German industrial giant Siemens is in discussions with Iraq's government to advance work on phase two of its $15 billion roadmap for power rehabilitation, as it also helps the country stem technical and piracy-related losses.
"There are two projects which are not yet finalised and we are working on the financial close of these projects," Dietmar Siersdorfer, Middle East and UAE managing director at Siemens Energy told The National in an interview.
The company is in talks to reach financial close on power projects that will add 1.3 Gigawatts to Iraq's grid by the summer of 2021.
Siemens has already added 791 megawatts of power capacity to the Iraqi grid, which is sufficient to provide electricity to nearly 3 million people, according to the company.
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 provinces during summer months, when temperatures can easily reach 50°C.
“We are in the first phase, we are trying conclude projects to build up new generation....and we are looking now into the projects that they will put in place for phase two,” Mr Siersdorfer said.
Siemens will bring online the Maysan, Rumaila and Shatt Al Basra plants that are expected to add 2,200 megawatts of capacity to grid.
The company also signed a $1.3bn agreement to rebuild two power plants destroyed by ISIS as part of phase two of the roadmap last year.
The Munich-based company is helping the Iraqi electricity ministry manage systemic losses, which cost the power sector and government billions of dollars in lost revenue weakening an already fragile economy. Iraq, Opec’s second-largest producer has seen revenues decline from the impact of low oil prices resulting from the Covid-19 pandemic. Its economy is forecast to contract 12.1 per cent this year, according to the International Monetary Fund.
Iraq lost an estimated $12bn to electricity theft in 2019, the country’s former electricity minister Luay Al Khateeb said earlier this year.
About half of nearly four million registered units "thrived" on power piracy leading to lost revenue for the government, according to Mr Al Khateeb.
Siemens is helping the Iraqi government manage such losses by helping implement an advanced digital collections system that will plug in gaps in payments.
“You need to establish different systems in order to do the collection of the electricity bills because [much] electricity is consumed but it's never paid,” Mr Siersdorfer said.
"The government is also working on pilot projects now to implement them, and we are supporting them on this technology so that they implement the collections system,” he added.
Siemens will test a billing system in Iraq that has worked successfully in Latin America and Africa to limit losses to utility providers. The system will also allow end users to access electricity in a pre-paid mode.
"You can pay with your cell phone for your electricity. You can buy now for €10 or $10-worth of electricity,” Mr Siersdorfer said.
Iraq's government is currently looking to partner with firms to help support the implementation of a viable and efficient distribution system.
“They're looking also for partners, private companies - public-private partnerships in order to enable collections,” said Mr Siersdorfer.
An effective collections system will also enable job creation, as a functioning distribution and transmission network requires adequate infrastructure as well as metering technology that needs to be locally manufactured.
Siemens is also helping Baghdad access financing for its electricity rehabilitation schemes. Having the right mechanism and framework will help the country shore up its finances.
“We are also looking into finding partners that go into private investments for some of the assets that have to be built,” Mr Siersdorfer said.
On Tuesday, Iraq's oil minister Ihsan Abdul Jabbar, said he anticipated delays in several energy infrastructure projects, but said the country's crude capacity would reach 7 million barrels per day by 2027.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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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.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
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Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
