Abu Dhabi's ADQ joining with US private equity firm Energy Capital Partners for a $25 billion energy and data centres mega strategy is the latest big-ticket investment from the UAE.
Abu Dhabi's sovereign wealth fund announced on Wednesday that it has partnered with Energy Capital Partners to invest in energy projects and power data centres, mostly in the US.
The move puts the spotlight on the Emirates' efforts to tap into high-potential sectors and is also in line with plans to position itself for a future economy fuelled by technology.
Why is ADQ doing this deal?
ADQ's investment is in line with trends in the technology sector, in particular, data centres, which have emerged as an important component as the consumption of data has exploded. Remote working trends, largely established in response to the Covid-19 pandemic, have led to increased data consumption, fuelling the adoption of cloud services and the data centres that house them.
That has given incentive for companies and investors to pour money into the segment, betting on an industry expected to grow further.
"As an active investor with a sharp focus on critical infrastructure and proven capability in building long-term partnerships, we are in a prime position to help address these shifting structural dynamics," Mohamed Alsuwaidi, managing director and group chief executive of ADQ, said in a statement.
The global data centre market is projected to hit nearly $585 billion by 2032, from an estimated $242.72 billion in 2024, growing at a compound annual rate of almost 12 per cent, data from Fortune Business Insights shows.
The ADQ-Energy Capital Partners deal will involve an initial $5 billion being poured into the projects, mostly in the US. The full $25 billion will be used within the next five years, with the potential to be increased if there are other opportunities, Bloomberg reported, quoting ADQ deputy group chief executive Hamad Al Hammadi.
How crucial is energy for data centres?
Data centres consume a considerable amount of energy and this will only grow further as the adoption of digitalisation and artificial intelligence increases.
In the US, where ADQ's data centre investment will be concentrated, the power needs of data centres are projected to grow to about three times higher than the current capacity by the end of the decade, just to keep pace with adoption, consultancy McKinsey said.
That means that, from the present 3 per cent to 4 per cent of total US power demand, those needs will soar to between 11 per cent and 12 per cent by 2030, it said.
The US Department of Energy, meanwhile, previously said that data centre load growth had tripled in the past decade and was projected to double or triple by 2028. US electricity demand is seen to account for data centre expansion and the rise of AI applications, it added.
What deal says about UAE-US relations
Energy is one of ADQ's key portfolios. With the energy mix expected to shift considerably, "this is influencing an increasing focus on large-scale investments in renewable energy, resulting in enhanced energy efficiency", it said.
ADQ's strategy also mirrors the broader strategy of the UAE to become a major player in technology and energy globally, and the ADQ-Energy Capital Partners deal highlights how relations between the UAE and US continue to grow.
The Emirates views the US as a major business partner in energy and technology, and investing in the world's largest economy is an “absolute imperative”, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said this month in a conference in Houston, Texas.
On Tuesday, Mr Trump also highlighted UAE-US efforts to strengthen co-operation on the economy and technology during a meeting with Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser.
In February, Adnoc, the Abu Dhabi-based UAE energy bellwether, moved its US investments to XRG, the $80 billion international lower-carbon energy and chemicals investment company launched by Adnoc last November.
Among those investments is a 35 per cent stake in an ExxonMobil hydrogen plant in Texas, as well as an 11.7 per cent equity stake in the NextDecade Rio Grande LNG export facility. After Mr Trump's election victory, Dubai-based Damac announced a $20 billion investment in American data centres. Meanwhile, UAE-based technology fund MGX joined Big Tech companies in the recent Stargate AI project in Texas.
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Explained
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
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The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
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Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
MATCH INFO
Euro 2020 qualifier
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Scoreline
Germany 2
Werner 9', Sane 19'
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Promes 85', Van Dijk 90'
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WISH
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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Specs
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
