Mubadala Investment Company and the Abu Dhabi National Energy Company, better known as Taqa, have signed agreements to invest in the privatisation of two gas-fired power plants in Uzbekistan.
Mubadala and Taqa will each acquire a 40 per cent stake in the power stations with a combined capacity of 1.6 gigawatts, and take over the associated operations and maintenance activities, the Abu Dhabi entities said on Friday.
They did not disclose the value of the deal.
Uzbekistan's Talimarjan Issiqlik Elektr Stansiyasi will retain the remaining 20 per cent stake in each plant. The transaction is subject regulatory approvals and is expected to be completed in the second half of 2023.
The agreements were signed by Mubadala's chief executive for real estate and infrastructure Khaled Al Qubaisi, Taqa's group chief executive and managing director Jasim Thabet, Uzbekistan's Deputy Prime Minister Jamshid Khodjaev and Talimarjan's general director Yusupov Olim.
The signing ceremony was held in the presence of Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure.
"The strategic partnership between the government of Uzbekistan, Taqa and Mubadala will serve as a vehicle for collaboration for both countries and will create a path for future growth and investment opportunities," Mr Al Mazrouei said.
Uzbekistan is moving forward to improve its energy and power generation sectors, harnessing its natural resources and seeking investments from overseas.
In 2019, the Central Asian nation embarked on a multi-phase transition from a state-owned and subsidised energy sector to a competitive gas, oil and electricity market with significant private sector participation, a move that is expected to provide huge economic benefits, according to the International Energy Agency.
Uzbekistan also unveiled plans to raise the share of renewable energy in total electricity supply to 25 per cent by 2030, from 10 per cent in 2020.
The investments by the Abu Dhabi companies are expected to help Uzbekistan to realise its energy goals.
Mr Al Qubaisi said Mubadala was focused on supporting the energy transition around the world.
"We are confident our partnership will contribute to Uzbekistan’s greater energy stability while preparing for a low carbon future," he said.
Friday's announcement comes after Mubadala's 2020 agreement with Uzbekistan’s Ministry of Investment and Foreign Trade and JSC Thermal Power Plants to privatise and develop the country’s Talimarjan Power Complex.
The agreement is also part of Taqa's 2030 growth strategy. The utility last year announced plans to invest Dh40 billion ($10.9bn) in infrastructure development as it looks to add about 27 gigawatts of power capacity by the end of the decade and expand its renewables portfolio.
"Investment alongside Mubadala in these power plants means we will become a major generator in Uzbekistan. The deal also significantly expands our operation and maintenance activity, another key part of our strategy, said Farid Al Awlaqi, executive director of generation at the Taqa Group.
Mubadala, whose oil and gas unit was rebranded to Mubadala Energy this week, continues to build up its portfolio in foreign markets. Its $284bn portfolio spans six continents with interests in numerous sectors and asset classes.
Taqa has significant investments in power and water generation and transmission and distribution assets, as well as upstream and midstream oil and gas operations.
In July, it said it was retaining the vast majority of its oil and natural gas assets after a strategic review that took about a year.
Meanwhile, Abu Dhabi is continuing to expand its overseas energy investments. At this week's Gastech Milan, the emirate's Department of Energy showcased hydrogen, natural gas and low-carbon energy solutions at the major global energy conference.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
Abu%20Dhabi%E2%80%99s%20Racecard
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
More on Quran memorisation:
More on Quran memorisation:
The years Ramadan fell in May
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
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MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
