Iraq's ministry of finance, GE and backers including the UAE's Etihad Credit Insurance reached financial close on critical power infrastructure rehabilitation projects covering seven plants in the country.
The US multinational will provide capital, spare parts, repairs and services to the Qudus, Khairat, Baghdad South, Hilla, Mussayab, Haidariya and Karbala power plants to help maintain more reliable generation of up to 2.7 gigawatts of electrical power. The power infrastructure will be supported by GE's operations in the UAE.
The repair works are backed by the UAE's export credit company, Etihad Credit Insurance. It will insure GE's debt, provided by lender JP Morgan.
"Open economies, trade and public-private partnerships can play a strong role in supporting countries to develop critical infrastructure," Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and deputy chairman of ECI's board of directors, said.
The agreement follows Iraqi premier Mustafa Al Kadhimi's visit to the UAE and Saudi Arabia, during which the Emirates pledged $3 billion of investment commitments to aid reconstruction efforts in Iraq. The Power Up Plan 4 is the first such scheme in Iraq to be backed by the ECI and will open up doors for similar collaborations between the UAE and Iraq, the companies said.
Rebuilding Iraq's power infrastructure, damaged by decades of war, is high on the government’s list of priorities. A crippled utility network has been a key factor behind protests across Iraqi provinces during summer months, when temperatures can easily reach 50°C, occasionally requiring government-mandated holidays to cope with the extreme weather. GE is implementing 14 gigawatts worth of power projects in Iraq, as part of a strategic overhaul of the country's utility sector.
Key repair works for equipment such as gas turbines will be undertaken at GE's service centre in Jebel Ali Free Zone in the UAE.
“Working closely with the Iraqi ministries of finance, electricity and planning, GE has collaborated with various private and public financial institutions from around the world to help secure over $2.4bn in financing since 2015 for energy sector projects across the country,” said Joseph Anis, president and chief executive at GE Gas Power, Europe, Middle East and Africa.
The company is already carrying out rehabilitation work at Mosul's Al Qayara power plant, Iraq's largest combined cycle plant, Besmaya in the centre of the country as well as works at the southern Najibiya power plant.
UAE currency: the story behind the money in your pockets
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
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.
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The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
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UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
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.
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More from Neighbourhood Watch:
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
