Abu Dhabi National Energy Company, better known as Taqa, has invested £25 million ($31.1 million) in British start-up Xlinks First, which plans to build the world's longest high-voltage direct current (HVDC) subsea power cable between Morocco and the UK.
UK-based energy retailer Octopus Energy also invested £5 million in the company, Xlinks said on Wednesday.
The company will use the funds for the UK-Morocco subsea cables, which will run though Portugal, Spain and France.
The project, expected to provide the UK with 3.6 gigawatts of electricity derived from renewable energy sources, would be able to power seven million British homes by the end of the decade.
“As a champion of low-carbon power and water, Taqa’s investment in the Xlinks project shows that we are serious about helping reduce emissions whilst maintaining the security of energy supply that societies depend on,” said Taqa's group chief executive and managing director Jasim Thabet.
“This investment offers the chance to bring both our infrastructure and renewable power expertise to the table to benefit the UK and Morocco.”
Last month, the UK announced the “Powering up Britain” plan, which focuses on boosting green investment and infrastructure.
The programme focuses on carbon capture technology and advancements in offshore wind technology. It also emphasises the development of new green hydrogen production projects.
The plan, which seeks to guarantee the UK's energy security, is also thought to be a way of countering the impact of the US Inflation Reduction Act.
“This partnership … enables us to drive forward one of the most visionary energy projects in the world,” said Greg Jackson, chief executive and founder of Octopus Energy Group.
“When people ask ‘how will you power heat pumps and electric cars when it’s not windy’, this is a big part of the answer,” said Mr Jackson.
“This is a new global industry, and the UK and our partners can do it first.”
A 10.5 gigawatt project involving solar and wind farms in Morocco's Guelmim Oued Noun region will generate the electricity.
Four subsea HVDC cables, each spanning 3,800km, will link it to the UK power grid in Devon, south-west England.
“Xlinks’ ambition is to supply British households with secure, affordable and green energy all year round,” said Simon Morrish, chief executive of Xlinks.
“With this investment and support from our partners … we take another step towards achieving that ambition.”
The UK’s Department for Energy Security and Net Zero has established a dedicated team to work with Xlinks to consider the merits of the project and understand how it could contribute to the UK’s energy security, Xlinks said.
The project is also expected to create about 10,000 jobs in Morocco during construction and lead to significant foreign direct investment in the country.
Morocco, which imports more than 90 per cent of its energy needs, has been one of the early adopters of renewable energy in the Mena region.
The country aims to boost its renewable capacity to 12 gigawatts by 2030 to meet its growing power needs, as well as increase its clean energy capacity, a senior official told The National on the sidelines of the World Utilities Congress in Abu Dhabi last year.
It has also attracted investment from other UAE companies such as Masdar.
The Abu Dhabi clean energy company, in partnership with the National Office of Electricity and Drinking Water, has set up a Solar Home System Project to provide energy to nearly 20,000 homes in more than 1,000 rural towns across Morocco.
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Killing of Qassem Suleimani
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
