Abu Dhabi clean energy company Masdar expects a "sizeable part" of its renewable energy growth over the next five years to come from South-East Asia and Central Asia as it plans new projects to double capacity.
The company will look to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is bullish about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.
“Masdar is now a global energy developer and we have an ambitious plan to grow our business further,” said Fawaz Al Muharrami, acting executive director of clean energy at Masdar.
“South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets,” he said.
“They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”
Earlier this month, Masdar signed an agreement with Malaysia’s Petronas to explore renewable energy opportunities in Asia with a focus on Taiwan, Vietnam and Malaysia.
It also invested $100 million in Indonesia last year to develop the country’s first floating solar photovoltaic plant. The 145-megawatt project is being developed in the Cirata reservoir in West Java.
In Central Asia, the company is “extremely active” and is participating in a number of bidding opportunities in Uzbekistan and other countries, said Mr Al Muharrami.
The company is building two clean energy projects in Uzbekistan – a 500MW utility-scale wind project and a $100m 100MW solar plant in the Zarafshon district of the Navoi region.
Last month, the company also signed a memorandum of understanding with Samruk-Kazyna, Kazakhstan's sovereign wealth fund, to develop a 1-gigawatt renewable energy project and is "also discussing with some other countries as well".
Masdar, which is owned by Mubadala Investment Company, currently operates in more than 30 countries with a total investment of about $19.9 billion.
The Masdar City-based clean energy company aims to double its renewable energy capacity in the next five years from the current 10.7 gigawatts.
The company is also evaluating new investment opportunities in Israel following the normalisation of relations between the country and the UAE last year.
It signed an agreement with France’s EDF Renewables in January to “collaborate on existing renewable energy projects and projects under development, while also exploring joint participation in new programmes announced by the government of Israel”.
Israel wants to generate 30 per cent of its energy from renewable sources by 2030, up from a previous target of 17 per cent, as it phases out the use of coal.
“We are really working very closely with them [EDF Renewables] to try and build that platform to buy some of those projects in Israel. Already, some of them are in operation and some of them are under construction.”
In Saudi Arabia, Masdar is developing the 400MW Dumat Al Jandal wind project and 300MW Jeddah solar plant.
“We will continue to be active in Saudi Arabia and it is an important strategic market for us,” said Mr Al Muharrami.
Saudi Arabia is pursuing an ambitious renewable power strategy and plans to add 60 gigawatts of clean energy capacity to the national grid by 2030.
Meanwhile, construction on the 2-gigawatt Al Dhafra solar plant in Abu Dhabi, which will be the biggest in the world when completed, has started and is “going to take a year and a half or so until the project is complete”.
The project is being developed by EDF Renewables, China's JinkoPower and Abu Dhabi National Energy Company, or Taqa.
The plant is expected to become fully operational in 2022 and will generate enough electricity for about 160,000 homes across the UAE.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
