:
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2.30pm Conclusion
3pm Al Battar
3.30pm Golden Jaguar
4pm Al Motayar
4.30pm Tapi Sioux
5pm Leadership
5.30pm Dahawi
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Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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